Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Oct. 31, 2018 | Dec. 05, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | AMSWA | |
Entity Registrant Name | AMERICAN SOFTWARE INC | |
Entity Central Index Key | 713,425 | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Class A Common Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 29,135,044 | |
Class B Common Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,821,587 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2018 | May 01, 2018 | Apr. 30, 2018 | Oct. 31, 2017 | Apr. 30, 2017 |
Current assets: | |||||
Cash and cash equivalents | $ 50,933 | $ 52,794 | $ 52,794 | $ 61,242 | $ 66,001 |
Investments | 29,816 | 26,121 | 26,121 | ||
Trade accounts receivable, less allowance for doubtful accounts of $172 at October 31, 2018 and $159 at April 30, 2018: | |||||
Billed | 17,427 | 18,643 | 18,643 | ||
Unbilled | 3,104 | 3,815 | 3,375 | ||
Prepaid expenses and other current assets | 6,568 | 6,718 | 6,592 | ||
Total current assets | 107,848 | 108,091 | 107,525 | ||
Investments-noncurrent | 1,925 | 8,893 | 8,893 | ||
Property and equipment, net of accumulated depreciation of $28,963 at October 31, 2018 and $28,644 at April 30, 2018 | 3,609 | 3,034 | 3,034 | ||
Capitalized software, net of accumulated amortization of $26,311 at October 31, 2018 and $24,113 at April 30, 2018 | 9,618 | 9,728 | 9,728 | ||
Goodwill | 25,888 | 25,888 | 25,888 | ||
Other intangibles, net of accumulated amortization of $9,449 at October 31, 2018 and $8,255 at April 30, 2018 | 3,926 | 5,120 | 5,120 | ||
Other assets | 3,776 | 4,102 | 2,777 | ||
Total assets | 156,590 | 164,856 | 162,965 | ||
Current liabilities: | |||||
Accounts payable | 1,475 | 1,974 | 1,974 | ||
Accrued compensation and related costs | 2,829 | 6,310 | 6,310 | ||
Dividends payable | 3,405 | 3,367 | 3,367 | ||
Other current liabilities | 1,362 | 1,326 | 1,246 | ||
Deferred revenue | 29,395 | 32,705 | 33,226 | ||
Total current liabilities | 38,466 | 45,682 | 46,123 | ||
Deferred income taxes | 2,929 | 3,194 | 2,615 | ||
Long-term deferred revenue | 147 | 147 | |||
Other long-term liabilities | 1,107 | 1,496 | 1,496 | ||
Total liabilities | 42,502 | 50,519 | 50,381 | ||
Shareholders' equity: | |||||
Additional paid-in capital | 135,150 | 131,258 | 131,258 | ||
Retained earnings | 943 | 5,119 | 3,366 | ||
Class A treasury stock, 4,588,632 shares at October 31, 2018 and April 30, 2018, at cost | (25,559) | (25,559) | (25,559) | ||
Total shareholders' equity | 114,088 | 114,337 | 112,584 | ||
Commitments and contingencies | |||||
Total liabilities and shareholders' equity | 156,590 | 164,856 | 162,965 | ||
Class A Common Shares | |||||
Shareholders' equity: | |||||
Common stock value | 3,372 | 3,314 | 3,314 | ||
Class B Common Shares | |||||
Shareholders' equity: | |||||
Common stock value | $ 182 | $ 205 | $ 205 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Allowance for doubtful accounts receivable | $ 172 | $ 159 |
Property and equipment, accumulated depreciation | 28,963 | 28,644 |
Capitalized software, accumulated amortization | 26,311 | 24,113 |
Other intangibles, accumulated amortization | $ 9,449 | $ 8,255 |
Class A treasury stock, shares | 4,588,632,000 | 4,588,632,000 |
Class A treasury stock, shares | 4,588,632 | 4,588,632 |
Class A Common Shares | ||
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 33,721,076 | 33,141,760 |
Common stock, shares Outstanding | 29,132,444 | 28,553,128 |
Class B Common Shares | ||
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 1,821,587 | 2,057,390 |
Common stock, shares Outstanding | 1,821,587 | 2,057,390 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | Aug. 22, 2018 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Revenues: | ||||||
Revenues | $ 28,033 | $ 26,337 | $ 55,432 | $ 53,222 | ||
Cost of revenues: | ||||||
Cost of revenues | 13,366 | 12,331 | 27,013 | 23,992 | ||
Gross margin | 14,667 | 14,006 | 28,419 | 29,230 | ||
Research and development | 3,332 | 2,643 | 7,007 | 5,151 | ||
Sales and marketing | 5,304 | 4,437 | 10,484 | 9,670 | ||
General and administrative | 4,408 | 3,616 | 8,601 | 7,155 | ||
Amortization of acquisition-related intangibles | 97 | 68 | 194 | 391 | ||
Total operating expenses | 13,141 | 10,764 | 26,286 | 22,367 | ||
Operating income | 1,526 | 3,242 | 2,133 | 6,863 | ||
Other (expense)/income: | ||||||
Interest income | 524 | 354 | 1,027 | 717 | ||
Other, net | (714) | 322 | (464) | 558 | ||
Earnings before income taxes | 1,336 | 3,918 | 2,696 | 8,138 | ||
Income tax expense | 93 | 1,438 | 68 | 2,933 | ||
Net earnings | $ 1,243 | $ 2,480 | $ 2,628 | $ 5,205 | ||
Earnings per common share: | ||||||
Basic | [1] | $ 0.04 | $ 0.08 | $ 0.09 | $ 0.17 | |
Diluted | [1] | 0.04 | 0.08 | 0.08 | 0.17 | |
Cash dividends declared per common share | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.22 | $ 0.22 | |
Shares used in the calculation of earnings per common share: | ||||||
Basic | 30,926 | 29,906 | 30,825 | 29,788 | ||
Diluted | 31,477 | 30,229 | 31,412 | 30,110 | ||
License | ||||||
Revenues: | ||||||
Revenues | $ 2,012 | $ 2,449 | $ 3,714 | $ 6,464 | ||
Cost of revenues: | ||||||
Cost of revenues | 1,760 | 1,651 | 3,474 | 2,966 | ||
Subscription Fees | ||||||
Revenues: | ||||||
Revenues | 3,341 | 2,041 | 6,509 | 3,660 | ||
Cost of revenues: | ||||||
Cost of revenues | 1,289 | 903 | 2,356 | 1,749 | ||
Professional Services and Other | ||||||
Revenues: | ||||||
Revenues | 11,056 | 11,008 | 22,064 | 21,431 | ||
Cost of revenues: | ||||||
Cost of revenues | 8,103 | 7,488 | 16,771 | 14,761 | ||
Maintenance | ||||||
Revenues: | ||||||
Revenues | 11,624 | 10,839 | 23,145 | 21,667 | ||
Cost of revenues: | ||||||
Cost of revenues | $ 2,214 | $ 2,288 | $ 4,412 | $ 4,516 | ||
[1] | Basic per share amounts are the same for Class A and Class B shares. Diluted per share amounts for Class A shares are shown above. Diluted earnings per share for Class B shares under the two-class method are $0.04 and $0.08 for the three months ended October 31, 2018 and 2017, and $0.09 and $0.17 for the six months ended October 31, 2018 and 2017, respectively. See Note D to the Condensed Consolidated Financial Statements. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | ||
Diluted | [1] | $ 0.04 | $ 0.08 | $ 0.08 | $ 0.17 |
Class B Common Shares | |||||
Diluted | [2] | $ 0.04 | $ 0.08 | $ 0.09 | $ 0.17 |
[1] | Basic per share amounts are the same for Class A and Class B shares. Diluted per share amounts for Class A shares are shown above. Diluted earnings per share for Class B shares under the two-class method are $0.04 and $0.08 for the three months ended October 31, 2018 and 2017, and $0.09 and $0.17 for the six months ended October 31, 2018 and 2017, respectively. See Note D to the Condensed Consolidated Financial Statements. | ||||
[2] | Amounts adjusted for rounding |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Cash flows from operating activities: | ||
Net earnings | $ 2,628,000 | $ 5,205,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 3,711,000 | 2,705,000 |
Stock-based compensation expense | 841,000 | 793,000 |
Net loss (gain) on investments | 312,000 | (381,000) |
Deferred income taxes | (265,000) | 761,000 |
Changes in operating assets and liabilities: | ||
Purchases of trading securities | (6,456,000) | (14,057,000) |
Proceeds from maturities and sales of trading securities | 9,417,000 | 8,452,000 |
Accounts receivable, net | 2,162,000 | 3,243,000 |
Prepaid expenses and other assets | 242,000 | (1,758,000) |
Accounts payable and other liabilities | (4,333,000) | (2,734,000) |
Deferred revenue | (3,457,000) | (1,709,000) |
Net cash provided by operating activities | 4,802,000 | 520,000 |
Cash flows from investing activities: | ||
Capitalized computer software development costs | (2,088,000) | (2,617,000) |
Purchases of property and equipment, net of disposals | (894,000) | (212,000) |
Net cash used in investing activities | (2,982,000) | (2,829,000) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 3,086,000 | 4,079,000 |
Dividends paid | (6,767,000) | (6,529,000) |
Net cash used in financing activities | (3,681,000) | (2,450,000) |
Net change in cash and cash equivalents | (1,861,000) | (4,759,000) |
Cash and cash equivalents at beginning of period | 52,794,000 | 66,001,000 |
Cash and cash equivalents at end of period | $ 50,933,000 | $ 61,242,000 |
Presentation and Summary of Sig
Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Oct. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Presentation and Summary of Significant Accounting Policies | A. Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10-Q 10-01 Regulation S-X. 10-K The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Note 1 in the Notes to the Consolidated Financial Statements for the fiscal year ended April 30, 2018 contained in the Annual Report describes the significant accounting policies that we have used in preparing our consolidated financial statements. On an ongoing basis, we evaluate our estimates, including but not limited to those related to revenue/collectability, stock-based compensation, income taxes and contingencies. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Our actual results could differ materially from these estimates under different assumptions or conditions. The accompanying condensed consolidated balance sheet as of April 30, 2018 and the condensed consolidated statements of operations for the three and six months and cash flows for the six months ended October 31, 2017 have not been revised for the effects of Topic 606 and are therefore not comparable to the October 31, 2018 period. Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of American Software, Inc. (“American Software”) and its wholly-owned subsidiaries (collectively, the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) point-in-time The following table presents the cumulative effect of adjustments, net of income tax effects, to beginning consolidated balance sheet accounts for the new accounting standard adopted by the Company on the first day of fiscal 2019: April 30, Topic 606 May 1, (in thousands) ASSETS Current assets: Cash and cash equivalents $ 52,794 $ — $ 52,794 Investments 26,121 — 26,121 Trade accounts receivable, net Billed 18,643 — 18,643 Unbilled 3,375 440 3,815 Prepaid expenses and other current assets 6,592 126 6,718 Total current assets 107,525 566 108,091 Investments—Noncurrent 8,893 — 8,893 Property and equipment, net 3,034 — 3,034 Capitalized software, net 9,728 — 9,728 Goodwill 25,888 — 25,888 Other intangibles, net 5,120 — 5,120 Other assets 2,777 1,325 4,102 Total assets $ 162,965 $ 1,891 $ 164,856 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1,974 $ — $ 1,974 Accrued compensation and related costs 6,310 — 6,310 Dividends payable 3,367 — 3,367 Other current liabilities 1,246 80 1,326 Deferred revenue 33,226 (521 ) 32,705 Total current liabilities 46,123 (441 ) 45,682 Deferred income taxes 2,615 579 3,194 Long-term deferred revenue 147 — 147 Other long-term liabilities 1,496 — 1,496 Total liabilities 50,381 138 50,519 Shareholders’ equity: Common stock: Class A 3,314 — 3,314 Class B 205 — 205 Additional paid-in 131,258 — 131,258 Retained earnings 3,366 1,753 5,119 Class A treasury stock (25,559 ) — (25,559 ) Total shareholders’ equity 112,584 1,753 114,337 Total liabilities and shareholders’ equity $ 162,965 $ 1,891 $ 164,856 The following table summarizes the effects of adopting Topic 606 on the Company’s condensed consolidated balance sheet as of October 31, 2018: As reported Adjustments Balances under (in thousands) ASSETS Current assets: Cash and cash equivalents $ 50,933 $ — $ 50,933 Investments 29,816 — 29,816 Trade accounts receivable, net — Billed 17,427 — 17,427 Unbilled 3,104 (389 ) 2,715 Prepaid expenses and other current assets 6,568 (251 ) 6,317 Total current assets 107,848 (640 ) 107,208 Investments—Noncurrent 1,925 — 1,925 Property and equipment, net 3,609 — 3,609 Capitalized software, net 9,618 — 9,618 Goodwill 25,888 — 25,888 Other intangibles, net 3,926 — 3,926 Other assets 3,776 (1,191 ) 2,585 Total assets $ 156,590 $ (1,831 ) $ 154,759 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1,475 $ — $ 1,475 Accrued compensation and related costs 2,829 — 2,829 Dividends payable 3,405 — 3,405 Other current liabilities 1,362 (80 ) 1,282 Deferred revenue 29,395 619 30,014 Total current liabilities 38,466 539 39,005 Deferred income taxes 2,929 (584 ) 2,345 Long-term deferred revenue — — — Other long-term liabilities 1,107 — 1,107 Total liabilities 42,502 (45 ) 42,457 Shareholders’ equity: Common stock: Class A 3,372 — 3,372 Class B 182 — 182 Additional paid-in 135,150 — 135,150 Retained earnings 943 (1,786 ) (843 ) Class A treasury stock (25,559 ) — (25,559 ) Total shareholders’ equity 114,088 (1,786 ) 112,302 Commitments and contingencies Total liabilities and shareholders’ equity $ 156,590 $ (1,831 ) $ 154,759 The following table summarizes the effects of adopting Topic 606 on the Company’s condensed consolidated statement of operations for the three months ended October 31, 2018: As reported Adjustments Balances under (in thousands, except Revenues: License $ 2,012 $ 391 $ 2,403 Subscription Fees 3,341 2 3,343 Professional Services and other 11,056 46 11,102 Maintenance 11,624 — 11,624 Total revenues 28,033 439 28,472 Cost of revenues: License 1,760 — 1,760 Subscription Fees 1,289 — 1,289 Professional Services and other 8,103 — 8,103 Maintenance 2,214 — 2,214 Total cost of revenues 13,366 — 13,366 Gross margin 14,667 439 15,106 Research and development 3,332 3,332 Sales and marketing 5,304 63 5,368 General and administrative 4,408 — 4,408 Amortization of acquisition-related intangibles 97 — 97 Total operating expenses 13,141 63 13,204 Operating income 1,526 376 1,902 Other income: Interest income 524 — 524 Other, net (714 ) — (714 ) Earnings before income taxes 1,336 376 1,712 Income tax expense 93 71 164 Net earnings $ 1,243 $ 305 $ 1,548 Earnings per common share: Basic $ 0.04 $ 0.01 $ 0.05 Diluted $ 0.04 $ 0.01 $ 0.05 The following table summarizes the effects of adopting Topic 606 on the Company’s condensed consolidated statement of operations for the six months ended October 31, 2018: As reported Adjustments Balances under (in thousands, except Revenues: License $ 3,714 $ (55 ) $ 3,659 Subscription Fees 6,509 4 6,513 Professional Services and other 22,064 106 22,170 Maintenance 23,145 — 23,145 Total revenues 55,432 55 55,487 Cost of revenues: License 3,474 — 3,474 Subscription Fees 2,356 — 2,356 Professional Services and other 16,771 — 16,771 Maintenance 4,412 — 4,412 Total cost of revenues 27,013 — 27,013 Gross margin 28,419 55 28,474 Research and development 7,007 7,007 Sales and marketing 10,484 93 10,577 General and administrative 8,601 — 8,601 Amortization of acquisition-related intangibles 194 — 194 Total operating expenses 26,286 93 26,379 Operating income 2,133 (38 ) 2,095 Other income: Interest income 1,027 — 1,027 Other, net (464 ) — (464 ) Earnings before income taxes 2,696 (38 ) 2,658 Income tax expense (benefit) 68 (5 ) 63 Net earnings $ 2,628 $ (33 ) $ 2,595 Earnings per common share: Basic $ 0.09 $ — $ 0.09 Diluted $ 0.08 $ — $ 0.08 The Company’s net cash provided by operating activities for the six months ended October 31, 2018 did not change due to the adoption of Topic 606. The following table summarizes the effects of adopting Topic 606 on the financial statement line items of the Company’s condensed consolidated statement of cash flows for the six months ended October 31, 2018: As reported Adjustments Balances under (in thousands) Net earnings (loss) $ 2,628 $ (33 ) $ 2,595 Deferred income taxes $ (265 ) $ (5 ) $ (270 ) Changes in operating assets and liabilities: Accounts receivable, net $ 2,162 $ (51 ) $ 2,111 Prepaid expenses and other assets $ 242 $ (9) $ 233 Accounts payable and other liabilities $ (4,333 ) $ — $ (4,333 ) Deferred revenue $ (3,457 ) $ 98 $ (3,359 ) Net cash provided by operating activities $ (3,023 ) $ — $ (3,023 ) In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) right-of-use |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Oct. 31, 2018 | |
Text Block [Abstract] | |
Revenue Recognition | B. Revenue Recognition We recognize revenue when we transfer control of the promised goods or services to our customers, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. We derive our revenue from software licenses; maintenance services; consulting, implementation and training services; and software-as-a-service The Company determines revenue recognition through the following steps: Step 1 – Identification of the Contract with the Customer Step 2 – Identification of Promised Goods and Services and Evaluation of Whether the Promised Goods and Services are Distinct Performance Obligations Step 3 – Determination of the Transaction Price Step 4 – Allocation of the Transaction Price to Distinct Performance Obligations Step 5 – Attribution of Revenue for Each Distinct Performance Obligation Nature of Products and Services. Licenses . Our perpetual software licenses are sold with maintenance under which we provide customers with telephone consulting, product updates on a when and if available basis, and releases of new versions of products previously purchased by the customer, as well as error reporting and correction services. Subscription Fees. as-needed Professional Services and other . out-pocket Maintenance . Indirect Channel Revenue. case-by-case Sales Taxes . Significant Judgments. Contract Balances. We have an unconditional right to consideration for all goods and services transferred to our customers. That unconditional right to consideration is reflected in billed and unbilled accounts receivable in the accompanying condensed consolidated balance sheet in accordance with FASB Accounting Standards Codification (“ASC”) Topic 606. Deferred revenue consists of amounts collected prior to having completed the performance of maintenance, SaaS, hosting, and managed services. We typically invoice customers for cloud subscription and support fees in advance on a monthly, quarterly or annual basis, with payment due at the start of the cloud subscription or support term. During the six months ended October 31, 2018, we recognized $13 million of revenue that was included in the deferred revenue balance as of April 30, 2018, as adjusted for Topic 606, at the beginning of the period. October 31, May 1, Contract Balances: Contract assets, current $ 3,104 $ 3,815 Contract assets, long-term 1,394 332 Total contract assets $ 4,498 $ 4,147 Deferred revenue, current $ 29,395 $ 32,705 Deferred revenue, long-term — 147 Total deferred revenue $ 29,395 $ 32,852 Remaining Performance Obligations. Disaggregated Revenue. The Company’s revenue by geography is as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 Revenues: Domestic $ 22,502 $ 20,996 $ 44,454 $ 42,542 International 5,531 5,341 10,978 10,680 $ 28,033 $ 26,337 $ 55,432 $ 53,222 Practical Expedients and Exemptions. -The Company does not evaluate a contract for a significant financing component if payment is expected within one year or less from the transfer of the promised items to the customer. -The Company does not disclose the value of unsatisfied performance obligations for contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed (apply to time-and-material Contract costs. a. The costs relate directly to a contract or to an anticipated contract that the Company can specifically identify. b. The costs generate or enhance resources of the Company that will be used in satisfying (or in continuing to satisfy) performance obligations in the future. c. The costs are expected to be recovered. Certain sales commissions incurred by the Company were determined to be incremental costs to obtain the related contracts, which are deferred and amortized ratably over the economic benefit period. These deferred commission costs are classified as current or non-current non-current |
Declaration of Dividend Payable
Declaration of Dividend Payable | 6 Months Ended |
Oct. 31, 2018 | |
Text Block [Abstract] | |
Declaration of Dividend Payable | C. Declaration of Dividend Payable On August 22, 2018, our Board of Directors declared a quarterly cash dividend of $0.11 per share of our Class A and Class B common stock. The cash dividend is payable on December 5, 2018 to Class A and Class B shareholders of record at the close of business on November 19, 2018. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Oct. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | D. Earnings Per Common Share We have two classes of common stock: Class A Common Shares and Class B Common Shares. Our Class B Common Shares are convertible into Class A Common Shares at any time, on a one-for-one “two-class” For our basic earnings per share calculation, we use the “two-class” The calculation of diluted earnings per share is similar to the calculation of basic earnings per share, except that the calculation includes the dilutive effect of the assumed exercise of options issuable under our stock incentive plans. For our diluted earnings per share calculation for Class A Common Shares, we use the “if-converted” For our diluted earnings per share calculation for Class B Common Shares, we use the “two-class” The following tables set forth the computation of basic earnings per common share and diluted earnings per common share (in thousands except for per share amounts): Basic earnings per common share: Three Months Ended Six Months Ended Class A Class B Class A Class B Distributed earnings $ 0.11 $ 0.11 $ 0.22 $ 0.22 Undistributed losses (0.07 ) (0.07 ) (0.13 ) (0.13 ) Total $ 0.04 $ 0.04 $ 0.09 $ 0.09 Distributed earnings $ 3,200 $ 205 $ 6,396 $ 409 Undistributed losses (2,033 ) (129 ) (3,927 ) (250 ) Total $ 1,167 $ 76 $ 2,469 $ 159 Basic weighted average common shares outstanding 29,104 1,822 28,959 1,866 Three Months Ended Six Months Ended Class A Class B Class A Class B Distributed earnings $ 0.11 $ 0.11 $ 0.22 $ 0.22 Undistributed losses (0.03 ) (0.03 ) (0.05 ) (0.05 ) Total $ 0.08 $ 0.08 $ 0.17 $ 0.17 Distributed earnings $ 3,064 $ 249 $ 6,078 $ 505 Undistributed losses (768 ) (65 ) (1,269 ) (109 ) Total $ 2,296 $ 184 $ 4,809 $ 396 Basic weighted average common shares outstanding 27,589 2,317 27,448 2,340 Diluted EPS for Class A Common Shares Using the If-Converted Three Months Ended October 31, 2018 Undistributed Class A EPS* Per Basic $ 1,167 29,104 $ 0.04 Common Stock Equivalents — 552 — 1,167 29,656 0.04 Class B Common Share Conversion 76 1,822 — Diluted EPS for Class A Common Shares $ 1,243 31,478 $ 0.04 Six Months Ended October 31, 2018 Undistributed Class A EPS* Per Basic $ 2,469 28,959 $ 0.09 Common Stock Equivalents — 587 — 2,469 29,546 0.08 Class B Common Share Conversion 159 1,866 — Diluted EPS for Class A Common Shares $ 2,628 31,412 $ 0.08 Three Months Ended October 31, 2017 Undistributed Class A EPS* Per Basic $ 2,296 27,589 $ 0.08 Common Stock Equivalents — 323 — 2,296 27,912 0.08 Class B Conversion 184 2,317 — Diluted EPS for Class A Common Shares $ 2,480 30,229 $ 0.08 Six Months Ended October 31, 2017 Undistributed Class A EPS* Per Basic $ 4,809 27,448 $ 0.17 Common Stock Equivalents — 322 — 4,809 27,770 0.17 Class B Conversion 396 2,340 — Diluted EPS for Class A Common Shares $ 5,205 30,110 $ 0.17 Diluted EPS for Class B Common Shares Using the Two-Class Three Months Ended October 31, 2018 Undistributed Class B EPS* Per Basic $ 76 1,822 $ 0.04 Reallocation of undistributed earnings from Class A Common Shares to Class B Common Shares 2 — — Diluted EPS for Class B Common Shares $ 78 1,822 $ 0.04 Six Months Ended October 31, 2018 Undistributed Class B EPS* Per Basic $ 159 1,866 $ 0.09 Reallocation of undistributed earnings from Class A Common Shares to Class B Common Shares — — — Diluted EPS for Class B Common Shares $ 159 1,866 $ 0.09 Three Months Ended October 31, 2017 Undistributed Class B EPS* Per Basic $ 184 2,317 $ 0.08 Reallocation of undistributed earnings from Class A Common Shares to Class B Common Shares — — — Diluted EPS for Class B Common Shares $ 184 2,317 $ 0.08 Six Months Ended October 31, 2017 Undistributed Class B EPS* Per Basic $ 396 2,340 $ 0.17 Reallocation of undistributed earnings from Class A Common Shares to Class B Common Shares 1 — — Diluted EPS for Class B Common Shares $ 397 2,340 $ 0.17 * Amounts adjusted for rounding For the three and six months ended October 31, 2018, we excluded options to purchase 12,000 and 6,065 Class A Common Shares, respectively, and for the three and six months ended October 31, 2017, we excluded options to purchase 1,184,124 and 1,105,521 Class A Common Shares, respectively, from the computation of diluted earnings per Class A Common Shares. We excluded these option share amounts because the exercise prices of those options were greater than the average market price of the Class A Common Shares during the applicable period. As of October 31, 2018, we had a total of 4,119,923 options outstanding and as of October 31, 2017, we had a total of 3,440,512 options outstanding. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Oct. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | E. Stock-Based Compensation During the six months ended October 31, 2018 and 2017, we granted options for 1,189,000 and 884,000 shares of Class A common stock, respectively. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. The forfeiture rates are estimated using historical data. We recorded stock option compensation cost of approximately $443,000 and $477,000 and income tax excess benefits of approximately $12,000 and shortfall of $47,000 from option exercises during the three months ended October 31, 2018 and 2017, respectively. We recorded stock option compensation cost of approximately $841,000 and $793,000, and income tax excess benefits of approximately $286,000 and $80,000 from option exercises during the six months ended October 31, 2018 and 2017, respectively. We record stock-based compensation expense on a straight-line basis over the vesting period directly to additional paid-in During the six months ended October 31, 2018 and 2017, we issued 343,000 and 482,000 shares of Class A common stock, respectively, resulting from the exercise of stock options. The total intrinsic value of options exercised during the six months ended October 31, 2018 and 2017 based on market value at the exercise dates was approximately $1.9 million and $1.3 million, respectively. As of October 31, 2018, unrecognized compensation cost related to unvested stock option awards approximated $5.4 million, which we expect to recognize over a weighted average period of 2.04 years. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Oct. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | F. Fair Value of Financial Instruments We measure our investments based on a fair value hierarchy disclosure framework that prioritizes and ranks the level of market price observability used in measuring assets and liabilities at fair value. A number of factors affect market price observability, including the type of asset or liability and its characteristics. This hierarchy prioritizes the inputs into three broad levels as follows: • Level 1—Quoted prices for identical instruments in active markets. • Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The following is a general description of the valuation methodologies we use for financial assets and liabilities measured at fair value, including the general classification of such assets and liabilities pursuant to the valuation hierarchy. Cash Equivalents Marketable Securities The following tables present our assets and liabilities that we measured at fair value on a recurring basis as of October 31, 2018 and April 30, 2018, respectively, and indicates the fair value hierarchy of the valuation techniques we used to determine such fair value (in thousands): October 31, 2018 Quoted Prices Significant Significant Balance Cash equivalents $ 43,193 $ — $ — $ 43,193 Marketable securities 9,676 22,065 — 31,741 Total $ 52,869 $ 22,065 $ — $ 74,934 April 30, 2018 Quoted Prices Significant Significant Balance Cash equivalents $ 46,972 $ — $ — $ 46,972 Marketable securities 11,125 23,889 — 35,014 Total $ 58,097 $ 23,889 $ — $ 81,986 |
Stock Repurchases
Stock Repurchases | 6 Months Ended |
Oct. 31, 2018 | |
Equity [Abstract] | |
Stock Repurchases | G. Stock Repurchases On August 19, 2002, our Board of Directors authorized the repurchase of up to an additional 2.0 million shares of our Class A common stock. We have made and will make these repurchases through open market purchases at prevailing market prices. The timing of any repurchase will depend upon market conditions, the market price of our Class A common stock and management’s assessment of our liquidity and cash flow needs. Under this repurchase plan, through October 31, 2018, we have repurchased 1,053,679 shares of Class A common stock at a cost of approximately $6.2 million. As of October 31, 2018, under all repurchase plans previously authorized, including this most recent plan, we have repurchased a total of 4,588,632 shares of common stock at a cost of approximately $25.6 million. |
Comprehensive Income
Comprehensive Income | 6 Months Ended |
Oct. 31, 2018 | |
Equity [Abstract] | |
Comprehensive Income | H. Comprehensive Income We have not included condensed consolidated statements of comprehensive income in the accompanying unaudited condensed consolidated financial statements since comprehensive income and net earnings presented in the accompanying condensed consolidated statements of operations would be substantially the same. |
Industry Segments
Industry Segments | 6 Months Ended |
Oct. 31, 2018 | |
Segment Reporting [Abstract] | |
Industry Segments | I. Industry Segments FASB ASC 280, Segment Reporting The SCM segment primarily consists of Logility, which is a leading provider of collaborative supply chain optimization and advanced retail planning solutions that help medium, large and Fortune 500 companies transform their supply chain operations to gain a competitive advantage and which is recognized for its high-touch approach to customer service, rapid implementations and industry-leading return on investment (ROI). The SCM segment also includes (i) Demand Management, Inc (“DMI”), which delivers affordable, easy-to-use e-commerce Previously, we maintained three operating segments: (1) SCM, (2) IT and (3) Enterprise Resource Planning (“ERP”). As a result of the organizational realignment during the third quarter of fiscal 2018, NGC was repositioned out of the ERP segment and into the SCM segment. There were no changes to the IT segment. Certain prior year amounts have been recast to conform to fiscal 2019 presentation. The change in reportable segments had no effect on our previously reported consolidated financial position or results of operations. All of our revenues are derived from external customers. We do not have any intersegment revenue. Our income taxes and dividends are paid at a consolidated level. Consequently, it is not practical to show these items by operating segment. In the following table, we have broken down the intersegment transactions applicable to the three and six months ended October 31, 2018 and 2017 (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 Revenues: Supply Chain Management $ 22,114 $ 21,178 $ 43,572 $ 43,064 IT Consulting 5,222 4,596 10,579 8,965 Other 697 563 1,281 1,193 $ 28,033 $ 26,337 $ 55,432 $ 53,222 Operating income (loss) before intersegment eliminations: Supply Chain Management $ 3,973 $ 4,669 $ 7,040 $ 9,582 IT Consulting 396 357 755 591 Other (2,843 ) (1,784 ) (5,662 ) (3,310 ) $ 1,526 $ 3,242 $ 2,133 $ 6,863 Intersegment eliminations*: Supply Chain Management — — — — IT Consulting — — — — Other — — — — — — — — Operating income (loss) after intersegment eliminations: Supply Chain Management $ 3,973 $ 4,669 $ 7,040 $ 9,582 IT Consulting 396 357 755 591 Other (2,843 ) (1,784 ) (5,662 ) (3,310 ) $ 1,526 $ 3,242 $ 2,133 $ 6,863 Capital expenditures: Supply Chain Management $ 52 $ 57 $ 124 $ 81 IT Consulting — 4 1 6 Other 128 17 769 125 $ 180 $ 78 $ 894 $ 212 Capitalized software: Supply Chain Management $ 1,204 $ 1,330 $ 2,088 $ 2,617 IT Consulting — — — — Other — — — — $ 1,204 $ 1,330 $ 2,088 $ 2,617 Depreciation and amortization: Supply Chain Management $ 1,828 $ 1,273 $ 3,554 $ 2,605 IT Consulting 2 2 4 4 Other 83 46 153 96 $ 1,913 $ 1,321 $ 3,711 $ 2,705 Earnings (loss) before income taxes: Supply Chain Management $ 4,008 $ 4,718 $ 7,058 $ 9,792 IT Consulting 396 357 755 591 Other (3,068 ) (1,157 ) (5,117 ) (2,245 ) $ 1,336 $ 3,918 $ 2,696 $ 8,138 * Fiscal 2018 recast to adjust for corporate overhead and other common expenses, which were no longer allocated starting in fiscal 2019. |
Major Customers
Major Customers | 6 Months Ended |
Oct. 31, 2018 | |
Text Block [Abstract] | |
Major Customers | J. Major Customers No one customer accounted for more than 10% of total revenues for the three and six months ended October 31, 2018 and 2017. |
Contingencies
Contingencies | 6 Months Ended |
Oct. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | K. Contingencies We more often than not indemnify our customers against damages and costs resulting from claims of patent, copyright or trademark infringement associated with use of our products. Historically, we have not been required to make any payments under such indemnifications. However, we continue to monitor the conditions that are subject to the indemnifications to identify whether it is probable that a loss has occurred, and would recognize any such losses when those losses are estimable. In addition, we warrant to our customers that our products operate substantially in accordance with the software products’ specifications. Historically, we have incurred no costs related to software product warranties and we do not expect to incur such costs in the future, and as such we have made no accruals for software product warranty costs. Additionally, we are involved in various claims arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on our financial position or results of operations. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Oct. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | L. Subsequent Event On November 15, 2018, our Board of Directors declared a quarterly cash dividend of $0.11 per share of our Class A and Class B common stock. The cash dividend is payable on February 22, 2019 to Class A and Class B shareholders of record at the close of business on February 8, 2019. |
Presentation and Summary of S_2
Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Oct. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10-Q 10-01 Regulation S-X. 10-K The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Note 1 in the Notes to the Consolidated Financial Statements for the fiscal year ended April 30, 2018 contained in the Annual Report describes the significant accounting policies that we have used in preparing our consolidated financial statements. On an ongoing basis, we evaluate our estimates, including but not limited to those related to revenue/collectability, stock-based compensation, income taxes and contingencies. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Our actual results could differ materially from these estimates under different assumptions or conditions. The accompanying condensed consolidated balance sheet as of April 30, 2018 and the condensed consolidated statements of operations for the three and six months and cash flows for the six months ended October 31, 2017 have not been revised for the effects of Topic 606 and are therefore not comparable to the October 31, 2018 period. |
Principles of Consolidation | Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of American Software, Inc. (“American Software”) and its wholly-owned subsidiaries (collectively, the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) point-in-time The following table presents the cumulative effect of adjustments, net of income tax effects, to beginning consolidated balance sheet accounts for the new accounting standard adopted by the Company on the first day of fiscal 2019: April 30, Topic 606 May 1, (in thousands) ASSETS Current assets: Cash and cash equivalents $ 52,794 $ — $ 52,794 Investments 26,121 — 26,121 Trade accounts receivable, net Billed 18,643 — 18,643 Unbilled 3,375 440 3,815 Prepaid expenses and other current assets 6,592 126 6,718 Total current assets 107,525 566 108,091 Investments—Noncurrent 8,893 — 8,893 Property and equipment, net 3,034 — 3,034 Capitalized software, net 9,728 — 9,728 Goodwill 25,888 — 25,888 Other intangibles, net 5,120 — 5,120 Other assets 2,777 1,325 4,102 Total assets $ 162,965 $ 1,891 $ 164,856 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1,974 $ — $ 1,974 Accrued compensation and related costs 6,310 — 6,310 Dividends payable 3,367 — 3,367 Other current liabilities 1,246 80 1,326 Deferred revenue 33,226 (521 ) 32,705 Total current liabilities 46,123 (441 ) 45,682 Deferred income taxes 2,615 579 3,194 Long-term deferred revenue 147 — 147 Other long-term liabilities 1,496 — 1,496 Total liabilities 50,381 138 50,519 Shareholders’ equity: Common stock: Class A 3,314 — 3,314 Class B 205 — 205 Additional paid-in 131,258 — 131,258 Retained earnings 3,366 1,753 5,119 Class A treasury stock (25,559 ) — (25,559 ) Total shareholders’ equity 112,584 1,753 114,337 Total liabilities and shareholders’ equity $ 162,965 $ 1,891 $ 164,856 The following table summarizes the effects of adopting Topic 606 on the Company’s condensed consolidated balance sheet as of October 31, 2018: As reported Adjustments Balances under (in thousands) ASSETS Current assets: Cash and cash equivalents $ 50,933 $ — $ 50,933 Investments 29,816 — 29,816 Trade accounts receivable, net — Billed 17,427 — 17,427 Unbilled 3,104 (389 ) 2,715 Prepaid expenses and other current assets 6,568 (251 ) 6,317 Total current assets 107,848 (640 ) 107,208 Investments—Noncurrent 1,925 — 1,925 Property and equipment, net 3,609 — 3,609 Capitalized software, net 9,618 — 9,618 Goodwill 25,888 — 25,888 Other intangibles, net 3,926 — 3,926 Other assets 3,776 (1,191 ) 2,585 Total assets $ 156,590 $ (1,831 ) $ 154,759 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1,475 $ — $ 1,475 Accrued compensation and related costs 2,829 — 2,829 Dividends payable 3,405 — 3,405 Other current liabilities 1,362 (80 ) 1,282 Deferred revenue 29,395 619 30,014 Total current liabilities 38,466 539 39,005 Deferred income taxes 2,929 (584 ) 2,345 Long-term deferred revenue — — — Other long-term liabilities 1,107 — 1,107 Total liabilities 42,502 (45 ) 42,457 Shareholders’ equity: Common stock: Class A 3,372 — 3,372 Class B 182 — 182 Additional paid-in 135,150 — 135,150 Retained earnings 943 (1,786 ) (843 ) Class A treasury stock (25,559 ) — (25,559 ) Total shareholders’ equity 114,088 (1,786 ) 112,302 Commitments and contingencies Total liabilities and shareholders’ equity $ 156,590 $ (1,831 ) $ 154,759 The following table summarizes the effects of adopting Topic 606 on the Company’s condensed consolidated statement of operations for the three months ended October 31, 2018: As reported Adjustments Balances under (in thousands, except Revenues: License $ 2,012 $ 391 $ 2,403 Subscription Fees 3,341 2 3,343 Professional Services and other 11,056 46 11,102 Maintenance 11,624 — 11,624 Total revenues 28,033 439 28,472 Cost of revenues: License 1,760 — 1,760 Subscription Fees 1,289 — 1,289 Professional Services and other 8,103 — 8,103 Maintenance 2,214 — 2,214 Total cost of revenues 13,366 — 13,366 Gross margin 14,667 439 15,106 Research and development 3,332 3,332 Sales and marketing 5,304 63 5,368 General and administrative 4,408 — 4,408 Amortization of acquisition-related intangibles 97 — 97 Total operating expenses 13,141 63 13,204 Operating income 1,526 376 1,902 Other income: Interest income 524 — 524 Other, net (714 ) — (714 ) Earnings before income taxes 1,336 376 1,712 Income tax expense 93 71 164 Net earnings $ 1,243 $ 305 $ 1,548 Earnings per common share: Basic $ 0.04 $ 0.01 $ 0.05 Diluted $ 0.04 $ 0.01 $ 0.05 The following table summarizes the effects of adopting Topic 606 on the Company’s condensed consolidated statement of operations for the six months ended October 31, 2018: As reported Adjustments Balances under (in thousands, except Revenues: License $ 3,714 $ (55 ) $ 3,659 Subscription Fees 6,509 4 6,513 Professional Services and other 22,064 106 22,170 Maintenance 23,145 — 23,145 Total revenues 55,432 55 55,487 Cost of revenues: License 3,474 — 3,474 Subscription Fees 2,356 — 2,356 Professional Services and other 16,771 — 16,771 Maintenance 4,412 — 4,412 Total cost of revenues 27,013 — 27,013 Gross margin 28,419 55 28,474 Research and development 7,007 7,007 Sales and marketing 10,484 93 10,577 General and administrative 8,601 — 8,601 Amortization of acquisition-related intangibles 194 — 194 Total operating expenses 26,286 93 26,379 Operating income 2,133 (38 ) 2,095 Other income: Interest income 1,027 — 1,027 Other, net (464 ) — (464 ) Earnings before income taxes 2,696 (38 ) 2,658 Income tax expense (benefit) 68 (5 ) 63 Net earnings $ 2,628 $ (33 ) $ 2,595 Earnings per common share: Basic $ 0.09 $ — $ 0.09 Diluted $ 0.08 $ — $ 0.08 The Company’s net cash provided by operating activities for the six months ended October 31, 2018 did not change due to the adoption of Topic 606. The following table summarizes the effects of adopting Topic 606 on the financial statement line items of the Company’s condensed consolidated statement of cash flows for the six months ended October 31, 2018: As reported Adjustments Balances under (in thousands) Net earnings (loss) $ 2,628 $ (33 ) $ 2,595 Deferred income taxes $ (265 ) $ (5 ) $ (270 ) Changes in operating assets and liabilities: Accounts receivable, net $ 2,162 $ (51 ) $ 2,111 Prepaid expenses and other assets $ 242 $ (9) $ 233 Accounts payable and other liabilities $ (4,333 ) $ — $ (4,333 ) Deferred revenue $ (3,457 ) $ 98 $ (3,359 ) Net cash provided by operating activities $ (3,023 ) $ — $ (3,023 ) In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) right-of-use |
Revenue Recognition | We recognize revenue when we transfer control of the promised goods or services to our customers, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. We derive our revenue from software licenses; maintenance services; consulting, implementation and training services; and software-as-a-service The Company determines revenue recognition through the following steps: Step 1 – Identification of the Contract with the Customer Step 2 – Identification of Promised Goods and Services and Evaluation of Whether the Promised Goods and Services are Distinct Performance Obligations Step 3 – Determination of the Transaction Price Step 4 – Allocation of the Transaction Price to Distinct Performance Obligations Step 5 – Attribution of Revenue for Each Distinct Performance Obligation Nature of Products and Services. Licenses . Our perpetual software licenses are sold with maintenance under which we provide customers with telephone consulting, product updates on a when and if available basis, and releases of new versions of products previously purchased by the customer, as well as error reporting and correction services. Subscription Fees. as-needed Professional Services and other . out-pocket Maintenance . Indirect Channel Revenue. case-by-case Sales Taxes . Significant Judgments. Contract Balances. We have an unconditional right to consideration for all goods and services transferred to our customers. That unconditional right to consideration is reflected in billed and unbilled accounts receivable in the accompanying condensed consolidated balance sheet in accordance with FASB Accounting Standards Codification (“ASC”) Topic 606. Deferred revenue consists of amounts collected prior to having completed the performance of maintenance, SaaS, hosting, and managed services. We typically invoice customers for cloud subscription and support fees in advance on a monthly, quarterly or annual basis, with payment due at the start of the cloud subscription or support term. During the six months ended October 31, 2018, we recognized $13 million of revenue that was included in the deferred revenue balance as of April 30, 2018, as adjusted for Topic 606, at the beginning of the period. October 31, May 1, Contract Balances: Contract assets, current $ 3,104 $ 3,815 Contract assets, long-term 1,394 332 Total contract assets $ 4,498 $ 4,147 Deferred revenue, current $ 29,395 $ 32,705 Deferred revenue, long-term — 147 Total deferred revenue $ 29,395 $ 32,852 Remaining Performance Obligations. Disaggregated Revenue. The Company’s revenue by geography is as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 Revenues: Domestic $ 22,502 $ 20,996 $ 44,454 $ 42,542 International 5,531 5,341 10,978 10,680 $ 28,033 $ 26,337 $ 55,432 $ 53,222 Practical Expedients and Exemptions. -The Company does not evaluate a contract for a significant financing component if payment is expected within one year or less from the transfer of the promised items to the customer. -The Company does not disclose the value of unsatisfied performance obligations for contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed (apply to time-and-material Contract costs. a. The costs relate directly to a contract or to an anticipated contract that the Company can specifically identify. b. The costs generate or enhance resources of the Company that will be used in satisfying (or in continuing to satisfy) performance obligations in the future. c. The costs are expected to be recovered. Certain sales commissions incurred by the Company were determined to be incremental costs to obtain the related contracts, which are deferred and amortized ratably over the economic benefit period. These deferred commission costs are classified as current or non-current non-current |
Earnings Per Common Share | We have two classes of common stock: Class A Common Shares and Class B Common Shares. Our Class B Common Shares are convertible into Class A Common Shares at any time, on a one-for-one “two-class” For our basic earnings per share calculation, we use the “two-class” The calculation of diluted earnings per share is similar to the calculation of basic earnings per share, except that the calculation includes the dilutive effect of the assumed exercise of options issuable under our stock incentive plans. For our diluted earnings per share calculation for Class A Common Shares, we use the “if-converted” For our diluted earnings per share calculation for Class B Common Shares, we use the “two-class” |
Presentation and Summary of S_3
Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Effect of Adopting Topic 606 on Financial Statements | The following table presents the cumulative effect of adjustments, net of income tax effects, to beginning consolidated balance sheet accounts for the new accounting standard adopted by the Company on the first day of fiscal 2019: April 30, Topic 606 May 1, (in thousands) ASSETS Current assets: Cash and cash equivalents $ 52,794 $ — $ 52,794 Investments 26,121 — 26,121 Trade accounts receivable, net Billed 18,643 — 18,643 Unbilled 3,375 440 3,815 Prepaid expenses and other current assets 6,592 126 6,718 Total current assets 107,525 566 108,091 Investments—Noncurrent 8,893 — 8,893 Property and equipment, net 3,034 — 3,034 Capitalized software, net 9,728 — 9,728 Goodwill 25,888 — 25,888 Other intangibles, net 5,120 — 5,120 Other assets 2,777 1,325 4,102 Total assets $ 162,965 $ 1,891 $ 164,856 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1,974 $ — $ 1,974 Accrued compensation and related costs 6,310 — 6,310 Dividends payable 3,367 — 3,367 Other current liabilities 1,246 80 1,326 Deferred revenue 33,226 (521 ) 32,705 Total current liabilities 46,123 (441 ) 45,682 Deferred income taxes 2,615 579 3,194 Long-term deferred revenue 147 — 147 Other long-term liabilities 1,496 — 1,496 Total liabilities 50,381 138 50,519 Shareholders’ equity: Common stock: Class A 3,314 — 3,314 Class B 205 — 205 Additional paid-in 131,258 — 131,258 Retained earnings 3,366 1,753 5,119 Class A treasury stock (25,559 ) — (25,559 ) Total shareholders’ equity 112,584 1,753 114,337 Total liabilities and shareholders’ equity $ 162,965 $ 1,891 $ 164,856 The following table summarizes the effects of adopting Topic 606 on the Company’s condensed consolidated balance sheet as of October 31, 2018: As reported Adjustments Balances under (in thousands) ASSETS Current assets: Cash and cash equivalents $ 50,933 $ — $ 50,933 Investments 29,816 — 29,816 Trade accounts receivable, net — Billed 17,427 — 17,427 Unbilled 3,104 (389 ) 2,715 Prepaid expenses and other current assets 6,568 (251 ) 6,317 Total current assets 107,848 (640 ) 107,208 Investments—Noncurrent 1,925 — 1,925 Property and equipment, net 3,609 — 3,609 Capitalized software, net 9,618 — 9,618 Goodwill 25,888 — 25,888 Other intangibles, net 3,926 — 3,926 Other assets 3,776 (1,191 ) 2,585 Total assets $ 156,590 $ (1,831 ) $ 154,759 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1,475 $ — $ 1,475 Accrued compensation and related costs 2,829 — 2,829 Dividends payable 3,405 — 3,405 Other current liabilities 1,362 (80 ) 1,282 Deferred revenue 29,395 619 30,014 Total current liabilities 38,466 539 39,005 Deferred income taxes 2,929 (584 ) 2,345 Long-term deferred revenue — — — Other long-term liabilities 1,107 — 1,107 Total liabilities 42,502 (45 ) 42,457 Shareholders’ equity: Common stock: Class A 3,372 — 3,372 Class B 182 — 182 Additional paid-in 135,150 — 135,150 Retained earnings 943 (1,786 ) (843 ) Class A treasury stock (25,559 ) — (25,559 ) Total shareholders’ equity 114,088 (1,786 ) 112,302 Commitments and contingencies Total liabilities and shareholders’ equity $ 156,590 $ (1,831 ) $ 154,759 The following table summarizes the effects of adopting Topic 606 on the Company’s condensed consolidated statement of operations for the three months ended October 31, 2018: As reported Adjustments Balances under (in thousands, except Revenues: License $ 2,012 $ 391 $ 2,403 Subscription Fees 3,341 2 3,343 Professional Services and other 11,056 46 11,102 Maintenance 11,624 — 11,624 Total revenues 28,033 439 28,472 Cost of revenues: License 1,760 — 1,760 Subscription Fees 1,289 — 1,289 Professional Services and other 8,103 — 8,103 Maintenance 2,214 — 2,214 Total cost of revenues 13,366 — 13,366 Gross margin 14,667 439 15,106 Research and development 3,332 3,332 Sales and marketing 5,304 63 5,368 General and administrative 4,408 — 4,408 Amortization of acquisition-related intangibles 97 — 97 Total operating expenses 13,141 63 13,204 Operating income 1,526 376 1,902 Other income: Interest income 524 — 524 Other, net (714 ) — (714 ) Earnings before income taxes 1,336 376 1,712 Income tax expense 93 71 164 Net earnings $ 1,243 $ 305 $ 1,548 Earnings per common share: Basic $ 0.04 $ 0.01 $ 0.05 Diluted $ 0.04 $ 0.01 $ 0.05 The following table summarizes the effects of adopting Topic 606 on the Company’s condensed consolidated statement of operations for the six months ended October 31, 2018: As reported Adjustments Balances under (in thousands, except Revenues: License $ 3,714 $ (55 ) $ 3,659 Subscription Fees 6,509 4 6,513 Professional Services and other 22,064 106 22,170 Maintenance 23,145 — 23,145 Total revenues 55,432 55 55,487 Cost of revenues: License 3,474 — 3,474 Subscription Fees 2,356 — 2,356 Professional Services and other 16,771 — 16,771 Maintenance 4,412 — 4,412 Total cost of revenues 27,013 — 27,013 Gross margin 28,419 55 28,474 Research and development 7,007 7,007 Sales and marketing 10,484 93 10,577 General and administrative 8,601 — 8,601 Amortization of acquisition-related intangibles 194 — 194 Total operating expenses 26,286 93 26,379 Operating income 2,133 (38 ) 2,095 Other income: Interest income 1,027 — 1,027 Other, net (464 ) — (464 ) Earnings before income taxes 2,696 (38 ) 2,658 Income tax expense (benefit) 68 (5 ) 63 Net earnings $ 2,628 $ (33 ) $ 2,595 Earnings per common share: Basic $ 0.09 $ — $ 0.09 Diluted $ 0.08 $ — $ 0.08 The Company’s net cash provided by operating activities for the six months ended October 31, 2018 did not change due to the adoption of Topic 606. The following table summarizes the effects of adopting Topic 606 on the financial statement line items of the Company’s condensed consolidated statement of cash flows for the six months ended October 31, 2018: As reported Adjustments Balances under (in thousands) Net earnings (loss) $ 2,628 $ (33 ) $ 2,595 Deferred income taxes $ (265 ) $ (5 ) $ (270 ) Changes in operating assets and liabilities: Accounts receivable, net $ 2,162 $ (51 ) $ 2,111 Prepaid expenses and other assets $ 242 $ (9) $ 233 Accounts payable and other liabilities $ (4,333 ) $ — $ (4,333 ) Deferred revenue $ (3,457 ) $ 98 $ (3,359 ) Net cash provided by operating activities $ (3,023 ) $ — $ (3,023 ) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Text Block [Abstract] | |
Summary of Contract Balances | October 31, May 1, Contract Balances: Contract assets, current $ 3,104 $ 3,815 Contract assets, long-term 1,394 332 Total contract assets $ 4,498 $ 4,147 Deferred revenue, current $ 29,395 $ 32,705 Deferred revenue, long-term — 147 Total deferred revenue $ 29,395 $ 32,852 |
Schedule of Disaggregated Revenue | The Company’s revenue by geography is as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 Revenues: Domestic $ 22,502 $ 20,996 $ 44,454 $ 42,542 International 5,531 5,341 10,978 10,680 $ 28,033 $ 26,337 $ 55,432 $ 53,222 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Earnings Per Share [Abstract] | |
Basic Earnings Per Common Share | Basic earnings per common share: Three Months Ended Six Months Ended Class A Class B Class A Class B Distributed earnings $ 0.11 $ 0.11 $ 0.22 $ 0.22 Undistributed losses (0.07 ) (0.07 ) (0.13 ) (0.13 ) Total $ 0.04 $ 0.04 $ 0.09 $ 0.09 Distributed earnings $ 3,200 $ 205 $ 6,396 $ 409 Undistributed losses (2,033 ) (129 ) (3,927 ) (250 ) Total $ 1,167 $ 76 $ 2,469 $ 159 Basic weighted average common shares outstanding 29,104 1,822 28,959 1,866 Three Months Ended Six Months Ended Class A Class B Class A Class B Distributed earnings $ 0.11 $ 0.11 $ 0.22 $ 0.22 Undistributed losses (0.03 ) (0.03 ) (0.05 ) (0.05 ) Total $ 0.08 $ 0.08 $ 0.17 $ 0.17 Distributed earnings $ 3,064 $ 249 $ 6,078 $ 505 Undistributed losses (768 ) (65 ) (1,269 ) (109 ) Total $ 2,296 $ 184 $ 4,809 $ 396 Basic weighted average common shares outstanding 27,589 2,317 27,448 2,340 |
Diluted Earnings Per Share for Class A Common Shares Using If-Converted Method | Diluted EPS for Class A Common Shares Using the If-Converted Three Months Ended October 31, 2018 Undistributed Class A EPS* Per Basic $ 1,167 29,104 $ 0.04 Common Stock Equivalents — 552 — 1,167 29,656 0.04 Class B Common Share Conversion 76 1,822 — Diluted EPS for Class A Common Shares $ 1,243 31,478 $ 0.04 Six Months Ended October 31, 2018 Undistributed Class A EPS* Per Basic $ 2,469 28,959 $ 0.09 Common Stock Equivalents — 587 — 2,469 29,546 0.08 Class B Common Share Conversion 159 1,866 — Diluted EPS for Class A Common Shares $ 2,628 31,412 $ 0.08 Three Months Ended October 31, 2017 Undistributed Class A EPS* Per Basic $ 2,296 27,589 $ 0.08 Common Stock Equivalents — 323 — 2,296 27,912 0.08 Class B Conversion 184 2,317 — Diluted EPS for Class A Common Shares $ 2,480 30,229 $ 0.08 Six Months Ended October 31, 2017 Undistributed Class A EPS* Per Basic $ 4,809 27,448 $ 0.17 Common Stock Equivalents — 322 — 4,809 27,770 0.17 Class B Conversion 396 2,340 — Diluted EPS for Class A Common Shares $ 5,205 30,110 $ 0.17 |
Diluted Earnings Per Share for Class B Common Shares Using Two-Class Method | Diluted EPS for Class B Common Shares Using the Two-Class Three Months Ended October 31, 2018 Undistributed Class B EPS* Per Basic $ 76 1,822 $ 0.04 Reallocation of undistributed earnings from Class A Common Shares to Class B Common Shares 2 — — Diluted EPS for Class B Common Shares $ 78 1,822 $ 0.04 Six Months Ended October 31, 2018 Undistributed Class B EPS* Per Basic $ 159 1,866 $ 0.09 Reallocation of undistributed earnings from Class A Common Shares to Class B Common Shares — — — Diluted EPS for Class B Common Shares $ 159 1,866 $ 0.09 Three Months Ended October 31, 2017 Undistributed Class B EPS* Per Basic $ 184 2,317 $ 0.08 Reallocation of undistributed earnings from Class A Common Shares to Class B Common Shares — — — Diluted EPS for Class B Common Shares $ 184 2,317 $ 0.08 Six Months Ended October 31, 2017 Undistributed Class B EPS* Per Basic $ 396 2,340 $ 0.17 Reallocation of undistributed earnings from Class A Common Shares to Class B Common Shares 1 — — Diluted EPS for Class B Common Shares $ 397 2,340 $ 0.17 * Amounts adjusted for rounding |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present our assets and liabilities that we measured at fair value on a recurring basis as of October 31, 2018 and April 30, 2018, respectively, and indicates the fair value hierarchy of the valuation techniques we used to determine such fair value (in thousands): October 31, 2018 Quoted Prices Significant Significant Balance Cash equivalents $ 43,193 $ — $ — $ 43,193 Marketable securities 9,676 22,065 — 31,741 Total $ 52,869 $ 22,065 $ — $ 74,934 April 30, 2018 Quoted Prices Significant Significant Balance Cash equivalents $ 46,972 $ — $ — $ 46,972 Marketable securities 11,125 23,889 — 35,014 Total $ 58,097 $ 23,889 $ — $ 81,986 |
Industry Segments (Tables)
Industry Segments (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Operating Profit or Loss | In the following table, we have broken down the intersegment transactions applicable to the three and six months ended October 31, 2018 and 2017 (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 Revenues: Supply Chain Management $ 22,114 $ 21,178 $ 43,572 $ 43,064 IT Consulting 5,222 4,596 10,579 8,965 Other 697 563 1,281 1,193 $ 28,033 $ 26,337 $ 55,432 $ 53,222 Operating income (loss) before intersegment eliminations: Supply Chain Management $ 3,973 $ 4,669 $ 7,040 $ 9,582 IT Consulting 396 357 755 591 Other (2,843 ) (1,784 ) (5,662 ) (3,310 ) $ 1,526 $ 3,242 $ 2,133 $ 6,863 Intersegment eliminations*: Supply Chain Management — — — — IT Consulting — — — — Other — — — — — — — — Operating income (loss) after intersegment eliminations: Supply Chain Management $ 3,973 $ 4,669 $ 7,040 $ 9,582 IT Consulting 396 357 755 591 Other (2,843 ) (1,784 ) (5,662 ) (3,310 ) $ 1,526 $ 3,242 $ 2,133 $ 6,863 Capital expenditures: Supply Chain Management $ 52 $ 57 $ 124 $ 81 IT Consulting — 4 1 6 Other 128 17 769 125 $ 180 $ 78 $ 894 $ 212 Capitalized software: Supply Chain Management $ 1,204 $ 1,330 $ 2,088 $ 2,617 IT Consulting — — — — Other — — — — $ 1,204 $ 1,330 $ 2,088 $ 2,617 Depreciation and amortization: Supply Chain Management $ 1,828 $ 1,273 $ 3,554 $ 2,605 IT Consulting 2 2 4 4 Other 83 46 153 96 $ 1,913 $ 1,321 $ 3,711 $ 2,705 Earnings (loss) before income taxes: Supply Chain Management $ 4,008 $ 4,718 $ 7,058 $ 9,792 IT Consulting 396 357 755 591 Other (3,068 ) (1,157 ) (5,117 ) (2,245 ) $ 1,336 $ 3,918 $ 2,696 $ 8,138 * Fiscal 2018 recast to adjust for corporate overhead and other common expenses, which were no longer allocated starting in fiscal 2019. |
Presentation and Summary of S_4
Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | Apr. 30, 2019 | Apr. 30, 2018 | |
Accounting Policies [Line Items] | ||||||
Total revenues | $ 28,033 | $ 26,337 | $ 55,432 | $ 53,222 | ||
Sales commission capitalized | 2,300 | 2,300 | $ 2,500 | |||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | ||||||
Accounting Policies [Line Items] | ||||||
Total revenues | 439 | 55 | ||||
Sales commission capitalized | $ 1,100 | $ 1,100 | ||||
Sales commission capitalized, economic benefit period | 6 years | |||||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | Scenario, Forecast | ||||||
Accounting Policies [Line Items] | ||||||
Total revenues | $ 1,200 | |||||
Upfront recognition of revenue under new standard | 70.00% |
Presentation and Summary of S_5
Presentation and Summary of Significant Accounting Policies - Summary of Effect of Adopting Topic 606 on Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | May 01, 2018 | Apr. 30, 2018 | Oct. 31, 2017 | Apr. 30, 2017 |
Current assets: | |||||
Cash and cash equivalents | $ 50,933 | $ 52,794 | $ 52,794 | $ 61,242 | $ 66,001 |
Investments | 29,816 | 26,121 | 26,121 | ||
Trade accounts receivable, net | |||||
Billed | 17,427 | 18,643 | 18,643 | ||
Unbilled | 3,104 | 3,815 | 3,375 | ||
Prepaid expenses and other current assets | 6,568 | 6,718 | 6,592 | ||
Total current assets | 107,848 | 108,091 | 107,525 | ||
Investments-noncurrent | 1,925 | 8,893 | 8,893 | ||
Property and equipment, net | 3,609 | 3,034 | 3,034 | ||
Capitalized software, net | 9,618 | 9,728 | 9,728 | ||
Goodwill | 25,888 | 25,888 | 25,888 | ||
Other intangibles, net | 3,926 | 5,120 | 5,120 | ||
Other assets | 3,776 | 4,102 | 2,777 | ||
Total assets | 156,590 | 164,856 | 162,965 | ||
Current liabilities: | |||||
Accounts payable | 1,475 | 1,974 | 1,974 | ||
Accrued compensation and related costs | 2,829 | 6,310 | 6,310 | ||
Dividends payable | 3,405 | 3,367 | 3,367 | ||
Other current liabilities | 1,362 | 1,326 | 1,246 | ||
Deferred revenue | 29,395 | 32,705 | 33,226 | ||
Total current liabilities | 38,466 | 45,682 | 46,123 | ||
Deferred income taxes | 2,929 | 3,194 | 2,615 | ||
Long-term deferred revenue | 147 | 147 | |||
Other long-term liabilities | 1,107 | 1,496 | 1,496 | ||
Total liabilities | 42,502 | 50,519 | 50,381 | ||
Shareholders' equity: | |||||
Additional paid-incapital | 135,150 | 131,258 | 131,258 | ||
Retained earnings | 943 | 5,119 | 3,366 | ||
Class A treasury stock | (25,559) | (25,559) | (25,559) | ||
Total shareholders' equity | 114,088 | 114,337 | 112,584 | ||
Commitments and contingencies | |||||
Total liabilities and shareholders' equity | 156,590 | 164,856 | 162,965 | ||
Balances under Prior GAAP | |||||
Current assets: | |||||
Cash and cash equivalents | 50,933 | ||||
Investments | 29,816 | ||||
Trade accounts receivable, net | |||||
Billed | 17,427 | ||||
Unbilled | 2,715 | ||||
Prepaid expenses and other current assets | 6,317 | ||||
Total current assets | 107,208 | ||||
Investments-noncurrent | 1,925 | ||||
Property and equipment, net | 3,609 | ||||
Capitalized software, net | 9,618 | ||||
Goodwill | 25,888 | ||||
Other intangibles, net | 3,926 | ||||
Other assets | 2,585 | ||||
Total assets | 154,759 | ||||
Current liabilities: | |||||
Accounts payable | 1,475 | ||||
Accrued compensation and related costs | 2,829 | ||||
Dividends payable | 3,405 | ||||
Other current liabilities | 1,282 | ||||
Deferred revenue | 30,014 | ||||
Total current liabilities | 39,005 | ||||
Deferred income taxes | 2,345 | ||||
Other long-term liabilities | 1,107 | ||||
Total liabilities | 42,457 | ||||
Shareholders' equity: | |||||
Additional paid-incapital | 135,150 | ||||
Retained earnings | (843) | ||||
Class A treasury stock | (25,559) | ||||
Total shareholders' equity | 112,302 | ||||
Commitments and contingencies | |||||
Total liabilities and shareholders' equity | 154,759 | ||||
Class A Common Shares | |||||
Shareholders' equity: | |||||
Common stock value | 3,372 | 3,314 | 3,314 | ||
Class A Common Shares | Balances under Prior GAAP | |||||
Shareholders' equity: | |||||
Common stock value | 3,372 | ||||
Class B Common Shares | |||||
Shareholders' equity: | |||||
Common stock value | 182 | $ 205 | 205 | ||
Class B Common Shares | Balances under Prior GAAP | |||||
Shareholders' equity: | |||||
Common stock value | 182 | ||||
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | |||||
Trade accounts receivable, net | |||||
Unbilled | (389) | 440 | |||
Prepaid expenses and other current assets | (251) | 126 | |||
Total current assets | (640) | 566 | |||
Other assets | (1,191) | 1,325 | |||
Total assets | (1,831) | 1,891 | |||
Current liabilities: | |||||
Other current liabilities | (80) | 80 | |||
Deferred revenue | 619 | (521) | |||
Total current liabilities | 539 | (441) | |||
Deferred income taxes | (584) | 579 | |||
Total liabilities | (45) | 138 | |||
Shareholders' equity: | |||||
Retained earnings | (1,786) | 1,753 | |||
Total shareholders' equity | (1,786) | 1,753 | |||
Commitments and contingencies | |||||
Total liabilities and shareholders' equity | $ (1,831) | $ 1,891 |
Presentation and Summary of S_6
Presentation and Summary of Significant Accounting Policies - Summary of Effect of Adopting Topic 606 on Condensed Consolidated Statement of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | ||
Revenues | |||||
Revenues | $ 28,033 | $ 26,337 | $ 55,432 | $ 53,222 | |
Cost of revenues: | |||||
Cost of revenues | 13,366 | 12,331 | 27,013 | 23,992 | |
Gross margin | 14,667 | 14,006 | 28,419 | 29,230 | |
Research and development | 3,332 | 2,643 | 7,007 | 5,151 | |
Sales and marketing | 5,304 | 4,437 | 10,484 | 9,670 | |
General and administrative | 4,408 | 3,616 | 8,601 | 7,155 | |
Amortization of acquisition-related intangibles | 97 | 68 | 194 | 391 | |
Total operating expenses | 13,141 | 10,764 | 26,286 | 22,367 | |
Operating income | 1,526 | 3,242 | 2,133 | 6,863 | |
Other income: | |||||
Interest income | 524 | 354 | 1,027 | 717 | |
Other, net | (714) | 322 | (464) | 558 | |
Earnings before income taxes | 1,336 | 3,918 | 2,696 | 8,138 | |
Income tax expense (benefit) | 93 | 1,438 | 68 | 2,933 | |
Net earnings | $ 1,243 | $ 2,480 | $ 2,628 | $ 5,205 | |
Earnings per common share: | |||||
Basic | [1] | $ 0.04 | $ 0.08 | $ 0.09 | $ 0.17 |
Diluted | [1] | $ 0.04 | $ 0.08 | $ 0.08 | $ 0.17 |
Balances under Prior GAAP | |||||
Revenues | |||||
Revenues | $ 28,472 | $ 55,487 | |||
Cost of revenues: | |||||
Cost of revenues | 13,366 | 27,013 | |||
Gross margin | 15,106 | 28,474 | |||
Research and development | 3,332 | 7,007 | |||
Sales and marketing | 5,368 | 10,577 | |||
General and administrative | 4,408 | 8,601 | |||
Amortization of acquisition-related intangibles | 97 | 194 | |||
Total operating expenses | 13,204 | 26,379 | |||
Operating income | 1,902 | 2,095 | |||
Other income: | |||||
Interest income | 524 | 1,027 | |||
Other, net | (714) | (464) | |||
Earnings before income taxes | 1,712 | 2,658 | |||
Income tax expense (benefit) | 164 | 63 | |||
Net earnings | $ 1,548 | $ 2,595 | |||
Earnings per common share: | |||||
Basic | $ 0.05 | $ 0.09 | |||
Diluted | $ 0.05 | $ 0.08 | |||
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | |||||
Revenues | |||||
Revenues | $ 439 | $ 55 | |||
Cost of revenues: | |||||
Gross margin | 439 | 55 | |||
Sales and marketing | 63 | 93 | |||
Total operating expenses | 63 | 93 | |||
Operating income | 376 | (38) | |||
Other income: | |||||
Earnings before income taxes | 376 | (38) | |||
Income tax expense (benefit) | 71 | (5) | |||
Net earnings | $ 305 | (33) | |||
Earnings per common share: | |||||
Basic | $ 0.01 | ||||
Diluted | $ 0.01 | ||||
License | |||||
Revenues | |||||
Revenues | $ 2,012 | $ 2,449 | 3,714 | $ 6,464 | |
Cost of revenues: | |||||
Cost of revenues | 1,760 | 1,651 | 3,474 | 2,966 | |
License | Balances under Prior GAAP | |||||
Revenues | |||||
Revenues | 2,403 | 3,659 | |||
Cost of revenues: | |||||
Cost of revenues | 1,760 | 3,474 | |||
License | Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | |||||
Revenues | |||||
Revenues | 391 | (55) | |||
Subscription Fees | |||||
Revenues | |||||
Revenues | 3,341 | 2,041 | 6,509 | 3,660 | |
Cost of revenues: | |||||
Cost of revenues | 1,289 | 903 | 2,356 | 1,749 | |
Subscription Fees | Balances under Prior GAAP | |||||
Revenues | |||||
Revenues | 3,343 | 6,513 | |||
Cost of revenues: | |||||
Cost of revenues | 1,289 | 2,356 | |||
Subscription Fees | Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | |||||
Revenues | |||||
Revenues | 2 | 4 | |||
Professional Services and Other | |||||
Revenues | |||||
Revenues | 11,056 | 11,008 | 22,064 | 21,431 | |
Cost of revenues: | |||||
Cost of revenues | 8,103 | 7,488 | 16,771 | 14,761 | |
Professional Services and Other | Balances under Prior GAAP | |||||
Revenues | |||||
Revenues | 11,102 | 22,170 | |||
Cost of revenues: | |||||
Cost of revenues | 8,103 | 16,771 | |||
Professional Services and Other | Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | |||||
Revenues | |||||
Revenues | 46 | 106 | |||
Maintenance | |||||
Revenues | |||||
Revenues | 11,624 | 10,839 | 23,145 | 21,667 | |
Cost of revenues: | |||||
Cost of revenues | 2,214 | $ 2,288 | 4,412 | $ 4,516 | |
Maintenance | Balances under Prior GAAP | |||||
Revenues | |||||
Revenues | 11,624 | 23,145 | |||
Cost of revenues: | |||||
Cost of revenues | $ 2,214 | $ 4,412 | |||
[1] | Basic per share amounts are the same for Class A and Class B shares. Diluted per share amounts for Class A shares are shown above. Diluted earnings per share for Class B shares under the two-class method are $0.04 and $0.08 for the three months ended October 31, 2018 and 2017, and $0.09 and $0.17 for the six months ended October 31, 2018 and 2017, respectively. See Note D to the Condensed Consolidated Financial Statements. |
Presentation and Summary of S_7
Presentation and Summary of Significant Accounting Policies - Summary of Effect of Adopting Topic 606 on Condensed Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Net earnings (loss) | $ 2,628 | $ 5,205 |
Deferred income taxes | (265) | 761 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 2,162 | 3,243 |
Prepaid expenses and other assets | 242 | (1,758) |
Accounts payable and other liabilities | (4,333) | (2,734) |
Deferred revenue | (3,457) | $ (1,709) |
Net cash provided by operating activities | (3,023) | |
Balances under Prior GAAP | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Net earnings (loss) | 2,595 | |
Deferred income taxes | (270) | |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 2,111 | |
Prepaid expenses and other assets | 233 | |
Accounts payable and other liabilities | (4,333) | |
Deferred revenue | (3,359) | |
Net cash provided by operating activities | (3,023) | |
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Net earnings (loss) | (33) | |
Deferred income taxes | (5) | |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (51) | |
Prepaid expenses and other assets | (9) | |
Deferred revenue | $ 98 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | Apr. 30, 2018 | |
Revenue Recognition [Line Items] | |||||
Amounts received for reimbursement of travel and other out-of-pocket expenses | $ 28,033,000 | $ 26,337,000 | $ 55,432,000 | $ 53,222,000 | |
Deferred revenue recognized | 13,000,000 | ||||
Transaction price allocated to remaining performance obligations | $ 54,000,000 | $ 54,000,000 | |||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months | 12 months | |||
Total deferred commissions | $ 2,300,000 | $ 2,300,000 | $ 2,500,000 | ||
Amortization of sales commissions | 400,000 | $ 600,000 | |||
Minimum | |||||
Revenue Recognition [Line Items] | |||||
Contractual period of maintenance contract | 1 year | ||||
Maximum | |||||
Revenue Recognition [Line Items] | |||||
Contractual period of maintenance contract | 3 years | ||||
Reimbursement | |||||
Revenue Recognition [Line Items] | |||||
Amounts received for reimbursement of travel and other out-of-pocket expenses | $ 388,000 | $ 421,000 | $ 719,000 | $ 947,000 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Contract Balances (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | May 01, 2018 | Apr. 30, 2018 |
Contract Balances: | |||
Contract assets, current | $ 3,104 | $ 3,815 | |
Contract assets, long-term | 1,394 | 332 | |
Total contract assets | 4,498 | 4,147 | |
Deferred revenue, current | 29,395 | 32,705 | $ 33,226 |
Deferred revenue, long-term | 147 | $ 147 | |
Total deferred revenue | $ 29,395 | $ 32,852 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregated Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Revenues: | ||||
Revenues | $ 28,033 | $ 26,337 | $ 55,432 | $ 53,222 |
Domestic | ||||
Revenues: | ||||
Revenues | 22,502 | 20,996 | 44,454 | 42,542 |
International | ||||
Revenues: | ||||
Revenues | $ 5,531 | $ 5,341 | $ 10,978 | $ 10,680 |
Declaration of Dividend Payab_2
Declaration of Dividend Payable - Additional Information (Detail) - $ / shares | Aug. 22, 2018 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 |
Dividends [Abstract] | |||||
Cash dividends declared per common share | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.22 | $ 0.22 |
Cash dividend payable date | Dec. 5, 2018 | ||||
Cash dividends declared, record date | Nov. 19, 2018 | ||||
Cash dividends payable, declared date | Aug. 22, 2018 |
Earnings per Common Share - Add
Earnings per Common Share - Additional Information (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Earnings Per Share [Line Items] | ||||
Options to purchase excluded | 12,000 | 1,184,124 | 6,065 | 1,105,521 |
Options to purchase outstanding | 4,119,923 | 3,440,512 | 4,119,923 | 3,440,512 |
Class A Common Shares | ||||
Earnings Per Share [Line Items] | ||||
Dividends preference, per share | $ 0.05 |
Earnings Per Common share - Bas
Earnings Per Common share - Basic Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Total | [1] | $ 0.04 | $ 0.08 | $ 0.09 | $ 0.17 |
Basic weighted average common shares outstanding | 30,926 | 29,906 | 30,825 | 29,788 | |
Class A Common Shares | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Distributed earnings | $ 0.11 | $ 0.11 | $ 0.22 | $ 0.22 | |
Undistributed losses | (0.07) | (0.03) | (0.13) | (0.05) | |
Total | [2] | $ 0.04 | $ 0.08 | $ 0.09 | $ 0.17 |
Distributed earnings | $ 3,200 | $ 3,064 | $ 6,396 | $ 6,078 | |
Undistributed losses | (2,033) | (768) | (3,927) | (1,269) | |
Total | $ 1,167 | $ 2,296 | $ 2,469 | $ 4,809 | |
Basic weighted average common shares outstanding | 29,104 | 27,589 | 28,959 | 27,448 | |
Class B Common Shares | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Distributed earnings | $ 0.11 | $ 0.11 | $ 0.22 | $ 0.22 | |
Undistributed losses | (0.07) | (0.03) | (0.13) | (0.05) | |
Total | [2] | $ 0.04 | $ 0.08 | $ 0.09 | $ 0.17 |
Distributed earnings | $ 205 | $ 249 | $ 409 | $ 505 | |
Undistributed losses | (129) | (65) | (250) | (109) | |
Total | $ 76 | $ 184 | $ 159 | $ 396 | |
Basic weighted average common shares outstanding | 1,822 | 2,317 | 1,866 | 2,340 | |
[1] | Basic per share amounts are the same for Class A and Class B shares. Diluted per share amounts for Class A shares are shown above. Diluted earnings per share for Class B shares under the two-class method are $0.04 and $0.08 for the three months ended October 31, 2018 and 2017, and $0.09 and $0.17 for the six months ended October 31, 2018 and 2017, respectively. See Note D to the Condensed Consolidated Financial Statements. | ||||
[2] | Amounts adjusted for rounding |
Earnings Per Common share - Dil
Earnings Per Common share - Diluted Earnings per Share for Class A Common Shares Using If-Converted Method (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Basic weighted average common shares outstanding | 30,926 | 29,906 | 30,825 | 29,788 | |
Diluted, Class A Common Shares | 31,477 | 30,229 | 31,412 | 30,110 | |
Basic, EPS | [1] | $ 0.04 | $ 0.08 | $ 0.09 | $ 0.17 |
Diluted, EPS | [1] | $ 0.04 | $ 0.08 | $ 0.08 | $ 0.17 |
Class A Common Shares | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Undistributed & Distributed Earnings, Per Basic | $ 1,167 | $ 2,296 | $ 2,469 | $ 4,809 | |
Undistributed & Distributed Earnings, Class B Conversion | 76 | 184 | 159 | 396 | |
Net earnings | $ 1,243 | $ 2,480 | $ 2,628 | $ 5,205 | |
Basic weighted average common shares outstanding | 29,104 | 27,589 | 28,959 | 27,448 | |
Common Stock Equivalents | 552 | 323 | 587 | 322 | |
Weighted Average Number of Shares Including Common Stock Equivalents, Diluted | 29,656 | 27,912 | 29,546 | 27,770 | |
Class B Conversion | 1,822 | 2,317 | 1,866 | 2,340 | |
Diluted, Class A Common Shares | 31,478 | 30,229 | 31,412 | 30,110 | |
Basic, EPS | [2] | $ 0.04 | $ 0.08 | $ 0.09 | $ 0.17 |
Diluted, EPS | [2] | $ 0.04 | $ 0.08 | $ 0.08 | $ 0.17 |
[1] | Basic per share amounts are the same for Class A and Class B shares. Diluted per share amounts for Class A shares are shown above. Diluted earnings per share for Class B shares under the two-class method are $0.04 and $0.08 for the three months ended October 31, 2018 and 2017, and $0.09 and $0.17 for the six months ended October 31, 2018 and 2017, respectively. See Note D to the Condensed Consolidated Financial Statements. | ||||
[2] | Amounts adjusted for rounding |
Earnings Per Common share - D_2
Earnings Per Common share - Diluted Earnings per Share for Class B Common Shares Using Two-Class Method (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Basic weighted average common shares outstanding | 30,926 | 29,906 | 30,825 | 29,788 | |
Weighted Average Number of Shares Outstanding, Diluted | 31,477 | 30,229 | 31,412 | 30,110 | |
Basic, EPS | [1] | $ 0.04 | $ 0.08 | $ 0.09 | $ 0.17 |
Diluted, EPS | [1] | $ 0.04 | $ 0.08 | $ 0.08 | $ 0.17 |
Class B Common Shares | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Undistributed & Distributed Earnings, Per Basic | $ 76 | $ 184 | $ 159 | $ 396 | |
Reallocation of undistributed earnings from Class A Common Shares to Class B Common Shares | 2 | 1 | |||
Net earnings | $ 78 | $ 184 | $ 159 | $ 397 | |
Basic weighted average common shares outstanding | 1,822 | 2,317 | 1,866 | 2,340 | |
Weighted Average Number of Shares Outstanding, Diluted | 1,822 | 2,317 | 1,866 | 2,340 | |
Basic, EPS | [2] | $ 0.04 | $ 0.08 | $ 0.09 | $ 0.17 |
Diluted, EPS | [2] | $ 0.04 | $ 0.08 | $ 0.09 | $ 0.17 |
[1] | Basic per share amounts are the same for Class A and Class B shares. Diluted per share amounts for Class A shares are shown above. Diluted earnings per share for Class B shares under the two-class method are $0.04 and $0.08 for the three months ended October 31, 2018 and 2017, and $0.09 and $0.17 for the six months ended October 31, 2018 and 2017, respectively. See Note D to the Condensed Consolidated Financial Statements. | ||||
[2] | Amounts adjusted for rounding |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Option to purchase common stock | 1,189,000 | 884,000 | ||
Stock-based compensation expense | $ 443,000 | $ 477,000 | $ 841,000 | $ 793,000 |
Income tax excess benefit | 12,000 | $ (47,000) | $ 286,000 | $ 80,000 |
Stock options exercised | 343,000 | 482,000 | ||
Total intrinsic value of options exercised | $ 1,900,000 | $ 1,300,000 | ||
Unrecognized compensation cost related to unvested stock option | $ 5,400,000 | $ 5,400,000 | ||
Weighted average period for Unrecognized compensation cost | 2 years 14 days |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 43,193 | $ 46,972 |
Marketable securities | 31,741 | 35,014 |
Total | 74,934 | 81,986 |
Quoted Prices in Active Markets for Identical Assets, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 43,193 | 46,972 |
Marketable securities | 9,676 | 11,125 |
Total | 52,869 | 58,097 |
Significant Other Observable Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 22,065 | 23,889 |
Total | $ 22,065 | $ 23,889 |
Stock Repurchases - Additional
Stock Repurchases - Additional Information (Detail) - Class A Common Shares $ in Millions | 6 Months Ended | 194 Months Ended |
Oct. 31, 2018USD ($)shares | Oct. 31, 2018USD ($)shares | |
Equity, Class of Treasury Stock [Line Items] | ||
Common stock shares repurchased | 4,588,632 | |
Cost of common stock repurchased | $ | $ 25.6 | |
Shares Stock Repurchase Plan, August 19, 2002 | ||
Equity, Class of Treasury Stock [Line Items] | ||
Approved number of shares to be repurchased | 2,000,000 | 2,000,000 |
Common stock shares repurchased | 1,053,679 | |
Cost of common stock repurchased | $ | $ 6.2 |
Industry Segments - Additional
Industry Segments - Additional Information (Detail) | 6 Months Ended |
Oct. 31, 2018SegmentGroup | |
Segment Reporting [Abstract] | |
Number of major operating segments | Segment | 3 |
Number of major product and service groups | Group | 6 |
Segment Information (Detail)
Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 28,033 | $ 26,337 | $ 55,432 | $ 53,222 |
Operating income (loss) | 1,526 | 3,242 | 2,133 | 6,863 |
Capital expenditures | 180 | 78 | 894 | 212 |
Capitalized Software | 1,204 | 1,330 | 2,088 | 2,617 |
Depreciation and amortization | 1,913 | 1,321 | 3,711 | 2,705 |
Earnings (loss) before income taxes | 1,336 | 3,918 | 2,696 | 8,138 |
Supply Chain Management | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 22,114 | 21,178 | 43,572 | 43,064 |
Operating income (loss) | 3,973 | 4,669 | 7,040 | 9,582 |
Capital expenditures | 52 | 57 | 124 | 81 |
Capitalized Software | 1,204 | 1,330 | 2,088 | 2,617 |
Depreciation and amortization | 1,828 | 1,273 | 3,554 | 2,605 |
Earnings (loss) before income taxes | 4,008 | 4,718 | 7,058 | 9,792 |
IT Consulting | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 5,222 | 4,596 | 10,579 | 8,965 |
Operating income (loss) | 396 | 357 | 755 | 591 |
Capital expenditures | 4 | 1 | 6 | |
Depreciation and amortization | 2 | 2 | 4 | 4 |
Earnings (loss) before income taxes | 396 | 357 | 755 | 591 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 697 | 563 | 1,281 | 1,193 |
Operating income (loss) | (2,843) | (1,784) | (5,662) | (3,310) |
Capital expenditures | 128 | 17 | 769 | 125 |
Depreciation and amortization | 83 | 46 | 153 | 96 |
Earnings (loss) before income taxes | (3,068) | (1,157) | (5,117) | (2,245) |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | 1,526 | 3,242 | 2,133 | 6,863 |
Operating Segments | Supply Chain Management | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | 3,973 | 4,669 | 7,040 | 9,582 |
Operating Segments | IT Consulting | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | 396 | 357 | 755 | 591 |
Operating Segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | $ (2,843) | $ (1,784) | $ (5,662) | $ (3,310) |
Major Customers - Additional In
Major Customers - Additional Information (Detail) | 6 Months Ended |
Oct. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment reporting, disclosure of major customers | No one customer accounted for more than 10% of total revenues for the three and six months ended October 31, 2018 and 2017. |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - $ / shares | Nov. 15, 2018 | Aug. 22, 2018 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 |
Subsequent Event [Line Items] | ||||||
Cash dividends declared per common share | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.22 | $ 0.22 | |
Cash dividend payable date | Dec. 5, 2018 | |||||
Cash dividends declared, record date | Nov. 19, 2018 | |||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividends declared per common share | $ 0.11 | |||||
Cash dividend payable date | Feb. 22, 2019 | |||||
Cash dividends declared, record date | Feb. 8, 2019 |