Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 18, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'TYL | ' |
Entity Registrant Name | 'TYLER TECHNOLOGIES INC | ' |
Entity Central Index Key | '0000860731 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 33,009,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Software licenses and royalties | $11,232 | $8,830 |
Subscriptions | 20,507 | 13,473 |
Software services | 24,307 | 20,461 |
Maintenance | 50,240 | 46,050 |
Appraisal services | 4,851 | 5,591 |
Hardware and other | 1,489 | 1,394 |
Total revenues | 112,626 | 95,799 |
Cost of revenues: | ' | ' |
Software licenses and royalties | 531 | 426 |
Acquired software | 481 | 549 |
Software services, maintenance and subscriptions | 54,999 | 46,382 |
Appraisal services | 3,311 | 3,799 |
Hardware and other | 774 | 798 |
Total cost of revenues | 60,096 | 51,954 |
Gross profit | 52,530 | 43,845 |
Selling, general and administrative expenses | 25,367 | 22,646 |
Research and development expense | 6,172 | 5,598 |
Amortization of customer and trade name intangibles | 1,129 | 1,131 |
Operating income | 19,862 | 14,470 |
Other expense, net | 259 | 338 |
Income before income taxes | 19,603 | 14,132 |
Income tax provision | 7,720 | 5,639 |
Net income | 11,883 | 8,493 |
Earnings per common share: | ' | ' |
Basic | $0.36 | $0.27 |
Diluted | $0.33 | $0.25 |
Comprehensive income | $11,883 | $8,493 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $97,145 | $78,876 |
Accounts receivable (less allowance for losses of $1274 in 2014 and $1,113 in 2013) | 82,334 | 106,570 |
Prepaid expenses | 15,158 | 13,522 |
Income tax receivable | 4,290 | 9,721 |
Other current assets | 933 | 787 |
Deferred income taxes | 7,759 | 7,759 |
Total current assets | 207,619 | 217,235 |
Accounts receivable, long-term portion | 526 | 588 |
Property and equipment, net | 66,222 | 64,844 |
Non-current investments available-for-sale | 1,280 | 1,288 |
Other assets: | ' | ' |
Goodwill | 121,011 | 121,011 |
Other intangibles, net | 37,376 | 38,986 |
Sundry | 207 | 536 |
Total assets | 434,241 | 444,488 |
Current liabilities: | ' | ' |
Accounts payable | 2,572 | 2,533 |
Accrued liabilities | 19,512 | 32,839 |
Deferred revenue | 139,298 | 156,738 |
Total current liabilities | 161,382 | 192,110 |
Deferred income taxes | 6,155 | 6,059 |
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 2014 and 2013 | 481 | 481 |
Additional paid-in capital | 187,379 | 182,176 |
Accumulated other comprehensive loss, net of tax | -46 | -46 |
Retained earnings | 214,093 | 202,210 |
Treasury stock, at cost; 15,143,967 and 15,309,940 shares in 2014 and 2013, respectively | -135,203 | -138,502 |
Total shareholders' equity | 266,704 | 246,319 |
Liabilities and Shareholders' equity, Total | $434,241 | $444,488 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for losses | $1,274 | $1,113 |
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 | 15,143,967 | 15,309,940 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $11,883 | $8,493 |
Adjustments to reconcile net income to cash provided by operations: | ' | ' |
Depreciation and amortization | 3,656 | 3,322 |
Share-based compensation expense | 3,462 | 2,575 |
Excess tax benefit from exercises of share-based arrangements | -2,158 | -1,523 |
Changes in operating assets and liabilities | ' | ' |
Accounts receivable | 24,298 | 22,558 |
Income tax receivable | 7,695 | 5,638 |
Prepaid expenses and other current assets | -1,547 | -1,204 |
Accounts payable | 39 | -579 |
Accrued liabilities | -13,328 | -7,031 |
Deferred revenue | -17,440 | -15,165 |
Net cash provided by operating activities | 16,560 | 17,084 |
Cash flows from investing activities: | ' | ' |
Proceeds from sale of investments | 8 | 25 |
Additions to property and equipment | -3,630 | -5,089 |
Decrease in other | 300 | 239 |
Net cash used by investing activities | -3,322 | -4,825 |
Cash flows from financing activities: | ' | ' |
Decrease in net borrowings on revolving line of credit | ' | -18,000 |
Contributions from employee stock purchase plan | 849 | 670 |
Proceeds from exercise of stock options | 2,024 | 1,637 |
Excess tax benefit from exercises of share-based arrangements | 2,158 | 1,523 |
Net cash provided (used) by financing activities | 5,031 | -14,170 |
Net increase (decrease) in cash and cash equivalents | 18,269 | -1,911 |
Cash and cash equivalents at beginning of period | 78,876 | 6,406 |
Cash and cash equivalents at end of period | $97,145 | $4,495 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [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 period. Balance sheet amounts are as of March 31, 2014 and December 31, 2013 and operating result amounts are for the three months ended March 31, 2014 and 2013, 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, 2013. 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. |
Shareholders_Equity
Shareholders' Equity | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Shareholders' Equity | ' | ||||||||||||||||
(2) Shareholders’ Equity | |||||||||||||||||
The following table details activity in our common stock: | |||||||||||||||||
Three Months ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||
Stock option exercises | 156 | $ | 2,024 | 138 | $ | 1,637 | |||||||||||
Employee stock plan purchases | 10 | 849 | 16 | 670 | |||||||||||||
As of March 31, 2014, 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 | 3 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Revolving Line of Credit | ' |
(3) 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 March 31, 2014, we were in compliance with those covenants. | |
As of March 31, 2014, we had no outstanding borrowings and available borrowing capacity of $148.0 million under the Credit Facility. We had an outstanding letter of credit totaling $2.0 million as of March 31, 2014. Some of our customers require a letter of credit guaranteeing performance in connection with our contracts. 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 March 31, 2014 was estimated to be $29.0 million. This letter of credit is issued under our revolving line of credit and reduces our available borrowing capacity. We do not believe this letter of credit will be required to be drawn upon. The letter of credit expires in 2014. |
Income_Tax_Provision
Income Tax Provision | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Provision | ' |
(4) Income Tax Provision | |
For the three months ended March 31, 2014, we had an effective income tax rate of 39.4% compared to an effective income tax rate of 39.9% for the three months ended months March 31, 2013. The effective income tax rates for the period 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 did not make any federal or state income tax payments in the three months ended March 31, 2014 and March 31, 2013. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
(5) Earnings Per Share | |||||||||
The following table details the reconciliation of basic earnings per share to diluted earnings per share: | |||||||||
Three Months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Numerator for basic and diluted earnings per share: | |||||||||
Net income | $ | 11,883 | $ | 8,493 | |||||
Denominator: | |||||||||
Weighted-average basic common shares outstanding | 32,916 | 31,403 | |||||||
Assumed conversion of dilutive securities: | |||||||||
Stock options | 2,584 | 2,545 | |||||||
Denominator for diluted earnings per share—Adjusted weighted-average shares | 35,500 | 33,948 | |||||||
Earnings per common share: | |||||||||
Basic | $ | 0.36 | $ | 0.27 | |||||
Diluted | $ | 0.33 | $ | 0.25 | |||||
For the three months ended March 31, 2014 and March 31, 2013, stock options representing the right to purchase common stock of approximately 302,000 shares and 950,000 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 | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Share-Based Compensation | ' | ||||||||
(6) 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 | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Cost of software services, maintenance and subscriptions | $ | 513 | $ | 336 | |||||
Selling, general and administrative expense | 2,949 | 2,239 | |||||||
Total share-based compensation expense | $ | 3,462 | $ | 2,575 | |||||
Segment_and_Related_Informatio
Segment and Related Information | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment and Related Information | ' | ||||||||||||||||
(7) 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 March 31, 2014 | |||||||||||||||||
Enterprise | Appraisal and Tax | ||||||||||||||||
Software | Software Solutions | ||||||||||||||||
Solutions | and Services | Corporate | Totals | ||||||||||||||
Revenues | |||||||||||||||||
Software licenses and royalties | $ | 10,795 | $ | 437 | $ | — | $ | 11,232 | |||||||||
Subscriptions | 19,722 | 785 | — | 20,507 | |||||||||||||
Software services | 22,188 | 2,119 | — | 24,307 | |||||||||||||
Maintenance | 46,093 | 4,147 | — | 50,240 | |||||||||||||
Appraisal services | — | 4,851 | — | 4,851 | |||||||||||||
Hardware and other | 1,489 | — | — | 1,489 | |||||||||||||
Intercompany | 473 | — | (473 | ) | — | ||||||||||||
Total revenues | $ | 100,760 | $ | 12,339 | $ | (473 | ) | $ | 112,626 | ||||||||
Segment operating income | $ | 25,428 | $ | 1,831 | $ | (5,787 | ) | $ | 21,472 | ||||||||
For the Three Months ended March 31, 2013 | |||||||||||||||||
Enterprise | Appraisal and Tax | ||||||||||||||||
Software | Software Solutions | ||||||||||||||||
Solutions | and Services | Corporate | Totals | ||||||||||||||
Revenues | |||||||||||||||||
Software licenses and royalties | $ | 8,100 | $ | 730 | $ | — | $ | 8,830 | |||||||||
Subscriptions | 12,901 | 572 | — | 13,473 | |||||||||||||
Software services | 18,741 | 1,720 | — | 20,461 | |||||||||||||
Maintenance | 41,882 | 4,168 | — | 46,050 | |||||||||||||
Appraisal services | — | 5,591 | — | 5,591 | |||||||||||||
Hardware and other | 1,394 | — | — | 1,394 | |||||||||||||
Intercompany | 589 | — | (589 | ) | — | ||||||||||||
Total revenues | $ | 83,607 | $ | 12,781 | $ | (589 | ) | $ | 95,799 | ||||||||
Segment operating income | $ | 17,828 | $ | 2,326 | $ | (4,004 | ) | $ | 16,150 | ||||||||
Three Months ended | |||||||||||||||||
Reconciliation of reportable segment operating | March 31, | ||||||||||||||||
income to the Company’s consolidated totals: | 2014 | 2013 | |||||||||||||||
Total segment operating income | $ | 21,472 | $ | 16,150 | |||||||||||||
Amortization of acquired software | (481 | ) | (549 | ) | |||||||||||||
Amortization of customer and trade name intangibles | (1,129 | ) | (1,131 | ) | |||||||||||||
Other expense, net | (259 | ) | (338 | ) | |||||||||||||
Income before income taxes | $ | 19,603 | $ | 14,132 | |||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
(8) Commitments and Contingencies | |
Other than routine litigation incidental to our business, there are no material legal proceedings pending to which we are party or to which any of our properties are subject. |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Summary of Activities in Common Stock | ' | ||||||||||||||||
The following table details activity in our common stock: | |||||||||||||||||
Three Months ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||
Stock option exercises | 156 | $ | 2,024 | 138 | $ | 1,637 | |||||||||||
Employee stock plan purchases | 10 | 849 | 16 | 670 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Computation of Basic Earnings and Diluted Earnings Per Share Data | ' | ||||||||
The following table details the reconciliation of basic earnings per share to diluted earnings per share: | |||||||||
Three Months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Numerator for basic and diluted earnings per share: | |||||||||
Net income | $ | 11,883 | $ | 8,493 | |||||
Denominator: | |||||||||
Weighted-average basic common shares outstanding | 32,916 | 31,403 | |||||||
Assumed conversion of dilutive securities: | |||||||||
Stock options | 2,584 | 2,545 | |||||||
Denominator for diluted earnings per share—Adjusted weighted-average shares | 35,500 | 33,948 | |||||||
Earnings per common share: | |||||||||
Basic | $ | 0.36 | $ | 0.27 | |||||
Diluted | $ | 0.33 | $ | 0.25 |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Summary of Share-Based Compensation Expense Related to Share-Based Awards | ' | ||||||||
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 | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Cost of software services, maintenance and subscriptions | $ | 513 | $ | 336 | |||||
Selling, general and administrative expense | 2,949 | 2,239 | |||||||
Total share-based compensation expense | $ | 3,462 | $ | 2,575 | |||||
Segment_and_Related_Informatio1
Segment and Related Information (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Revenues and Operations | ' | ||||||||||||||||
For the Three Months ended March 31, 2014 | |||||||||||||||||
Enterprise | Appraisal and Tax | ||||||||||||||||
Software | Software Solutions | ||||||||||||||||
Solutions | and Services | Corporate | Totals | ||||||||||||||
Revenues | |||||||||||||||||
Software licenses and royalties | $ | 10,795 | $ | 437 | $ | — | $ | 11,232 | |||||||||
Subscriptions | 19,722 | 785 | — | 20,507 | |||||||||||||
Software services | 22,188 | 2,119 | — | 24,307 | |||||||||||||
Maintenance | 46,093 | 4,147 | — | 50,240 | |||||||||||||
Appraisal services | — | 4,851 | — | 4,851 | |||||||||||||
Hardware and other | 1,489 | — | — | 1,489 | |||||||||||||
Intercompany | 473 | — | (473 | ) | — | ||||||||||||
Total revenues | $ | 100,760 | $ | 12,339 | $ | (473 | ) | $ | 112,626 | ||||||||
Segment operating income | $ | 25,428 | $ | 1,831 | $ | (5,787 | ) | $ | 21,472 | ||||||||
For the Three Months ended March 31, 2013 | |||||||||||||||||
Enterprise | Appraisal and Tax | ||||||||||||||||
Software | Software Solutions | ||||||||||||||||
Solutions | and Services | Corporate | Totals | ||||||||||||||
Revenues | |||||||||||||||||
Software licenses and royalties | $ | 8,100 | $ | 730 | $ | — | $ | 8,830 | |||||||||
Subscriptions | 12,901 | 572 | — | 13,473 | |||||||||||||
Software services | 18,741 | 1,720 | — | 20,461 | |||||||||||||
Maintenance | 41,882 | 4,168 | — | 46,050 | |||||||||||||
Appraisal services | — | 5,591 | — | 5,591 | |||||||||||||
Hardware and other | 1,394 | — | — | 1,394 | |||||||||||||
Intercompany | 589 | — | (589 | ) | — | ||||||||||||
Total revenues | $ | 83,607 | $ | 12,781 | $ | (589 | ) | $ | 95,799 | ||||||||
Segment operating income | $ | 17,828 | $ | 2,326 | $ | (4,004 | ) | $ | 16,150 | ||||||||
Reconciliation of Operating Income from Segments to Consolidated | ' | ||||||||||||||||
Three Months ended | |||||||||||||||||
Reconciliation of reportable segment operating | March 31, | ||||||||||||||||
income to the Company’s consolidated totals: | 2014 | 2013 | |||||||||||||||
Total segment operating income | $ | 21,472 | $ | 16,150 | |||||||||||||
Amortization of acquired software | (481 | ) | (549 | ) | |||||||||||||
Amortization of customer and trade name intangibles | (1,129 | ) | (1,131 | ) | |||||||||||||
Other expense, net | (259 | ) | (338 | ) | |||||||||||||
Income before income taxes | $ | 19,603 | $ | 14,132 |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Description of royalty revenue | '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. |
Minimum [Member] | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Notice of royalty revenue earned quarterly after the end of the reporting period | '30 days |
Maximum [Member] | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' |
Notice of royalty revenue earned quarterly after the end of the reporting period | '60 days |
Shareholders_Equity_Summary_of
Shareholders Equity - Summary of Activities in Common Stock (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Equity [Abstract] | ' | ' |
Stock option exercises, Amount | $2,024 | $1,637 |
Employee stock plan purchases, Amount | $849 | $670 |
Stock option exercises, Shares | 156 | 138 |
Employee stock plan purchases, Shares | 10 | 16 |
Shareholders_Equity_Additional
Shareholders Equity - Additional Information (Detail) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Equity [Abstract] | ' |
Number of shares authorized to be repurchased | 1.7 |
Revolving_Line_of_Credit_Addit
Revolving Line of Credit - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Line of Credit Facility [Line Items] | ' |
Revolving credit facility, borrowing capacity | $150,000,000 |
Revolving credit facility, maximum borrowing capacity | 200,000,000 |
Revolving credit facility maturity date | 11-Aug-14 |
Outstanding borrowings | 0 |
Unused available borrowing capacity | 148,000,000 |
Letters of credit, outstanding | 2,000,000 |
Performance guarantees outstanding | 29,000,000 |
Letter of Credit [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Revolving credit facility, maximum borrowing capacity | $25,000,000 |
Libor Rate [Member] | Maximum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Interest rate margin over reference rate | 3.75% |
Libor Rate [Member] | Minimum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Interest rate margin over reference rate | 2.50% |
Bank Of America's Prime Rate [Member] | Maximum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Interest rate margin over reference rate | 2.75% |
Bank Of America's Prime Rate [Member] | Minimum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Interest rate margin over reference rate | 1.50% |
Income_Tax_Provision_Additiona
Income Tax Provision - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective income tax rate | 39.40% | 39.90% |
Federal income tax rate | 35.00% | ' |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic Earnings and Diluted Earnings Per Share Data (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net income | $11,883 | $8,493 |
Weighted-average basic common shares outstanding | 32,916 | 31,403 |
Stock options | 2,584 | 2,545 |
Denominator for diluted earnings per share-Adjusted weighted-average shares | 35,500 | 33,948 |
Basic | $0.36 | $0.27 |
Diluted | $0.33 | $0.25 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 302,000 | 950,000 |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Share-Based Compensation Expense Related to Share-Based Awards (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total share-based compensation expense | $3,462 | $2,575 |
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 | 513 | 336 |
Selling, general and administrative expense [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total share-based compensation expense | $2,949 | $2,239 |
Segment_and_Related_Informatio2
Segment and Related Information - Additional Information (Detail) | Mar. 31, 2014 |
Business_Unit | |
Segment Reporting [Abstract] | ' |
Number of business units | 4 |
Segment_and_Related_Informatio3
Segment and Related Information - Schedule of Segment Revenues and Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Software licenses and royalties | $11,232 | $8,830 |
Subscriptions | 20,507 | 13,473 |
Software services | 24,307 | 20,461 |
Maintenance | 50,240 | 46,050 |
Appraisal services | 4,851 | 5,591 |
Hardware and other | 1,489 | 1,394 |
Intercompany | ' | ' |
Total revenues | 112,626 | 95,799 |
Segment operating income | 21,472 | 16,150 |
Operating segments [Member] | Enterprise Software Solutions [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Software licenses and royalties | 10,795 | 8,100 |
Subscriptions | 19,722 | 12,901 |
Software services | 22,188 | 18,741 |
Maintenance | 46,093 | 41,882 |
Appraisal services | ' | ' |
Hardware and other | 1,489 | 1,394 |
Intercompany | 473 | 589 |
Total revenues | 100,760 | 83,607 |
Segment operating income | 25,428 | 17,828 |
Operating segments [Member] | Appraisal And Tax Software Solutions And Services [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Software licenses and royalties | 437 | 730 |
Subscriptions | 785 | 572 |
Software services | 2,119 | 1,720 |
Maintenance | 4,147 | 4,168 |
Appraisal services | 4,851 | 5,591 |
Hardware and other | ' | ' |
Intercompany | ' | ' |
Total revenues | 12,339 | 12,781 |
Segment operating income | 1,831 | 2,326 |
Corporate [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Software licenses and royalties | ' | ' |
Subscriptions | ' | ' |
Software services | ' | ' |
Maintenance | ' | ' |
Appraisal services | ' | ' |
Hardware and other | ' | ' |
Intercompany | -473 | -589 |
Total revenues | -473 | -589 |
Segment operating income | ($5,787) | ($4,004) |
Segment_and_Related_Informatio4
Segment and Related Information - Reconciliation of Operating Income from Segments to Consolidated (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Total segment operating income | $21,472 | $16,150 |
Amortization of acquired software | -481 | -549 |
Amortization of customer and trade name intangibles | -1,129 | -1,131 |
Other expense, net | -259 | -338 |
Income before income taxes | 19,603 | 14,132 |
Segment Reconciling Items [Member] | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Amortization of acquired software | -481 | -549 |
Amortization of customer and trade name intangibles | -1,129 | -1,131 |
Other expense, net | ($259) | ($338) |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | Mar. 31, 2014 |
LegalMatter | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Number of material legal proceedings pending | 0 |