Tyler (TYL) 10-Q 21 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 16, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
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		33,939,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Software licenses and royalties	$ 15,690	$ 13,226	$ 44,576	$ 36,541
Subscriptions	29,036	22,694	81,273	64,135
Software services	36,398	31,159	101,765	85,594
Maintenance	61,018	54,713	177,829	156,904
Appraisal services	6,557	5,802	19,337	16,097
Hardware and other	2,146	1,070	7,326	6,390
Total revenues	150,845	128,664	432,106	365,661
Cost of revenues:
Software licenses and royalties	147	565	1,183	1,439
Acquired software	552	448	1,464	1,373
Software services, maintenance and subscriptions	72,764	61,428	207,819	174,701
Appraisal services	3,984	3,764	12,397	10,740
Hardware and other	1,565	667	5,278	4,528
Total cost of revenues	79,012	66,872	228,141	192,781
Gross profit	71,833	61,792	203,965	172,880
Selling, general and administrative expenses	31,869	27,344	90,810	80,130
Research and development expense	7,193	6,567	21,307	19,128
Amortization of customer and trade name intangibles	1,282	1,136	3,585	3,393
Operating income	31,489	26,745	88,263	70,229
Other income (expense), net	255	(47)	621	(522)
Income before income taxes	31,744	26,698	88,884	69,707
Income tax provision	11,602	9,698	32,633	26,084
Net income	$ 20,142	$ 17,000	$ 56,251	$ 43,623
Earnings per common share:
Basic	$ 0.59	$ 0.52	$ 1.66	$ 1.32
Diluted	$ 0.55	$ 0.48	$ 1.56	$ 1.23
Comprehensive income	$ 20,142	$ 17,000	$ 56,251	$ 43,623

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 238,614	$ 206,167
Accounts receivable (less allowance for losses of $1,499 in 2015 and $1,725 in 2014)	129,228	112,660
Short-term investments	9,124
Prepaid expenses	18,044	17,851
Other current assets	6,821	358
Deferred income taxes	9,674	9,674
Total current assets	411,505	346,710
Accounts receivable, long-term portion	1,072	1,761
Property and equipment, net	68,092	65,910
Other assets:
Goodwill	125,932	124,142
Other intangibles, net	35,701	34,722
Cost method investment	15,000
Non-current investments and other assets	21,080	737
Total assets	678,382	573,982
Current liabilities:
Accounts payable	4,385	4,119
Accrued liabilities	37,199	39,508
Deferred revenue	200,890	189,212
Total current liabilities	242,474	232,839
Deferred income taxes	$ 4,813	$ 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	230,840	201,389
Accumulated other comprehensive loss, net of tax	(46)	(46)
Retained earnings	317,401	261,150
Treasury stock, at cost; 14,218,757 and 14,678,782 shares in 2015 and 2014, respectively	(117,581)	(126,001)
Total shareholders' equity	431,095	336,973
Liabilities and Shareholders' equity, Total	$ 678,382	$ 573,982

CONDENSED CONSOLIDATED BALANCE4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Accounts receivable, allowance for losses	$ 1,499	$ 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	14,218,757	14,678,782

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 56,251	$ 43,623
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization	11,586	10,936
Share-based compensation expense	14,459	10,887
Excess tax benefit from exercises of share-based arrangements	(10,801)	(6,717)
Changes in operating assets and liabilities, exclusive of effects of acquired companies:
Accounts receivable	(14,356)	(5,851)
Prepaid expenses and other current assets	717	(1,570)
Income taxes	4,754	16,182
Accounts payable	(369)	864
Accrued liabilities	(3,349)	(1,815)
Deferred revenue	11,021	28,592
Net cash provided by operating activities	69,913	95,131
Cash flows from investing activities:
Purchase of cost method investment	(15,000)
Purchase of held-to-maturity securities	(29,391)
Proceeds from sale of investments		808
Cost of acquisitions, net of cash acquired	(6,447)	(3,242)
Additions to property and equipment	(8,525)	(8,037)
Decrease in other	5	219
Net cash used by investing activities	(59,358)	(10,252)
Cash flows from financing activities:
Purchase of treasury shares	(645)	(22,817)
Proceeds from exercise of stock options	8,369	6,739
Contributions from employee stock purchase plan	3,367	3,037
Excess tax benefit from exercises of share-based arrangements	10,801	6,717
Net cash provided (used) by financing activities	21,892	(6,324)
Net increase in cash and cash equivalents	32,447	78,555
Cash and cash equivalents at beginning of period	206,167	78,876
Cash and cash equivalents at end of period	$ 238,614	$ 157,431

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 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 periods. Balance sheet amounts are as of September 30, 2015 and December 31, 2014 and operating result amounts are for the three and nine months ended September 30, 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	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Acquisitions	(2) Acquisitions On May 29, 2015, we acquired all of the capital stock of 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 September 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 fourth quarter. The impact of this acquisition on our operating results is not material.

Other Assets

Other Assets	9 Months Ended
	Sep. 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. As of September 2015, we have $29.4 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 short-term investments and non-current investments and other 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	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Shareholders' Equity	(4) Shareholders’ Equity The following table details activity in our common stock: Nine months ended September 30, 2015 2014 Shares Amount Shares Amount Stock option exercises 420 $ 8,369 419 $ 6,739 Employee stock plan purchases 33 3,367 39 3,037 Shares issued for acquisitions 13 1,519 17 1,473 Purchase of common stock (5 ) (645 ) (294 ) (22,817 ) As of September 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	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Provision	(5) Income Tax Provision For the three and nine months ended September 30, 2015, we had an effective income tax rate of 36.5% and 36.7%, respectively, compared to an effective income tax rate of 36.3% and 37.4% for the three and nine months ended months September 30, 2014, respectively. 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 tax payments of $27.2 million during the nine months ended September 30, 2015 compared to $9.9 million for the same period in the prior year.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2015 2014 2015 2014 Numerator for basic and diluted earnings per share: Net income $ 20,142 $ 17,000 $ 56,251 $ 43,623 Denominator: Weighted-average basic common shares outstanding 33,900 32,935 33,787 32,947 Assumed conversion of dilutive securities: Stock options 2,449 2,349 2,376 2,392 Denominator for diluted earnings per share - Adjusted weighted-average shares 36,349 35,284 36,163 35,339 Earnings per common share: Basic $ 0.59 $ 0.52 $ 1.66 $ 1.32 Diluted $ 0.55 $ 0.48 $ 1.56 $ 1.23 For the three and nine months ended September 30, 2015, stock options representing the right to purchase common stock of approximately 416,000 shares and 519,000 shares, respective

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2015 2014 2015 2014 Cost of software services, maintenance and subscriptions $ 902 $ 569 $ 2,349 $ 1,595 Selling, general and administrative expenses 4,696 3,316 12,110 9,292 Total share-based compensation expenses $ 5,598 $ 3,885 $ 14,459 $ 10,887

Segment and Related Information

Segment and Related Information	9 Months Ended
	Sep. 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 September 30, 2015 Enterprise Software Solutions Appraisal Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 14,680 $ 1,010 $ — $ 15,690 Subscriptions 27,772 1,264 — 29,036 Software services 33,210 3,188 — 36,398 Maintenance 56,451 4,567 — 61,018 Appraisal services — 6,557 — 6,557 Hardware and other 2,162 — (16 ) 2,146 Intercompany 1,014 — (1,014 ) — Total revenues $ 135,289 $ 16,586 $ (1,030 ) $ 150,845 Segment operating income $ 37,853 $ 4,420 $ (8,950 ) $ 33,323 For the nine months ended September 30, 2015 Enterprise Software Solutions Appraisal and Tax Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 40,563 $ 4,013 $ — $ 44,576 Subscriptions 77,814 3,459 — 81,273 Software services 94,203 7,562 — 101,765 Maintenance 164,457 13,372 — 177,829 Appraisal services — 19,337 — 19,337 Hardware and other 4,632 11 2,683 7,326 Intercompany 2,919 — (2,919 ) — Total revenues $ 384,588 $ 47,754 $ (236 ) $ 432,106 Segment operating income $ 104,513 $ 11,391 $ (22,592 ) $ 93,312 For the three months ended September 30, 2014 Enterprise Software Solutions Appraisal Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 12,192 $ 1,034 $ — $ 13,226 Subscriptions 21,725 969 — 22,694 Software services 28,398 2,761 — 31,159 Maintenance 50,486 4,227 — 54,713 Appraisal services — 5,802 — 5,802 Hardware and other 1,079 — (9 ) 1,070 Intercompany 629 — (629 ) — Total revenues $ 114,509 $ 14,793 $ (638 ) $ 128,664 Segment operating income $ 31,797 $ 3,230 $ (6,698 ) $ 28,329 For the nine months ended September 30, 2014 Enterprise Software Solutions Appraisal and Tax Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 34,336 $ 2,205 $ — $ 36,541 Subscriptions 61,571 2,564 — 64,135 Software services 78,006 7,588 — 85,594 Maintenance 144,344 12,560 — 156,904 Appraisal services — 16,097 — 16,097 Hardware and other 3,929 — 2,461 6,390 Intercompany 1,634 — (1,634 ) — Total revenues $ 323,820 $ 41,014 $ 827 $ 365,661 Segment operating income $ 84,972 $ 7,996 $ (17,973 ) $ 74,995 Three months ended September 30, Nine months ended September 30, Reconciliation of reportable segment operating income to the Company's consolidated totals: 2015 2014 2015 2014 Total segment operating income $ 33,323 $ 28,329 $ 93,312 $ 74,995 Amortization of acquired software (552 ) (448 ) (1,464 ) (1,373 ) Amortization of customer and trade name intangibles (1,282 ) (1,136 ) (3,585 ) (3,393 ) Other income (expense), net 255 (47 ) 621 (522 ) Income before income taxes $ 31,744 $ 26,698 $ 88,884 $ 69,707

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Event	(11) Subsequent event On September 30, 2015, we signed a definitive agreement (the “Merger Agreement”) to acquire privately held New World Systems Corporation (“NWS”) for $670.0 million in cash and stock. NWS is a leading provider of public safety and financial solutions for local governments. Under the terms of the agreement, we will acquire all of the equity in NWS for $360.0 million in cash and approximately 2.1 million shares of Tyler's common stock, representing approximately 5.9% of Tyler's outstanding common shares post transaction, subject to customary post-closing adjustments. The transaction is expected to close in the fourth quarter of 2015 and is subject to regulatory approval and customary closing conditions. The cash portion of the purchase price will be funded from cash on hand and proceeds from a new revolving credit facility. We expect to enter into a credit arrangement that will provide for a revolving credit line of $300.0 million and mature in five years. The Merger Agreement may be terminated by each of Tyler and NWS under certain circumstances, including if the merger is not consummated by December 31, 2015. The Merger Agreement also provides for certain termination rights for both Tyler and NWS. Tyler may also terminate the Merger Agreement if it determines that it is unable to obtain sufficient debt financing, which when coupled with Tyler’s available cash would be sufficient to fund the cash portion of the merger consideration. If Tyler terminates the Merger Agreement in this limited circumstance, Tyler will be required to pay NWS a termination fee of $45.0 million.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Summary of Activities in Common Stock	The following table details activity in our common stock: Nine months ended September 30, 2015 2014 Shares Amount Shares Amount Stock option exercises 420 $ 8,369 419 $ 6,739 Employee stock plan purchases 33 3,367 39 3,037 Shares issued for acquisitions 13 1,519 17 1,473 Purchase of common stock (5 ) (645 ) (294 ) (22,817 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2015 2014 2015 2014 Numerator for basic and diluted earnings per share: Net income $ 20,142 $ 17,000 $ 56,251 $ 43,623 Denominator: Weighted-average basic common shares outstanding 33,900 32,935 33,787 32,947 Assumed conversion of dilutive securities: Stock options 2,449 2,349 2,376 2,392 Denominator for diluted earnings per share - Adjusted weighted-average shares 36,349 35,284 36,163 35,339 Earnings per common share: Basic $ 0.59 $ 0.52 $ 1.66 $ 1.32 Diluted $ 0.55 $ 0.48 $ 1.56 $ 1.23

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2015 2014 2015 2014 Cost of software services, maintenance and subscriptions $ 902 $ 569 $ 2,349 $ 1,595 Selling, general and administrative expenses 4,696 3,316 12,110 9,292 Total share-based compensation expenses $ 5,598 $ 3,885 $ 14,459 $ 10,887

Segment and Related Informati20

Segment and Related Information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Revenues and Operations	For the three months ended September 30, 2015 Enterprise Software Solutions Appraisal Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 14,680 $ 1,010 $ — $ 15,690 Subscriptions 27,772 1,264 — 29,036 Software services 33,210 3,188 — 36,398 Maintenance 56,451 4,567 — 61,018 Appraisal services — 6,557 — 6,557 Hardware and other 2,162 — (16 ) 2,146 Intercompany 1,014 — (1,014 ) — Total revenues $ 135,289 $ 16,586 $ (1,030 ) $ 150,845 Segment operating income $ 37,853 $ 4,420 $ (8,950 ) $ 33,323 For the nine months ended September 30, 2015 Enterprise Software Solutions Appraisal and Tax Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 40,563 $ 4,013 $ — $ 44,576 Subscriptions 77,814 3,459 — 81,273 Software services 94,203 7,562 — 101,765 Maintenance 164,457 13,372 — 177,829 Appraisal services — 19,337 — 19,337 Hardware and other 4,632 11 2,683 7,326 Intercompany 2,919 — (2,919 ) — Total revenues $ 384,588 $ 47,754 $ (236 ) $ 432,106 Segment operating income $ 104,513 $ 11,391 $ (22,592 ) $ 93,312 For the three months ended September 30, 2014 Enterprise Software Solutions Appraisal Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 12,192 $ 1,034 $ — $ 13,226 Subscriptions 21,725 969 — 22,694 Software services 28,398 2,761 — 31,159 Maintenance 50,486 4,227 — 54,713 Appraisal services — 5,802 — 5,802 Hardware and other 1,079 — (9 ) 1,070 Intercompany 629 — (629 ) — Total revenues $ 114,509 $ 14,793 $ (638 ) $ 128,664 Segment operating income $ 31,797 $ 3,230 $ (6,698 ) $ 28,329 For the nine months ended September 30, 2014 Enterprise Software Solutions Appraisal and Tax Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 34,336 $ 2,205 $ — $ 36,541 Subscriptions 61,571 2,564 — 64,135 Software services 78,006 7,588 — 85,594 Maintenance 144,344 12,560 — 156,904 Appraisal services — 16,097 — 16,097 Hardware and other 3,929 — 2,461 6,390 Intercompany 1,634 — (1,634 ) — Total revenues $ 323,820 $ 41,014 $ 827 $ 365,661 Segment operating income $ 84,972 $ 7,996 $ (17,973 ) $ 74,995
Reconciliation of Operating Income from Segments to Consolidated	Three months ended September 30, Nine months ended September 30, Reconciliation of reportable segment operating income to the Company's consolidated totals: 2015 2014 2015 2014 Total segment operating income $ 33,323 $ 28,329 $ 93,312 $ 74,995 Amortization of acquired software (552 ) (448 ) (1,464 ) (1,373 ) Amortization of customer and trade name intangibles (1,282 ) (1,136 ) (3,585 ) (3,393 ) Other income (expense), net 255 (47 ) 621 (522 ) Income before income taxes $ 31,744 $ 26,698 $ 88,884 $ 69,707

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	May. 29, 2015	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Purchase price in cash		$ 6,447	$ 3,242
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	9 Months Ended
	Sep. 30, 2015	Jan. 30, 2015
Schedule Of Other Assets [Line Items]
Purchase of held to maturity securities	$ 29,391
Grade corporate and municipal bonds, maturity date	2015 through mid-2017
Cost method investment	$ 15,000
Convertible Preferred Stock [Member] | Record Holdings Pty Limited [Member]
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	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Equity [Abstract]
Stock option exercises, Shares	420	419
Employee stock plan purchases, Shares	33	39
Shares issued for acquisitions, Shares	13	17
Purchase of common stock, Shares	(5)	(294)
Stock option exercises, Amount	$ 8,369	$ 6,739
Employee stock plan purchases, Amount	3,367	3,037
Shares issued for acquisitions, Amount	1,519	1,473
Purchase of common stock	$ (645)	$ (22,817)

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail)	Sep. 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Effective income tax rate	36.50%	36.30%	36.70%	37.40%
Federal income tax rate			35.00%
Federal and state income tax payments			$ 27.2	$ 9.9

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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Net income	$ 20,142	$ 17,000	$ 56,251	$ 43,623
Weighted-average basic common shares outstanding	33,900	32,935	33,787	32,947
Stock options	2,449	2,349	2,376	2,392
Denominator for diluted earnings per share - Adjusted weighted-average shares	36,349	35,284	36,163	35,339
Basic	$ 0.59	$ 0.52	$ 1.66	$ 1.32
Diluted	$ 0.55	$ 0.48	$ 1.56	$ 1.23

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount	416	651	519	540

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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 5,598	$ 3,885	$ 14,459	$ 10,887
Cost of software services, maintenance and subscriptions [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	902	569	2,349	1,595
Selling, general and administrative expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 4,696	$ 3,316	$ 12,110	$ 9,292

Segment and Related Informati29

Segment and Related Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015Business_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 Informati30

Segment and Related Information - Schedule of Segment Revenues and Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Software licenses and royalties	$ 15,690	$ 13,226	$ 44,576	$ 36,541
Subscriptions	29,036	22,694	81,273	64,135
Software services	36,398	31,159	101,765	85,594
Maintenance	61,018	54,713	177,829	156,904
Appraisal services	6,557	5,802	19,337	16,097
Hardware and other	2,146	1,070	7,326	6,390
Total revenues	150,845	128,664	432,106	365,661
Segment operating income	33,323	28,329	93,312	74,995
Operating segments [Member] | Enterprise Software Solutions [Member]
Segment Reporting Information [Line Items]
Software licenses and royalties	14,680	12,192	40,563	34,336
Subscriptions	27,772	21,725	77,814	61,571
Software services	33,210	28,398	94,203	78,006
Maintenance	56,451	50,486	164,457	144,344
Hardware and other	2,162	1,079	4,632	3,929
Intercompany	1,014	629	2,919	1,634
Total revenues	135,289	114,509	384,588	323,820
Segment operating income	37,853	31,797	104,513	84,972
Operating segments [Member] | Appraisal and Tax Software Solutions and Services [Member]
Segment Reporting Information [Line Items]
Software licenses and royalties	1,010	1,034	4,013	2,205
Subscriptions	1,264	969	3,459	2,564
Software services	3,188	2,761	7,562	7,588
Maintenance	4,567	4,227	13,372	12,560
Appraisal services	6,557	5,802	19,337	16,097
Hardware and other			11
Total revenues	16,586	14,793	47,754	41,014
Segment operating income	4,420	3,230	11,391	7,996
Corporate [Member]
Segment Reporting Information [Line Items]
Hardware and other	(16)	(9)	2,683	2,461
Intercompany	(1,014)	(629)	(2,919)	(1,634)
Total revenues	(1,030)	(638)	(236)	827
Segment operating income	$ (8,950)	$ (6,698)	$ (22,592)	$ (17,973)

Segment and Related Informati31

Segment and Related Information - Reconciliation of Operating Income from Segments to Consolidated (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting [Abstract]
Total segment operating income	$ 33,323	$ 28,329	$ 93,312	$ 74,995
Amortization of acquired software	(552)	(448)	(1,464)	(1,373)
Amortization of customer and trade name intangibles	(1,282)	(1,136)	(3,585)	(3,393)
Other income (expense), net	255	(47)	621	(522)
Income before income taxes	$ 31,744	$ 26,698	$ 88,884	$ 69,707

Commitments and Contingencies -

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

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - New World Systems Corporation [Member] shares in Millions	Sep. 30, 2015USD ($)shares
Subsequent Event [Line Items]
Total purchase price	$ 670,000,000
Payment to acquire business	$ 360,000,000
Number of common stock shares valued at acquisition | shares	2.1
Percentage of acquisition of outstanding shares	5.90%
Termination fee	$ 45,000,000
Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity	$ 300,000,000
Line of credit, maturity period	5 years