Cover
Cover - shares | 3 Months Ended | |
Sep. 30, 2021 | Oct. 31, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-25259 | |
Entity Registrant Name | Bottomline Technologies, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 02-0433294 | |
Entity Address, Address Line One | 325 Corporate Drive | |
Entity Address, Postal Zip Code | 03801-6808 | |
Entity Address, City or Town | Portsmouth, | |
Entity Address, State or Province | NH | |
City Area Code | 603 | |
Local Phone Number | 436-0700 | |
Title of 12(b) Security | Common Stock, $.001 par value per share | |
Trading Symbol | EPAY | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 45,173,486 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001073349 | |
Current Fiscal Year End Date | --06-30 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 117,200 | $ 133,932 |
Cash held for customers | 7,431 | 9,836 |
Marketable securities | 8,185 | 10,216 |
Accounts receivable net of allowances for doubtful accounts of $988 at September 30, 2021 and $1,304 at June 30, 2021 | 67,115 | 72,978 |
Prepaid expenses and other current assets | 37,901 | 34,653 |
Total current assets | 237,832 | 261,615 |
Property and equipment, net | 66,293 | 68,471 |
Operating lease right-of-use assets, net | 28,732 | 27,570 |
Goodwill | 242,863 | 246,698 |
Intangible assets, net | 163,758 | 162,691 |
Other assets | 48,549 | 48,683 |
Total assets | 788,027 | 815,728 |
Current liabilities: | ||
Accounts payable | 9,753 | 11,428 |
Accrued expenses and other current liabilities | 54,470 | 45,925 |
Customer account liabilities | 7,431 | 9,836 |
Deferred revenue | 75,876 | 88,679 |
Total current liabilities | 147,530 | 155,868 |
Borrowings under credit facility | 130,000 | 130,000 |
Deferred revenue, non-current | 11,459 | 12,559 |
Operating lease liabilities, non-current | 27,996 | 26,629 |
Deferred income taxes | 9,702 | 14,574 |
Other liabilities | 20,601 | 19,864 |
Total liabilities | 347,288 | 359,494 |
Stockholders' equity | ||
Preferred Stock, $.001 par value: Authorized shares—4,000; issued and outstanding shares-none | 0 | 0 |
Common Stock, $.001 par value: Authorized shares-100,000; issued shares- 49,586 at September 30, 2021 and 49,294 at June 30, 2021; outstanding shares- 43,090 at September 30, 2021 and 43,237 at June 30, 2021 | 49 | 49 |
Additional paid-in-capital | 833,563 | 819,392 |
Accumulated other comprehensive loss | (21,376) | (16,081) |
Treasury stock: 6,496 shares at September 30, 2021 and 6,057 shares at June 30, 2021, at cost | (169,746) | (150,282) |
Accumulated deficit | (201,751) | (196,844) |
Total stockholders' equity | 440,739 | 456,234 |
Total liabilities and stockholders' equity | $ 788,027 | $ 815,728 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowances for doubtful accounts and returns | $ 988 | $ 1,304 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized shares (in shares) | 4,000 | 4,000 |
Preferred stock, issued shares (in shares) | 0 | 0 |
Preferred stock, outstanding shares (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized shares (in shares) | 100,000 | 100,000 |
Common stock, issued shares (in shares) | 49,586 | 49,294 |
Common stock, outstanding shares (in shares) | 43,090 | 43,237 |
Treasury stock (in shares) | 6,496 | 6,057 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||
Total revenues | $ 123,605 | $ 112,365 |
Cost of revenues: | ||
Total cost of revenues | 52,321 | 46,533 |
Gross profit | 71,284 | 65,832 |
Operating expenses: | ||
Sales and marketing | 33,814 | 25,743 |
Product development and engineering | 21,465 | 18,499 |
General and administrative | 17,749 | 13,626 |
Amortization of acquisition-related intangible assets | 5,071 | 5,029 |
Total operating expenses | 78,099 | 62,897 |
(Loss) income from operations | (6,815) | 2,935 |
Other expense, net | (897) | (780) |
(Loss) income before income taxes | (7,712) | 2,155 |
Income tax benefit (provision) | 2,805 | (1,764) |
Net (loss) income | $ (4,907) | $ 391 |
Basic net (loss) income per share (in dollars per share) | $ (0.11) | $ 0.01 |
Diluted net (loss) income per share (in dollars per share) | $ (0.11) | $ 0.01 |
Shares used in computing net (loss) income per share: | ||
Basic (in shares) | 43,273 | 42,457 |
Diluted (in shares) | 43,273 | 42,771 |
Other comprehensive income, net of tax: | ||
Unrealized gain (loss) on available for sale securities | $ 1 | $ (25) |
Change in fair value on interest rate hedging instruments | 416 | 446 |
Minimum pension liability adjustments | (142) | (233) |
Foreign currency translation adjustments | (5,570) | 9,106 |
Other comprehensive (loss) income, net of tax: | (5,295) | 9,294 |
Comprehensive (loss) income | (10,202) | 9,685 |
Subscriptions | ||
Revenues: | ||
Total revenues | 103,496 | 90,384 |
Cost of revenues: | ||
Total cost of revenues | 42,693 | 35,218 |
Software licenses | ||
Revenues: | ||
Total revenues | 927 | 977 |
Cost of revenues: | ||
Total cost of revenues | 81 | 90 |
Service and maintenance | ||
Revenues: | ||
Total revenues | 18,708 | 20,564 |
Cost of revenues: | ||
Total cost of revenues | 9,252 | 10,916 |
Other | ||
Revenues: | ||
Total revenues | 474 | 440 |
Cost of revenues: | ||
Total cost of revenues | $ 295 | $ 309 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment |
Beginning balance (in shares) at Jun. 30, 2020 | 48,147 | 5,975 | ||||||
Beginning balance at Jun. 30, 2020 | $ 392,334 | $ 56 | $ 48 | $ 764,906 | $ (48,675) | $ (143,333) | $ (180,612) | $ 56 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock for employee stock purchase plan and upon exercise of stock options (in shares) | (75) | |||||||
Issuance of common stock for employee stock purchase plan and upon exercise of stock options | 2,168 | 379 | $ 1,789 | |||||
Vesting of restricted stock awards (in shares) | 247 | |||||||
Vesting of restricted stock awards | 1 | $ 1 | ||||||
Issuance of common stock in connection with acquisition (in shares) | 166 | |||||||
Issuance of common stock in connection with acquisition | 8,183 | 8,183 | ||||||
Stock compensation plan expense | 9,989 | 9,989 | ||||||
Minimum pension liability adjustments, net of tax | (233) | (233) | ||||||
Net (loss) income | 391 | 391 | ||||||
Unrealized gain (loss) on available for sale securities, net of tax | (25) | (25) | ||||||
Change in fair value on interest rate hedging instruments | 446 | 446 | ||||||
Foreign currency translation adjustment | 9,106 | 9,106 | ||||||
Ending balance (in shares) at Sep. 30, 2020 | 48,560 | 5,900 | ||||||
Ending balance at Sep. 30, 2020 | 422,416 | $ 49 | 783,457 | (39,381) | $ (141,544) | (180,165) | ||
Beginning balance (in shares) at Jun. 30, 2021 | 49,294 | 6,057 | ||||||
Beginning balance at Jun. 30, 2021 | 456,234 | $ 49 | 819,392 | (16,081) | $ (150,282) | (196,844) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock for employee stock purchase plan and upon exercise of stock options (in shares) | (78) | |||||||
Issuance of common stock for employee stock purchase plan and upon exercise of stock options | 2,313 | 278 | $ 2,035 | |||||
Vesting of restricted stock awards (in shares) | 292 | |||||||
Repurchase of common stock to be held in treasury (in shares) | 517 | |||||||
Repurchase of common stock to be held in treasury | (21,499) | $ (21,499) | ||||||
Stock compensation plan expense | 13,893 | 13,893 | ||||||
Minimum pension liability adjustments, net of tax | (142) | (142) | ||||||
Net (loss) income | (4,907) | (4,907) | ||||||
Unrealized gain (loss) on available for sale securities, net of tax | 1 | 1 | ||||||
Change in fair value on interest rate hedging instruments | 416 | 416 | ||||||
Foreign currency translation adjustment | (5,570) | (5,570) | ||||||
Ending balance (in shares) at Sep. 30, 2021 | 49,586 | 6,496 | ||||||
Ending balance at Sep. 30, 2021 | $ 440,739 | $ 49 | $ 833,563 | $ (21,376) | $ (169,746) | $ (201,751) |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities: | ||
Net (loss) income | $ (4,907) | $ 391 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Amortization of acquisition-related intangible assets | 5,071 | 5,029 |
Stock-based compensation plan expense | 13,912 | 9,973 |
Depreciation and other amortization | 9,195 | 7,699 |
Deferred income tax benefit | (4,641) | 227 |
Change in provision for allowances on accounts receivable | (146) | 89 |
Amortization of debt issuance costs | 103 | 103 |
Amortization of premium on investments | 30 | 5 |
Fair value adjustment on other investments | (83) | 0 |
Gain on other investments | 0 | (48) |
Loss on disposal of equipment | 4 | 15 |
Gain on foreign exchange | (255) | (53) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 5,383 | 2,349 |
Prepaid expenses and other current assets | (3,501) | (1,971) |
Operating lease right-of-use asset, net | (1,225) | 303 |
Other assets | (177) | (1,164) |
Accounts payable | (904) | (824) |
Accrued expenses | 5,700 | (1,565) |
Operating lease liabilities | 1,657 | 146 |
Customer account liabilities | (2,189) | 563 |
Deferred revenue | (12,858) | (13,484) |
Other liabilities | 77 | 127 |
Net cash provided by operating activities | 10,246 | 7,910 |
Investing activities: | ||
Acquisition of businesses and assets, net of cash acquired | (115) | (9,892) |
Investment distributions received | 81 | 0 |
Purchases of other investments | (35) | 0 |
Issuance of note receivable | 0 | (1,600) |
Purchases of available-for-sale securities | (900) | (2,929) |
Proceeds from sales of available-for-sale securities | 2,900 | 2,900 |
Capital expenditures, including capitalization of software costs | (11,717) | (8,628) |
Net cash used in investing activities | (9,786) | (20,149) |
Financing activities: | ||
Repurchase of common stock | (20,802) | 0 |
Proceeds from exercise of stock options and employee stock purchase plan | 2,313 | 2,168 |
Net cash (used) provided in financing activities | (18,489) | 2,168 |
Effect of exchange rate changes on cash | (1,108) | 3,294 |
Decrease in cash, cash equivalents and restricted cash | (19,137) | (6,777) |
Cash, cash equivalents and restricted cash at beginning of period | 143,768 | 201,136 |
Cash, cash equivalents and restricted cash at end of period | 124,631 | 194,359 |
Cash and cash equivalents at end of period | 117,200 | 187,215 |
Cash held for customers at end of period | 7,431 | 7,144 |
Cash, cash equivalents and restricted cash at end of period | 124,631 | 194,359 |
Supplemental disclosures of non-cash investing activities: | ||
Issuance of common stock in connection with acquisition | 0 | 8,183 |
Repurchases of common stock not funded in the period | $ 697 | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Bottomline Technologies, Inc. (referred to below as we, us, our or Bottomline) have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (GAAP) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the interim financial information have been included. Operating results for the three months ended September 30, 2021 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending June 30, 2022. For further information, refer to the consolidated financial statements and footnotes included in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission on August 30, 2021. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Pronouncements to be Adopted Interest Rate Reform: In March 2020, the Financial Accounting Standards Board (FASB) issued an accounting standard update to address financial reporting related to the transition from the London Interbank Offered Rate (LIBOR) to alternative reference rates. The standard provides optional expedients and exceptions to existing guidance for the accounting of contracts and hedging relationship modified as a result of reference rate reform. We may elect to apply the standard prospectively to contracts modified on or before December 31, 2022. We are currently evaluating the impact the adoption of this standard will have on our financial statements. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Remaining Performance Obligations The transaction price we allocate to remaining performance obligations that are unsatisfied, or partially unsatisfied, as of September 30, 2021 represents contracted revenue that will be recognized in future periods. Our future performance obligations consist primarily of SaaS / stand-ready performance obligations relating to future periods, contracted but uncompleted professional services obligations and support and maintenance obligations. During the three months ended September 30, 2021 and 2020, the amount of revenue recognized from performance obligations satisfied in prior periods was not significant. The transaction price allocated to unsatisfied performance obligations was $461 million as of September 30, 2021 of which we expect to recognize approximately $194.2 million over the next twelve months and the remainder thereafter. The timing of the amounts we estimate recognizing in revenue is based primarily on the estimated go-live dates of our hosted arrangements, or the date the customer has been provided access to the solution. These estimated dates can change for a variety of reasons and the timing of our recognition of revenue is affected by these changes. Once the implementation services for our hosted solutions have concluded, we generally anticipate that the amount of revenue that will be recognized after the next twelve months will be recognized in a relatively consistent amount over the following two Contract Assets and Liabilities The table below presents our contract assets and deferred revenue balances as of September 30, 2021 and June 30, 2021. September 30, June 30, 2021 2021 $ Change (in thousands) Contract assets 7,329 6,627 702 Deferred revenue 87,335 101,238 (13,903) Contract assets arise when we recognize revenue in excess of amounts billed to the customer and the right to payment is contingent on conditions other than simply the passage of time, such as the future completion of a related performance obligation. Contract assets are classified in our consolidated balance sheets as other current assets for those contract assets with recognition periods of one year or less and other assets for contract assets with recognition periods greater than one year. We assess outstanding accounts receivable and contract assets for credit loss on an ongoing basis. In estimating credit losses, we pool accounts with similar risk characteristics. Accounts that do not share the same risk characteristics are assessed for credit loss on an individual basis. The allowance for credit losses is based on historical loss data, customer specific information and current market conditions. Historically, our bad debt expense has not been significant. Deferred revenue consists of billings or customer payments in excess of amounts recognized as revenue. The decrease in deferred revenue at September 30, 2021 as compared to June 30, 2021 reflects our recognition of revenue from maintenance contracts, a significant portion of which are billed on a calendar year basis. |
Fair Value
Fair Value | 3 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Fair Values of Assets and Liabilities We measure fair value at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the assumptions that market participants would use in pricing an asset or liability (the inputs) are based on a tiered fair value hierarchy consisting of three levels, as follows: Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets. Level 2: Other inputs that are observable directly or indirectly, such as quoted prices for similar instruments in active markets or for similar markets that are not active. Level 3: Unobservable inputs for which there is little or no market data which require us to develop our own assumptions about how market participants would price the asset or liability. Valuation techniques for assets and liabilities include methodologies such as the market approach, the income approach or the cost approach, and may use unobservable inputs such as projections, estimates and management’s interpretation of current market data. These unobservable inputs are only utilized to the extent that observable inputs are not available or cost-effective to obtain. At September 30, 2021 and June 30, 2021, our assets and liabilities measured at fair value on a recurring basis were as follows: September 30, 2021 June 30, 2021 Fair Value Measurements Using Input Types Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) Assets Money market funds (cash and cash equivalents) $ 2,362 $ — $ — $ 2,362 $ 340 $ — $ — $ 340 Available for sale securities - Debt Government - U.S. treasury securities — 8,121 — 8,121 — 10,150 — 10,150 Total available for sale securities $ — $ 8,121 $ — $ 8,121 $ — $ 10,150 $ — $ 10,150 Other investments (long-term) — 983 1,051 2,034 — 966 1,014 1,980 Total assets $ 2,362 $ 9,104 $ 1,051 $ 12,517 $ 340 $ 11,116 $ 1,014 $ 12,470 Liabilities Interest rate swap (short-term) $ — $ 1,522 $ — $ 1,522 $ — $ 1,564 $ — $ 1,564 Interest rate swap (long-term) $ — $ 1,176 $ — $ 1,176 $ — $ 1,550 $ — $ 1,550 Total liabilities $ — $ 2,698 $ — $ 2,698 $ — $ 3,114 $ — $ 3,114 Fair Value of Financial Instruments We have certain financial instruments which consist of cash and cash equivalents, cash held for customers, marketable securities, accounts receivable, contract assets, equity securities, accounts payable, customer account liabilities, certain derivative instruments, assets related to deposits made to fund future requirements associated with Israeli severance arrangements and debt drawn on our Credit Facility (as defined in Note 11). Fair value information for each of these instruments is as follows: • Cash and cash equivalents, cash held for customers, accounts receivable, contract assets, accounts payable and customer account liabilities fair values approximate their carrying values, due to the expected duration of these instruments. • Marketable securities classified as held to maturity, all of which mature within one year, are recorded at amortized cost, which at September 30, 2021 and June 30, 2021, approximated fair value. • Marketable debt securities classified as available for sale are recorded at fair value. Unrealized gains and losses are included as a component of accumulated other comprehensive income (loss) in stockholders’ equity, net of tax. We use the specific identification method to determine any realized gains or losses from the sale of our marketable debt securities classified as available for sale. We assess securities with an amortized cost basis in excess of estimated fair value for credit loss. As of September 30, 2021 and June 30, 2021, the unrealized losses associated with available for sale securities were not material. No credit loss has been recorded as we do not intend to sell the investments prior to recovering their amortized costs basis. • The fair value of our interest rate swaps are based on the present value of projected cash flows that will occur over the life of the instruments, after considering certain contractual terms and counterparty credit risk. • We hold certain other investments accounted for at fair value. The fair value of these investments was $2.0 million at September 30, 2021 and June 30, 2021, respectively. The estimated fair value for approximately $1.1 million of these investments, which are in a private equity fund, are Level 3 measurements as they rely on significant unobservable inputs and, depending on the specific nature of the investment, consider such factors as pricing models that consider a comparative analysis of acquisitions and pricing multiples from market participants as well as discounted cash flow analyses. We also have investments for which there is no readily determinable fair value. The carrying value of these investments was $12.0 million at September 30, 2021 and June 30, 2021, respectively, and are reported as a component of other assets. Investments for which we cannot readily determine fair value are recorded at cost, less impairment (if any), plus or minus adjustments for observable price changes. • We have borrowings of $130 million against our Credit Facility. The fair value of these borrowings, which are classified as Level 2, approximates their carrying value at September 30, 2021 as the instrument carries a variable rate of interest which reflects current market rates. Marketable Securities The table below presents information regarding our marketable securities by major security type as of September 30, 2021 and June 30, 2021. September 30, 2021 June 30, 2021 Held to Maturity Available for Sale Total Held to Maturity Available for Sale Total (in thousands) Marketable securities: Government and other debt securities $ 64 $ 8,121 $ 8,185 $ 66 $ 10,150 $ 10,216 Total marketable securities $ 64 $ 8,121 $ 8,185 $ 66 $ 10,150 $ 10,216 The following table summarizes the estimated fair value of our investments in available for sale marketable securities classified by the contractual maturity date of the securities: September 30, 2021 (in thousands) Due within 1 year $ 8,121 Due in 1 year through 5 years — Total $ 8,121 All of our available for sale marketable securities are classified as current assets. The following table presents the aggregate fair values and gross unrealized losses for those available for sale investments that were in an unrealized loss position as of September 30, 2021 and June 30, 2021, respectively, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: At September 30, 2021 At June 30, 2021 Less than 12 Months Fair Value Unrealized Loss Fair Value Unrealized Loss (in thousands) Government - U.S. treasury securities $ 5,110 $ (3) $ 5,930 $ (1) Total $ 5,110 $ (3) $ 5,930 $ (1) |
Business and Asset Acquisitions
Business and Asset Acquisitions | 3 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Business and Asset Acquisitions | Business and Asset Acquisitions Prior Year Acquisitions TreasuryXpress On January 2021 we acquired French-headquartered TreasuryXpress Holding SAS (TX) for a total purchase price of $31.9 million in cash. Additionally, we issued 66,403 shares of our common stock to certain selling stockholders of TX with vesting conditions tied to continued employment with us. These shares are compensatory and we will record share-based payment expense over their vesting period of five years. The allocation of the purchase price remains preliminary, as we are still obtaining fair value estimates for the intangible assets acquired. As of September 30, 2021, we have recorded $20.3 million of goodwill. The goodwill is not deductible for tax purposes and arose principally due to the anticipated future benefits arising from the acquisition. Identifiable intangible assets of $17.3 million consisting of acquired technology, customer related assets and a trade name are being amortized over a weighted average estimated useful life of 10 years. Our acquisition of TX, a leading provider of cloud-based treasury management solutions for corporations and banks around the world, extended our geographic presence in France, the United States and the Middle-East. The operating results of TX are an immaterial component of our Payment Platforms operating segment. TX operating results did not have a material impact on our revenue or net loss and acquisition related costs of approximately $1.7 million were recorded as a component of general and administrative expenses. AnaSys AG In July 2020 we acquired Switzerland-based AnaSys AG (AnaSys) for a total purchase price of $13.9 million. The purchase price consisted of a cash payment of 5.2 million Swiss Francs (approximately $5.7 million based on the foreign exchange rate in effect at the acquisition date) and 166,393 shares of our common stock valued at $8.2 million on the closing date of the transaction. Additionally, we issued 28,000 shares of our common stock to certain selling stockholders of AnaSys with vesting conditions tied to continued employment with us. These shares are compensatory and we are recording share-based payment expense over their vesting period of five years. I n allocation of the purchase price, we recorded $10.7 million of goodwill, $6.3 million of identifiable intangible assets and a $2.8 million post retirement liability. The goodwill is not deductible for income tax purposes and arose principally due to the anticipated future benefits arising from the acquisition. Identifiable intangible assets, consisting of customer and technology related assets, are being amortized over a weighted average estimated useful life of 13 years . Our acquisition of AnaSys, a provider of financial messaging solutions, extended our geographic presence in Switzerland and Germany and expanded our customer base. The operating results of AnaSys are a component of our Banking Solutions segment. AnaSys operating results did not have a material impact on our revenue or net loss and acquisition related costs of approximately $0.3 million were recorded as a component of general and administrative expenses. FMR Systems, Inc. In July 2020, we acquired customer assets and intellectual property from FMR Systems, Inc (FMR), a small corporate and commercial onb oarding software provider, for an up-front cash payment of $2.0 million and deferred cash payments of $0.3 million. We will leverage FMR's technology to build a next generation commercial onboarding product. |
Net (Loss) Income Per Share
Net (Loss) Income Per Share | 3 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income Per Share | Net (Loss) Income Per Share The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended September 30, 2021 2020 (in thousands, except per share amounts) Numerator - basic and diluted: Net (loss) income $ (4,907) $ 391 Denominator: Shares used in computing basic (loss) income per share attributable to common stockholders 43,273 42,457 Impact of dilutive securities — 314 Shares used in computing diluted net (loss) income per share attributable to common stockholders 43,273 42,771 Basic and diluted net (loss) income per share attributable to common stockholders $ (0.11) $ 0.01 |
Operations by Segments and Geog
Operations by Segments and Geographic Areas | 3 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Operations by Segments and Geographic Areas | Operations by Segments and Geographic Areas Segment Information Operating segments are the components of our business for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Our chief operating decision maker is our chief executive officer. Our operating segments are generally organized by the type of product or service offered and by geography. During the quarter ended September 30, 2021 we realigned our internal financial reporting to provide for more specific visibility into key product lines, which resulted in a change to our externally reportable segments. Specifically, our prior Cloud Solutions segment was renamed Payment Platforms and includes the revenue and operating results of our Paymode-X and PTX payment platforms. Our Legal Spend Management Solutions have been presented as a stand-alone operating segment, having previously been a component of our Cloud Solutions segment. Finally, our Financial Messaging solutions, previously a component of our Cloud Solutions segment, has been included as a component of our Banking Solutions segment. Our prior Payments and Documents segment has been renamed to Traditional Solutions, with no change to the composition of the revenue and operating activity included in this segment. These changes are reflected for all financial periods presented. Similar operating segments have been aggregated into the following five reportable segments: Payment Platforms. Our Payment Platforms segment includes our Paymode-X and PTX solutions, our largest and fastest growing payment platforms. These solutions are SaaS technology offerings through which businesses can streamline the invoice-to-pay process, automate workflows accelerate approvals and enhance efficiency and security. Each solution supports a variety of payment options including virtual card, ACH, check, wire and others. These solutions are highly scalable, easy to implement, secure and cost effective. Revenue within this segment is generally recognized on a subscription or transaction basis. Banking Solutions. Our Banking Solutions segment provides solutions that are specifically designed for banking and financial institution customers. Our Banking Solutions products are sold predominantly on a hosted basis, with revenue recognized on a subscription or transaction basis. Legal Spend Management . Our legal spend management solutions enable customers to create more efficient processes for managing invoices generated by outside law firms while offering insight into important legal spend factors such as expense monitoring and outside counsel performance. Revenue within this segment is generally recognized on a subscription or transaction basis. Traditional Solutions. Our Traditional Solutions segment supplies financial business process management software solutions, including making and collecting payments, sending and receiving invoices, and generating and storing business documents. When licensed for on-premise deployment, software license revenue is typically recorded upon delivery of the software and commencement of the license term. If the solution is hosted by us, we typically record revenue over time. Professional services revenue is normally recorded as we perform the work and software support and maintenance revenue is recorded ratably over the support period. Other . Our Other segment consists of our fraud and financial crime solutions and our healthcare solutions. The Other segment loss reported below is attributable to the operating results of our fraud and financial crime solutions, which reflects the revenue contribu tion from a legacy sales channel we acquired and the burden of certain other centralized costs; however, our fraud solutions are sold by several of our operating segments. Our healthcare solutions focus on eliminating paper intensive processes and providing electronic signature and mobile document capabilities to allow healthcare organizations to improve efficiency and reduce costs. Software revenue for perpetual licenses of our fraud and financial crime and healthcare products is typically recorded upon delivery of the software and commencement of the license term. Professional services revenue is recorded as we perform the work and software support and maintenance revenue is recorded ratably over the support period which is normally twelve months. Periodically, a sales person in one operating segment will sell products and services that are typically sold within a different operating segment. In such cases, the transaction is generally recorded by the operating segment to which the sales person is assigned. Accordingly, segment results can include the results of transactions that have been allocated to a specific segment based on the contributing sales resources, rather than the nature of the product or service. Conversely, a transaction can be recorded by the operating segment primarily responsible for delivery to the customer, even if the sales person is assigned to a different operating segment. Our chief operating decision maker assesses segment performance based on a variety of factors that normally include segment revenue and a segment measure of profit or loss. Each segment’s measure of profit or loss is on a pre-tax basis and excludes certain items as presented in our reconciliation of the measure of total segment profit to GAAP income (loss) before income taxes that follows. There are no inter-segment sales; accordingly, the measure of segment revenue and profit or loss reflects only revenues from external customers. The costs of certain corporate level expenses, primarily general and administrative expenses, are allocated to our operating segments based on a percentage of the segment’s revenues. We do not track or assign our assets by operating segment. Segment information for the three months ended September 30, 2021 and 2020 according to the segment descriptions above, is as follows: Three Months Ended September 30, 2021 2020 (in thousands) Segment revenue: Payment Platforms $ 33,807 $ 25,367 Banking Solutions 47,681 45,229 Legal Spend Management 22,063 20,550 Traditional Solutions 16,192 17,396 Other 3,862 3,823 Total segment revenue $ 123,605 $ 112,365 Segment measure of profit (loss): Payment Platforms $ 5,824 $ 5,755 Banking Solutions 3,753 7,212 Legal Spend Management 5,208 4,586 Traditional Solutions 3,114 4,100 Other (3,976) (3,107) Total measure of segment profit $ 13,923 $ 18,546 A reconciliation of the total measure of segment profit to our GAAP (loss) income before income taxes is as follows: Three Months Ended September 30, 2021 2020 (in thousands) Total measure of segment profit $ 13,923 $ 18,546 Less: Amortization of acquisition-related intangible assets (5,071) (5,029) Stock-based compensation plan expense (13,912) (9,973) Acquisition and integration-related expenses (201) (245) Restructuring expense (386) (70) Other non-core expense (110) (48) Shareholder engagement fees (947) — Other expense, net of pension adjustments (1,008) (1,026) (Loss) income before income taxes $ (7,712) $ 2,155 The following depreciation and other amortization expense amounts are included in the measure of segment profit: Three Months Ended September 30, 2021 2020 (in thousands) Depreciation and other amortization expense: Payment Platforms $ 2,831 $ 2,387 Banking Solutions 3,935 3,164 Legal Spend Management 1,681 1,602 Traditional Solutions 362 270 Other 386 276 Total depreciation and other amortization expense $ 9,195 $ 7,699 Disaggregation of Revenue The tables below present our subscriptions revenue and total revenue disaggregated by major product classification for the three months ended September 30, 2021 and 2020. Three Months Ended September 30, 2021 Subscription Software Professional Services, Maintenance and Other Total (in thousands) Payment Platforms $ 33,504 $ — $ 303 $ 33,807 Banking Solutions 40,935 77 6,669 47,681 Legal Spend Management 22,060 — 3 22,063 Traditional Solutions 6,026 439 9,727 16,192 Other 971 411 2,480 3,862 Total revenues $ 103,496 $ 927 $ 19,182 $ 123,605 Three Months Ended September 30, 2020 Subscription Software Professional Services, Maintenance and Other Total (in thousands) Payment Platforms $ 25,280 $ — $ 87 $ 25,367 Banking Solutions 37,953 104 7,172 45,229 Legal Spend Management 20,550 — — 20,550 Traditional Solutions 5,681 748 10,967 17,396 Other 920 125 2,778 3,823 Total revenues $ 90,384 $ 977 $ 21,004 $ 112,365 For the quarter ended September 30, 2021 we derived 84% of our revenue from subscription-based arrangements. The majority of our non-subscription revenue is derived from software support and maintenance fees and from professional services, with the largest concentration of this revenue being derived from our legacy business payments and documents products in our Traditional Solutions segment. Geographic Information We have presented geographic information about our revenues below. This presentation allocates revenue based on the point of sale, not the location of the customer. Accordingly, we derive revenues from geographic locations based on the location of the customer that would vary from the geographic areas listed here. Three Months Ended September 30, 2021 2020 (in thousands) Revenues from unaffiliated customers: United States $ 74,994 $ 68,981 United Kingdom 30,630 27,694 Switzerland 12,395 10,867 Other 5,586 4,823 Total revenues from unaffiliated customers $ 123,605 $ 112,365 Long-lived assets based on geographical location, excluding deferred tax assets and intangible assets, were as follows: At September 30, At June 30, 2021 2021 (in thousands) Long-lived assets: United States $ 80,913 $ 82,816 United Kingdom 42,756 44,455 Other 19,905 17,453 Total long-lived assets $ 143,574 $ 144,724 |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax expense we record in any interim period is based on our estimated effective tax rate for the fiscal year for those tax jurisdictions in which we can reliably estimate that rate. The calculation of our estimated effective tax rate requires an estimate of pre-tax income by tax jurisdiction as well as total tax expense for the fiscal year. Accordingly, our annual estimated effective tax rate is subject to adjustment if there are changes to our initial estimates of total tax expense or pre-tax income, including the mix of income by jurisdiction. For those tax jurisdictions for which we are unable to reliably estimate an overall effective tax rate, we calculate income tax expense based upon the actual effective tax rate for the year-to-date period. Provision for Income Taxes We recorded income tax benefit of $2.8 million and income tax expense of $1.8 million for the three months ended September 30, 2021 and 2020, respectively. In the three months ended September 30, 2021, income tax benefit was primarily attributable to our U.S. operations, partially offset by tax expense attributable to our United Kingdom (UK) and Switzerland operations. In the three months ended September 30, 2020, the income tax expense was attributable to our U.S., UK and Switzerland operations and a discrete tax expense of $0.7 million as a result of tax legislation enacted in the UK that increased the UK statutory tax rate from 17 percent to 19 percent. We currently anticipate that our unrecognized tax benefits will decrease within the next twelve months by approximately $0.9 million as a result of the expiration of certain statutes of limitations associated with intercompany transactions subject to tax in multiple jurisdictions. We record a deferred tax asset if we believe that it is more likely than not that we will realize a future tax benefit. Ultimate realization of any deferred tax asset is dependent on our ability to generate sufficient future taxable income in the appropriate tax jurisdiction before the expiration of carryforward periods, if any. Our assessment of deferred tax asset recoverability considers many different factors including historical and projected operating results, the reversal of existing deferred tax liabilities that provide a source of future taxable income, the impact of current tax planning strategies and the availability of future tax planning strategies. We establish a valuation allowance against any deferred tax asset for which we are unable to conclude that recoverability is more likely than not. At September 30, 2021, we had a total valuation allowance of $42.2 million against our deferred tax assets given the uncertainty of recoverability of these amounts. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Acquired intangible assets are initially recorded at fair value and tested periodically for impairment. Goodwill represents the excess of the purchase price over the fair value of identifiable tangible and intangible assets acquired and liabilities assumed in a business combination and is tested at least annually for impairment. We perform an impairment test of goodwill during the fourth quarter of each fiscal year or sooner, if indicators of potential impairment arise. At September 30, 2021, the carrying value of goodwill for all of our reporting units was $242.9 million. The following tables set forth the information for intangible assets subject to amortization and for intangible assets not subject to amortization. As of September 30, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted Average Remaining Life (in thousands) (in years) Amortized intangible assets: Customer related $ 232,435 $ (176,930) $ 55,505 7.0 Core technology 154,682 (108,336) 46,346 7.3 Other intangible assets 23,241 (21,025) 2,216 4.5 Capitalized software development costs 29,760 (20,133) 9,627 2.7 Software (1) 111,651 (61,587) 50,064 3.7 Total $ 551,769 $ (388,011) $ 163,758 Unamortized intangible assets: Goodwill 242,863 Total intangible assets $ 406,621 As of June 30, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted Average Remaining Life (in thousands) (in years) Amortized intangible assets: Customer related $ 235,366 $ (175,841) $ 59,525 7.2 Core technology 154,254 (107,008) 47,246 7.5 Other intangible assets 23,504 (20,984) 2,520 4.8 Capitalized software development costs 29,217 (18,843) 10,374 2.6 Software (1) 101,898 (58,872) 43,026 4.0 Total $ 544,239 $ (381,548) $ 162,691 Unamortized intangible assets: Goodwill 246,698 Total intangible assets $ 409,389 —————— (1) Software includes purchased software and software developed for internal use. Estimated amortization expense for the remainder of fiscal year 2022 and subsequent fiscal years for acquired intangible assets, capitalized software development costs and software, in each case that have been placed in service as of September 30, 2021, is as follows: Acquired Intangible Assets Capitalized Software Development Costs Software (in thousands) Remaining 2022 $ 14,907 $ 3,912 $ 12,106 2023 18,821 2,371 11,505 2024 16,976 1,616 9,397 2025 14,510 943 6,168 2026 13,566 360 2,917 2027 and thereafter 25,287 8 601 Each period, for capitalized software development costs, we evaluate whether amortization expense using a ratio of revenue in the period to total expected revenue over the product’s expected useful life would result in greater amortization than as calculated under a straight-line methodology and, if that were to occur, amortization in that period would be accelerated accordingly. The following table represents a roll forward of our goodwill balances, by reportable segment: Payment Platforms Banking Solutions Legal Spend Management Traditional Solutions Other (1) Total (in thousands) Balance at June 30, 2021 $ 151,765 $ 40,534 $ — $ 46,205 $ 8,194 $ 246,698 Goodwill reclassified as a result of segment reorganization (88,767) 61,310 27,457 — Measurement period adjustment (868) — — — — (868) Goodwill acquired during the period — — — — — — Impact of foreign currency translation (1,514) — (1,453) — (2,967) Balance at September 30, 2021 $ 60,616 $ 101,844 $ 27,457 $ 44,752 $ 8,194 $ 242,863 —————— (1) O ther goodwill balance is net of $7.5 million accumulated impairment losses, previously recorded. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases We determine if any arrangement is, or contains, a lease at its inception based on whether or not we have the right to control the asset during the contract period. We are a lessee in any lease contract when we obtain the right to control the asset. We determine the lease term by assuming the exercise of options that are reasonably certain. Leases with a lease term of 12 months or less at inception are not reflected in our balance sheet and those lease costs are expensed on a straight-line basis over the respective term. Leases with a term greater than 12 months are reflected as non-current right-of-use (ROU) assets and current and non-current lease liabilities in our consolidated balance sheets. Current lease liabilities are classified as a component of accrued expenses and other current liabilities. As the implicit interest rate in our leases is generally not known, we use our incremental borrowing rate as the discount rate for purposes of determining the present value of our lease liabilities. Our determination of the incremental borrowing rate takes into consideration the expected term of the lease, the effect of the currency in which the lease is denominated and the rate of interest we would expect to incur on a collateralized debt instrument. At September 30, 2021, our weighted average discount rate utilized for our leases was 6.0% When our contracts contain lease and non-lease elements, we account for both as a single lease component. We lease office space in cities worldwide under facility leases that expire at various dates. We are typically required to pay certain incremental operating costs above the base rent for our facility leases. Our leases may include periodic payment adjustments based on changes in applicable price indexes. To the extent the adjustment is considered a fixed payment it is included in the measurement of the ROU asset and lease liability, otherwise it is recognized in the period incurred. We also have a variety of data center locations and, to a lesser extent, vehicle and equipment leases. Our facility leases represent the substantial majority of our operating leases and often include renewal options that we can exercise unilaterally. At September 30, 2021, renewal options ranged from 3 months to 10 years. At September 30, 2021, our operating leases had a weighted average remaining lease term of 8.4 years and we had no material finance leases. Additional information of our lease activity, as of and for the three months ended September 30, 2021 is as follows: Three Months Ended September 30, Operating leases: 2021 (in thousands) Operating lease cost $ 1,844 Short-term lease cost 98 Variable lease cost 505 Sublease income (63) Total lease cost $ 2,384 September 30, 2021 (in thousands) Right-of-use assets, net $ 28,732 Operating lease liabilities, current (1) 6,247 Operating lease liabilities, non-current 27,996 Total operating lease liabilities $ 34,243 —————— (1) Included as a component of accrued expenses and other current liabilities. Three Months Ended September 30, 2021 (in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 1,942 Right-of-use assets obtained in exchange for lease obligations $ 3,065 The increase in our ROU assets and lease liabilities during the three months ended September 30, 2021 is primarily due to a new facility lease in India. Remaining maturities of lease liabilities at September 30, 2021 were as follows: For the year ending June 30, Operating Leases (in thousands) 2022 $ 6,203 2023 6,903 2024 4,440 2025 4,029 2026 4,057 Thereafter 19,261 Total lease payments 44,893 Less imputed interest (10,650) Total lease liabilities $ 34,243 As of September 30, 2021, we had additional operating leases that had not yet commenced of $3.4 million. These operating leases will commence in fiscal year 2022 and have a lease term between 12 months to 13 years. Legal Matters We are, from time to time, a party to legal proceedings and claims that arise out of the ordinary course of our business. We are not currently a party to any legal proceedings we believe would have a material impact on our financial position or operating results. |
Indebtedness
Indebtedness | 3 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness Credit Agreement We are party to a credit agreement with Bank of America, N.A. and certain other lenders (the Credit Agreement) that provides for a revolving credit facility in the amount of up to $300 million (the Credit Facility) and that expires in July 2023. We have the right to request an increase of the aggregate commitments under the Credit Facility by up to an additional $150 million, subject to specified conditions. At September 30, 2021, we owe d $130 million under the Credit Facility. Borrowings under the Credit Facility may be used for lawful corporate purposes of Bottomline and its subsidiaries, including acquisitions, share repurchases, capital expenditures, the repayment or refinancing of indebtedness and general corporate purposes. The Credit Facility is available for the issuance of up to $20 million of letters of credit and up to $20 million of swing line loans. The Credit Agreement contains customary representations, warranties and covenants, including, but not limited to, material adverse events, specified restrictions on indebtedness, liens, investments, acquisitions, sales of assets, dividends and other restricted payments, and transactions with affiliates. We are required to comply with (a) a maximum consolidated net leverage ratio of 3.50 to 1.00; and (b) a minimum consolidated interest coverage ratio of 3.00 to 1.00. The Credit Agreement also contains customary events of default and related cure provisions. As of September 30, 2021, we were in compliance with all covenants. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Cash Flow Hedges Interest Rate Swap Agreements We utilize interest rate swap agreements to hedge our exposure to interest rate risk. At September 30, 2021, we had two outstanding interest rate swap agreements with notional values of $100 million and $80 million. The notional value of each interest rate swap agreement is expected to match the corresponding principal amount of a portion of our borrowings under the Credit Facility. The $100 million notional value agreement is effective as of December 1, 2017 and expires on December 1, 2021. During this period, the notional amount will have a fixed interest rate o f 1.9275% and Citizens Bank, National Association, as counterparty to the agreement, will pay us interest at a floating rate based on the 1 month USD-LIBOR-BBA swap rate on the notional amount. Interest payments are made quarterly on a net settlement basis. The $80 million notional value agreement is effective as of December 1, 2021 and expires on July 16, 2023. During this period, the notional amount will have a fixed interest rate of 2.125% and Bank of America, N.A., as counterparty to the agreement, will pay us interest at a floating rate based on the 1 month USD-LIBOR-BBA swap rate on the notional amount. Interest payments will be made monthly on a net settlement basis. We designated the interest rate swaps as hedging instruments and they qualified for hedge accounting upon inception and at September 30, 2021. To continue to qualify for hedge accounting, the instruments must retain a “highly effective” ability to hedge interest rate risk for borrowings under the Credit Facility. We are required to test hedge effectiveness at the end of each financial reporting period. If a derivative qualifies for hedge accounting, changes in fair value of the hedge instrument are recognized in accumulated other comprehensive income (loss) (AOCI) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. T he reclassification into earnings is recorded as a component of our interest expense within other expense, net. If the instrument were to lose some or all of its hedge effectiveness, changes in fair value for the “ineffective” portion of the instrument would be recorded immediately in earnings. The fair values of the interest rate swaps and their respective locations in our consolidated balance sheets at September 30, 2021 and June 30, 2021 were as follows: Description Balance Sheet Location September 30, 2021 June 30, 2021 Derivative interest rate swaps (in thousands) Short-term derivative liability Accrued expenses and other current liabilities $ 1,522 $ 1,564 Long-term derivative liability Other liabilities $ 1,176 $ 1,550 The following table presents the effect of the derivative interest rate swaps in our consolidated statement of comprehensive loss for the three months ended September 30, 2021 and 2020. Gain (Loss) in AOCI June 30, 2021 Amount of Gain (Loss) Recognized in OCI on Derivative Instruments (Effective Portion) Amount of (Gain) Loss Reclassified from AOCI into Net Loss (Effective Portion) (1) Gain (Loss) in AOCI September 30, 2021 (in thousands) Derivative interest rate swap $ (3,114) $ (53) $ 469 $ (2,698) Gain (Loss) in AOCI June 30, 2020 Amount of Gain (Loss) Recognized in OCI on Derivative Instruments (Effective Portion) Amount of (Gain) Loss Reclassified from AOCI into Net Loss (Effective Portion) (1) Gain (Loss) in AOCI September 30, 2020 (in thousands) Derivative interest rate swap $ (5,079) $ (6) $ 452 $ (4,633) —————— (1) Recorded as interest income (expense) within other expense, net in our unaudited consolidated statements of comprehensive income (loss). During the three months ended September 30, 2021, we concluded that no portion of the hedges was ineffective. We expect to reclassify approximately $1.0 million of this unrealized loss from AOCI to earnings over the next twelve months. |
Postretirement and Other Employ
Postretirement and Other Employee Benefits | 3 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Postretirement and Other Employee Benefits | Postretirement and Other Employee Benefits Defined Benefit Pension Plan We sponsor defined benefit pension plans for our Swiss-based employees (the Swiss pension plans) that are governed by local regulatory requirements. The Swiss pension plans include certain minimum benefit guarantees that, under U.S. GAAP, require defined benefit plan accounting. Net periodic pension costs for the Swiss pension plans included the following components: Three Months Ended September 30, 2021 2020 (in thousands) Components of net periodic cost Service cost $ 707 $ 765 Interest cost 49 37 Prior service credit (119) (83) Net actuarial loss — 61 Expected return on plan assets (359) (285) Net periodic cost $ 278 $ 495 The components of net periodic pension cost other than current service cost are presented within other expense, net in our unaudited consolidated statements of comprehensive income (loss). |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsIn October 2021 we acquired substantially all of the assets and assumed certain liabilities of Bora Payment Systems, LLC (Bora) for a purchase price of $15 million in cash. Through the Bora acquisition we acquired technology that will be used predominantly in our Paymode-X solution to facilitate straight through processing of payments made via virtual card. This provides a significant benefit to suppliers who process a high volume of business to business virtual card transactions. The operating results of Bora will be included as a component of our Payments Platform segment from the acquisition date forward. We anticipate that the substantial majority of the purchase price will be allocated to intangible assets including acquired technology, customer contracts and goodwill. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Accounting Pronouncements to be Adopted | Accounting Pronouncements to be Adopted Interest Rate Reform: In March 2020, the Financial Accounting Standards Board (FASB) issued an accounting standard update to address financial reporting related to the transition from the London Interbank Offered Rate (LIBOR) to alternative reference rates. The standard provides optional expedients and exceptions to existing guidance for the accounting of contracts and hedging relationship modified as a result of reference rate reform. We may elect to apply the standard prospectively to contracts modified on or before December 31, 2022. We are currently evaluating the impact the adoption of this standard will have on our financial statements. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments We have certain financial instruments which consist of cash and cash equivalents, cash held for customers, marketable securities, accounts receivable, contract assets, equity securities, accounts payable, customer account liabilities, certain derivative instruments, assets related to deposits made to fund future requirements associated with Israeli severance arrangements and debt drawn on our Credit Facility (as defined in Note 11). Fair value information for each of these instruments is as follows: • Cash and cash equivalents, cash held for customers, accounts receivable, contract assets, accounts payable and customer account liabilities fair values approximate their carrying values, due to the expected duration of these instruments. • Marketable securities classified as held to maturity, all of which mature within one year, are recorded at amortized cost, which at September 30, 2021 and June 30, 2021, approximated fair value. • Marketable debt securities classified as available for sale are recorded at fair value. Unrealized gains and losses are included as a component of accumulated other comprehensive income (loss) in stockholders’ equity, net of tax. We use the specific identification method to determine any realized gains or losses from the sale of our marketable debt securities classified as available for sale. We assess securities with an amortized cost basis in excess of estimated fair value for credit loss. As of September 30, 2021 and June 30, 2021, the unrealized losses associated with available for sale securities were not material. No credit loss has been recorded as we do not intend to sell the investments prior to recovering their amortized costs basis. • The fair value of our interest rate swaps are based on the present value of projected cash flows that will occur over the life of the instruments, after considering certain contractual terms and counterparty credit risk. • We hold certain other investments accounted for at fair value. The fair value of these investments was $2.0 million at September 30, 2021 and June 30, 2021, respectively. The estimated fair value for approximately $1.1 million of these investments, which are in a private equity fund, are Level 3 measurements as they rely on significant unobservable inputs and, depending on the specific nature of the investment, consider such factors as pricing models that consider a comparative analysis of acquisitions and pricing multiples from market participants as well as discounted cash flow analyses. We also have investments for which there is no readily determinable fair value. The carrying value of these investments was $12.0 million at September 30, 2021 and June 30, 2021, respectively, and are reported as a component of other assets. Investments for which we cannot readily determine fair value are recorded at cost, less impairment (if any), plus or minus adjustments for observable price changes. • We have borrowings of $130 million against our Credit Facility. The fair value of these borrowings, which are classified as Level 2, approximates their carrying value at September 30, 2021 as the instrument carries a variable rate of interest which reflects current market rates. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Contract Assets and Liabilities | The table below presents our contract assets and deferred revenue balances as of September 30, 2021 and June 30, 2021. September 30, June 30, 2021 2021 $ Change (in thousands) Contract assets 7,329 6,627 702 Deferred revenue 87,335 101,238 (13,903) |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | At September 30, 2021 and June 30, 2021, our assets and liabilities measured at fair value on a recurring basis were as follows: September 30, 2021 June 30, 2021 Fair Value Measurements Using Input Types Fair Value Measurements Using Input Types Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) Assets Money market funds (cash and cash equivalents) $ 2,362 $ — $ — $ 2,362 $ 340 $ — $ — $ 340 Available for sale securities - Debt Government - U.S. treasury securities — 8,121 — 8,121 — 10,150 — 10,150 Total available for sale securities $ — $ 8,121 $ — $ 8,121 $ — $ 10,150 $ — $ 10,150 Other investments (long-term) — 983 1,051 2,034 — 966 1,014 1,980 Total assets $ 2,362 $ 9,104 $ 1,051 $ 12,517 $ 340 $ 11,116 $ 1,014 $ 12,470 Liabilities Interest rate swap (short-term) $ — $ 1,522 $ — $ 1,522 $ — $ 1,564 $ — $ 1,564 Interest rate swap (long-term) $ — $ 1,176 $ — $ 1,176 $ — $ 1,550 $ — $ 1,550 Total liabilities $ — $ 2,698 $ — $ 2,698 $ — $ 3,114 $ — $ 3,114 |
Schedule of Marketable Securities by Major Security Type | The table below presents information regarding our marketable securities by major security type as of September 30, 2021 and June 30, 2021. September 30, 2021 June 30, 2021 Held to Maturity Available for Sale Total Held to Maturity Available for Sale Total (in thousands) Marketable securities: Government and other debt securities $ 64 $ 8,121 $ 8,185 $ 66 $ 10,150 $ 10,216 Total marketable securities $ 64 $ 8,121 $ 8,185 $ 66 $ 10,150 $ 10,216 |
Summary of Estimated Fair Value of Our Investments in Available for Sale Marketable Securities Classified | The following table summarizes the estimated fair value of our investments in available for sale marketable securities classified by the contractual maturity date of the securities: September 30, 2021 (in thousands) Due within 1 year $ 8,121 Due in 1 year through 5 years — Total $ 8,121 |
Summary of Gross Unrealized Losses and Fair Values of Available for Sale Investments | The following table presents the aggregate fair values and gross unrealized losses for those available for sale investments that were in an unrealized loss position as of September 30, 2021 and June 30, 2021, respectively, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: At September 30, 2021 At June 30, 2021 Less than 12 Months Fair Value Unrealized Loss Fair Value Unrealized Loss (in thousands) Government - U.S. treasury securities $ 5,110 $ (3) $ 5,930 $ (1) Total $ 5,110 $ (3) $ 5,930 $ (1) |
Net (Loss) Income Per Share (Ta
Net (Loss) Income Per Share (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended September 30, 2021 2020 (in thousands, except per share amounts) Numerator - basic and diluted: Net (loss) income $ (4,907) $ 391 Denominator: Shares used in computing basic (loss) income per share attributable to common stockholders 43,273 42,457 Impact of dilutive securities — 314 Shares used in computing diluted net (loss) income per share attributable to common stockholders 43,273 42,771 Basic and diluted net (loss) income per share attributable to common stockholders $ (0.11) $ 0.01 |
Operations by Segments and Ge_2
Operations by Segments and Geographic Areas (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Segment information for the three months ended September 30, 2021 and 2020 according to the segment descriptions above, is as follows: Three Months Ended September 30, 2021 2020 (in thousands) Segment revenue: Payment Platforms $ 33,807 $ 25,367 Banking Solutions 47,681 45,229 Legal Spend Management 22,063 20,550 Traditional Solutions 16,192 17,396 Other 3,862 3,823 Total segment revenue $ 123,605 $ 112,365 Segment measure of profit (loss): Payment Platforms $ 5,824 $ 5,755 Banking Solutions 3,753 7,212 Legal Spend Management 5,208 4,586 Traditional Solutions 3,114 4,100 Other (3,976) (3,107) Total measure of segment profit $ 13,923 $ 18,546 |
Reconciliation of Measure of Total Segment Profit to GAAP Income (Loss) Before Income Taxes | A reconciliation of the total measure of segment profit to our GAAP (loss) income before income taxes is as follows: Three Months Ended September 30, 2021 2020 (in thousands) Total measure of segment profit $ 13,923 $ 18,546 Less: Amortization of acquisition-related intangible assets (5,071) (5,029) Stock-based compensation plan expense (13,912) (9,973) Acquisition and integration-related expenses (201) (245) Restructuring expense (386) (70) Other non-core expense (110) (48) Shareholder engagement fees (947) — Other expense, net of pension adjustments (1,008) (1,026) (Loss) income before income taxes $ (7,712) $ 2,155 |
Schedule of Segment Depreciation and Amortization Expense Included in Measure of Segment Profit | The following depreciation and other amortization expense amounts are included in the measure of segment profit: Three Months Ended September 30, 2021 2020 (in thousands) Depreciation and other amortization expense: Payment Platforms $ 2,831 $ 2,387 Banking Solutions 3,935 3,164 Legal Spend Management 1,681 1,602 Traditional Solutions 362 270 Other 386 276 Total depreciation and other amortization expense $ 9,195 $ 7,699 |
Summary of Revenue Disaggregated by Major Product Category and the Related Financial Statement Classification of Revenue | The tables below present our subscriptions revenue and total revenue disaggregated by major product classification for the three months ended September 30, 2021 and 2020. Three Months Ended September 30, 2021 Subscription Software Professional Services, Maintenance and Other Total (in thousands) Payment Platforms $ 33,504 $ — $ 303 $ 33,807 Banking Solutions 40,935 77 6,669 47,681 Legal Spend Management 22,060 — 3 22,063 Traditional Solutions 6,026 439 9,727 16,192 Other 971 411 2,480 3,862 Total revenues $ 103,496 $ 927 $ 19,182 $ 123,605 Three Months Ended September 30, 2020 Subscription Software Professional Services, Maintenance and Other Total (in thousands) Payment Platforms $ 25,280 $ — $ 87 $ 25,367 Banking Solutions 37,953 104 7,172 45,229 Legal Spend Management 20,550 — — 20,550 Traditional Solutions 5,681 748 10,967 17,396 Other 920 125 2,778 3,823 Total revenues $ 90,384 $ 977 $ 21,004 $ 112,365 |
Schedule of Revenue Based on Point of Sale | We have presented geographic information about our revenues below. This presentation allocates revenue based on the point of sale, not the location of the customer. Accordingly, we derive revenues from geographic locations based on the location of the customer that would vary from the geographic areas listed here. Three Months Ended September 30, 2021 2020 (in thousands) Revenues from unaffiliated customers: United States $ 74,994 $ 68,981 United Kingdom 30,630 27,694 Switzerland 12,395 10,867 Other 5,586 4,823 Total revenues from unaffiliated customers $ 123,605 $ 112,365 |
Schedule of Long-Lived Assets, Based on Geographical Location, Excluding Deferred Tax Assets and Intangible Assets | Long-lived assets based on geographical location, excluding deferred tax assets and intangible assets, were as follows: At September 30, At June 30, 2021 2021 (in thousands) Long-lived assets: United States $ 80,913 $ 82,816 United Kingdom 42,756 44,455 Other 19,905 17,453 Total long-lived assets $ 143,574 $ 144,724 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets Subject to Amortization and for Intangible Assets Not Subject to Amortization | The following tables set forth the information for intangible assets subject to amortization and for intangible assets not subject to amortization. As of September 30, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted Average Remaining Life (in thousands) (in years) Amortized intangible assets: Customer related $ 232,435 $ (176,930) $ 55,505 7.0 Core technology 154,682 (108,336) 46,346 7.3 Other intangible assets 23,241 (21,025) 2,216 4.5 Capitalized software development costs 29,760 (20,133) 9,627 2.7 Software (1) 111,651 (61,587) 50,064 3.7 Total $ 551,769 $ (388,011) $ 163,758 Unamortized intangible assets: Goodwill 242,863 Total intangible assets $ 406,621 As of June 30, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted Average Remaining Life (in thousands) (in years) Amortized intangible assets: Customer related $ 235,366 $ (175,841) $ 59,525 7.2 Core technology 154,254 (107,008) 47,246 7.5 Other intangible assets 23,504 (20,984) 2,520 4.8 Capitalized software development costs 29,217 (18,843) 10,374 2.6 Software (1) 101,898 (58,872) 43,026 4.0 Total $ 544,239 $ (381,548) $ 162,691 Unamortized intangible assets: Goodwill 246,698 Total intangible assets $ 409,389 —————— (1) Software includes purchased software and software developed for internal use. |
Schedule of Estimated Amortization Expense | Estimated amortization expense for the remainder of fiscal year 2022 and subsequent fiscal years for acquired intangible assets, capitalized software development costs and software, in each case that have been placed in service as of September 30, 2021, is as follows: Acquired Intangible Assets Capitalized Software Development Costs Software (in thousands) Remaining 2022 $ 14,907 $ 3,912 $ 12,106 2023 18,821 2,371 11,505 2024 16,976 1,616 9,397 2025 14,510 943 6,168 2026 13,566 360 2,917 2027 and thereafter 25,287 8 601 |
Schedule of Roll Forward of Goodwill Balances, by Reportable Segment | The following table represents a roll forward of our goodwill balances, by reportable segment: Payment Platforms Banking Solutions Legal Spend Management Traditional Solutions Other (1) Total (in thousands) Balance at June 30, 2021 $ 151,765 $ 40,534 $ — $ 46,205 $ 8,194 $ 246,698 Goodwill reclassified as a result of segment reorganization (88,767) 61,310 27,457 — Measurement period adjustment (868) — — — — (868) Goodwill acquired during the period — — — — — — Impact of foreign currency translation (1,514) — (1,453) — (2,967) Balance at September 30, 2021 $ 60,616 $ 101,844 $ 27,457 $ 44,752 $ 8,194 $ 242,863 —————— (1) O ther goodwill balance is net of $7.5 million accumulated impairment losses, previously recorded. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Lease Expenses and Supplemental Cash Flow Information | Additional information of our lease activity, as of and for the three months ended September 30, 2021 is as follows: Three Months Ended September 30, Operating leases: 2021 (in thousands) Operating lease cost $ 1,844 Short-term lease cost 98 Variable lease cost 505 Sublease income (63) Total lease cost $ 2,384 September 30, 2021 (in thousands) Right-of-use assets, net $ 28,732 Operating lease liabilities, current (1) 6,247 Operating lease liabilities, non-current 27,996 Total operating lease liabilities $ 34,243 —————— (1) Included as a component of accrued expenses and other current liabilities. Three Months Ended September 30, 2021 (in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 1,942 Right-of-use assets obtained in exchange for lease obligations $ 3,065 |
Schedule of Operating Lease Maturities | Remaining maturities of lease liabilities at September 30, 2021 were as follows: For the year ending June 30, Operating Leases (in thousands) 2022 $ 6,203 2023 6,903 2024 4,440 2025 4,029 2026 4,057 Thereafter 19,261 Total lease payments 44,893 Less imputed interest (10,650) Total lease liabilities $ 34,243 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Fair Values of the Interest Rate Swap | The fair values of the interest rate swaps and their respective locations in our consolidated balance sheets at September 30, 2021 and June 30, 2021 were as follows: Description Balance Sheet Location September 30, 2021 June 30, 2021 Derivative interest rate swaps (in thousands) Short-term derivative liability Accrued expenses and other current liabilities $ 1,522 $ 1,564 Long-term derivative liability Other liabilities $ 1,176 $ 1,550 |
Summary of Effect of Derivative Interest Rate Swap and Related Tax Effects in AOCI | The following table presents the effect of the derivative interest rate swaps in our consolidated statement of comprehensive loss for the three months ended September 30, 2021 and 2020. Gain (Loss) in AOCI June 30, 2021 Amount of Gain (Loss) Recognized in OCI on Derivative Instruments (Effective Portion) Amount of (Gain) Loss Reclassified from AOCI into Net Loss (Effective Portion) (1) Gain (Loss) in AOCI September 30, 2021 (in thousands) Derivative interest rate swap $ (3,114) $ (53) $ 469 $ (2,698) Gain (Loss) in AOCI June 30, 2020 Amount of Gain (Loss) Recognized in OCI on Derivative Instruments (Effective Portion) Amount of (Gain) Loss Reclassified from AOCI into Net Loss (Effective Portion) (1) Gain (Loss) in AOCI September 30, 2020 (in thousands) Derivative interest rate swap $ (5,079) $ (6) $ 452 $ (4,633) —————— (1) Recorded as interest income (expense) within other expense, net in our unaudited consolidated statements of comprehensive income (loss). |
Postretirement and Other Empl_2
Postretirement and Other Employee Benefits (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Summary of Components of Net Periodic Pension Costs for the Swiss Pension Plan | Net periodic pension costs for the Swiss pension plans included the following components: Three Months Ended September 30, 2021 2020 (in thousands) Components of net periodic cost Service cost $ 707 $ 765 Interest cost 49 37 Prior service credit (119) (83) Net actuarial loss — 61 Expected return on plan assets (359) (285) Net periodic cost $ 278 $ 495 |
Revenue Recognition - Remaining
Revenue Recognition - Remaining Performance Obligation (Details) $ in Millions | Sep. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 461 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 194.2 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | Minimum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | Maximum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 5 years |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 7,329 | $ 6,627 |
Change in contract assets | 702 | |
Deferred revenue | 87,335 | $ 101,238 |
Change in deferred revenue | $ (13,903) |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 46.6 | $ 40.3 |
Fair Value - Schedule of Assets
Fair Value - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Assets | ||
Total available for sale securities | $ 8,121 | $ 10,150 |
Fair Value, Recurring | ||
Assets | ||
Money market funds (cash and cash equivalents) | 2,362 | 340 |
Total available for sale securities | 8,121 | 10,150 |
Other investments (long-term) | 2,034 | 1,980 |
Total assets | 12,517 | 12,470 |
Liabilities | ||
Total liabilities | 2,698 | 3,114 |
Fair Value, Recurring | Government - U.S. treasury securities | ||
Assets | ||
Total available for sale securities | 8,121 | 10,150 |
Fair Value, Recurring | Interest Rate Swap | ||
Liabilities | ||
Interest rate swap (short-term) | 1,522 | 1,564 |
Interest rate swap (long-term) | 1,176 | 1,550 |
Fair Value, Recurring | Level 1 | ||
Assets | ||
Money market funds (cash and cash equivalents) | 2,362 | 340 |
Total available for sale securities | 0 | 0 |
Other investments (long-term) | 0 | 0 |
Total assets | 2,362 | 340 |
Liabilities | ||
Total liabilities | 0 | 0 |
Fair Value, Recurring | Level 1 | Government - U.S. treasury securities | ||
Assets | ||
Total available for sale securities | 0 | 0 |
Fair Value, Recurring | Level 1 | Interest Rate Swap | ||
Liabilities | ||
Interest rate swap (short-term) | 0 | 0 |
Interest rate swap (long-term) | 0 | 0 |
Fair Value, Recurring | Level 2 | ||
Assets | ||
Money market funds (cash and cash equivalents) | 0 | 0 |
Total available for sale securities | 8,121 | 10,150 |
Other investments (long-term) | 983 | 966 |
Total assets | 9,104 | 11,116 |
Liabilities | ||
Total liabilities | 2,698 | 3,114 |
Fair Value, Recurring | Level 2 | Government - U.S. treasury securities | ||
Assets | ||
Total available for sale securities | 8,121 | 10,150 |
Fair Value, Recurring | Level 2 | Interest Rate Swap | ||
Liabilities | ||
Interest rate swap (short-term) | 1,522 | 1,564 |
Interest rate swap (long-term) | 1,176 | 1,550 |
Fair Value, Recurring | Level 3 | ||
Assets | ||
Money market funds (cash and cash equivalents) | 0 | 0 |
Total available for sale securities | 0 | 0 |
Other investments (long-term) | 1,051 | 1,014 |
Total assets | 1,051 | 1,014 |
Liabilities | ||
Total liabilities | 0 | 0 |
Fair Value, Recurring | Level 3 | Government - U.S. treasury securities | ||
Assets | ||
Total available for sale securities | 0 | 0 |
Fair Value, Recurring | Level 3 | Interest Rate Swap | ||
Liabilities | ||
Interest rate swap (short-term) | 0 | 0 |
Interest rate swap (long-term) | $ 0 | $ 0 |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) - USD ($) $ in Thousands, shares in Millions | Sep. 30, 2021 | Jun. 30, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments at fair value | $ 2,000 | $ 2,000 |
Other investments at fair value, number of shares (in shares) | 1.1 | |
Investments with no readily determinable fair value | $ 12,000 | 12,000 |
Borrowings under credit facility | 130,000 | $ 130,000 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Borrowings under credit facility | $ 130,000 |
Fair Value - Marketable Securit
Fair Value - Marketable Securities by Major Security Type (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Marketable Securities [Line Items] | ||
Held to Maturity | $ 64 | $ 66 |
Available for Sale | 8,121 | 10,150 |
Total | 8,185 | 10,216 |
Government and other debt securities | ||
Marketable Securities [Line Items] | ||
Held to Maturity | 64 | 66 |
Available for Sale | 8,121 | 10,150 |
Total | $ 8,185 | $ 10,216 |
Fair Value - Estimated Fair Val
Fair Value - Estimated Fair Value of Our Investments in Available for Sale Marketable Securities Classified (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Fair Value Disclosures [Abstract] | ||
Due within 1 year | $ 8,121 | |
Due in 1 year through 5 years | 0 | |
Total | $ 8,121 | $ 10,150 |
Fair Value - Summary of Gross U
Fair Value - Summary of Gross Unrealized Losses and Fair Values of Available for Sale Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Schedule Of Available For Sale Securities Debt Maturities [Line Items] | ||
Less than 12 months, fair value | $ 5,110 | $ 5,930 |
Less than 12 months, unrealized loss | (3) | (1) |
Government - U.S. treasury securities | ||
Schedule Of Available For Sale Securities Debt Maturities [Line Items] | ||
Less than 12 months, fair value | 5,110 | 5,930 |
Less than 12 months, unrealized loss | $ (3) | $ (1) |
Business and Asset Acquisitio_2
Business and Asset Acquisitions (Details) $ in Thousands, SFr in Millions | 1 Months Ended | ||||
Jan. 31, 2021USD ($)shares | Jul. 31, 2020USD ($)shares | Jul. 31, 2020CHF (SFr)shares | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 242,863 | $ 246,698 | |||
Fmr Systems Inc | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 1,000 | ||||
Estimated useful life of intangible assets acquired | 9 years | 9 years | |||
Cash paid for asset acquisition | $ 2,000 | ||||
Contingent future cash payments | 300 | ||||
Intangible assets acquired | 1,700 | ||||
Treasury Xpress | |||||
Business Acquisition [Line Items] | |||||
Total purchase price | $ 31,900 | ||||
Number of shares valued (in shares) | shares | 66,403 | ||||
Stock vesting period | 5 years | ||||
Goodwill | $ 20,300 | ||||
Identifiable intangible assets | $ 17,300 | ||||
Estimated useful life of intangible assets acquired | 10 years | ||||
Acquisition related costs | $ 1,700 | ||||
AnaSys AG | |||||
Business Acquisition [Line Items] | |||||
Total purchase price | $ 13,900 | ||||
Number of shares valued (in shares) | shares | 28,000 | 28,000 | |||
Stock vesting period | 5 years | 5 years | |||
Goodwill | $ 10,700 | ||||
Identifiable intangible assets | $ 6,300 | ||||
Estimated useful life of intangible assets acquired | 13 years | 13 years | |||
Acquisition related costs | $ 300 | ||||
Payments to acquire business | $ 5,700 | SFr 5.2 | |||
Number of shares issued (in shares) | shares | 166,393 | 166,393 | |||
Closing transactions cost | $ 8,200 | ||||
Postretirement liability | $ 2,800 |
Net (Loss) Income Per Share - S
Net (Loss) Income Per Share - Schedule of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator - basic and diluted: | ||
Net (loss) income | $ (4,907) | $ 391 |
Denominator: | ||
Shares used in computing basic (loss) income per share attributable to common stockholders (in shares) | 43,273 | 42,457 |
Impact of dilutive securities (in shares) | 0 | 314 |
Shares used in computing diluted (loss) income per share attributable to common stockholders (in shares) | 43,273 | 42,771 |
Basic net (loss) income per share attributable to common stockholders (in dollars per share) | $ (0.11) | $ 0.01 |
Diluted net (loss) income per share attributable to common stockholders (in dollars per share) | $ (0.11) | $ 0.01 |
Net (Loss) Income Per Share - N
Net (Loss) Income Per Share - Narrative (Details) shares in Millions | 3 Months Ended |
Sep. 30, 2021shares | |
Restricted Stock And Stock Options | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities excluded from calculation of diluted earnings per share (in shares) | 2.6 |
Operations by Segments and Ge_3
Operations by Segments and Geographic Areas - Narrative (Details) | 3 Months Ended |
Sep. 30, 2021segment | |
Disaggregation of Revenue [Line Items] | |
Number of reportable segments | 5 |
Subscriptions | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk | |
Disaggregation of Revenue [Line Items] | |
Concentration risk | 84.00% |
Operations by Segments and Ge_4
Operations by Segments and Geographic Areas - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Segment revenue: | ||
Total revenues | $ 123,605 | $ 112,365 |
Segment measure of profit (loss): | ||
Total measure of segment profit | (6,815) | 2,935 |
Operating Segments | ||
Segment measure of profit (loss): | ||
Total measure of segment profit | 13,923 | 18,546 |
Payment Platforms | ||
Segment revenue: | ||
Total revenues | 33,807 | 25,367 |
Payment Platforms | Operating Segments | ||
Segment revenue: | ||
Total revenues | 33,807 | 25,367 |
Segment measure of profit (loss): | ||
Total measure of segment profit | 5,824 | 5,755 |
Banking Solutions | ||
Segment revenue: | ||
Total revenues | 47,681 | 45,229 |
Banking Solutions | Operating Segments | ||
Segment revenue: | ||
Total revenues | 47,681 | 45,229 |
Segment measure of profit (loss): | ||
Total measure of segment profit | 3,753 | 7,212 |
Legal Spend Management | ||
Segment revenue: | ||
Total revenues | 22,063 | 20,550 |
Legal Spend Management | Operating Segments | ||
Segment revenue: | ||
Total revenues | 22,063 | 20,550 |
Segment measure of profit (loss): | ||
Total measure of segment profit | 5,208 | 4,586 |
Traditional Solutions | ||
Segment revenue: | ||
Total revenues | 16,192 | 17,396 |
Traditional Solutions | Operating Segments | ||
Segment revenue: | ||
Total revenues | 16,192 | 17,396 |
Segment measure of profit (loss): | ||
Total measure of segment profit | 3,114 | 4,100 |
Other | ||
Segment revenue: | ||
Total revenues | 3,862 | 3,823 |
Other | Operating Segments | ||
Segment measure of profit (loss): | ||
Total measure of segment profit | $ (3,976) | $ (3,107) |
Operations by Segments and Ge_5
Operations by Segments and Geographic Areas - Reconciliation of Measure of Total Segment Profit to GAAP Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total measure of segment profit | $ (6,815) | $ 2,935 |
Less: | ||
Amortization of acquisition-related intangible assets | (5,071) | (5,029) |
Stock-based compensation plan expense | (13,912) | (9,973) |
Other expense, net of pension adjustments | (897) | (780) |
(Loss) income before income taxes | (7,712) | 2,155 |
Operating Segments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total measure of segment profit | 13,923 | 18,546 |
Segment Reconciling Items | ||
Less: | ||
Amortization of acquisition-related intangible assets | (5,071) | (5,029) |
Stock-based compensation plan expense | (13,912) | (9,973) |
Acquisition and integration-related expenses | (201) | (245) |
Restructuring expense | (386) | (70) |
Other non-core expense | (110) | (48) |
Shareholder engagement fees | (947) | 0 |
Other expense, net of pension adjustments | $ (1,008) | $ (1,026) |
Operations by Segments and Ge_6
Operations by Segments and Geographic Areas - Schedule of Segment Depreciation and Amortization Expense Included in Measure of Segment Profit (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Depreciation and other amortization expense: | ||
Depreciation and other amortization expense | $ 9,195 | $ 7,699 |
Payment Platforms | ||
Depreciation and other amortization expense: | ||
Depreciation and other amortization expense | 2,831 | 2,387 |
Banking Solutions | ||
Depreciation and other amortization expense: | ||
Depreciation and other amortization expense | 3,935 | 3,164 |
Legal Spend Management | ||
Depreciation and other amortization expense: | ||
Depreciation and other amortization expense | 1,681 | 1,602 |
Traditional Solutions | ||
Depreciation and other amortization expense: | ||
Depreciation and other amortization expense | 362 | 270 |
Other | ||
Depreciation and other amortization expense: | ||
Depreciation and other amortization expense | $ 386 | $ 276 |
Operations by Segments and Ge_7
Operations by Segments and Geographic Areas - Schedule of Disaggregated Revenue by Major Product Classification (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 123,605 | $ 112,365 |
Subscriptions | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 103,496 | 90,384 |
Software | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 927 | 977 |
Professional Services, Maintenance and Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 19,182 | 21,004 |
Payment Platforms | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 33,807 | 25,367 |
Payment Platforms | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 33,807 | 25,367 |
Payment Platforms | Subscriptions | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 33,504 | 25,280 |
Payment Platforms | Software | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Payment Platforms | Professional Services, Maintenance and Other | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 303 | 87 |
Banking Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 47,681 | 45,229 |
Banking Solutions | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 47,681 | 45,229 |
Banking Solutions | Subscriptions | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 40,935 | 37,953 |
Banking Solutions | Software | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 77 | 104 |
Banking Solutions | Professional Services, Maintenance and Other | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 6,669 | 7,172 |
Legal Spend Management | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 22,063 | 20,550 |
Legal Spend Management | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 22,063 | 20,550 |
Legal Spend Management | Subscriptions | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 22,060 | 20,550 |
Legal Spend Management | Software | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Legal Spend Management | Professional Services, Maintenance and Other | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 3 | 0 |
Traditional Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 16,192 | 17,396 |
Traditional Solutions | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 16,192 | 17,396 |
Traditional Solutions | Subscriptions | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 6,026 | 5,681 |
Traditional Solutions | Software | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 439 | 748 |
Traditional Solutions | Professional Services, Maintenance and Other | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 9,727 | 10,967 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 3,862 | 3,823 |
Other | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 3,862 | 3,823 |
Other | Subscriptions | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 971 | 920 |
Other | Software | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 411 | 125 |
Other | Professional Services, Maintenance and Other | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 2,480 | $ 2,778 |
Operations by Segments and Ge_8
Operations by Segments and Geographic Areas - Schedule of Revenue Based on Point of Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenues | $ 123,605 | $ 112,365 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenues | 74,994 | 68,981 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenues | 30,630 | 27,694 |
Switzerland | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenues | 12,395 | 10,867 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenues | $ 5,586 | $ 4,823 |
Operations by Segments and Ge_9
Operations by Segments and Geographic Areas - Schedule of Long-Lived Assets, Based on Geographical Location, Excluding Deferred Tax Assets and Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Long-lived assets: | ||
Long-lived assets | $ 143,574 | $ 144,724 |
United States | ||
Long-lived assets: | ||
Long-lived assets | 80,913 | 82,816 |
United Kingdom | ||
Long-lived assets: | ||
Long-lived assets | 42,756 | 44,455 |
Other | ||
Long-lived assets: | ||
Long-lived assets | $ 19,905 | $ 17,453 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income tax benefit (provision) | $ 2,805 | $ (1,764) | |
Discrete tax expense for change in income tax rate | $ 700 | ||
Federal corporate income tax rate | 19.00% | 17.00% | |
Anticipated decrease in unrecognized tax benefits | 900 | ||
Valuation allowance against certain deferred tax assets | $ 42,200 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 242,863 | $ 246,698 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Intangible Assets Subject to Amortization and for Intangible Assets Not Subject to Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 551,769 | $ 544,239 | |
Accumulated Amortization | (388,011) | (381,548) | |
Net Carrying Value | 163,758 | 162,691 | |
Goodwill | 242,863 | 246,698 | |
Total intangible assets | 406,621 | 409,389 | |
Customer related | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 232,435 | 235,366 | |
Accumulated Amortization | (176,930) | (175,841) | |
Net Carrying Value | $ 55,505 | 59,525 | |
Weighted Average Remaining Life | 7 years | 7 years 2 months 12 days | |
Core technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 154,682 | 154,254 | |
Accumulated Amortization | (108,336) | (107,008) | |
Net Carrying Value | $ 46,346 | 47,246 | |
Weighted Average Remaining Life | 7 years 3 months 18 days | 7 years 6 months | |
Other intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 23,241 | 23,504 | |
Accumulated Amortization | (21,025) | (20,984) | |
Net Carrying Value | $ 2,216 | 2,520 | |
Weighted Average Remaining Life | 4 years 6 months | 4 years 9 months 18 days | |
Capitalized software development costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 29,760 | 29,217 | |
Accumulated Amortization | (20,133) | (18,843) | |
Net Carrying Value | $ 9,627 | 10,374 | |
Weighted Average Remaining Life | 2 years 8 months 12 days | 2 years 7 months 6 days | |
Software | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 111,651 | 101,898 | |
Accumulated Amortization | (61,587) | (58,872) | |
Net Carrying Value | $ 50,064 | $ 43,026 | |
Weighted Average Remaining Life | 3 years 8 months 12 days | 4 years |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Acquired Intangible Assets | |
Finite-Lived Intangible Assets [Line Items] | |
Remaining 2022 | $ 14,907 |
2023 | 18,821 |
2024 | 16,976 |
2025 | 14,510 |
2026 | 13,566 |
2027 and thereafter | 25,287 |
Capitalized Software Development Costs | |
Finite-Lived Intangible Assets [Line Items] | |
Remaining 2022 | 3,912 |
2023 | 2,371 |
2024 | 1,616 |
2025 | 943 |
2026 | 360 |
2027 and thereafter | 8 |
Software | |
Finite-Lived Intangible Assets [Line Items] | |
Remaining 2022 | 12,106 |
2023 | 11,505 |
2024 | 9,397 |
2025 | 6,168 |
2026 | 2,917 |
2027 and thereafter | $ 601 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Rollforward of Goodwill Balances, by Reportable Segment (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 246,698 |
Goodwill reclassified as a result of segment reorganization | 0 |
Measurement period adjustment | (868) |
Goodwill acquired during the period | 0 |
Impact of foreign currency translation | (2,967) |
Ending balance | 242,863 |
Payment Platforms | |
Goodwill [Roll Forward] | |
Beginning balance | 151,765 |
Goodwill reclassified as a result of segment reorganization | (88,767) |
Measurement period adjustment | (868) |
Goodwill acquired during the period | 0 |
Impact of foreign currency translation | (1,514) |
Ending balance | 60,616 |
Banking Solutions | |
Goodwill [Roll Forward] | |
Beginning balance | 40,534 |
Goodwill reclassified as a result of segment reorganization | 61,310 |
Measurement period adjustment | 0 |
Goodwill acquired during the period | 0 |
Impact of foreign currency translation | |
Ending balance | 101,844 |
Legal Spend Management | |
Goodwill [Roll Forward] | |
Beginning balance | 0 |
Goodwill reclassified as a result of segment reorganization | 27,457 |
Measurement period adjustment | 0 |
Goodwill acquired during the period | 0 |
Impact of foreign currency translation | 0 |
Ending balance | 27,457 |
Traditional Solutions | |
Goodwill [Roll Forward] | |
Beginning balance | 46,205 |
Goodwill reclassified as a result of segment reorganization | |
Measurement period adjustment | 0 |
Goodwill acquired during the period | 0 |
Impact of foreign currency translation | (1,453) |
Ending balance | 44,752 |
Other | |
Goodwill [Roll Forward] | |
Beginning balance | 8,194 |
Goodwill reclassified as a result of segment reorganization | |
Measurement period adjustment | 0 |
Goodwill acquired during the period | 0 |
Impact of foreign currency translation | 0 |
Ending balance | 8,194 |
Goodwill accumulated impairment loss | $ 7,500 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | Sep. 30, 2021USD ($) |
Lessee, Lease, Description [Line Items] | |
Weighted average discount rate | 6.00% |
Weighted average remaining lease term | 8 years 4 months 24 days |
Additional operating leases, not yet commenced | $ 3.4 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease renewal term | 3 months |
Operating lease term | 12 months |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease renewal term | 10 years |
Operating lease term | 13 years |
Commitments and Contingencies_2
Commitments and Contingencies - Lease Expense (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2021USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating lease cost | $ 1,844 |
Short-term lease cost | 98 |
Variable lease cost | 505 |
Sublease income | (63) |
Total lease cost | $ 2,384 |
Commitments and Contingencies_3
Commitments and Contingencies - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Operating leases | ||
Right-of-use assets, net | $ 28,732 | $ 27,570 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses and other current liabilities | |
Operating lease liabilities, current | $ 6,247 | |
Operating lease liabilities, non-current | 27,996 | $ 26,629 |
Total operating lease liabilities | $ 34,243 |
Commitments and Contingencies_4
Commitments and Contingencies - Supplemental Cash Flows (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2021USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities | |
Cash paid for amounts included in the measurement of lease liabilities | $ 1,942 |
Right-of-use assets obtained in exchange for lease obligations | |
Right-of-use assets obtained in exchange for lease obligations | $ 3,065 |
Commitments and Contingencies_5
Commitments and Contingencies - Maturity Schedule (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Operating Leases | |
2022 | $ 6,203 |
2023 | 6,903 |
2024 | 4,440 |
2025 | 4,029 |
2026 | 4,057 |
Thereafter | 19,261 |
Total lease payments | 44,893 |
Less imputed interest | (10,650) |
Total lease liabilities | $ 34,243 |
Indebtedness (Details)
Indebtedness (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | |
Debt Instrument [Line Items] | ||
Borrowings under credit facility | $ 130,000 | $ 130,000 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Maximum capacity borrowing amount under credit facility | 300,000 | |
Borrowings under credit facility | $ 130,000 | |
Percentage of shares of capital stock pledged as guarantee | 65.00% | |
Revolving Credit Facility | Maximum | ||
Debt Instrument [Line Items] | ||
Additional borrowing capacity | $ 150,000 | |
Consolidated net leverage ratio | 3.50 | |
Revolving Credit Facility | Maximum | Letter of Credit | ||
Debt Instrument [Line Items] | ||
Availability under credit facility | $ 20,000 | |
Revolving Credit Facility | Maximum | Swing Line Loans | ||
Debt Instrument [Line Items] | ||
Availability under credit facility | $ 20,000 | |
Revolving Credit Facility | Minimum | ||
Debt Instrument [Line Items] | ||
Consolidated interest coverage ratio | 3 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Details) $ in Millions | Sep. 30, 2021USD ($)agreement |
Derivatives, Fair Value [Line Items] | |
Number of interest rate swap agreements | agreement | 2 |
Reclassification of unrealized loss from accumulated other comprehensive income to earnings | $ 1 |
Interest Rate Swap, Effective December 1, 2017 | |
Derivatives, Fair Value [Line Items] | |
Notional debt value | $ 100 |
Fixed interest rate | 1.9275% |
Interest Rate Swap, Effective December 1, 2021 | |
Derivatives, Fair Value [Line Items] | |
Notional debt value | $ 80 |
Fixed interest rate | 2.125% |
Derivative Instruments - Summar
Derivative Instruments - Summary of Fair Values of the Interest Rate Swap (Details) - Interest Rate Swap - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Accrued expenses and other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Short-term derivative liability | $ 1,522 | $ 1,564 |
Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Long-term derivative liability | $ 1,176 | $ 1,550 |
Derivative Instruments - Summ_2
Derivative Instruments - Summary of Effect of Derivative Interest Rate Swap and Related Tax Effects in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments Effect On Comprehensive Income Loss [Roll Forward] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative Instruments (Effective Portion) | $ (53) | $ (6) |
Amount of (Gain) Loss Reclassified from AOCI into Net Loss (Effective Portion) | 469 | 452 |
Interest Rate Swap | ||
Derivative Instruments Effect On Comprehensive Income Loss [Roll Forward] | ||
Derivative instrument, beginning balance | (3,114) | (5,079) |
Derivative instrument, ending balance | $ (2,698) | $ (4,633) |
Postretirement and Other Empl_3
Postretirement and Other Employee Benefits - Components of Net Periodic Pension Costs for the Swiss Pension Plan (Details) - Foreign Plan - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Components of net periodic cost | ||
Service cost | $ 707 | $ 765 |
Interest cost | 49 | 37 |
Prior service credit | (119) | (83) |
Net actuarial loss | 0 | 61 |
Expected return on plan assets | (359) | (285) |
Net periodic cost | $ 278 | $ 495 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 1 Months Ended |
Oct. 31, 2021USD ($) | |
Bora Payment Systems, LLC | Subsequent Event | |
Business Acquisition [Line Items] | |
Total purchase price | $ 15 |
Uncategorized Items - epay-2021
Label | Element | Value |
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201613Member |