Tyler (TYL) 10-Q 22 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 17, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	TYL
Entity Registrant Name	TYLER TECHNOLOGIES INC
Entity Central Index Key	860,731
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		33,864,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Software licenses and royalties	$ 14,586	$ 12,083	$ 28,886	$ 23,315
Subscriptions	26,949	20,934	52,237	41,441
Software services	34,563	30,128	65,367	54,435
Maintenance	59,463	51,951	116,811	102,191
Appraisal services	6,691	5,444	12,780	10,295
Hardware and other	4,043	3,831	5,180	5,320
Total revenues	146,295	124,371	281,261	236,997
Cost of revenues:
Software licenses and royalties	483	343	1,036	874
Acquired software	456	444	912	925
Software services, maintenance and subscriptions	69,678	58,274	135,055	113,273
Appraisal services	4,278	3,665	8,413	6,976
Hardware and other	3,147	3,087	3,713	3,861
Total cost of revenues	78,042	65,813	149,129	125,909
Gross profit	68,253	58,558	132,132	111,088
Selling, general and administrative expenses	30,396	27,419	58,941	52,786
Research and development expense	7,110	6,389	14,114	12,561
Amortization of customer and trade name intangibles	1,151	1,128	2,303	2,257
Operating income	29,596	23,622	56,774	43,484
Other income (expense), net	185	(216)	366	(475)
Income before income taxes	29,781	23,406	57,140	43,009
Income tax provision	10,945	8,666	21,031	16,386
Net income	$ 18,836	$ 14,740	$ 36,109	$ 26,623
Earnings per common share:
Basic	$ 0.56	$ 0.45	$ 1.07	$ 0.81
Diluted	$ 0.52	$ 0.42	$ 1	$ 0.75
Comprehensive income	$ 18,836	$ 14,740	$ 36,109	$ 26,623

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 204,103	$ 206,167
Accounts receivable (less allowance for losses of $1,361 in 2015 and $1,725 in 2014)	152,178	112,660
Prepaid expenses	18,979	17,851
Other current assets	10,590	358
Deferred income taxes	9,674	9,674
Total current assets	395,524	346,710
Accounts receivable, long-term portion	391	1,761
Property and equipment, net	67,908	65,910
Other assets:
Goodwill	131,960	124,142
Other intangibles, net	31,507	34,722
Cost method investment	15,000
Other non-current assets	3,744	737
Total assets	646,034	573,982
Current liabilities:
Accounts payable	4,385	4,119
Accrued liabilities	34,810	39,508
Deferred revenue	201,549	189,212
Total current liabilities	240,744	232,839
Deferred income taxes	$ 4,673	$ 4,170
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 2015 and 2014	$ 481	$ 481
Additional paid-in capital	221,838	201,389
Accumulated other comprehensive loss, net of tax	(46)	(46)
Retained earnings	297,259	261,150
Treasury stock, at cost; 14,4294,303 and 14,678,782 shares in 2015 and 2014, respectively	(118,915)	(126,001)
Total shareholders' equity	400,617	336,973
Liabilities and Shareholders' equity, Total	$ 646,034	$ 573,982

CONDENSED CONSOLIDATED BALANCE4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Accounts receivable, allowance for losses	$ 1,361	$ 1,725
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	14,294,303	14,678,782

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 36,109	$ 26,623
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization	7,484	7,281
Share-based compensation expense	8,861	7,002
Excess tax benefit from exercises of share-based arrangements	(8,827)	(3,206)
Changes in operating assets and liabilities, exclusive of effects of acquired companies:
Accounts receivable	(36,624)	(38,203)
Income taxes	2,735	7,746
Prepaid expenses and other current assets	(549)	(2,069)
Accounts payable	(371)	51
Accrued liabilities	(5,685)	(4,237)
Deferred revenue	11,680	27,840
Net cash provided by operating activities	14,813	28,828
Cash flows from investing activities:
Purchase of cost method investment	(15,000)
Purchase of held-to-maturity securities	(6,449)
Cost of acquisitions, net of cash acquired	(6,447)
Additions to property and equipment	(6,126)	(6,477)
(Increase) decrease in other	(9)	343
Net cash used by investing activities	(34,031)	(6,134)
Cash flows from financing activities:
Purchase of treasury shares	(645)	(22,815)
Proceeds from exercise of stock options	6,729	4,117
Contributions from employee stock purchase plan	2,243	2,014
Excess tax benefit from exercises of share-based arrangements	8,827	3,206
Net cash provided (used) by financing activities	17,154	(13,478)
Net (decrease) increase in cash and cash equivalents	(2,064)	9,216
Cash and cash equivalents at beginning of period	206,167	78,876
Cash and cash equivalents at end of period	$ 204,103	$ 88,092

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
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 s . Balan ce sheet amounts are as of June 3 0 , 2015 and December 31, 2014 and operating result amounts are for the three months and six months ended June 3 0 , 2015 and 2014, 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, 2014. 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.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Acquisitions	( 2) Acquisitions On May 29, 2015, we acquired all of the capital stock o f Brazos Technology Corporation (“Brazos”) , which provides mobile hand-held solutions primarily to law enforcement agencies for field accident reporting and electronically issuing citations. The purchase price, net of cash acquired of $ 312,000 and including debt assumed of $ 733,000 , was $ 6.1 million in cash and 12,500 shares of Tyler common stock valued at $ 1. 5 million. As of June 30, 2015, the purchase price allocation of Brazos is in process mainly due to completing the valuation of the acquired intangible assets. We currently expect to finalize the allocation of the purchase price in the next quarter. The impact of th is acquisition on our operating results is not material.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2015
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Other Assets	(3 ) Other Assets Cash and cash equivalents consist of cash on deposit with several domestic banks and money market funds. In June 2015, we invested $ 6.4 million in investment grade corporate and municipal bonds with maturity dates ranging from 2015 through mid-2017 . We intend to hold these bonds to maturity and have classified them as such . We believe cost approximates fair value because of the relatively short duration of these investments. The fair value of these securities are considered Level II as they are based on inputs from quoted prices in markets that are not active or other observable market data. These investments are included in other current assets and other non-current assets. On January 30, 2015, we made a $ 15.0 million investment in convertible preferred stock representing a 20 % interest in Record Holdings Pty Limited (“Record Holdings”), a privately held Australian company specializing in digitizing the spoken word in court and legal settings. We do not believe we have the ability to significantly influence the day-to-day activities of Record Holdings and are accounting for this investment under the cost method .

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Shareholders' Equity	( 4 ) Shareholders’ Equity The following table details activity in our common stock: Six months ended June 30, 2015 2014 Shares Amount Shares Amount Pu rchase of common stock (5 ) $ (645 ) (294 ) $ (22,815 ) Stock option exercises 355 6,729 265 4,117 Employee st ock plan purchases 23 2,243 26 2,014 Shares issued for acquisition 13 1,519 — — As of June 30 , 2015, we had authorization from our board of directors to repurchase up to 1.4 million additional shares of Tyler common stock.

Income Tax Provision

Income Tax Provision	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Provision	(5 ) Income Tax Provision For the three months and six months ended June 30 , 2015, we had an effective income tax rate of 36. 8 % compared to an effective income tax rate of 37.0 % and 38.1 % for the three and six months ended months June 3 0 , 2014 , respectively . The effective income tax rates for the period s 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 tax payments of $ 18.3 million dur ing the six months ended June 3 0 , 2015 compared to $ 8.6 million in net payments for the same period in the prior year .

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	(6 ) Earnings Per Share The following table details the reconciliation of basic earnings per share to diluted earnings per share: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Numerator for basic and diluted earnings per share: Net income $ 18,836 $ 14,740 $ 36,109 $ 26,623 Denominator: Weighted-average basic common shares outstanding 33,751 32,918 33,756 32,876 Assumed conversion of dilutive securities: Stock options 2,346 2,243 2,340 2,413 Denominator for diluted earnings per share - Adjusted weighted-average shares 36,097 35,161 36,096 35,289 Earnings per common share: Basic $ 0.56 $ 0.45 $ 1.07 $ 0.81 Diluted $ 0.52 $ 0.42 $ 1.00 $ 0.75 For the three and six months ended June 30 , 2015, stock options representing the right to purchase common stock of approximately 492 ,000 shares and 570 ,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 six months ended June 30, 2014, stock options representing the right to purchase common stock of approximately 669,000 shares and 485 ,000 shares, respectively, were not included in the computation of diluted earnings per share because their inclusion would have had an anti-dilutive effect.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	(7 ) 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 June 30, Six months ended June 30, 2015 2014 2015 2014 Cost of software services, maintenance and subscriptions $ 746 $ 513 $ 1,447 $ 1,026 Selling, general and administrative expenses 3,857 3,026 7,414 5,976 Total share-based compensation expenses $ 4,603 $ 3,539 $ 8,861 $ 7,002

Segment and Related Information

Segment and Related Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment and Related Information	( 8 ) 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, education and planning, regulatory and maintenance software solutions; financial management, municipal courts, and land and vital records management 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, education and planning, regulatory and maintenance software solutions unit; financial management, municipal courts and land and vital records management software solutions unit; and the courts and justice software solutions unit meet the criteria for aggregation and are presented in one reportable segment, Enterprise Software Solutions (“ESS”). The ESS segment provides municipal and county governments and schools with software systems and services 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 for our business units 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 June 30, 2015 Enterprise Software Solutions Appraisal and Tax Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 13,556 $ 1,030 $ — $ 14,586 Subscriptions 25,733 1,216 — 26,949 Software services 31,826 2,737 — 34,563 Maintenance 54,992 4,471 — 59,463 Appraisal services — 6,691 — 6,691 Hardware and other 1,330 11 2,702 4,043 Intercompany 979 — (979 ) — Total revenues $ 128,416 $ 16,156 $ 1,723 $ 146,295 Segment operating income $ 34,408 $ 3,903 $ (7,108 ) $ 31,203 For the six months ended June 30, 2015 Enterprise Software Solutions Appraisal and Tax Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 25,883 $ 3,003 $ — $ 28,886 Subscriptions 50,042 2,195 — 52,237 Software services 60,994 4,373 — 65,367 Maintenance 108,007 8,804 — 116,811 Appraisal services — 12,780 — 12,780 Hardware and other 2,468 11 2,701 5,180 Intercompany 1,905 — (1,905 ) — Total revenues $ 249,299 $ 31,166 $ 796 $ 281,261 Segment operating income $ 66,660 $ 6,971 $ (13,642 ) $ 59,989 For the three months ended June 30, 2014 Enterprise Software Solutions Appraisal and Tax Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 11,349 $ 734 $ — $ 12,083 Subscriptions 20,124 810 — 20,934 Software services 27,420 2,708 — 30,128 Maintenance 47,765 4,186 — 51,951 Appraisal services — 5,444 — 5,444 Hardware and other 1,361 — 2,470 3,831 Intercompany 532 — (532 ) — Total revenues $ 108,551 $ 13,882 $ 1,938 $ 124,371 Segment operating income $ 27,747 $ 2,934 $ (5,487 ) $ 25,194 For the six months ended June 30, 2014 Enterprise Software Solutions Appraisal and Tax Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 22,145 $ 1,170 $ — $ 23,315 Subscriptions 39,846 1,595 — 41,441 Software services 49,607 4,828 — 54,435 Maintenance 93,858 8,333 — 102,191 Appraisal services — 10,295 — 10,295 Hardware and other 2,850 — 2,470 5,320 Intercompany 1,005 — (1,005 ) — Total revenues $ 209,311 $ 26,221 $ 1,465 $ 236,997 Segment operating income $ 53,175 $ 4,766 $ (11,275 ) $ 46,666 Reconciliation of reportable segment operating Three months ended June 30, Six months ended June 30, income to the Company's consolidated totals: 2015 2014 2015 2014 Total segment operating income $ 31,203 $ 25,194 $ 59,989 $ 46,666 Amortization of acquired software (456 ) (444 ) (912 ) (925 ) Amortization of customer and trade name intangibles (1,151 ) (1,128 ) (2,303 ) (2,257 ) Other income (expense), net 185 (216 ) 366 (475 ) Income before income taxes $ 29,781 $ 23,406 $ 57,140 $ 43,009

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	( 9 ) 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.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
Accounting Changes And Error Corrections [Abstract]
New Accounting Pronouncements	(10 ) New Accounting Pronouncements On May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” This ASU is the result of a convergence project between the FASB and the International Accounting Standards Board. The core principle behind ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for delivering those goods and services. This model involves a five-step process that includes identifying the contract with the customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction prices to the performance obligations in the contract and recognizing revenue when (or as) the entity satisfies the performance obligations. The guidance in the ASU supersedes existing revenue recognition guidance and is effective for annual reporting periods beginning after December 15, 2016 with early application not permitted. The ASU allows two methods of adoption; a full retrospective approach where three years of financial information are presented in accordance with the new standard, and a modified retrospective approach where the ASU is applied to the most current period presented in the financial statements. On April 1, 2015, the FASB voted for a one-year deferral of the effective date of the new standard and will issue an exposure draft proposing the deferral, with a 30-day comment period. The proposal would now require application of the new standard no later than annual reporting periods beginning after December 15, 2017, including interim reporting periods therein; however, under the proposal, public entities would be permitted to elect to early adopt the new standard as of the original effective date. We currently expect to adopt the new standard in fiscal year 2018 in accordance with the revised effective date. We are currently assessing the financial impact of adopting the new standard and the methods of adoption; however, given the scope of the new standard, we are currently unable to provide a reasonable estimate regarding the financial impact or which method of adoption of the new standard we will elect.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Summary of Activities in Common Stock	The following table details activity in our common stock: Six months ended June 30, 2015 2014 Shares Amount Shares Amount Pu rchase of common stock (5 ) $ (645 ) (294 ) $ (22,815 ) Stock option exercises 355 6,729 265 4,117 Employee st ock plan purchases 23 2,243 26 2,014 Shares issued for acquisition 13 1,519 — —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, Six months ended June 30, 2015 2014 2015 2014 Numerator for basic and diluted earnings per share: Net income $ 18,836 $ 14,740 $ 36,109 $ 26,623 Denominator: Weighted-average basic common shares outstanding 33,751 32,918 33,756 32,876 Assumed conversion of dilutive securities: Stock options 2,346 2,243 2,340 2,413 Denominator for diluted earnings per share - Adjusted weighted-average shares 36,097 35,161 36,096 35,289 Earnings per common share: Basic $ 0.56 $ 0.45 $ 1.07 $ 0.81 Diluted $ 0.52 $ 0.42 $ 1.00 $ 0.75

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, Six months ended June 30, 2015 2014 2015 2014 Cost of software services, maintenance and subscriptions $ 746 $ 513 $ 1,447 $ 1,026 Selling, general and administrative expenses 3,857 3,026 7,414 5,976 Total share-based compensation expenses $ 4,603 $ 3,539 $ 8,861 $ 7,002

Segment and Related Informati19

Segment and Related Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Revenues and Operations	For the three months ended June 30, 2015 Enterprise Software Solutions Appraisal and Tax Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 13,556 $ 1,030 $ — $ 14,586 Subscriptions 25,733 1,216 — 26,949 Software services 31,826 2,737 — 34,563 Maintenance 54,992 4,471 — 59,463 Appraisal services — 6,691 — 6,691 Hardware and other 1,330 11 2,702 4,043 Intercompany 979 — (979 ) — Total revenues $ 128,416 $ 16,156 $ 1,723 $ 146,295 Segment operating income $ 34,408 $ 3,903 $ (7,108 ) $ 31,203 For the six months ended June 30, 2015 Enterprise Software Solutions Appraisal and Tax Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 25,883 $ 3,003 $ — $ 28,886 Subscriptions 50,042 2,195 — 52,237 Software services 60,994 4,373 — 65,367 Maintenance 108,007 8,804 — 116,811 Appraisal services — 12,780 — 12,780 Hardware and other 2,468 11 2,701 5,180 Intercompany 1,905 — (1,905 ) — Total revenues $ 249,299 $ 31,166 $ 796 $ 281,261 Segment operating income $ 66,660 $ 6,971 $ (13,642 ) $ 59,989 For the three months ended June 30, 2014 Enterprise Software Solutions Appraisal and Tax Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 11,349 $ 734 $ — $ 12,083 Subscriptions 20,124 810 — 20,934 Software services 27,420 2,708 — 30,128 Maintenance 47,765 4,186 — 51,951 Appraisal services — 5,444 — 5,444 Hardware and other 1,361 — 2,470 3,831 Intercompany 532 — (532 ) — Total revenues $ 108,551 $ 13,882 $ 1,938 $ 124,371 Segment operating income $ 27,747 $ 2,934 $ (5,487 ) $ 25,194 For the six months ended June 30, 2014 Enterprise Software Solutions Appraisal and Tax Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 22,145 $ 1,170 $ — $ 23,315 Subscriptions 39,846 1,595 — 41,441 Software services 49,607 4,828 — 54,435 Maintenance 93,858 8,333 — 102,191 Appraisal services — 10,295 — 10,295 Hardware and other 2,850 — 2,470 5,320 Intercompany 1,005 — (1,005 ) — Total revenues $ 209,311 $ 26,221 $ 1,465 $ 236,997 Segment operating income $ 53,175 $ 4,766 $ (11,275 ) $ 46,666
Reconciliation of Operating Income from Segments to Consolidated	Reconciliation of reportable segment operating Three months ended June 30, Six months ended June 30, income to the Company's consolidated totals: 2015 2014 2015 2014 Total segment operating income $ 31,203 $ 25,194 $ 59,989 $ 46,666 Amortization of acquired software (456 ) (444 ) (912 ) (925 ) Amortization of customer and trade name intangibles (1,151 ) (1,128 ) (2,303 ) (2,257 ) Other income (expense), net 185 (216 ) 366 (475 ) Income before income taxes $ 29,781 $ 23,406 $ 57,140 $ 43,009

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	May. 29, 2015	Jun. 30, 2015
Business Acquisition [Line Items]
Purchase price in cash		$ 6,447
Brazos Technology Corporation [Member]
Business Acquisition [Line Items]
Cash acquired from acquisition	$ 312
Debt assumed from business acquisition	733
Purchase price in cash	$ 6,100
Number of common stock shares valued at acquisition	12,500
Common stock value at acquisition date	$ 1,500

Other Assets - Additional Infor

Other Assets - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jan. 30, 2015
Schedule Of Other Assets [Line Items]
Purchase of held to maturity securities	$ 6,449
Grade corporate and municipal bonds, maturity date	2015 through mid-2017
Cost method investment	$ 15,000
Convertible Preferred Stock | Record Holdings Pty Limited
Schedule Of Other Assets [Line Items]
Cost method investment		$ 15,000
Investment percentage		20.00%

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Activities in Common Stock (Detail) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Equity [Abstract]
Purchase of common stock, Shares	(5)	(294)
Stock option exercises, Shares	355	265
Employee stock plan purchases, Shares	23	26
Shares issued for acquisition, Shares	13
Purchase of common stock, Amount	$ (645)	$ (22,815)
Stock option exercises, Amount	6,729	4,117
Employee stock plan purchases, Amount	2,243	$ 2,014
Shares issued for acquisition, Amount	$ 1,519

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail)	Jun. 30, 2015shares
Equity [Abstract]
Number of shares authorized to be repurchased	1,400,000

Income Tax Provision - Addition

Income Tax Provision - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Effective income tax rate	36.80%	37.00%	36.80%	38.10%
Federal income tax rate			35.00%
Federal and state income tax payments			$ 18.3	$ 8.6

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic Earnings and Diluted Earnings Per Share Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net income	$ 18,836	$ 14,740	$ 36,109	$ 26,623
Weighted-average basic common shares outstanding	33,751	32,918	33,756	32,876
Stock options	2,346	2,243	2,340	2,413
Denominator for diluted earnings per share - Adjusted weighted-average shares	36,097	35,161	36,096	35,289
Basic	$ 0.56	$ 0.45	$ 1.07	$ 0.81
Diluted	$ 0.52	$ 0.42	$ 1	$ 0.75

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount	492	669	570	485

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share-Based Compensation Expense Related to Share-Based Awards (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expenses	$ 4,603	$ 3,539	$ 8,861	$ 7,002
Cost of software services, maintenance and subscriptions [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expenses	746	513	1,447	1,026
Selling, general and administrative expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expenses	$ 3,857	$ 3,026	$ 7,414	$ 5,976

Segment and Related Informati28

Segment and Related Information - Additional Information (Detail) - Jun. 30, 2015	Business_UnitSegment
Segment Reporting Information [Line Items]
Number of business units	4
Enterprise Software Solutions [Member]
Segment Reporting Information [Line Items]
Number of reportable segment | Segment	1

Segment and Related Informati29

Segment and Related Information - Schedule of Segment Revenues and Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Software licenses and royalties	$ 14,586	$ 12,083	$ 28,886	$ 23,315
Subscriptions	26,949	20,934	52,237	41,441
Software services	34,563	30,128	65,367	54,435
Maintenance	59,463	51,951	116,811	102,191
Appraisal services	6,691	5,444	12,780	10,295
Hardware and other	4,043	3,831	5,180	5,320
Total revenues	146,295	124,371	281,261	236,997
Segment operating income	31,203	25,194	59,989	46,666
Operating segments [Member] | Enterprise Software Solutions [Member]
Segment Reporting Information [Line Items]
Software licenses and royalties	13,556	11,349	25,883	22,145
Subscriptions	25,733	20,124	50,042	39,846
Software services	31,826	27,420	60,994	49,607
Maintenance	54,992	47,765	108,007	93,858
Hardware and other	1,330	1,361	2,468	2,850
Intercompany	979	532	1,905	1,005
Total revenues	128,416	108,551	249,299	209,311
Segment operating income	34,408	27,747	66,660	53,175
Operating segments [Member] | Appraisal and Tax Software Solutions and Services [Member]
Segment Reporting Information [Line Items]
Software licenses and royalties	1,030	734	3,003	1,170
Subscriptions	1,216	810	2,195	1,595
Software services	2,737	2,708	4,373	4,828
Maintenance	4,471	4,186	8,804	8,333
Appraisal services	6,691	5,444	12,780	10,295
Hardware and other	11		11
Total revenues	16,156	13,882	31,166	26,221
Segment operating income	3,903	2,934	6,971	4,766
Corporate [Member]
Segment Reporting Information [Line Items]
Hardware and other	2,702	2,470	2,701	2,470
Intercompany	(979)	(532)	(1,905)	(1,005)
Total revenues	1,723	1,938	796	1,465
Segment operating income	$ (7,108)	$ (5,487)	$ (13,642)	$ (11,275)

Segment and Related Informati30

Segment and Related Information - Reconciliation of Operating Income from Segments to Consolidated (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment operating income	$ 31,203	$ 25,194	$ 59,989	$ 46,666
Amortization of acquired software	(456)	(444)	(912)	(925)
Amortization of customer and trade name intangibles	(1,151)	(1,128)	(2,303)	(2,257)
Other income (expense), net	185	(216)	366	(475)
Income before income taxes	29,781	23,406	57,140	43,009
Segment Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Amortization of acquired software	(456)	(444)	(912)	(925)
Amortization of customer and trade name intangibles	(1,151)	(1,128)	(2,303)	(2,257)
Other income (expense), net	$ 185	$ (216)	$ 366	$ (475)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Jun. 30, 2015LegalMatter
Commitments And Contingencies Disclosure [Abstract]
Number of material legal proceedings pending	0