Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 18, 2013 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2013 | |
Entity Registrant Name | TYLER TECHNOLOGIES INC | |
Entity Central Index Key | 860731 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 32,245,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ||||
Software licenses and royalties | $10,495 | $8,973 | $29,415 | $24,958 |
Subscriptions | 15,214 | 11,335 | 42,550 | 31,856 |
Software services | 24,860 | 22,099 | 69,406 | 62,366 |
Maintenance | 49,291 | 44,452 | 141,980 | 126,362 |
Appraisal services | 5,207 | 5,594 | 15,854 | 17,047 |
Hardware and other | 1,954 | 1,392 | 6,703 | 5,347 |
Total revenues | 107,021 | 93,845 | 305,908 | 267,936 |
Cost of revenues: | ||||
Software licenses and royalties | 583 | 458 | 1,701 | 1,508 |
Acquired software | 513 | 478 | 1,585 | 1,370 |
Software services, maintenance and subscriptions | 51,786 | 43,485 | 147,001 | 126,416 |
Appraisal services | 3,360 | 3,598 | 10,577 | 11,270 |
Hardware and other | 1,230 | 882 | 4,608 | 4,310 |
Total cost of revenues | 57,472 | 48,901 | 165,472 | 144,874 |
Gross profit | 49,549 | 44,944 | 140,436 | 123,062 |
Selling, general and administrative expenses | 24,581 | 20,909 | 72,198 | 63,943 |
Research and development expense | 5,982 | 4,273 | 17,174 | 14,775 |
Amortization of customer and trade name intangibles | 1,129 | 1,103 | 3,388 | 3,186 |
Operating income | 17,857 | 18,659 | 47,676 | 41,158 |
Other expense, net | 285 | 849 | 919 | 2,325 |
Income before income taxes | 17,572 | 17,810 | 46,757 | 38,833 |
Income tax provision | 6,523 | 6,978 | 18,168 | 15,215 |
Net income | 11,049 | 10,832 | 28,589 | 23,618 |
Earnings per common share: | ||||
Basic | $0.34 | $0.36 | $0.90 | $0.78 |
Diluted | $0.32 | $0.33 | $0.83 | $0.72 |
Comprehensive income | $11,049 | $10,914 | $28,648 | $23,700 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $52,121 | $6,406 |
Accounts receivable (less allowance for losses of $1,285 in 2013 and $1,621 in 2012) | 90,503 | 99,212 |
Prepaid expenses | 12,107 | 9,000 |
Other current assets | 4,522 | 1,480 |
Deferred income taxes | 5,512 | 5,544 |
Total current assets | 164,765 | 121,642 |
Accounts receivable, long-term portion | 1,098 | 1,187 |
Property and equipment, net | 63,145 | 45,381 |
Non-current investments available-for-sale | 2,078 | 2,037 |
Other assets: | ||
Goodwill | 121,011 | 121,011 |
Other intangibles, net | 40,628 | 45,800 |
Sundry | 690 | 1,197 |
Total assets | 393,415 | 338,255 |
Current liabilities: | ||
Accounts payable | 6,974 | 3,167 |
Accrued liabilities | 23,162 | 26,018 |
Deferred revenue | 151,510 | 140,550 |
Total current liabilities | 181,646 | 169,735 |
Revolving line of credit | 18,000 | |
Deferred income taxes | 4,141 | 5,221 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, $10.00 par value; 1,000,000 shares authorized, none issued | ||
Common stock, $0.01 par value; 100,000,000 shares authorized; 48,147,969 shares issued in 2013 and 2012 | 481 | 481 |
Additional paid-in capital | 166,297 | 154,018 |
Accumulated other comprehensive loss, net of tax | -209 | -268 |
Retained earnings | 191,698 | 163,109 |
Treasury stock, at cost; 15,916,346 and 16,816,903 shares in 2013 and 2012, respectively | -150,639 | -172,041 |
Total shareholders' equity | 207,628 | 145,299 |
Liabilities and Shareholders' equity, Total | $393,415 | $338,255 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Condensed Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowance for losses | $1,285 | $1,621 |
Preferred stock, par value | $10 | $10 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 48,147,969 | 48,147,969 |
Treasury stock, shares | 15,916,346 | 16,816,903 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ||
Net income | $28,589 | $23,618 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Depreciation and amortization | 10,093 | 9,616 |
Share-based compensation expense | 8,539 | 5,506 |
Excess tax benefit from exercises of share-based arrangements | -13,200 | -3,283 |
Changes in operating assets and liabilities, exclusive of effects of acquired companies: | ||
Accounts receivable | 8,798 | 14,431 |
Income tax payable | 8,853 | 2,533 |
Prepaid expenses and other current assets | -2,750 | -302 |
Accounts payable | 841 | -1,236 |
Accrued liabilities | -2,022 | -2,263 |
Deferred revenue | 10,960 | -6,366 |
Net cash provided by operating activities | 58,701 | 42,254 |
Cash flows from investing activities: | ||
Proceeds from sale of investments | 50 | 75 |
Cost of acquisitions, net of cash acquired | -181 | -15,229 |
Additions to property and equipment | -20,262 | -6,351 |
Decrease in other | 271 | 41 |
Net cash used by investing activities | -20,122 | -21,464 |
Cash flows from financing activities: | ||
Decrease in net borrowings on revolving line of credit | -18,000 | -32,700 |
Contributions from employee stock purchase plan | 2,535 | 1,832 |
Proceeds from exercise of stock options | 9,401 | 5,572 |
Excess tax benefits from exercises of share-based arrangements | 13,200 | 3,283 |
Net cash provided (used) by financing activities | 7,136 | -22,013 |
Net increase (decrease) in cash and cash equivalents | 45,715 | -1,223 |
Cash and cash equivalents at beginning of period | 6,406 | 1,326 |
Cash and cash equivalents at end of period | $52,121 | $103 |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | (1)Basis of Presentation |
We prepared the accompanying condensed consolidated financial statements following the requirements of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States, or GAAP, for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted for interim periods. Balance sheet amounts are as of September 30, 2013 and December 31, 2012 and operating result amounts are for the three and nine months ended September 30, 2013 and 2012, and include all normal and recurring adjustments that we considered necessary for the fair summarized presentation of our financial position and operating results. As these are condensed financial statements, one should also read the financial statements and notes included in our latest Form 10-K for the year ended December 31, 2012. Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be the same as those for the full year. | |
Royalty revenue is recognized when the fees are fixed or determinable, which is known when we receive notice of the amounts earned pursuant to our third party royalty arrangements. Typically, we receive notice of royalty revenues earned on a quarterly basis 30 to 60 days after the end of the reporting period. | |
Certain amounts for the previous periods presented have been reclassified to conform to the current period presentation. | |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2013 | |
Acquisitions [Abstract] | |
Acquisitions | (2) Acquisitions |
In November 2012, we acquired all of the capital stock of EnerGov Solutions, L.L.C. (“EnerGov”) which develops and sells enterprise permitting, land management, licensing and regulatory software solutions to governmental agencies. As of December 31, 2012 the purchase price allocation was not yet complete. In the three months ended March 31, 2013, we finalized the EnerGov purchase price allocation which resulted in additional goodwill of $1.1 million and a corresponding reduction in tangible assets. The balance sheet at December 31, 2012 has been retrospectively revised to include this adjustment. | |
Financial_Instruments
Financial Instruments | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Financial Instruments [Abstract] | ||||||||||||
Financial Instruments | (3) Financial Instruments | |||||||||||
Assets recorded at fair value in the balance sheet as of September 30, 2013 are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, which are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets, are as follows: | ||||||||||||
Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; | ||||||||||||
Level 2 – Inputs other than Level 1 inputs that are either directly or indirectly observable; and | ||||||||||||
Level 3 – Unobservable inputs, for which little or no market data exist, therefore requiring an entity to develop its own assumptions. | ||||||||||||
As of September 30, 2013 we held certain items that are required to be measured at fair value on a recurring basis. The following table summarizes the fair value of these financial assets: | ||||||||||||
Quoted prices in | ||||||||||||
active markets for | Significant other | Significant | ||||||||||
identical assets | observable inputs | unobservable inputs | ||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | |||||||||
Investments available-for-sale | 2,078 | - | - | 2,078 | ||||||||
Investments available-for-sale consist of two auction rate municipal securities (“ARS”) which are collateralized debt obligations supported by municipal agencies and do not include mortgage-backed securities. These ARS are debt instruments with stated maturities ranging from 19 to 28 years, for which the interest rate is designed to be reset through Dutch auctions approximately every 30 days. However, due to events in the credit markets, auctions for these securities have not occurred since February 2008. Both of our ARS have had a series of small partial redemptions at par in the period from July 2009 through July 2013. As of September 30, 2013, we have continued to earn and collect interest on both of our ARS. | ||||||||||||
Because quoted prices in active markets are no longer available we determined the estimated fair values of these securities utilizing a discounted trinomial model. The model considers the probability of three potential occurrences for each auction event through the maturity date of each ARS. The three potential outcomes for each auction are (i) successful auction/early redemption, (ii) failed auction and (iii) issuer default. Inputs in determining the probabilities of the potential outcomes include but are not limited to, the securities’ collateral, credit rating, insurance, issuer’s financial standing, contractual restrictions on disposition and the liquidity in the market. The fair value of each ARS is determined by summing the present value of the probability-weighted future principal and interest payments determined by the model. Since there can be no assurances that auctions for these securities will be successful in the near future, we have classified our ARS as non-current investments. | ||||||||||||
The par and carrying values, and related cumulative unrealized loss for our non-current ARS as of September 30, 2013 are as follows: | ||||||||||||
Temporary Impairment | Carrying Value | |||||||||||
Par Value | ||||||||||||
Investments available-for-sale | $ 2,400 | $ 322 | $ 2,078 | |||||||||
In association with this estimate of fair value, we have recorded an after-tax temporary unrealized gain on our non-current ARS of $59,000, net of related tax effects of $32,000 in the nine months ended September 30, 2013, which is included in accumulated other comprehensive loss on our balance sheet. We consider the impairment in our ARS as temporary because we do not have the intent to sell, nor is it more-likely-than-not that we will be required to sell these securities before recovery of their cost basis. We believe that this decline in fair value is temporary, because the underlying assets of these securities are supported by municipal agencies and do not include mortgage-backed securities, have redemption features which call for redemption at 100% of par value and have a current credit rating of A or AA. The ratings on the ARS take into account credit support through insurance policies guaranteeing each of the bonds’ payment of principal and accrued interest, if it becomes necessary. In addition, both ARS have had a series of small partial redemptions at par in the period July 2009 through July 2013. Based on our cash and cash equivalents balance, expected operating cash flows and availability under our credit facility, we do not believe a lack of liquidity associated with our ARS will adversely affect our ability to conduct business, and believe we have the ability to hold the securities throughout the currently estimated recovery period. We will continue to evaluate any changes in the market value of our ARS and in the future, depending upon existing market conditions, we may be required to record an other-than-temporary decline in market value. | ||||||||||||
The following table reflects the activity for assets measured at fair value using level 3 inputs for the nine months ended | ||||||||||||
September 30, 2013: | ||||||||||||
Balance as of December 31, 2012 | $ | 2,037 | ||||||||||
Transfers into level 3 | - | |||||||||||
Transfers out of level 3 | - | |||||||||||
Purchases, sales, issuances and settlements | -25 | |||||||||||
Unrealized gains included in accumulated loss | - | |||||||||||
Balance as of March 31, 2013 | 2,012 | |||||||||||
Transfers into level 3 | - | |||||||||||
Transfers out of level 3 | - | |||||||||||
Unrealized gains included in accumulated loss | 91 | |||||||||||
Balance as of June 30, 2013 | 2,103 | |||||||||||
Transfers into level 3 | - | |||||||||||
Transfers out of level 3 | - | |||||||||||
Purchases, sales, issuances and settlements | -25 | |||||||||||
Unrealized gains included in accumulated loss | - | |||||||||||
Balance as of September 30, 2013 | $ | 2,078 | ||||||||||
Shareholders_Equity
Shareholders' Equity | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Shareholders' Equity [Abstract] | |||||||||||
Shareholders' Equity | (4) Shareholders’ Equity | ||||||||||
The following table details activity in our common stock: | |||||||||||
Nine months ended September 30, | |||||||||||
2013 | 2012 | ||||||||||
Shares | Amount | Shares | Amount | ||||||||
Stock option exercises | 850 | $ | 9,401 | 506 | $ | 5,572 | |||||
Employee stock plan purchases | 50 | 2,535 | 59 | 1,832 | |||||||
As of September 30, 2013, we had authorization from our board of directors to repurchase up to 1.7 million additional shares of Tyler common stock. | |||||||||||
Revolving_Line_Of_Credit
Revolving Line Of Credit | 9 Months Ended |
Sep. 30, 2013 | |
Revolving Line Of Credit [Abstract] | |
Revolving Line Of Credit | (5) Revolving Line of Credit |
In August 2010, we entered into a $150.0 million Credit Agreement (the “Credit Facility”) and a related pledge and security agreement with a group of seven financial institutions with Bank of America, N.A., as Administrative Agent. The Credit Facility provides for a revolving credit line of $150.0 million (which may be increased up to $200.0 million subject to our obtaining commitments for such increase), with a $25.0 million sublimit for letters of credit. The Credit Facility matures on August 11, 2014. Borrowings under the Credit Facility may be used for general corporate purposes, including working capital requirements, acquisitions and share repurchases. | |
Borrowings under the Credit Facility bear interest at a rate of either (1) the Bank of America’s prime rate plus a margin of 1.50% to 2.75% or (2) the 30, 60, 90 or 180-day LIBOR rate plus a margin of 2.50% to 3.75%, with the margin determined by our consolidated leverage ratio. The Credit Facility is secured by substantially all of our assets, excluding real property. The Credit Facility requires us to maintain certain financial ratios and other financial conditions and prohibits us from making certain investments, advances, cash dividends or loans, and limits incurrence of additional indebtedness and liens. As of September 30, 2013, we were in compliance with those covenants. | |
As of September 30, 2013, we had no outstanding borrowings and available borrowing capacity of $145.0 million under the Credit Facility. We had outstanding letters of credit totaling $5.0 million as of September 30, 2013. Some of our customers, primarily those for our property appraisal services, require that we obtain performance bonds in connection with our contract. The maximum potential amount of an outstanding performance bond would be the remaining cost of work to be performed under our contracts. The notional amount of performance guarantees outstanding as of September 30, 2013 was estimated to be $39.6 million. We provide letters of credit as security for the issuance of performance bonds. These letters of credit are issued under our revolving line of credit and reduce our available borrowing capacity. We do not believe these letters of credit will be required to be drawn upon. These letters of credit expire in 2014. | |
Income_Tax_Provision
Income Tax Provision | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Provision [Abstract] | |
Income Tax Provision | (6) Income Tax Provision |
For the three and nine months ended September 30, 2013, we had an effective income tax rate of 37.1% and 38.9%, respectively compared to an effective income tax rate of 39.2% for the three and nine months ended September 30, 2012. The effective income tax rates for the periods presented were different from the statutory United States federal income tax rate of 35% primarily due to state income taxes, non-deductible share-based compensation expense, the qualified manufacturing activities deduction, and non-deductible meals and entertainment costs. | |
We made federal and state income tax payments, net of refunds, of $9.3 million in the nine months ended September 30, 2013, compared to $12.7 million in net payments for the same period of the prior year. | |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | (7) Earnings Per Share | ||||||||||||
The following table details the reconciliation of basic earnings per share to diluted earnings per share: | |||||||||||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Numerator for basic and diluted earnings per share: | |||||||||||||
Net income | $ | 11,049 | $ | 10,832 | $ | 28,589 | $ | 23,618 | |||||
Denominator: | |||||||||||||
Weighted-average basic common shares outstanding | 32,037 | 30,387 | 31,825 | 30,267 | |||||||||
Assumed conversion of dilutive securities: | |||||||||||||
Stock options | 2,727 | 2,599 | 2,649 | 2,571 | |||||||||
Denominator for diluted earnings per share - Adjusted weighted-average shares | 34,764 | 32,986 | 34,474 | 32,838 | |||||||||
Earnings per common share: | |||||||||||||
Basic | $ | 0.34 | $ | 0.36 | $ | 0.90 | $ | 0.78 | |||||
Diluted | $ | 0.32 | $ | 0.33 | $ | 0.83 | $ | 0.72 | |||||
For the three and nine months ended September 30, 2013, stock options representing the right to purchase common stock of approximately 331,000 shares and 724,000 shares, respectively, were not included in the computation of diluted earnings per share because their inclusion would have had an anti-dilutive effect. For the three and nine months ended September 30, 2012, stock options representing the right to purchase common stock of approximately 427,000 shares and 443,000 shares, respectively, were not included in the computation of diluted earnings per share because their inclusion would have had an anti-dilutive effect. | |||||||||||||
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Share-Based Compensation [Abstract] | |||||||||||||
Share-Based Compensation | |||||||||||||
(8) Share-Based Compensation | |||||||||||||
The following table summarizes share-based compensation expense related to share-based awards recorded in the statements of comprehensive income, pursuant to ASC 718, Stock Compensation: | |||||||||||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Cost of software services, maintenance and subscriptions | $ | 408 | $ | 286 | $ | 1,087 | $ | 791 | |||||
Selling, general and administrative expense | 2,653 | 1,617 | 7,452 | 4,715 | |||||||||
Total share-based compensation expense | $ | 3,061 | $ | 1,903 | $ | 8,539 | $ | 5,506 | |||||
Segment_And_Related_Informatio
Segment And Related Information | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment And Related Information [Abstract] | |||||||||||||
Segment And Related Information | (9) Segment and Related Information | ||||||||||||
We are a major provider of integrated information management solutions and services for the public sector, with a focus on local governments. | |||||||||||||
We provide our software systems and services and appraisal services through four business units which focus on the following products: | |||||||||||||
· | financial management and education software solutions; | ||||||||||||
· | financial management, municipal courts, and land and vital records software solutions; | ||||||||||||
· | courts and justice software solutions; and | ||||||||||||
· | appraisal and tax software solutions and property appraisal services. | ||||||||||||
In accordance with ASC 280-10, Segment Reporting, the financial management and education software solutions unit, financial management, municipal courts and land and vital records software solutions unit and the courts and justice software solutions unit meet the criteria for aggregation and are presented in one segment, Enterprise Software Solutions (“ESS”). The ESS segment provides municipal and county governments and schools with software systems to meet their information technology and automation needs for mission-critical “back-office” functions such as financial management and courts and justice processes. The Appraisal and Tax Software Solutions and Services (“ATSS”) segment provides systems and software that automate the appraisal and assessment of real and personal property as well as property appraisal outsourcing services for local governments and taxing authorities. Property appraisal outsourcing services include: the physical inspection of commercial and residential properties; data collection and processing; computer analysis for property valuation; preparation of tax rolls; community education; and arbitration between taxpayers and the assessing jurisdiction. | |||||||||||||
We evaluate performance based on several factors, of which the primary financial measure is business segment operating income. We define segment operating income as income before noncash amortization of intangible assets associated with their acquisition, interest expense and income taxes. Segment operating income includes intercompany transactions. The majority of intercompany transactions relate to contracts involving more than one unit and are valued based on the contractual arrangement. Segment operating income for corporate primarily consists of compensation costs for the executive management team and certain accounting and administrative staff and share-based compensation expense for the entire company. Corporate segment operating income also includes revenues and expenses related to a company-wide user conference. | |||||||||||||
For the three months ended September 30, 2013 | |||||||||||||
Enterprise | Appraisal and Tax | ||||||||||||
Software | Software Solutions | ||||||||||||
Solutions | and Services | Corporate | Totals | ||||||||||
Revenues | |||||||||||||
Software licenses and royalties | $ | 10,126 | $ | 369 | $ | - | $ | 10,495 | |||||
Subscriptions | 14,537 | 677 | - | 15,214 | |||||||||
Software services | 22,615 | 2,245 | - | 24,860 | |||||||||
Maintenance | 45,182 | 4,109 | - | 49,291 | |||||||||
Appraisal services | - | 5,207 | - | 5,207 | |||||||||
Hardware and other | 1,958 | - | -4 | 1,954 | |||||||||
Intercompany | 686 | - | -686 | - | |||||||||
Total revenues | $ | 95,104 | $ | 12,607 | $ | -690 | $ | 107,021 | |||||
Segment operating income | $ | 22,776 | $ | 2,441 | $ | -5,718 | $ | 19,499 | |||||
For the nine months ended September 30, 2013 | |||||||||||||
Enterprise | Appraisal and Tax | ||||||||||||
Software | Software Solutions | ||||||||||||
Solutions | and Services | Corporate | Totals | ||||||||||
Revenues | |||||||||||||
Software licenses and royalties | $ | 27,849 | $ | 1,566 | $ | - | $ | 29,415 | |||||
Subscriptions | 40,527 | 2,023 | - | 42,550 | |||||||||
Software services | 63,308 | 6,098 | - | 69,406 | |||||||||
Maintenance | 129,630 | 12,350 | - | 141,980 | |||||||||
Appraisal services | - | 15,854 | - | 15,854 | |||||||||
Hardware and other | 4,917 | - | 1,786 | 6,703 | |||||||||
Intercompany | 2,023 | - | -2,023 | - | |||||||||
Total revenues | $ | 268,254 | $ | 37,891 | $ | -237 | $ | 305,908 | |||||
Segment operating income | $ | 60,930 | $ | 7,071 | $ | -15,352 | $ | 52,649 | |||||
For the three months ended September 30, 2012 | |||||||||||||
Enterprise | Appraisal and Tax | ||||||||||||
Software | Software Solutions | ||||||||||||
Solutions | and Services | Corporate | Totals | ||||||||||
Revenues | |||||||||||||
Software licenses and royalties | $ | 8,576 | $ | 397 | $ | - | $ | 8,973 | |||||
Subscriptions | 10,960 | 375 | - | 11,335 | |||||||||
Software services | 20,213 | 1,886 | - | 22,099 | |||||||||
Maintenance | 40,282 | 4,170 | - | 44,452 | |||||||||
Appraisal services | - | 5,594 | - | 5,594 | |||||||||
Hardware and other | 1,392 | - | - | 1,392 | |||||||||
Intercompany | 559 | - | -559 | - | |||||||||
Total revenues | $ | 81,982 | $ | 12,422 | $ | -559 | $ | 93,845 | |||||
Segment operating income | $ | 21,851 | $ | 2,517 | $ | -4,128 | $ | 20,240 | |||||
For the nine months ended September 30, 2012 | |||||||||||||
Enterprise | Appraisal and Tax | ||||||||||||
Software | Software Solutions | ||||||||||||
Solutions | and Services | Corporate | Totals | ||||||||||
Revenues | |||||||||||||
Software licenses and royalties | $ | 23,513 | $ | 1,445 | $ | - | $ | 24,958 | |||||
Subscriptions | 30,969 | 887 | - | 31,856 | |||||||||
Software services | 56,659 | 5,707 | - | 62,366 | |||||||||
Maintenance | 114,012 | 12,350 | - | 126,362 | |||||||||
Appraisal services | - | 17,047 | - | 17,047 | |||||||||
Hardware and other | 3,688 | - | 1,659 | 5,347 | |||||||||
Intercompany | 1,663 | - | -1,663 | - | |||||||||
Total revenues | $ | 230,504 | $ | 37,436 | $ | -4 | $ | 267,936 | |||||
Segment operating income | $ | 51,101 | $ | 6,893 | $ | -12,280 | $ | 45,714 | |||||
Three months ended | Nine months ended | ||||||||||||
Reconciliation of reportable segment operating | September 30, | September 30, | |||||||||||
income to the Company's consolidated totals: | 2013 | 2012 | 2013 | 2012 | |||||||||
Total segment operating income | $ | 19,499 | $ | 20,240 | $ | 52,649 | $ | 45,714 | |||||
Amortization of acquired software | -513 | -478 | -1,585 | -1,370 | |||||||||
Amortization of customer and trade name intangibles | -1,129 | -1,103 | -3,388 | -3,186 | |||||||||
Other expense, net | -285 | -849 | -919 | -2,325 | |||||||||
Income before income taxes | $ | 17,572 | $ | 17,810 | $ | 46,757 | $ | 38,833 | |||||
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (10) Commitments and Contingencies |
Other than routine litigation arising in the ordinary course of our business, there are no material legal proceedings pending to which we are party or to which any of our properties are subject. | |
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Financial Instruments [Abstract] | ||||||||||||
Summary Of Fair Value Of Financial Assets | ||||||||||||
Quoted prices in | ||||||||||||
active markets for | Significant other | Significant | ||||||||||
identical assets | observable inputs | unobservable inputs | ||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | |||||||||
Investments available-for-sale | 2,078 | - | - | 2,078 | ||||||||
Schedule Of Auction Rate Securities | ||||||||||||
Temporary Impairment | Carrying Value | |||||||||||
Par Value | ||||||||||||
Investments available-for-sale | $ 2,400 | $ 322 | $ 2,078 | |||||||||
Assets Measured At Fair Value Using Level 3 | ||||||||||||
Balance as of December 31, 2012 | $ | 2,037 | ||||||||||
Transfers into level 3 | - | |||||||||||
Transfers out of level 3 | - | |||||||||||
Purchases, sales, issuances and settlements | -25 | |||||||||||
Unrealized gains included in accumulated loss | - | |||||||||||
Balance as of March 31, 2013 | 2,012 | |||||||||||
Transfers into level 3 | - | |||||||||||
Transfers out of level 3 | - | |||||||||||
Unrealized gains included in accumulated loss | 91 | |||||||||||
Balance as of June 30, 2013 | 2,103 | |||||||||||
Transfers into level 3 | - | |||||||||||
Transfers out of level 3 | - | |||||||||||
Purchases, sales, issuances and settlements | -25 | |||||||||||
Unrealized gains included in accumulated loss | - | |||||||||||
Balance as of September 30, 2013 | $ | 2,078 | ||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Shareholders' Equity [Abstract] | |||||||||||
Summary Of Activities In Common Stock | |||||||||||
Nine months ended September 30, | |||||||||||
2013 | 2012 | ||||||||||
Shares | Amount | Shares | Amount | ||||||||
Stock option exercises | 850 | $ | 9,401 | 506 | $ | 5,572 | |||||
Employee stock plan purchases | 50 | 2,535 | 59 | 1,832 | |||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Computation Of Basic Earnings And Diluted Earnings Per Share Data | |||||||||||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Numerator for basic and diluted earnings per share: | |||||||||||||
Net income | $ | 11,049 | $ | 10,832 | $ | 28,589 | $ | 23,618 | |||||
Denominator: | |||||||||||||
Weighted-average basic common shares outstanding | 32,037 | 30,387 | 31,825 | 30,267 | |||||||||
Assumed conversion of dilutive securities: | |||||||||||||
Stock options | 2,727 | 2,599 | 2,649 | 2,571 | |||||||||
Denominator for diluted earnings per share - Adjusted weighted-average shares | 34,764 | 32,986 | 34,474 | 32,838 | |||||||||
Earnings per common share: | |||||||||||||
Basic | $ | 0.34 | $ | 0.36 | $ | 0.90 | $ | 0.78 | |||||
Diluted | $ | 0.32 | $ | 0.33 | $ | 0.83 | $ | 0.72 | |||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Share-Based Compensation [Abstract] | |||||||||||||
Summary Of Share-Based Compensation Expense Related To Share-Based Awards | |||||||||||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Cost of software services, maintenance and subscriptions | $ | 408 | $ | 286 | $ | 1,087 | $ | 791 | |||||
Selling, general and administrative expense | 2,653 | 1,617 | 7,452 | 4,715 | |||||||||
Total share-based compensation expense | $ | 3,061 | $ | 1,903 | $ | 8,539 | $ | 5,506 | |||||
Segment_And_Related_Informatio1
Segment And Related Information (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment And Related Information [Abstract] | |||||||||||||
Schedule Of Segment Revenues And Operations | |||||||||||||
For the three months ended September 30, 2013 | |||||||||||||
Enterprise | Appraisal and Tax | ||||||||||||
Software | Software Solutions | ||||||||||||
Solutions | and Services | Corporate | Totals | ||||||||||
Revenues | |||||||||||||
Software licenses and royalties | $ | 10,126 | $ | 369 | $ | - | $ | 10,495 | |||||
Subscriptions | 14,537 | 677 | - | 15,214 | |||||||||
Software services | 22,615 | 2,245 | - | 24,860 | |||||||||
Maintenance | 45,182 | 4,109 | - | 49,291 | |||||||||
Appraisal services | - | 5,207 | - | 5,207 | |||||||||
Hardware and other | 1,958 | - | -4 | 1,954 | |||||||||
Intercompany | 686 | - | -686 | - | |||||||||
Total revenues | $ | 95,104 | $ | 12,607 | $ | -690 | $ | 107,021 | |||||
Segment operating income | $ | 22,776 | $ | 2,441 | $ | -5,718 | $ | 19,499 | |||||
For the nine months ended September 30, 2013 | |||||||||||||
Enterprise | Appraisal and Tax | ||||||||||||
Software | Software Solutions | ||||||||||||
Solutions | and Services | Corporate | Totals | ||||||||||
Revenues | |||||||||||||
Software licenses and royalties | $ | 27,849 | $ | 1,566 | $ | - | $ | 29,415 | |||||
Subscriptions | 40,527 | 2,023 | - | 42,550 | |||||||||
Software services | 63,308 | 6,098 | - | 69,406 | |||||||||
Maintenance | 129,630 | 12,350 | - | 141,980 | |||||||||
Appraisal services | - | 15,854 | - | 15,854 | |||||||||
Hardware and other | 4,917 | - | 1,786 | 6,703 | |||||||||
Intercompany | 2,023 | - | -2,023 | - | |||||||||
Total revenues | $ | 268,254 | $ | 37,891 | $ | -237 | $ | 305,908 | |||||
Segment operating income | $ | 60,930 | $ | 7,071 | $ | -15,352 | $ | 52,649 | |||||
For the three months ended September 30, 2012 | |||||||||||||
Enterprise | Appraisal and Tax | ||||||||||||
Software | Software Solutions | ||||||||||||
Solutions | and Services | Corporate | Totals | ||||||||||
Revenues | |||||||||||||
Software licenses and royalties | $ | 8,576 | $ | 397 | $ | - | $ | 8,973 | |||||
Subscriptions | 10,960 | 375 | - | 11,335 | |||||||||
Software services | 20,213 | 1,886 | - | 22,099 | |||||||||
Maintenance | 40,282 | 4,170 | - | 44,452 | |||||||||
Appraisal services | - | 5,594 | - | 5,594 | |||||||||
Hardware and other | 1,392 | - | - | 1,392 | |||||||||
Intercompany | 559 | - | -559 | - | |||||||||
Total revenues | $ | 81,982 | $ | 12,422 | $ | -559 | $ | 93,845 | |||||
Segment operating income | $ | 21,851 | $ | 2,517 | $ | -4,128 | $ | 20,240 | |||||
For the nine months ended September 30, 2012 | |||||||||||||
Enterprise | Appraisal and Tax | ||||||||||||
Software | Software Solutions | ||||||||||||
Solutions | and Services | Corporate | Totals | ||||||||||
Revenues | |||||||||||||
Software licenses and royalties | $ | 23,513 | $ | 1,445 | $ | - | $ | 24,958 | |||||
Subscriptions | 30,969 | 887 | - | 31,856 | |||||||||
Software services | 56,659 | 5,707 | - | 62,366 | |||||||||
Maintenance | 114,012 | 12,350 | - | 126,362 | |||||||||
Appraisal services | - | 17,047 | - | 17,047 | |||||||||
Hardware and other | 3,688 | - | 1,659 | 5,347 | |||||||||
Intercompany | 1,663 | - | -1,663 | - | |||||||||
Total revenues | $ | 230,504 | $ | 37,436 | $ | -4 | $ | 267,936 | |||||
Segment operating income | $ | 51,101 | $ | 6,893 | $ | -12,280 | $ | 45,714 | |||||
Reconciliation Of Revenue From Segments To Consolidated | |||||||||||||
Three months ended | Nine months ended | ||||||||||||
Reconciliation of reportable segment operating | September 30, | September 30, | |||||||||||
income to the Company's consolidated totals: | 2013 | 2012 | 2013 | 2012 | |||||||||
Total segment operating income | $ | 19,499 | $ | 20,240 | $ | 52,649 | $ | 45,714 | |||||
Amortization of acquired software | -513 | -478 | -1,585 | -1,370 | |||||||||
Amortization of customer and trade name intangibles | -1,129 | -1,103 | -3,388 | -3,186 | |||||||||
Other expense, net | -285 | -849 | -919 | -2,325 | |||||||||
Income before income taxes | $ | 17,572 | $ | 17,810 | $ | 46,757 | $ | 38,833 | |||||
Acquisitions_Details
Acquisitions (Details) (EnerGov Solutions L.L.C. [Member], Scenario, Adjustment [Member], USD $) | Mar. 31, 2013 |
In Millions, unless otherwise specified | |
EnerGov Solutions L.L.C. [Member] | Scenario, Adjustment [Member] | |
Business Acquisition [Line Items] | |
Purchase price allocation goodwill amount | $1.10 |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Details) (Auction Rate Securities [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
item | |
Schedule of Available-for-sale Securities [Line Items] | |
Number Of Securities | 2 |
Unrealized gain on investment securities, net of tax | $59,000 |
Tax effect of non-current ARS unrealized gain | $32,000 |
Redemption of available for sale securities, percentage | 100.00% |
Minimum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Investment maturity period | 19 years |
Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Investment maturity period | 28 years |
Financial_Instruments_Summary_
Financial Instruments (Summary Of Fair Value Of Financial Assets) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments available-for-sale | $2,078 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments available-for-sale | |
Significant Other Observable Inputs (Level 2) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments available-for-sale | |
Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments available-for-sale | $2,078 |
Financial_Instruments_Schedule
Financial Instruments (Schedule Of Auction Rate Securities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Non-current investments available-for-sale, Carrying Value | $2,078 | $2,037 |
Auction Rate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Non-current investments available-for-sale, Par Value | 2,400 | |
Non-current investments available-for-sale, Temporary Impairment | 322 | |
Non-current investments available-for-sale, Carrying Value | $2,078 |
Financial_Instruments_Assets_M
Financial Instruments (Assets Measured At Fair Value Using Level 3) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Financial Instruments [Abstract] | |||
Beginning Balance | $2,103 | $2,012 | $2,037 |
Transfers into level 3 | |||
Transfers out of level 3 | |||
Purchases, sales, issuances and settlements | -25 | -25 | |
Unrealized gains included in accumulated loss | 91 | ||
Ending Balance | $2,078 | $2,103 | $2,012 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Shareholders' Equity [Abstract] | |
Number of shares authorized to be repurchased | 1.7 |
Shareholders_Equity_Summary_Of
Shareholders' Equity (Summary Of Activities In Common Stock) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Shareholders' Equity [Abstract] | ||
Stock option exercises, Shares | 850 | 506 |
Stock option exercises, Amount | $9,401 | $5,572 |
Employee stock plan purchases, Shares | 50 | 59 |
Employee stock plan purchases, Amount | $2,535 | $1,832 |
Revolving_Line_Of_Credit_Detai
Revolving Line Of Credit (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Aug. 31, 2010 | |
Line of Credit Facility [Line Items] | ||
Revolving credit facility, maximum borrowing capacity | $150,000,000 | |
Revolving credit facility maturity date | 11-Aug-14 | |
Outstanding borrowings | 0 | |
Unused available borrowing capacity | 145,000,000 | |
Letters of credit, outstanding | 5,000,000 | |
Performance guarantees outstanding | 39,600,000 | |
LIBOR Rate [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate margin over reference rate | 2.50% | |
LIBOR Rate [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate margin over reference rate | 3.75% | |
Bank Of America's Prime Rate [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate margin over reference rate | 1.50% | |
Bank Of America's Prime Rate [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate margin over reference rate | 2.75% | |
Letter Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facility, maximum borrowing capacity | 25,000,000 | |
Accordion Feature [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facility, maximum borrowing capacity | $200,000,000 |
Income_Tax_Provision_Details
Income Tax Provision (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Provision [Abstract] | ||||
Effective income tax rate | 37.10% | 39.20% | 38.90% | 39.20% |
Federal income tax rate | 35.00% | |||
Income taxes, net of refunds | $9.30 | $12.70 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ||||
Net income | $11,049 | $10,832 | $28,589 | $23,618 |
Weighted-average basic common shares outstanding | 32,037,000 | 30,387,000 | 31,825,000 | 30,267,000 |
Stock options | 2,727,000 | 2,599,000 | 2,649,000 | 2,571,000 |
Denominator for diluted earnings per share - Adjusted weighted-average shares | 34,764,000 | 32,986,000 | 34,474,000 | 32,838,000 |
Basic | $0.34 | $0.36 | $0.90 | $0.78 |
Diluted | $0.32 | $0.33 | $0.83 | $0.72 |
Antidilutive securities excluded from computation of earnings per share, shares | 331,000 | 427,000 | 724,000 | 443,000 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | $3,061 | $1,903 | $8,539 | $5,506 |
Cost Of Software Services, Maintenance And Subscriptions [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | 408 | 286 | 1,087 | 791 |
Selling, General And Administrative Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | $2,653 | $1,617 | $7,452 | $4,715 |
Segment_And_Related_Informatio2
Segment And Related Information (Schedule Of Segment Revenues And Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Software licenses and royalties | $10,495 | $8,973 | $29,415 | $24,958 |
Subscriptions | 15,214 | 11,335 | 42,550 | 31,856 |
Software services | 24,860 | 22,099 | 69,406 | 62,366 |
Maintenance | 49,291 | 44,452 | 141,980 | 126,362 |
Appraisal services | 5,207 | 5,594 | 15,854 | 17,047 |
Hardware and other | 1,954 | 1,392 | 6,703 | 5,347 |
Total revenues | 107,021 | 93,845 | 305,908 | 267,936 |
Segment operating income | 19,499 | 20,240 | 52,649 | 45,714 |
Enterprise Software Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Software licenses and royalties | 10,126 | 8,576 | 27,849 | 23,513 |
Subscriptions | 14,537 | 10,960 | 40,527 | 30,969 |
Software services | 22,615 | 20,213 | 63,308 | 56,659 |
Maintenance | 45,182 | 40,282 | 129,630 | 114,012 |
Hardware and other | 1,958 | 1,392 | 4,917 | 3,688 |
Intercompany | 686 | 559 | 2,023 | 1,663 |
Total revenues | 95,104 | 81,982 | 268,254 | 230,504 |
Segment operating income | 22,776 | 21,851 | 60,930 | 51,101 |
Appraisal And Tax Software Solutions And Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Software licenses and royalties | 369 | 397 | 1,566 | 1,445 |
Subscriptions | 677 | 375 | 2,023 | 887 |
Software services | 2,245 | 1,886 | 6,098 | 5,707 |
Maintenance | 4,109 | 4,170 | 12,350 | 12,350 |
Appraisal services | 5,207 | 5,594 | 15,854 | 17,047 |
Total revenues | 12,607 | 12,422 | 37,891 | 37,436 |
Segment operating income | 2,441 | 2,517 | 7,071 | 6,893 |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Hardware and other | -4 | 1,786 | 1,659 | |
Intercompany | -686 | -559 | -2,023 | -1,663 |
Total revenues | -690 | -559 | -237 | -4 |
Segment operating income | ($5,718) | ($4,128) | ($15,352) | ($12,280) |
Segment_And_Related_Informatio3
Segment And Related Information (Reconciliation Of Revenue from Segments To Consolidated) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment And Related Information [Abstract] | ||||
Total segment operating income | $19,499 | $20,240 | $52,649 | $45,714 |
Amortization of acquired software | -513 | -478 | -1,585 | -1,370 |
Amortization of customer and trade name intangibles | -1,129 | -1,103 | -3,388 | -3,186 |
Other expense, net | -285 | -849 | -919 | -2,325 |
Income before income taxes | $17,572 | $17,810 | $46,757 | $38,833 |