Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2018 | Feb. 04, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | HENRY JACK & ASSOCIATES INC | |
Entity Central Index Key | 779,152 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 77,176,611 | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ 26,156 | $ 31,440 | $ 57,719 | $ 114,765 |
Receivables, net | 184,737 | 297,271 | ||
Income tax receivable | 9,488 | 21,671 | ||
Prepaid expenses and other | 99,053 | 96,141 | ||
Deferred costs | 43,205 | 27,069 | ||
Total current assets | 362,639 | 473,592 | ||
PROPERTY AND EQUIPMENT, net | 283,454 | 286,850 | ||
OTHER ASSETS: | ||||
Non-current deferred costs | 82,328 | 74,865 | ||
Computer software, net of amortization | 303,516 | 288,172 | ||
Other non-current assets | 129,562 | 110,299 | ||
Other intangible assets, net of amortization | 34,245 | 38,467 | ||
Goodwill | 666,770 | 649,929 | ||
Total other assets | 1,325,684 | 1,276,766 | ||
Total assets | 1,971,777 | 2,037,208 | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 6,597 | 34,510 | ||
Accrued expenses | 92,614 | 88,764 | ||
Deferred revenues | 240,863 | 352,431 | ||
Total current liabilities | 340,074 | 475,705 | ||
LONG TERM LIABILITIES: | ||||
Non-current deferred revenues | 14,773 | 17,484 | ||
Non-current deferred income tax liability | 210,489 | 208,303 | ||
Other long-term liabilities | 14,486 | 12,872 | ||
Total long term liabilities | 239,748 | 238,659 | ||
Total liabilities | 579,822 | 714,364 | ||
STOCKHOLDERS' EQUITY | ||||
Preferred stock - $1 par value; 500,000 shares authorized, none issued | 0 | 0 | ||
Common stock - $0.01 par value; 250,000,000 shares authorized; 103,428,416 shares issued at December 31, 2018; 103,278,562 shares issued at June 30, 2018 | 1,034 | 1,033 | ||
Additional paid-in capital | 459,988 | 464,138 | ||
Retained earnings | 2,007,469 | 1,912,933 | ||
Less treasury stock at cost; 26,257,903 shares at December 31, 2018; 26,107,903 shares at June 30, 2018 | (1,076,536) | (1,055,260) | ||
Total stockholders' equity | 1,391,955 | 1,322,844 | ||
Total liabilities and equity | 1,971,777 | 2,037,208 | ||
Customer Relationships [Member] | ||||
OTHER ASSETS: | ||||
Customer relationships, net of amortization | $ 109,263 | $ 115,034 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - $ / shares | Dec. 31, 2018 | Jun. 30, 2018 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, authorized shares | 500,000 | 500,000 |
Preferred stock, issued shares | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 250,000,000 | 250,000,000 |
Common stock, issued shares | 103,428,416 | 103,278,562 |
Treasury Stock, Shares | 26,257,903 | 26,107,903 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||||
REVENUE | $ 386,275 | $ 357,209 | $ 778,818 | $ 718,493 |
EXPENSES | ||||
Cost of Revenue | 227,284 | 207,100 | 447,396 | 411,016 |
Research and Development | 23,990 | 22,414 | 48,016 | 43,343 |
Selling, General and Administrative | 46,797 | 43,094 | 91,979 | 84,181 |
Gain on Disposal of a Business | 0 | 189 | 0 | 1,894 |
Total Expenses | 298,071 | 272,419 | 587,391 | 536,646 |
OPERATING INCOME | 88,204 | 84,790 | 191,427 | 181,847 |
INTEREST INCOME (EXPENSE) | ||||
Interest income | 252 | 146 | 542 | 293 |
Interest expense | (148) | (250) | (295) | (439) |
Total interest income (expense) | 104 | (104) | 247 | (146) |
INCOME BEFORE INCOME TAXES | 88,308 | 84,686 | 191,674 | 181,701 |
PROVISION/ (BENEFIT) FOR INCOME TAXES | 20,219 | (76,557) | 40,034 | (46,412) |
NET INCOME | $ 68,089 | $ 161,243 | $ 151,640 | $ 228,113 |
Earnings Per Share | ||||
Basic earnings per share | $ 0.88 | $ 2.09 | $ 1.96 | $ 2.95 |
Basic weighted average shares outstanding | 77,216 | 77,218 | 77,202 | 77,250 |
Diluted earnings per share | $ 0.88 | $ 2.08 | $ 1.96 | $ 2.94 |
Diluted weighted average shares outstanding | 77,409 | 77,565 | 77,474 | 77,606 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 151,640 | $ 228,113 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation | 22,470 | 24,602 |
Amortization | 56,146 | 48,711 |
Change in deferred income taxes | 1,256 | (87,040) |
Expense for stock-based compensation | 5,146 | 4,609 |
(Gain)/ loss on disposal of assets and businesses | 22 | 1,841 |
Changes in operating assets and liabilities: | ||
Change in receivables | 113,563 | 143,914 |
Change in prepaid expenses, deferred costs and other | (45,768) | (57,214) |
Change in accounts payable | (14,685) | 5,371 |
Change in accrued expenses | 4,658 | (13,236) |
Change in income taxes | 12,654 | 1,829 |
Change in deferred revenues | (115,014) | (120,910) |
Net cash from operating activities | 192,044 | 176,908 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payment for acquisitions, net of cash acquired | (19,981) | (137,654) |
Capital expenditures | (32,968) | (12,249) |
Proceeds from the sale of businesses | 0 | 350 |
Proceeds from sale of assets | 76 | 205 |
Internal use software | (2,694) | (6,025) |
Computer software developed | (54,086) | (46,936) |
Net cash from investing activities | (109,653) | (202,309) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings on credit facilities | 0 | 100,000 |
Repayments on credit facilities | 0 | (50,000) |
Purchase of treasury stock | (21,276) | (30,018) |
Dividends paid | (57,104) | (47,844) |
Proceeds from issuance of common stock upon exercise of stock options | 1 | 1 |
Tax withholding payments related to share based compensation | (13,485) | (7,144) |
Proceeds from sale of common stock, net | 4,189 | 3,360 |
Net cash from financing activities | (87,675) | (31,645) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (5,284) | (57,046) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 31,440 | 114,765 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 26,156 | $ 57,719 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies (Text Block) | 6 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies [Text Block] | NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of the Company Jack Henry & Associates, Inc. and subsidiaries (“JHA” or the “Company”) is a provider of integrated computer systems and services that has developed and acquired a number of banking and credit union software systems. The Company's revenues are predominately earned by marketing those systems to financial institutions nationwide together with computer equipment (hardware), by providing the conversion and implementation services for financial institutions to utilize JHA systems, and by providing other related services. JHA also provides continuing support and services to customers using in-house or outsourced systems. Consolidation The condensed consolidated financial statements include the accounts of JHA and all of its subsidiaries, which are wholly-owned, and all intercompany accounts and transactions have been eliminated. Comprehensive Income Comprehensive income for the three and six months ended December 31, 2018 and 2017 equals the Company’s net income. Prior Period Reclassification The prior year periods have been recast to reflect the Company's retrospective adoption of Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, and related amendments, collectively referred to as Accounting Standards Codification ("ASC") 606. Revenue Recognition The Company generates revenue from data processing, transaction processing, software licensing and related services, professional services, and hardware sales. Significant Judgments in Application of the Guidance Identification of Performance Obligations The Company enters into contracts with customers that may include multiple types of goods and services. At contract inception, the Company assesses the solutions and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a solution or service (or bundle of solutions or services) that is distinct - that is, if the solution or service is separately identifiable from other items in the arrangement and if the customer can benefit from the solution or service on its own or together with other resources that are readily available. The Company recognizes revenue when or as it satisfies each performance obligation by transferring control of a solution or service to the customer. Determination of Transaction Price The amount of revenue recognized is based on the consideration the Company expects to receive in exchange for transferring goods and services to the customer. The Company’s contracts with its customers frequently contain some component of variable consideration. The Company estimates variable consideration in its contracts primarily using the expected value method, based on both historical and current information. Where appropriate, the Company may constrain the estimated variable consideration included in the transaction price in the event of a high degree of uncertainty as to the final consideration amount. Taxes collected from customers and remitted to governmental authorities are not included in revenue. The Company includes reimbursements from customers for expenses incurred in providing services (such as for postage, travel and telecommunications costs) in revenue, while the related costs are included in cost of revenue. Technology or service components from third parties are frequently included in or combined with the Company’s applications or service offerings. Whether the Company recognizes revenue based on the gross amount billed to the customer or the net amount retained involves judgment in determining whether the Company controls the good or service before it is transferred to the customer. This assessment is made at the performance obligation level. Allocation of Transaction Price The transaction price, once determined, is allocated between the various performance obligations in the contract based upon their relative standalone selling prices. The standalone selling prices are determined based on the prices at which the Company separately sells each good or service. For items that are not sold separately, the Company estimates the standalone selling prices using all information that is reasonably available, including reference to historical pricing data. The following describes the nature of the Company’s primary types of revenue: Processing Processing revenue is generated from transaction-based fees for electronic deposit and payment services, electronic funds transfers and debit and credit card processing. The Company’s arrangements for these services typically require the Company to “stand-ready” to provide specific services on a when and if needed basis by processing an unspecified number of transactions over the contractual term. The fees for these services may be fixed or variable (based upon performing an unspecified quantity of services), and pricing may include tiered pricing structures. Amounts of revenue allocated to these services are recognized as those services are performed. Customers are typically billed monthly for transactions processed during the month. The Company evaluates tiered pricing to determine if a material right exists. If, after that evaluation, we determine a material right does exist, we assign value to the material right based upon standalone selling price after estimation of breakage associated with the material right. Outsourcing and Cloud Outsourcing and cloud revenue is generated from data and item processing services and hosting fees. The Company’s arrangements for these services typically require the Company to “stand-ready” to provide specific services on a when and if needed basis. The fees for these services may be fixed or variable (based upon performing an unspecified quantity of services), and pricing may include tiered pricing structures. Amounts of revenue allocated to these services are recognized as those services are performed. Data and item processing services are typically billed monthly. The Company evaluates tiered pricing to determine if a material right exists. If, after that evaluation, we determine a material right does exist, we assign value to the material right based upon standalone selling price. Product Delivery and Services Product delivery and services revenue is generated primarily from software licensing and related professional services and hardware delivery. Software licenses, along with any professional services from which they are not considered distinct, are recognized as they are delivered to the customer. Hardware revenue is recognized upon delivery. Professional services that are distinct are recognized as the services are performed. Deconversion fees are also included within product delivery and services, and are considered a contract modification. Therefore, the Company recognizes these fees over the remaining modified contract term. In-House Support In-house support revenue is generated from software maintenance for ongoing client support and software usage, which includes a license and ongoing client support. The Company’s arrangements for these services typically require the Company to “stand-ready” to provide specific services on a when and if needed basis. The fees for these services may be fixed or variable (based upon performing an unspecified quantity of services). Software maintenance fees are typically billed to the customer annually in advance and recognized ratably over the maintenance term. Software usage is typically billed annually in advance, with the license delivered and recognized at the outset, and the maintenance fee recognized ratably over the maintenance term. Accordingly, the Company utilizes the practical expedient which allows entities to disregard the effects of a financing component when the contract period is one year or less. Disaggregation of Revenue The tables below present the Company's revenue disaggregated by type of revenue. Refer to Note 9, Reportable Segment Information, for disaggregated revenue by type and reportable segment. The majority of the Company’s revenue is earned domestically, with revenue from customers outside the United States comprising less than 1% of total revenue. Three Months Ended December 31, Six Months Ended December 31, 2018 2017 2018 2017 Processing $ 148,953 $ 134,191 $ 294,928 $ 268,723 Outsourcing & Cloud 100,066 88,253 197,425 173,387 Product Delivery & Services 58,794 59,392 116,758 118,462 In-House Support 78,462 75,373 169,707 157,921 Services & Support 237,322 223,018 483,890 449,770 Total Revenue $ 386,275 $ 357,209 $ 778,818 $ 718,493 Contract Balances The following table provides information about contract assets and contract liabilities from contracts with customers. December 31, June 30, Receivables, net $ 184,737 $ 297,271 Contract Assets- Current 16,697 14,063 Contract Assets- Non-current 44,465 35,630 Contract Liabilities (Deferred Revenue)- Current 240,863 352,431 Contract Liabilities (Deferred Revenue)- Non-current $ 14,773 $ 17,484 Contract assets primarily result from revenue being recognized when or as control of a solution or service is transferred to the customer, but where invoicing is contingent upon the completion of other performance obligations or payment terms differ from the provisioning of services. The current portion of contract assets is reported within prepaid expenses and other in the condensed consolidated balance sheet, and the non-current portion is included in other non-current assets. Contract Liabilities (deferred revenue) primarily relate to consideration received from customers in advance of delivery of the related goods and services to the customer. Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period. The Company analyzes contract language to identify if a significant financing component does exist, and would adjust the transaction price for any material effects of the time value of money if the timing of payments provides either party to the contract with a significant benefit of financing the transaction. During the three months ended December 31, 2018 and 2017 , the Company recognized revenue of $93,656 and $82,410 , respectively, that was included in the corresponding deferred revenue balance at the beginning of the periods. During the six months ended December 31, 2018 and 2017 , the Company recognized revenue of $164,051 and $154,585 , respectively, that was included in the corresponding deferred revenue balance at the beginning of the periods. Amounts recognized that relate to performance obligations satisfied (or partially satisfied) in prior periods were immaterial for each period presented. These adjustments are primarily the result of transaction price re-allocations due to changes in estimates of variable consideration. Transaction Price Allocated to Remaining Performance Obligations As of December 31, 2018 , estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period totaled $3,647,526 . The Company expects to recognize approximately 28% over the next 12 months , 20% in 13 - 24 months, and the balance thereafter. Contract Costs The Company incurs incremental costs to obtain a contract as well as costs to fulfill contracts with customers that are expected to be recovered. These costs consist primarily of sales commissions, which are incurred only if a contract is obtained, and customer conversion or implementation related costs. Capitalized costs totaled $222,027 and $181,032 , at December 31, 2018 and June 30, 2018 , respectively. Capitalized costs are amortized based on the transfer of goods or services to which the asset relates, in line with the percentage of revenue recognized for each performance obligation to which the costs are allocated. For the three months ended December 31, 2018 and 2017 , amortization of deferred contract costs was $25,435 and $22,863 , respectively. For the six months ended December 31, 2018 and 2017 , amortization of deferred contract costs totaled $52,257 and $45,371 , respectively. There were no impairment losses in relation to capitalized costs for the periods presented. Property and Equipment Property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Accumulated depreciation at December 31, 2018 totaled $387,261 and at June 30, 2018 totaled $364,153 . Intangible Assets Intangible assets consist of goodwill, customer relationships, computer software, and trade names acquired in business acquisitions in addition to internally developed computer software. The amounts are amortized, with the exception of those intangible assets with an indefinite life (such as goodwill), over an estimated economic benefit period, generally three to twenty years. Accumulated amortization of intangible assets totaled $658,480 and $602,479 at December 31, 2018 and June 30, 2018 , respectively. Common Stock The Board of Directors has authorized the Company to repurchase shares of its common stock. Under this authorization, the Company may finance its share repurchases with available cash reserves or borrowings on its existing line-of-credit. The share repurchase program does not include specific price targets or timetables and may be suspended at any time. At December 31, 2018 , there were 26,258 shares in treasury stock and the Company had the remaining authority to repurchase up to 3,733 additional shares. The total cost of treasury shares at December 31, 2018 is $1,076,536 . During the first six months of fiscal 2019 , the Company repurchased 150 treasury shares. At June 30, 2018 , there were 26,108 shares in treasury stock and the Company had authority to repurchase up to 3,883 additional shares. Dividends declared per share were $0.37 and $0.31 , for the three months ended December 31, 2018 and 2017 , respectively. For the six months ended December 31, 2018 and 2017 , dividends declared totaled $0.74 and $0.62 , respectively. Interim Financial Statements The accompanying condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission ("SEC") and in accordance with accounting principles generally accepted in the United States of America applicable to interim condensed consolidated financial statements, and do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete consolidated financial statements. The condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes, which are included in its Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended June 30, 2018 . The accounting policies followed by the Company are set forth in Note 1 to the Company's consolidated financial statements included in its Form 10-K for the fiscal year ended June 30, 2018 , with updates to certain policies included in this Note 1. In the opinion of the management of the Company, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary (consisting of normal recurring adjustments) to state fairly the financial position of the Company as of December 31, 2018 , the results of its operations for the three and six months ending December 31, 2018 and 2017 , and its cash flows for the six months ending December 31, 2018 and 2017 . The condensed consolidated balance sheet at June 30, 2018 was derived from audited annual financial statements, but does not contain all of the footnote disclosures from the annual financial statements. The results of operations for the three and six months ended December 31, 2018 are not necessarily indicative of the results to be expected for the entire year. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements Recent Accounting Pronouncements (Text Block) | 6 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Adopted Accounting Guidance [Text Block] | Recently Adopted Accounting Guidance The Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers , in May 2014. This standard (and related amendments collectively referred to as “ASC 606”) is part of an effort to create a common revenue standard for U.S. generally accepted accounting principles (“U.S. GAAP”) and International Financial Reporting Standards (“IFRS”). The new standard has superseded much of the authoritative literature for revenue recognition. The new model enacts a five-step process for achieving the core principle, which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard was effective for the Company on July 1, 2018. Entities are allowed to transition to the new standard by either recasting prior periods (full retrospective) or recognizing the cumulative effect as of the beginning of the period of adoption (modified retrospective). The Company adopted the new standard using the full retrospective transition approach, using certain practical expedients. The Company has not disclosed the amount of transaction price allocated to remaining performance obligations for reporting periods presented before the date of initial application. Also, the Company did not separately consider the effects of contract modifications that occurred before the beginning of the earliest reporting period presented, but reflects the aggregate effect of all modifications that occurred before the beginning of the earliest period presented. As a result, all fiscal 2018 financial information has been adjusted for the effects of applying ASC 606. The details of the significant changes are disclosed below: Software Revenue Recognition The Company previously recognized software license and related services within the scope of ASC Topic 985-605, which required the establishment of vendor-specific objective evidence (“VSOE”) of fair value in order to separately recognize revenue for each software-related good or service. Due to the inability to establish VSOE, the Company had previously deferred all revenue on software-related goods and services on a master contract until all the goods and services had been delivered. Under ASC 606, VSOE is no longer required for separation of otherwise distinct performance obligations within a revenue arrangement. This change has resulted in earlier recognition of revenue for the Company’s software-related goods and services, leading to a decrease in deferred revenue balances within our adjusted condensed consolidated balance sheets. Impacts on Financial Statements The following tables summarize the impacts of ASC 606 adoption on the Company’s Condensed Consolidated Financial Statements: Condensed Consolidated Balance Sheet as of June 30, 2018: As Previously Reported Adjustments As Adjusted ASSETS CURRENT ASSETS: Cash and cash equivalents $ 31,440 $ — $ 31,440 Receivables, net 291,630 5,641 297,271 Income tax receivable 21,671 — 21,671 Prepaid expenses and other 84,810 11,331 96,141 Deferred costs 38,985 (11,916 ) 27,069 Total current assets 468,536 5,056 473,592 PROPERTY AND EQUIPMENT, net 286,850 — 286,850 OTHER ASSETS: Non-current deferred costs 95,540 (20,675 ) 74,865 Computer software, net of amortization 288,172 — 288,172 Other non-current assets 107,775 2,524 110,299 Customer relationships, net of amortization 115,034 — 115,034 Other intangible assets, net of amortization 38,467 — 38,467 Goodwill 649,929 — 649,929 Total other assets 1,294,917 (18,151 ) 1,276,766 Total assets $ 2,050,303 $ (13,095 ) $ 2,037,208 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 34,510 $ — $ 34,510 Accrued expenses 97,848 (9,084 ) 88,764 Deferred revenues 355,538 (3,107 ) 352,431 Total current liabilities 487,896 (12,191 ) 475,705 LONG-TERM LIABILITIES: Non-current deferred revenues 93,094 (75,610 ) 17,484 Non-current deferred income tax liability 189,613 18,690 208,303 Other long-term liabilities 12,872 — 12,872 Total long-term liabilities 295,579 (56,920 ) 238,659 Total liabilities 783,475 (69,111 ) 714,364 STOCKHOLDERS' EQUITY Preferred stock - $1 par value; 500,000 shares authorized, none issued — — — Common stock - $0.01 par value; 250,000,000 shares authorized; 1,033 — 1,033 Additional paid-in capital 464,138 — 464,138 Retained earnings 1,856,917 56,016 1,912,933 Less treasury stock at cost (1,055,260 ) — (1,055,260 ) Total stockholders' equity 1,266,828 56,016 1,322,844 Total liabilities and equity $ 2,050,303 $ (13,095 ) $ 2,037,208 Condensed Consolidated Statement of Income for the three and six months ended December 31, 2017 : Three Months Ended December 31, 2017 Six Months Ended December 31, 2017 As Previously Reported Adjustments As Adjusted As Previously Reported Adjustments As Adjusted REVENUE $ 374,756 $ (17,547 ) $ 357,209 $ 734,690 $ (16,197 ) $ 718,493 EXPENSES Cost of Revenue 211,653 (4,553 ) 207,100 416,368 (5,352 ) 411,016 Research and Development 22,414 — 22,414 43,343 — 43,343 Selling, General, and Administrative 45,613 (2,519 ) 43,094 89,346 (5,165 ) 84,181 Gain on Disposal of a Business (189 ) — (189 ) (1,894 ) — (1,894 ) Total Expenses 279,491 (7,072 ) 272,419 547,163 (10,517 ) 536,646 OPERATING INCOME 95,265 (10,475 ) 84,790 187,527 (5,680 ) 181,847 INTEREST INCOME (EXPENSE) Interest Income 146 — 146 293 — 293 Interest Expense (250 ) — (250 ) (439 ) — (439 ) Total Interest Income (Expense) (104 ) — (104 ) (146 ) — (146 ) INCOME BEFORE INCOME TAXES 95,161 (10,475 ) 84,686 187,381 (5,680 ) 181,701 PROVISION/ (BENEFIT) FOR INCOME TAXES (60,413 ) (16,144 ) (76,557 ) (31,604 ) (14,808 ) (46,412 ) NET INCOME $ 155,574 $ 5,669 $ 161,243 $ 218,985 $ 9,128 $ 228,113 Basic earnings per share $ 2.01 $ 2.09 $ 2.83 $ 2.95 Basic weighted average shares outstanding 77,218 77,218 77,250 77,250 Diluted earnings per share $ 2.01 $ 2.08 $ 2.82 $ 2.94 Diluted weighted average shares outstanding 77,565 77,565 77,606 77,606 Condensed Consolidated Statement of Cash Flows for the six months ended December 31, 2017 : Six Months Ended December 31, 2017 As Previously Reported Adjustments As Adjusted CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 218,985 $ 9,128 $ 228,113 Adjustments to reconcile net income from operations to net cash from operating activities: Depreciation 24,602 — 24,602 Amortization 48,711 — 48,711 Change in deferred income taxes (72,721 ) (14,319 ) (87,040 ) Expense for stock-based compensation 4,609 — 4,609 (Gain)/loss on disposal of assets and businesses (1,841 ) — (1,841 ) Changes in operating assets and liabilities: Change in receivables 115,572 28,342 143,914 Change in prepaid expenses, deferred costs and other (17,105 ) (40,109 ) (57,214 ) Change in accounts payable 5,371 — 5,371 Change in accrued expenses (15,386 ) 2,150 (13,236 ) Change in income taxes 2,317 (488 ) 1,829 Change in deferred revenues (136,206 ) 15,296 (120,910 ) Net cash from operating activities 176,908 — 176,908 CASH FLOWS FROM INVESTING ACTIVITIES: Payment for acquisitions, net of cash acquired (137,654 ) — (137,654 ) Capital expenditures (12,249 ) — (12,249 ) Proceeds from the sale of businesses 350 — 350 Proceeds from the sale of assets 205 — 205 Internal use software (6,025 ) — (6,025 ) Computer software developed (46,936 ) — (46,936 ) Net cash from investing activities (202,309 ) — (202,309 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on credit facilities 100,000 — 100,000 Repayments on credit facilities (50,000 ) — (50,000 ) Purchase of treasury stock (30,018 ) — (30,018 ) Dividends paid (47,844 ) — (47,844 ) Proceeds from issuance of common stock upon exercise of stock options 1 — 1 Tax withholding payments related to share based compensation (7,144 ) — (7,144 ) Proceeds from sale of common stock 3,360 — 3,360 Net cash from financing activities (31,645 ) — (31,645 ) NET CHANGE IN CASH AND CASH EQUIVALENTS $ (57,046 ) $ — $ (57,046 ) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD $ 114,765 $ — $ 114,765 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 57,719 $ — $ 57,719 ASU 2016-15 issued by the FASB in August 2016 clarifies cash flow classification of eight specific cash flow issues and is effective for our annual reporting period beginning July 1, 2018. The adoption of this standard did not have any impact on our financial statements. |
Not Yet Adopted [Text Block] | Not Yet Adopted The FASB issued ASU No. 2016-02, Leases, in February 2016. This ASU aims to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and requiring disclosure of key information regarding leasing arrangements. Specifically, the standard requires operating lease commitments to be recorded on the balance sheet as operating lease liabilities and right-of-use assets, and the cost of those operating leases to be amortized on a straight-line basis. ASU No. 2016-02 will be effective for JHA's annual reporting period beginning July 1, 2019 and early adoption is permitted. We will take advantage of the transition package of practical expedients permitted within the new standard, which among other things, allows us to carryforward the historical lease classification. In addition, we will make an accounting policy election that will keep leases with an initial term of twelve months or less off of the balance sheet. Adoption of the standard will add right of use assets and lease obligations to our balance sheet and is not expected to significantly impact income before income taxes. In August of 2018, the FASB issued ASU No. 2018-15, Intangibles, Goodwill and Other - Internal-Use Software (Subtopic 350-40), which broadens the scope of Subtopic 350-40 to include costs incurred to implement a hosting arrangement that is a service contract. The costs are capitalized or expensed depending on the nature of the costs and the project stage during which they are incurred, consistent with costs for internal-use software. The amendments in this update can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The ASU will be effective for the Company on July 1, 2020, with early adoption permitted. The Company is currently evaluating the impact that the guidance will have on our financial statements. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments Fair Value of Financial Instruments (Text Block) | 6 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments[Text Block] | FAIR VALUE OF FINANCIAL INSTRUMENTS For cash equivalents, amounts receivable or payable and short-term borrowings, fair values approximate carrying value, based on the short-term nature of the assets and liabilities. The Company's estimates of the fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets, and requires that observable inputs be used in the valuations when available. The three levels of the hierarchy are as follows: Level 1: inputs to the valuation are quoted prices in an active market for identical assets Level 2: inputs to the valuation include quoted prices for similar assets in active markets that are observable either directly or indirectly Level 3: valuation is based on significant inputs that are unobservable in the market and the Company's own estimates of assumptions that we believe market participants would use in pricing the asset Fair value of financial assets, included in cash and cash equivalents, and financial liabilities is as follows: Estimated Fair Value Measurements Total Fair Level 1 Level 2 Level 3 Value December 31, 2018 Financial Assets: Money market funds $ 9,033 $ — $ — $ 9,033 June 30, 2018 Financial Assets: Money market funds $ 14,918 $ — $ — $ 14,918 Non-Recurring Fair Value Measurements December 31, 2018 Long-lived assets held for sale $ — $ 1,300 $ — $ 1,300 June 30, 2018 Long-lived assets held for sale (a) $ — $ 1,300 $ — $ 1,300 (a) In accordance with ASC Subtopic 360-10, long-lived assets held for sale with a carrying value of $4,575 were written down to their fair value of $1,300 , resulting in an impairment totaling $3,275 , which was included in earnings for the period ended June 30, 2017. These assets are expected to be disposed of by sale in the fourth quarter of fiscal 2019. |
Debt (Text Block)
Debt (Text Block) | 6 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt and Capital Leases Disclosures [Text Block] | DEBT Revolving credit facility The revolving credit facility allows for borrowings of up to $300,000 , which may be increased by the Company at any time until maturity to $600,000 . The credit facility bears interest at a variable rate equal to (a) a rate based on LIBOR or (b) an alternate base rate (the highest of (i) the Prime Rate for such day, (ii) the sum of the Federal Funds Effective Rate for such day plus 0.50% and (iii) the Eurocurrency Rate for a one-month Interest Period on such day for dollars plus 1.0% ), plus an applicable percentage in each case determined by the Company's leverage ratio. The credit facility is guaranteed by certain subsidiaries of the Company. The credit facility is subject to various financial covenants that require the Company to maintain certain financial ratios as defined in the agreement. As of December 31, 2018 , the Company was in compliance with all such covenants. The revolving loan terminates February 20, 2020 . At December 31, 2018 , there was no outstanding revolving loan balance. There was also no outstanding balance at June 30, 2018 . Other lines of credit The Company has an unsecured bank credit line which provides for funding of up to $5,000 and bears interest at the prime rate less 1% . The credit line was renewed in April 2017 and expires on April 30, 2019 . At December 31, 2018 , no amount was outstanding. There was also no balance outstanding at June 30, 2018 . Interest The Company paid interest of $192 and $355 during the six months ended December 31, 2018 and 2017 , respectively. |
Income Taxes (Text Block)
Income Taxes (Text Block) | 6 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES The effective tax rate was 22.9% of income before income taxes for the quarter ended December 31, 2018 , compared to (90.4)% for the same quarter of the prior fiscal year. For the six months ended December 31, 2018 , the effective tax rate was 20.9% , compared to (25.5)% for the six months ended December 31, 2017 . The significant increase in the Company's effective tax rate for both the quarter and year-to-date periods was primarily due to $97,516 of tax benefits recorded in the prior fiscal year for the re-measurement of the net deferred tax liabilities due to the Tax Cuts and Jobs Act ("TCJA") enacted December 22, 2017. This increase is partially offset by the enacted lower corporate income tax rate that became effective January 1, 2018, which resulted in a U.S. statutory rate of approximately 28% for the fiscal year 2018 , and 21% for fiscal 2019 . The increase was further offset by increased excess tax benefits from share-based payments in the first six months of fiscal 2019. The Company has relied on Staff Accounting Bulletin 118 ("SAB 118") and has recognized provisional amounts for tax reform items in its annual and interim financial statements for each prior reporting period since the enactment of the TCJA. The staff of the U.S. SEC has recognized the complexity of reflecting the impacts of the TCJA and on December 22, 2017, issued guidance in SAB 118. The guidance clarifies accounting for income taxes under ASC 740 if information is not available or complete and provides for up to a one-year period in which to complete the required analyses and accounting. The Company considers its accounting for the income tax effects of the TCJA to be complete. No significant adjustments to the provisional amounts previously reported were recorded during the six months ended December 31, 2018 . The Company paid income taxes, net of refunds, of $25,211 and $38,163 in the six months ended December 31, 2018 and 2017 , respectively. At December 31, 2018 , the Company had $10,719 of gross unrecognized tax benefits, $9,967 of which, if recognized, would affect our effective tax rate. We had accrued interest and penalties of $1,431 and $1,318 related to uncertain tax positions at December 31, 2018 and 2017 , respectively. The U.S. federal and state income tax returns for fiscal year 2015 and all subsequent years remain subject to examination as of December 31, 2018 under statute of limitations rules. We anticipate potential changes due to lapsing statutes of limitations and examination closures could reduce the unrecognized tax benefits balance by $500 - $1,500 within twelve months of December 31, 2018 . |
Stock Based Compensation (Text
Stock Based Compensation (Text Block) | 6 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK-BASED COMPENSATION Our operating income for the three months ended December 31, 2018 and 2017 included $3,374 and $3,096 of stock-based compensation costs, respectively. For the six months ended December 31, 2018 and 2017 , stock-based compensation costs included in operating income totaled $5,146 and $4,609 , respectively. Stock Options On November 10, 2015 , the Company adopted the 2015 Equity Incentive Plan ("2015 EIP") for its employees and non-employee directors. The plan allows for grants of stock options, stock appreciation rights, restricted stock shares or units, and performance shares or units. The maximum number of shares authorized for issuance under the plan is 3,000 . For stock options, terms and vesting periods of the options are determined by the Compensation Committee of the Board of Directors when granted. The option period must expire not more than ten years from the option grant date. The options granted under this plan are exercisable beginning three years after the grant date at an exercise price equal to 100% of the fair market value of the stock at the grant date. The options terminate upon surrender of the option, ninety days after termination of employment, upon the expiration of one year following notification of a deceased optionee, or ten years after grant. The Company previously issued options to outside directors under the 2005 Non-Qualified Stock Option Plan (“2005 NSOP”). No additional stock options may be issued under this plan. A summary of option plan activity under these plans is as follows: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding July 1, 2018 52 $ 62.65 Granted — — Forfeited — — Exercised — — Outstanding December 31, 2018 52 $ 62.65 $ 3,301 Vested and Expected to Vest December 31, 2018 52 $ 62.65 $ 3,301 Exercisable December 31, 2018 20 $ 23.65 $ 2,057 At December 31, 2018 , there was $83 of compensation cost yet to be recognized related to outstanding options. The weighted average remaining contractual term on options currently exercisable as of December 31, 2018 was 0.50 years . Restricted Stock Awards The Company issues both share awards and unit awards under the 2015 EIP, and previously issued these awards through the 2005 Restricted Stock Plan. The following table summarizes non-vested share awards as of December 31, 2018 , as well as activity for the six months then ended: Share awards Shares Weighted Average Grant Date Fair Value Outstanding July 1, 2018 23 $ 81.33 Granted — — Vested (17 ) 79.48 Forfeited — — Outstanding December 31, 2018 6 $ 86.74 At December 31, 2018 , there was $83 of compensation expense that has yet to be recognized related to non-vested restricted stock share awards, which will be recognized over a weighted average period of 0.48 years . The following table summarizes non-vested unit awards as of December 31, 2018 , as well as activity for the six months then ended: Unit awards Units Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding July 1, 2018 351 $ 83.37 Granted 65 176.95 Vested (117 ) 79.51 Forfeited (4 ) 86.89 Outstanding December 31, 2018 295 $ 105.38 $ 37,305 The Company utilized a Monte Carlo pricing model customized to the specific provisions of the Company’s plan design to value unit awards subject to performance targets on the grant dates. The weighted average assumptions used in this model to estimate fair value at the measurement date and resulting values for 39 unit awards granted in fiscal 2019 are as follows: Volatility 15.30 % Risk free interest rate 2.89 % Dividend yield 0.90 % Stock Beta 0.669 The remaining 26 unit awards granted in fiscal 2019 are not subject to performance targets, and therefore the estimated fair value at measurement date is valued in the same manner as restricted stock share award grants. At December 31, 2018 , there was $17,684 of compensation expense that has yet to be recognized related to non-vested restricted stock unit awards, which will be recognized over a weighted average period of 1.44 years . |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Text Block) | 6 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE The following table reflects the reconciliation between basic and diluted earnings per share. (In Thousands, Except Per Share Data) Three Months Ended December 31, Six Months Ended December 31, 2018 2017 2018 2017 Net Income $ 68,089 $ 161,243 $ 151,640 $ 228,113 Common share information: Weighted average shares outstanding for basic earnings per share 77,216 77,218 77,202 77,250 Dilutive effect of stock options and restricted stock 193 347 272 356 Weighted average shares outstanding for diluted earnings per share 77,409 77,565 77,474 77,606 Basic earnings per share $ 0.88 $ 2.09 $ 1.96 $ 2.95 Diluted earnings per share $ 0.88 $ 2.08 $ 1.96 $ 2.94 Per share information is based on the weighted average number of common shares outstanding for the three and six months ended December 31, 2018 and 2017 . Stock options and restricted stock have been included in the calculation of earnings per share to the extent they are dilutive. There were 5 anti-dilutive stock options or restricted stock shares excluded for the quarter ended December 31, 2018 and no anti-dilutive stock options or restricted stock shares excluded for the quarter ended December 31, 2017 . There were 1 anti-dilutive stock options or restricted stock shares excluded for the six months ended December 31, 2018 compared to none for the six months ended December 31, 2017 . |
Business Acquisitions (Text Blo
Business Acquisitions (Text Block) | 6 Months Ended |
Dec. 31, 2018 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |
Business Acquisition Disclosure [Text Block] | BUSINESS ACQUISITIONS BOLTS Technologies, Inc On October 5, 2018 , the Company acquired all of the equity interest of BOLTS Technologies, Inc. for $15,046 paid in cash. The acquisition was funded by cash generated from operations. BOLTS Technologies is the developer of boltsOPEN, a next-generation digital account opening solution. Management has completed a preliminary purchase price allocation and its assessment of the fair value of acquired assets and liabilities assumed. The recognized amounts of identifiable assets acquired and liabilities assumed, based on their preliminary fair values as of October 5, 2018 are set forth below: Current assets $ 1,384 Identifiable intangible assets 2,274 Total other liabilities assumed (1,418 ) Total identifiable net assets 2,240 Goodwill 12,806 Net assets acquired $ 15,046 The amounts shown above may change as management finalizes its assessment of the fair value of acquired assets and liabilities and continues to evaluate the income tax implications of this business combination. The goodwill of $12,806 arising from this acquisition consists largely of the growth potential, synergies and economies of scale expected from combining the operations of the Company with those of BOLTS, together with the value of BOLTS' assembled workforce. The goodwill from this acquisition has been allocated to our Complementary segment and is not expected to be deductible for income tax purposes. Identifiable intangible assets from this acquisition consist of customer relationships of $567 , computer software of $1,409 , and other intangible assets of $298 . The weighted average amortization period for acquired customer relationships, computer software, and other intangible assets is 15 years , 10 years , and 10 years , respectively. Current assets were inclusive of cash acquired of $1,365 . The fair value of current assets acquired included accounts receivable of $14 , none of which were expected to be uncollectible. Costs incurred related to the acquisition of BOLTS in fiscal 2019 totaled $23 for legal, valuation, and other fees, and were expensed as incurred within selling, general, and administrative expense. The Company's consolidated statements of income for the second quarter of fiscal 2019 included revenue of $35 and after-tax net loss of $246 resulting from BOLTS' operations. The accompanying consolidated statements of income for the three and six months ended December 31, 2018 and 2017 do not include any revenues and expenses related to this acquisition prior to the acquisition date. The impact of this acquisition was considered immaterial to both the current and prior periods of our consolidated financial statements and pro forma financial information has not been provided. Agiletics, Inc. On October 1, 2018 , the Company acquired all of the equity interest of Agiletics, Inc. for $7,649 paid in cash. The acquisition was funded by cash generated from operations. Agiletics is a provider of escrow, investment, and liquidity management solutions for banks serving commercial customers. Management has completed a preliminary purchase price allocation and its assessment of the fair value of acquired assets and liabilities assumed. The recognized amounts of identifiable assets acquired and liabilities assumed, based on their preliminary fair values as of October 1, 2018 are set forth below: Current assets $ 2,170 Long-term assets — Identifiable intangible assets 3,090 Non-current deferred income tax liability (787 ) Total other liabilities assumed (738 ) Total identifiable net assets 3,735 Goodwill 3,914 Net assets acquired $ 7,649 The amounts shown above may change as management finalizes its assessment of the fair value of acquired assets and liabilities and continues to evaluate the income tax implications of this business combination. The goodwill of $3,914 arising from this acquisition consists largely of the growth potential, synergies and economies of scale expected from combining the operations of the Company with those of Agiletics. The goodwill from this acquisition has been allocated to our Core segment and is not expected to be deductible for income tax purposes. Identifiable intangible assets from this acquisition consist of customer relationships of $2,198 , computer software of $701 , and other intangible assets of $191 . The weighted average amortization period for acquired customer relationships, computer software, and other intangible assets is 15 years , 10 years , and 10 years , respectively. Current assets were inclusive of cash acquired of $1,349 . The fair value of current assets acquired included accounts receivable of $299 , none of which were expected to be uncollectible. Costs incurred related to the acquisition of Agiletics in fiscal 2019 totaled $25 for legal, valuation, and other fees, and were expensed as incurred within selling, general, and administrative expense. The Company's consolidated statements of income for the second quarter of fiscal 2019 included revenue of $193 and after-tax net loss of $111 resulting from Agiletics' operations. The accompanying consolidated statements of income for the three and six months ended December 31, 2018 and 2017 do not include any revenues and expenses related to this acquisition prior to the acquisition date. The impact of this acquisition was considered immaterial to both the current and prior periods of our consolidated financial statements and pro forma financial information has not been provided. Ensenta Corporation On December 21, 2017 , the Company acquired all of the equity interest of EST Holdings, Inc. and its wholly-owned subsidiary, EST Interco, Inc., for $134,381 paid in cash. EST Holdings, Inc. and EST Interco, Inc. jointly own all of the outstanding equity of Ensenta Corporation ("Ensenta"), a California-based provider of real-time, cloud-based solutions for mobile and online payments and deposits. This acquisition was partially funded by a draw on the Company's revolving credit facility, with the remaining amount funded by existing operating cash. The addition of Ensenta Corporation to the JHA Payment Solutions Group expands the Company’s ability to conduct real-time transactions with third-party platforms, extending its presence in the credit union market through shared branching technology. Management has completed a purchase price allocation of Ensenta and its assessment of the fair value of acquired assets and liabilities assumed. The recognized amounts of identifiable assets acquired and liabilities assumed, based upon their fair values as of December 21, 2017 are set forth below: Current assets $ 14,125 Long-term assets 586 Identifiable intangible assets 58,806 Non-current deferred income tax liability (21,859 ) Total other liabilities assumed (8,496 ) Total identifiable net assets 43,162 Goodwill 91,219 Net assets acquired $ 134,381 The amounts shown above include measurement period adjustments made during the third and fourth quarters of fiscal 2018 , and the second quarter of fiscal 2019 , related to income tax adjustments and a fair value assessment. The goodwill of $91,219 arising from this acquisition consists largely of the growth potential, synergies and economies of scale expected from combining the operations of the Company with those of Ensenta, together with the value of Ensenta's assembled workforce. The goodwill from this acquisition has been allocated to our Payments segment and is not expected to be deductible for income tax purposes. Identifiable intangible assets from this acquisition consist of customer relationships of $37,800 , computer software of $16,505 , and other intangible assets of $4,501 . The weighted average amortization period for acquired customer relationships, computer software, and other intangible assets is 15 years , 10 years , and 10 years , respectively. Current assets were inclusive of cash acquired of $7,274 . The fair value of current assets acquired included accounts receivable of $4,668 , none of which were expected to be uncollectible. Costs incurred related to the acquisition of Ensenta in fiscal 2018 totaled $339 for legal, valuation, and other fees, and were expensed as incurred within selling, general, and administrative expense. The Company's consolidated statements of income for the second quarter of fiscal 2019 included revenue of $9,059 and after-tax net income of $2,919 resulting from Ensenta's operations. For the second quarter of fiscal 2018 , Ensenta contributed revenue of $928 and after-tax net income of $6,366 . The after-tax net income for the second quarter of fiscal 2018 included a large tax benefit recorded as a result of the TCJA. Excluding that benefit, the Company's after tax net income resulting from Ensenta's operations totaled $26 . For the six months ended December 31, 2018 , the Company's consolidated statements of income included revenue of $17,231 and after-tax net income of $4,963 . The results for the six months ended December 31, 2017 are the same as given above for the second quarter of fiscal 2018 . The accompanying consolidated statements of income for the three and six months ended December 31, 2018 and 2017 do not include any revenues and expenses related to this acquisition prior to the acquisition date. The following unaudited pro forma consolidated financial information for the period ended December 31, 2017 is presented as if this acquisition had occurred at the beginning of the earliest period presented. In addition, this unaudited pro forma financial information is provided for illustrative purposes only and should not be relied upon as necessarily being indicative of the historical results that would have been obtained if the acquisition had actually occurred during those periods, or the results that may be obtained in the future as a result of the acquisition. Three Months Ended Six Months Ended December 31, December 31, 2018 2017 2018 2017 Actual Proforma Actual Proforma Revenue $ 386,275 $ 363,563 $ 778,818 $ 731,611 Net Income 68,089 167,714 151,640 229,623 Basic Earnings Per Share $ 0.88 $ 2.17 $ 1.96 $ 2.97 Diluted Earnings Per Share $ 0.88 $ 2.16 $ 1.96 $ 2.96 Vanguard Software Group On August 31, 2017 , the Company acquired all of the equity interest of Vanguard Software Group, a Florida-based company specializing in the underwriting, spreading, and online decisioning of commercial loans, for $10,744 paid in cash. This acquisition was funded using existing operating cash. The addition of Vanguard Software Group to the Company's ProfitStars® Lending Solutions Group expands functionality offered to clients, allowing for near-real-time communication with JHA's core processing and ancillary solutions, and also enhances cross-sell opportunities. Management has completed a purchase price allocation of Vanguard Software Group and its assessment of the fair value of acquired assets and liabilities assumed. The recognized amounts of identifiable assets acquired and liabilities assumed, based upon their fair values as of August 31, 2017 are set forth below: Current assets $ 1,153 Long-term assets 9 Identifiable intangible assets 4,200 Total liabilities assumed (1,117 ) Total identifiable net assets 4,245 Goodwill 6,499 Net assets acquired $ 10,744 The goodwill of $6,499 arising from this acquisition consists largely of the growth potential, synergies and economies of scale expected from combining the operations of the Company with those of Vanguard Software Group, together with the value of Vanguard Software Group's assembled workforce. The goodwill from this acquisition has been allocated to our Complementary segment and is expected to be deductible for income tax purposes. Identifiable intangible assets from this acquisition consist of customer relationships of $2,234 , computer software of $1,426 , and other intangible assets of $540 . The weighted average amortization periods for acquired customer relationships, computer software, and other intangible assets are 15 years , 10 years , and 10 years , respectively. Current assets were inclusive of cash acquired of $289 . The fair value of current assets acquired included accounts receivable of $847 , none of which were expected to be uncollectible. Costs incurred related to the acquisition of Vanguard Software Group were immaterial for the periods presented. The Company's consolidated statements of income for the second quarter of fiscal 2019 included revenue of $741 and an after-tax net loss of $86 resulting from Vanguard Software Group's operations. For the second quarter of fiscal 2018 , Vanguard Software Group contributed revenue of $557 and an after-tax net loss of $178 to the Company's consolidated statements of income. The Company's consolidated statements of income for the first six months of fiscal 2019 included revenue of $1,266 and an after-tax net loss of $254 resulting from Vanguard Software Group's operations. For the first six months of fiscal 2018 , Vanguard Software Group contributed revenue of $656 and an after-tax net loss of $301 to the Company's consolidated statements of income. The accompanying consolidated statements of income for the three and six months ended December 31, 2018 and 2017 do not include any revenues and expenses related to this acquisition prior to the acquisition date. The impact of this acquisition was considered immaterial to both the current and prior periods of our consolidated financial statements and pro forma financial information has not been provided. |
Reportable Segment Information
Reportable Segment Information (Text Block) | 6 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Reportable Segment Information Disclosure [Text Block] | REPORTABLE SEGMENT INFORMATION The Company is a provider of integrated computer systems that perform data processing (available for in-house installations or outsourced services) for banks and credit unions. The Company’s operations are classified into four reportable segments: Core, Payments, Complementary, and Corporate & Other. The Core segment provides core information processing platforms to banks and credit unions, which consist of integrated applications required to process deposit, loan, and general ledger transactions, and maintain centralized customer/member information. The Payments segment provides secure payment processing tools and services, including: ATM, debit, and credit card transaction processing services; online and mobile bill pay solutions; ACH origination and remote deposit capture processing; and risk management products and services. The Complementary segment provides additional software and services that can be integrated with our Core solutions or used independently. The Corporate & Other segment includes hardware revenue and costs, as well as operating costs not directly attributable to the other three segments. The Company evaluates the performance of its segments and allocates resources to them based on various factors, including performance against trend, budget, and forecast. Only revenue and costs of revenue are considered in the evaluation for each segment. An immaterial adjustment was made to reclassify revenue recognized in fiscal 2018 from the Core to the Corporate and Other Segment. For the three and six months ended December 31, 2017 , the amount reclassified totaled $744 and $1,482 , respectively. Three Months Ending December 31, 2018 Core Payments Complementary Corporate & Other Total REVENUE Services and Support $ 122,721 $ 13,108 $ 86,386 $ 15,107 $ 237,322 Processing 7,008 124,911 16,864 170 148,953 Total Revenue 129,729 138,019 103,250 15,277 386,275 Cost of Revenue 60,288 65,100 44,167 57,729 227,284 Research and Development 23,990 Selling, General, and Administrative 46,797 Total Expenses 298,071 SEGMENT INCOME $ 69,441 $ 72,919 $ 59,083 $ (42,452 ) OPERATING INCOME 88,204 INTEREST INCOME (EXPENSE) 104 INCOME BEFORE INCOME TAXES $ 88,308 Three Months Ending December 31, 2017 Core Payments Complementary Corporate & Other Total REVENUE Services and Support $ 116,614 $ 9,212 $ 81,329 $ 15,863 $ 223,018 Processing 6,682 112,168 15,327 14 134,191 Total Revenue 123,296 121,380 96,656 15,877 357,209 Cost of Revenue 55,364 59,304 40,209 52,223 207,100 Research and Development 22,414 Selling, General, and Administrative 43,094 Gain on Disposal of Businesses (189 ) Total Expenses 272,419 SEGMENT INCOME $ 67,932 $ 62,076 $ 56,447 $ (36,346 ) OPERATING INCOME 84,790 INTEREST INCOME (EXPENSE) (104 ) INCOME BEFORE INCOME TAXES $ 84,686 Six Months Ended December 31, 2018 Core Payments Complementary Corporate & Other Total REVENUE Services and Support $ 253,109 $ 25,878 $ 176,449 $ 28,454 $ 483,890 Processing 14,172 246,338 34,109 309 294,928 Total Revenue 267,281 272,216 210,558 28,763 778,818 Cost of Revenue 119,504 130,807 85,998 111,087 447,396 Research and Development 48,016 Selling, General, and Administrative 91,979 Total Expenses 587,391 SEGMENT INCOME $ 147,777 $ 141,409 $ 124,560 $ (82,324 ) OPERATING INCOME 191,427 INTEREST INCOME (EXPENSE) 247 INCOME BEFORE INCOME TAXES $ 191,674 Six Months Ended December 31, 2017 Core Payments Complementary Corporate & Other Total REVENUE Services and Support $ 237,091 $ 19,176 $ 161,626 $ 31,877 $ 449,770 Processing 13,550 225,098 30,057 18 268,723 Total Revenue 250,641 244,274 191,683 31,895 718,493 Cost of Revenue 110,949 116,627 80,201 103,239 411,016 Research and Development 43,343 Selling, General, and Administrative 84,181 Gain on Disposal of Businesses (1,894 ) Total Expenses 536,646 SEGMENT INCOME $ 139,692 $ 127,647 $ 111,482 $ (71,344 ) OPERATING INCOME 181,847 INTEREST INCOME (EXPENSE) (146 ) INCOME BEFORE INCOME TAXES $ 181,701 The Company has not disclosed any additional asset information by segment, as the information is not generated for internal management reporting to the Chief Operating Decision Maker. |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Text Block) | 6 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS None. |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation | The condensed consolidated financial statements include the accounts of JHA and all of its subsidiaries, which are wholly-owned, and all intercompany accounts and transactions have been eliminated. |
Revenue Recognition | Revenue Recognition The Company generates revenue from data processing, transaction processing, software licensing and related services, professional services, and hardware sales. Significant Judgments in Application of the Guidance Identification of Performance Obligations The Company enters into contracts with customers that may include multiple types of goods and services. At contract inception, the Company assesses the solutions and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a solution or service (or bundle of solutions or services) that is distinct - that is, if the solution or service is separately identifiable from other items in the arrangement and if the customer can benefit from the solution or service on its own or together with other resources that are readily available. The Company recognizes revenue when or as it satisfies each performance obligation by transferring control of a solution or service to the customer. Determination of Transaction Price The amount of revenue recognized is based on the consideration the Company expects to receive in exchange for transferring goods and services to the customer. The Company’s contracts with its customers frequently contain some component of variable consideration. The Company estimates variable consideration in its contracts primarily using the expected value method, based on both historical and current information. Where appropriate, the Company may constrain the estimated variable consideration included in the transaction price in the event of a high degree of uncertainty as to the final consideration amount. Taxes collected from customers and remitted to governmental authorities are not included in revenue. The Company includes reimbursements from customers for expenses incurred in providing services (such as for postage, travel and telecommunications costs) in revenue, while the related costs are included in cost of revenue. Technology or service components from third parties are frequently included in or combined with the Company’s applications or service offerings. Whether the Company recognizes revenue based on the gross amount billed to the customer or the net amount retained involves judgment in determining whether the Company controls the good or service before it is transferred to the customer. This assessment is made at the performance obligation level. Allocation of Transaction Price The transaction price, once determined, is allocated between the various performance obligations in the contract based upon their relative standalone selling prices. The standalone selling prices are determined based on the prices at which the Company separately sells each good or service. For items that are not sold separately, the Company estimates the standalone selling prices using all information that is reasonably available, including reference to historical pricing data. The following describes the nature of the Company’s primary types of revenue: Processing Processing revenue is generated from transaction-based fees for electronic deposit and payment services, electronic funds transfers and debit and credit card processing. The Company’s arrangements for these services typically require the Company to “stand-ready” to provide specific services on a when and if needed basis by processing an unspecified number of transactions over the contractual term. The fees for these services may be fixed or variable (based upon performing an unspecified quantity of services), and pricing may include tiered pricing structures. Amounts of revenue allocated to these services are recognized as those services are performed. Customers are typically billed monthly for transactions processed during the month. The Company evaluates tiered pricing to determine if a material right exists. If, after that evaluation, we determine a material right does exist, we assign value to the material right based upon standalone selling price after estimation of breakage associated with the material right. Outsourcing and Cloud Outsourcing and cloud revenue is generated from data and item processing services and hosting fees. The Company’s arrangements for these services typically require the Company to “stand-ready” to provide specific services on a when and if needed basis. The fees for these services may be fixed or variable (based upon performing an unspecified quantity of services), and pricing may include tiered pricing structures. Amounts of revenue allocated to these services are recognized as those services are performed. Data and item processing services are typically billed monthly. The Company evaluates tiered pricing to determine if a material right exists. If, after that evaluation, we determine a material right does exist, we assign value to the material right based upon standalone selling price. Product Delivery and Services Product delivery and services revenue is generated primarily from software licensing and related professional services and hardware delivery. Software licenses, along with any professional services from which they are not considered distinct, are recognized as they are delivered to the customer. Hardware revenue is recognized upon delivery. Professional services that are distinct are recognized as the services are performed. Deconversion fees are also included within product delivery and services, and are considered a contract modification. Therefore, the Company recognizes these fees over the remaining modified contract term. In-House Support In-house support revenue is generated from software maintenance for ongoing client support and software usage, which includes a license and ongoing client support. The Company’s arrangements for these services typically require the Company to “stand-ready” to provide specific services on a when and if needed basis. The fees for these services may be fixed or variable (based upon performing an unspecified quantity of services). Software maintenance fees are typically billed to the customer annually in advance and recognized ratably over the maintenance term. Software usage is typically billed annually in advance, with the license delivered and recognized at the outset, and the maintenance fee recognized ratably over the maintenance term. Accordingly, the Company utilizes the practical expedient which allows entities to disregard the effects of a financing component when the contract period is one year or less. |
Contract Assets and Liabilities [Policy Text Block] | Contract assets primarily result from revenue being recognized when or as control of a solution or service is transferred to the customer, but where invoicing is contingent upon the completion of other performance obligations or payment terms differ from the provisioning of services. The current portion of contract assets is reported within prepaid expenses and other in the condensed consolidated balance sheet, and the non-current portion is included in other non-current assets. Contract Liabilities (deferred revenue) primarily relate to consideration received from customers in advance of delivery of the related goods and services to the customer. Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period. The Company analyzes contract language to identify if a significant financing component does exist, and would adjust the transaction price for any material effects of the time value of money if the timing of payments provides either party to the contract with a significant benefit of financing the transaction. |
Capitalized Contract Costs [Policy Text Block] | The Company incurs incremental costs to obtain a contract as well as costs to fulfill contracts with customers that are expected to be recovered. These costs consist primarily of sales commissions, which are incurred only if a contract is obtained, and customer conversion or implementation related costs. Capitalized costs totaled $222,027 and $181,032 , at December 31, 2018 and June 30, 2018 , respectively. Capitalized costs are amortized based on the transfer of goods or services to which the asset relates, in line with the percentage of revenue recognized for each performance obligation to which the costs are allocated. |
Property, Plant and Equipment | Property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. |
Intangible Assets | Intangible assets consist of goodwill, customer relationships, computer software, and trade names acquired in business acquisitions in addition to internally developed computer software. The amounts are amortized, with the exception of those intangible assets with an indefinite life (such as goodwill), over an estimated economic benefit period, generally three to twenty years. |
Common Stock | The Board of Directors has authorized the Company to repurchase shares of its common stock. Under this authorization, the Company may finance its share repurchases with available cash reserves or borrowings on its existing line-of-credit. The share repurchase program does not include specific price targets or timetables and may be suspended at any time. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments Fair Value of Financial Instruments (Policies) | 6 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | For cash equivalents, amounts receivable or payable and short-term borrowings, fair values approximate carrying value, based on the short-term nature of the assets and liabilities. The Company's estimates of the fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets, and requires that observable inputs be used in the valuations when available. The three levels of the hierarchy are as follows: Level 1: inputs to the valuation are quoted prices in an active market for identical assets Level 2: inputs to the valuation include quoted prices for similar assets in active markets that are observable either directly or indirectly Level 3: valuation is based on significant inputs that are unobservable in the market and the Company's own estimates of assumptions that we believe market participants would use in pricing the asset |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies Revenue Recognition (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenue The tables below present the Company's revenue disaggregated by type of revenue. Refer to Note 9, Reportable Segment Information, for disaggregated revenue by type and reportable segment. The majority of the Company’s revenue is earned domestically, with revenue from customers outside the United States comprising less than 1% of total revenue. Three Months Ended December 31, Six Months Ended December 31, 2018 2017 2018 2017 Processing $ 148,953 $ 134,191 $ 294,928 $ 268,723 Outsourcing & Cloud 100,066 88,253 197,425 173,387 Product Delivery & Services 58,794 59,392 116,758 118,462 In-House Support 78,462 75,373 169,707 157,921 Services & Support 237,322 223,018 483,890 449,770 Total Revenue $ 386,275 $ 357,209 $ 778,818 $ 718,493 |
Contract with Customer, Asset and Liability [Table Text Block] | Contract Balances The following table provides information about contract assets and contract liabilities from contracts with customers. December 31, June 30, Receivables, net $ 184,737 $ 297,271 Contract Assets- Current 16,697 14,063 Contract Assets- Non-current 44,465 35,630 Contract Liabilities (Deferred Revenue)- Current 240,863 352,431 Contract Liabilities (Deferred Revenue)- Non-current $ 14,773 $ 17,484 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements Impact of Adoption of ASC 606 on Previously Reported Financial Statements (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Impact of Adoption of ASC 606 on Previously Reported Financial Statements [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Impacts on Financial Statements The following tables summarize the impacts of ASC 606 adoption on the Company’s Condensed Consolidated Financial Statements: Condensed Consolidated Balance Sheet as of June 30, 2018: As Previously Reported Adjustments As Adjusted ASSETS CURRENT ASSETS: Cash and cash equivalents $ 31,440 $ — $ 31,440 Receivables, net 291,630 5,641 297,271 Income tax receivable 21,671 — 21,671 Prepaid expenses and other 84,810 11,331 96,141 Deferred costs 38,985 (11,916 ) 27,069 Total current assets 468,536 5,056 473,592 PROPERTY AND EQUIPMENT, net 286,850 — 286,850 OTHER ASSETS: Non-current deferred costs 95,540 (20,675 ) 74,865 Computer software, net of amortization 288,172 — 288,172 Other non-current assets 107,775 2,524 110,299 Customer relationships, net of amortization 115,034 — 115,034 Other intangible assets, net of amortization 38,467 — 38,467 Goodwill 649,929 — 649,929 Total other assets 1,294,917 (18,151 ) 1,276,766 Total assets $ 2,050,303 $ (13,095 ) $ 2,037,208 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 34,510 $ — $ 34,510 Accrued expenses 97,848 (9,084 ) 88,764 Deferred revenues 355,538 (3,107 ) 352,431 Total current liabilities 487,896 (12,191 ) 475,705 LONG-TERM LIABILITIES: Non-current deferred revenues 93,094 (75,610 ) 17,484 Non-current deferred income tax liability 189,613 18,690 208,303 Other long-term liabilities 12,872 — 12,872 Total long-term liabilities 295,579 (56,920 ) 238,659 Total liabilities 783,475 (69,111 ) 714,364 STOCKHOLDERS' EQUITY Preferred stock - $1 par value; 500,000 shares authorized, none issued — — — Common stock - $0.01 par value; 250,000,000 shares authorized; 1,033 — 1,033 Additional paid-in capital 464,138 — 464,138 Retained earnings 1,856,917 56,016 1,912,933 Less treasury stock at cost (1,055,260 ) — (1,055,260 ) Total stockholders' equity 1,266,828 56,016 1,322,844 Total liabilities and equity $ 2,050,303 $ (13,095 ) $ 2,037,208 Condensed Consolidated Statement of Income for the three and six months ended December 31, 2017 : Three Months Ended December 31, 2017 Six Months Ended December 31, 2017 As Previously Reported Adjustments As Adjusted As Previously Reported Adjustments As Adjusted REVENUE $ 374,756 $ (17,547 ) $ 357,209 $ 734,690 $ (16,197 ) $ 718,493 EXPENSES Cost of Revenue 211,653 (4,553 ) 207,100 416,368 (5,352 ) 411,016 Research and Development 22,414 — 22,414 43,343 — 43,343 Selling, General, and Administrative 45,613 (2,519 ) 43,094 89,346 (5,165 ) 84,181 Gain on Disposal of a Business (189 ) — (189 ) (1,894 ) — (1,894 ) Total Expenses 279,491 (7,072 ) 272,419 547,163 (10,517 ) 536,646 OPERATING INCOME 95,265 (10,475 ) 84,790 187,527 (5,680 ) 181,847 INTEREST INCOME (EXPENSE) Interest Income 146 — 146 293 — 293 Interest Expense (250 ) — (250 ) (439 ) — (439 ) Total Interest Income (Expense) (104 ) — (104 ) (146 ) — (146 ) INCOME BEFORE INCOME TAXES 95,161 (10,475 ) 84,686 187,381 (5,680 ) 181,701 PROVISION/ (BENEFIT) FOR INCOME TAXES (60,413 ) (16,144 ) (76,557 ) (31,604 ) (14,808 ) (46,412 ) NET INCOME $ 155,574 $ 5,669 $ 161,243 $ 218,985 $ 9,128 $ 228,113 Basic earnings per share $ 2.01 $ 2.09 $ 2.83 $ 2.95 Basic weighted average shares outstanding 77,218 77,218 77,250 77,250 Diluted earnings per share $ 2.01 $ 2.08 $ 2.82 $ 2.94 Diluted weighted average shares outstanding 77,565 77,565 77,606 77,606 Condensed Consolidated Statement of Cash Flows for the six months ended December 31, 2017 : Six Months Ended December 31, 2017 As Previously Reported Adjustments As Adjusted CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 218,985 $ 9,128 $ 228,113 Adjustments to reconcile net income from operations to net cash from operating activities: Depreciation 24,602 — 24,602 Amortization 48,711 — 48,711 Change in deferred income taxes (72,721 ) (14,319 ) (87,040 ) Expense for stock-based compensation 4,609 — 4,609 (Gain)/loss on disposal of assets and businesses (1,841 ) — (1,841 ) Changes in operating assets and liabilities: Change in receivables 115,572 28,342 143,914 Change in prepaid expenses, deferred costs and other (17,105 ) (40,109 ) (57,214 ) Change in accounts payable 5,371 — 5,371 Change in accrued expenses (15,386 ) 2,150 (13,236 ) Change in income taxes 2,317 (488 ) 1,829 Change in deferred revenues (136,206 ) 15,296 (120,910 ) Net cash from operating activities 176,908 — 176,908 CASH FLOWS FROM INVESTING ACTIVITIES: Payment for acquisitions, net of cash acquired (137,654 ) — (137,654 ) Capital expenditures (12,249 ) — (12,249 ) Proceeds from the sale of businesses 350 — 350 Proceeds from the sale of assets 205 — 205 Internal use software (6,025 ) — (6,025 ) Computer software developed (46,936 ) — (46,936 ) Net cash from investing activities (202,309 ) — (202,309 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on credit facilities 100,000 — 100,000 Repayments on credit facilities (50,000 ) — (50,000 ) Purchase of treasury stock (30,018 ) — (30,018 ) Dividends paid (47,844 ) — (47,844 ) Proceeds from issuance of common stock upon exercise of stock options 1 — 1 Tax withholding payments related to share based compensation (7,144 ) — (7,144 ) Proceeds from sale of common stock 3,360 — 3,360 Net cash from financing activities (31,645 ) — (31,645 ) NET CHANGE IN CASH AND CASH EQUIVALENTS $ (57,046 ) $ — $ (57,046 ) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD $ 114,765 $ — $ 114,765 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 57,719 $ — $ 57,719 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Recurring Fair Value Measurements[Table Text Block] | Fair value of financial assets, included in cash and cash equivalents, and financial liabilities is as follows: Estimated Fair Value Measurements Total Fair Level 1 Level 2 Level 3 Value December 31, 2018 Financial Assets: Money market funds $ 9,033 $ — $ — $ 9,033 June 30, 2018 Financial Assets: Money market funds $ 14,918 $ — $ — $ 14,918 |
Non-Recurring Fair Value Measurements [Table Text Block] | Non-Recurring Fair Value Measurements December 31, 2018 Long-lived assets held for sale $ — $ 1,300 $ — $ 1,300 June 30, 2018 Long-lived assets held for sale (a) $ — $ 1,300 $ — $ 1,300 (a) In accordance with ASC Subtopic 360-10, long-lived assets held for sale with a carrying value of $4,575 were written down to their fair value of $1,300 , resulting in an impairment totaling $3,275 , which was included in earnings for the period ended June 30, 2017. These assets are expected to be disposed of by sale in the fourth quarter of fiscal 2019. |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of option plan activity under these plans is as follows: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding July 1, 2018 52 $ 62.65 Granted — — Forfeited — — Exercised — — Outstanding December 31, 2018 52 $ 62.65 $ 3,301 Vested and Expected to Vest December 31, 2018 52 $ 62.65 $ 3,301 Exercisable December 31, 2018 20 $ 23.65 $ 2,057 |
Schedule of Nonvested Restricted Stock Activity [Table Text Block] | The following table summarizes non-vested share awards as of December 31, 2018 , as well as activity for the six months then ended: Share awards Shares Weighted Average Grant Date Fair Value Outstanding July 1, 2018 23 $ 81.33 Granted — — Vested (17 ) 79.48 Forfeited — — Outstanding December 31, 2018 6 $ 86.74 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The following table summarizes non-vested unit awards as of December 31, 2018 , as well as activity for the six months then ended: Unit awards Units Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding July 1, 2018 351 $ 83.37 Granted 65 176.95 Vested (117 ) 79.51 Forfeited (4 ) 86.89 Outstanding December 31, 2018 295 $ 105.38 $ 37,305 |
ScheduleOfShareBasedPaymentAwardRSUValuationAssumptionsTableTextBlock [Table Text Block] | The weighted average assumptions used in this model to estimate fair value at the measurement date and resulting values for 39 unit awards granted in fiscal 2019 are as follows: Volatility 15.30 % Risk free interest rate 2.89 % Dividend yield 0.90 % Stock Beta 0.669 |
Earnings Per Share Earnings P_2
Earnings Per Share Earnings Per Share (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table reflects the reconciliation between basic and diluted earnings per share. (In Thousands, Except Per Share Data) Three Months Ended December 31, Six Months Ended December 31, 2018 2017 2018 2017 Net Income $ 68,089 $ 161,243 $ 151,640 $ 228,113 Common share information: Weighted average shares outstanding for basic earnings per share 77,216 77,218 77,202 77,250 Dilutive effect of stock options and restricted stock 193 347 272 356 Weighted average shares outstanding for diluted earnings per share 77,409 77,565 77,474 77,606 Basic earnings per share $ 0.88 $ 2.09 $ 1.96 $ 2.95 Diluted earnings per share $ 0.88 $ 2.08 $ 1.96 $ 2.94 |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
BOLTS Technologies, Inc. [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Management has completed a preliminary purchase price allocation and its assessment of the fair value of acquired assets and liabilities assumed. The recognized amounts of identifiable assets acquired and liabilities assumed, based on their preliminary fair values as of October 5, 2018 are set forth below: Current assets $ 1,384 Identifiable intangible assets 2,274 Total other liabilities assumed (1,418 ) Total identifiable net assets 2,240 Goodwill 12,806 Net assets acquired $ 15,046 |
Agiletics, Inc. [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Management has completed a preliminary purchase price allocation and its assessment of the fair value of acquired assets and liabilities assumed. The recognized amounts of identifiable assets acquired and liabilities assumed, based on their preliminary fair values as of October 1, 2018 are set forth below: Current assets $ 2,170 Long-term assets — Identifiable intangible assets 3,090 Non-current deferred income tax liability (787 ) Total other liabilities assumed (738 ) Total identifiable net assets 3,735 Goodwill 3,914 Net assets acquired $ 7,649 |
Ensenta Corporation [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Management has completed a purchase price allocation of Ensenta and its assessment of the fair value of acquired assets and liabilities assumed. The recognized amounts of identifiable assets acquired and liabilities assumed, based upon their fair values as of December 21, 2017 are set forth below: Current assets $ 14,125 Long-term assets 586 Identifiable intangible assets 58,806 Non-current deferred income tax liability (21,859 ) Total other liabilities assumed (8,496 ) Total identifiable net assets 43,162 Goodwill 91,219 Net assets acquired $ 134,381 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma consolidated financial information for the period ended December 31, 2017 is presented as if this acquisition had occurred at the beginning of the earliest period presented. In addition, this unaudited pro forma financial information is provided for illustrative purposes only and should not be relied upon as necessarily being indicative of the historical results that would have been obtained if the acquisition had actually occurred during those periods, or the results that may be obtained in the future as a result of the acquisition. Three Months Ended Six Months Ended December 31, December 31, 2018 2017 2018 2017 Actual Proforma Actual Proforma Revenue $ 386,275 $ 363,563 $ 778,818 $ 731,611 Net Income 68,089 167,714 151,640 229,623 Basic Earnings Per Share $ 0.88 $ 2.17 $ 1.96 $ 2.97 Diluted Earnings Per Share $ 0.88 $ 2.16 $ 1.96 $ 2.96 |
Vanguard Software Group [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Management has completed a purchase price allocation of Vanguard Software Group and its assessment of the fair value of acquired assets and liabilities assumed. The recognized amounts of identifiable assets acquired and liabilities assumed, based upon their fair values as of August 31, 2017 are set forth below: Current assets $ 1,153 Long-term assets 9 Identifiable intangible assets 4,200 Total liabilities assumed (1,117 ) Total identifiable net assets 4,245 Goodwill 6,499 Net assets acquired $ 10,744 |
Reportable Segment Informatio_2
Reportable Segment Information (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ending December 31, 2018 Core Payments Complementary Corporate & Other Total REVENUE Services and Support $ 122,721 $ 13,108 $ 86,386 $ 15,107 $ 237,322 Processing 7,008 124,911 16,864 170 148,953 Total Revenue 129,729 138,019 103,250 15,277 386,275 Cost of Revenue 60,288 65,100 44,167 57,729 227,284 Research and Development 23,990 Selling, General, and Administrative 46,797 Total Expenses 298,071 SEGMENT INCOME $ 69,441 $ 72,919 $ 59,083 $ (42,452 ) OPERATING INCOME 88,204 INTEREST INCOME (EXPENSE) 104 INCOME BEFORE INCOME TAXES $ 88,308 Three Months Ending December 31, 2017 Core Payments Complementary Corporate & Other Total REVENUE Services and Support $ 116,614 $ 9,212 $ 81,329 $ 15,863 $ 223,018 Processing 6,682 112,168 15,327 14 134,191 Total Revenue 123,296 121,380 96,656 15,877 357,209 Cost of Revenue 55,364 59,304 40,209 52,223 207,100 Research and Development 22,414 Selling, General, and Administrative 43,094 Gain on Disposal of Businesses (189 ) Total Expenses 272,419 SEGMENT INCOME $ 67,932 $ 62,076 $ 56,447 $ (36,346 ) OPERATING INCOME 84,790 INTEREST INCOME (EXPENSE) (104 ) INCOME BEFORE INCOME TAXES $ 84,686 Six Months Ended December 31, 2018 Core Payments Complementary Corporate & Other Total REVENUE Services and Support $ 253,109 $ 25,878 $ 176,449 $ 28,454 $ 483,890 Processing 14,172 246,338 34,109 309 294,928 Total Revenue 267,281 272,216 210,558 28,763 778,818 Cost of Revenue 119,504 130,807 85,998 111,087 447,396 Research and Development 48,016 Selling, General, and Administrative 91,979 Total Expenses 587,391 SEGMENT INCOME $ 147,777 $ 141,409 $ 124,560 $ (82,324 ) OPERATING INCOME 191,427 INTEREST INCOME (EXPENSE) 247 INCOME BEFORE INCOME TAXES $ 191,674 Six Months Ended December 31, 2017 Core Payments Complementary Corporate & Other Total REVENUE Services and Support $ 237,091 $ 19,176 $ 161,626 $ 31,877 $ 449,770 Processing 13,550 225,098 30,057 18 268,723 Total Revenue 250,641 244,274 191,683 31,895 718,493 Cost of Revenue 110,949 116,627 80,201 103,239 411,016 Research and Development 43,343 Selling, General, and Administrative 84,181 Gain on Disposal of Businesses (1,894 ) Total Expenses 536,646 SEGMENT INCOME $ 139,692 $ 127,647 $ 111,482 $ (71,344 ) OPERATING INCOME 181,847 INTEREST INCOME (EXPENSE) (146 ) INCOME BEFORE INCOME TAXES $ 181,701 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting Policies Revenue Recognition- Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 386,275 | $ 357,209 | $ 778,818 | $ 718,493 |
Processing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 148,953 | 134,191 | 294,928 | 268,723 |
Outsourcing & Cloud [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 100,066 | 88,253 | 197,425 | 173,387 |
Product Delivery and Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 58,794 | 59,392 | 116,758 | 118,462 |
In-House Support [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 78,462 | 75,373 | 169,707 | 157,921 |
Services and Support [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 237,322 | $ 223,018 | $ 483,890 | $ 449,770 |
Nature of Operations and Summ_5
Nature of Operations and Summary of Significant Accounting Policies Revenue Recognition- Contract Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Receivables, net | $ 184,737 | $ 297,271 |
Contract Assets- Current | 16,697 | 14,063 |
Contract Assets- Non-current | 44,465 | 35,630 |
Contract Liabilities (Deferred Revenue)- Current | 240,863 | 352,431 |
Contract Liabilities (Deferred Revenue)- Non-current | $ 14,773 | $ 17,484 |
Nature of Operations and Summ_6
Nature of Operations and Summary of Significant Accounting Policies Revenue Recognition- Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from Contract with Customer [Abstract] | ||||
Contract with Customer, Liability, Revenue Recognized | $ 93,656 | $ 82,410 | $ 164,051 | $ 154,585 |
Revenue, Remaining Performance Obligation, Amount | $ 3,647,526 | $ 3,647,526 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Percentage | 28.00% | 28.00% | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months | 12 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Percentage | 20.00% | 20.00% | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months | 12 months |
Nature of Operations and Summ_7
Nature of Operations and Summary of Significant Accounting Policies Contract Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |||||
Capitalized Contract Cost, Net | $ 222,027 | $ 222,027 | $ 181,032 | ||
Capitalized Contract Cost, Amortization | $ 25,435 | $ 22,863 | $ 52,257 | $ 45,371 |
Nature of Operations and Summ_8
Nature of Operations and Summary of Significant Accounting Policies Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Property, Plant and Equipment [Abstract] | ||
Accumulated Depreciation, Property and Equipment | $ 387,261 | $ 364,153 |
Nature of Operations and Summ_9
Nature of Operations and Summary of Significant Accounting Policies Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2018 | Jun. 30, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 658,480 | $ 602,479 |
Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Nature of Operations and Sum_10
Nature of Operations and Summary of Significant Accounting Policies Treasury Stock (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2018 | Jun. 30, 2018 | |
Class of Stock Disclosures [Abstract] | ||
Treasury Stock, Shares | 26,257,903 | 26,107,903 |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 3,733,000 | 3,883,000 |
Treasury Stock, Value | $ 1,076,536 | $ 1,055,260 |
Treasury Stock, Shares, Acquired | 150,000 |
Nature of Operations and Sum_11
Nature of Operations and Summary of Significant Accounting Policies Dividends Declared Per Share (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | ||||
Dividends declared per share | $ 0.37 | $ 0.31 | $ 0.74 | $ 0.62 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements Impact of Adoption of ASC 606 on Previously Reported Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ 26,156 | $ 31,440 | $ 57,719 | $ 114,765 |
Receivables, net | 184,737 | 297,271 | ||
Income tax receivable | 9,488 | 21,671 | ||
Prepaid expenses and other | 99,053 | 96,141 | ||
Deferred costs | 43,205 | 27,069 | ||
Total current assets | 362,639 | 473,592 | ||
PROPERTY AND EQUIPMENT, net | 283,454 | 286,850 | ||
OTHER ASSETS: | ||||
Non-current deferred costs | 82,328 | 74,865 | ||
Computer software, net of amortization | 303,516 | 288,172 | ||
Other non-current assets | 129,562 | 110,299 | ||
Other intangible assets, net of amortization | 34,245 | 38,467 | ||
Goodwill | 666,770 | 649,929 | ||
Total other assets | 1,325,684 | 1,276,766 | ||
Total assets | 1,971,777 | 2,037,208 | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 6,597 | 34,510 | ||
Accrued expenses | 92,614 | 88,764 | ||
Deferred revenues | 240,863 | 352,431 | ||
Total current liabilities | 340,074 | 475,705 | ||
LONG TERM LIABILITIES: | ||||
Non-current deferred revenues | 14,773 | 17,484 | ||
Non-current deferred income tax liability | 210,489 | 208,303 | ||
Other long-term liabilities | 14,486 | 12,872 | ||
Total long term liabilities | 239,748 | 238,659 | ||
Total liabilities | 579,822 | 714,364 | ||
STOCKHOLDERS' EQUITY | ||||
Preferred stock - $1 par value; 500,000 shares authorized, none issued | 0 | 0 | ||
Common stock - $0.01 par value; 250,000,000 shares authorized; 103,278,562 shares issued at June 30, 2018 | 1,034 | 1,033 | ||
Additional paid-in capital | 459,988 | 464,138 | ||
Retained earnings | 2,007,469 | 1,912,933 | ||
Less treasury stock at cost; 26,107,903 shares at June 30, 2018 | (1,076,536) | (1,055,260) | ||
Total stockholders' equity | 1,391,955 | 1,322,844 | ||
Total liabilities and equity | 1,971,777 | 2,037,208 | ||
Customer Relationships [Member] | ||||
OTHER ASSETS: | ||||
Customer relationships, net of amortization | $ 109,263 | 115,034 | ||
Accounting Standards Update 2014-09 [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 0 | 0 | 0 | |
Receivables, net | 5,641 | |||
Income tax receivable | 0 | |||
Prepaid expenses and other | 11,331 | |||
Deferred costs | (11,916) | |||
Total current assets | 5,056 | |||
PROPERTY AND EQUIPMENT, net | 0 | |||
OTHER ASSETS: | ||||
Non-current deferred costs | (20,675) | |||
Computer software, net of amortization | 0 | |||
Other non-current assets | 2,524 | |||
Other intangible assets, net of amortization | 0 | |||
Goodwill | 0 | |||
Total other assets | (18,151) | |||
Total assets | (13,095) | |||
CURRENT LIABILITIES: | ||||
Accounts payable | 0 | |||
Accrued expenses | (9,084) | |||
Deferred revenues | (3,107) | |||
Total current liabilities | (12,191) | |||
LONG TERM LIABILITIES: | ||||
Non-current deferred revenues | (75,610) | |||
Non-current deferred income tax liability | 18,690 | |||
Other long-term liabilities | 0 | |||
Total long term liabilities | (56,920) | |||
Total liabilities | (69,111) | |||
STOCKHOLDERS' EQUITY | ||||
Preferred stock - $1 par value; 500,000 shares authorized, none issued | 0 | |||
Common stock - $0.01 par value; 250,000,000 shares authorized; 103,278,562 shares issued at June 30, 2018 | 0 | |||
Additional paid-in capital | 0 | |||
Retained earnings | 56,016 | |||
Less treasury stock at cost; 26,107,903 shares at June 30, 2018 | 0 | |||
Total stockholders' equity | 56,016 | |||
Total liabilities and equity | (13,095) | |||
Accounting Standards Update 2014-09 [Member] | Customer Relationships [Member] | ||||
OTHER ASSETS: | ||||
Customer relationships, net of amortization | 0 | |||
Previously Reported [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 31,440 | $ 57,719 | $ 114,765 | |
Receivables, net | 291,630 | |||
Income tax receivable | 21,671 | |||
Prepaid expenses and other | 84,810 | |||
Deferred costs | 38,985 | |||
Total current assets | 468,536 | |||
PROPERTY AND EQUIPMENT, net | 286,850 | |||
OTHER ASSETS: | ||||
Non-current deferred costs | 95,540 | |||
Computer software, net of amortization | 288,172 | |||
Other non-current assets | 107,775 | |||
Other intangible assets, net of amortization | 38,467 | |||
Goodwill | 649,929 | |||
Total other assets | 1,294,917 | |||
Total assets | 2,050,303 | |||
CURRENT LIABILITIES: | ||||
Accounts payable | 34,510 | |||
Accrued expenses | 97,848 | |||
Deferred revenues | 355,538 | |||
Total current liabilities | 487,896 | |||
LONG TERM LIABILITIES: | ||||
Non-current deferred revenues | 93,094 | |||
Non-current deferred income tax liability | 189,613 | |||
Other long-term liabilities | 12,872 | |||
Total long term liabilities | 295,579 | |||
Total liabilities | 783,475 | |||
STOCKHOLDERS' EQUITY | ||||
Preferred stock - $1 par value; 500,000 shares authorized, none issued | 0 | |||
Common stock - $0.01 par value; 250,000,000 shares authorized; 103,278,562 shares issued at June 30, 2018 | 1,033 | |||
Additional paid-in capital | 464,138 | |||
Retained earnings | 1,856,917 | |||
Less treasury stock at cost; 26,107,903 shares at June 30, 2018 | (1,055,260) | |||
Total stockholders' equity | 1,266,828 | |||
Total liabilities and equity | 2,050,303 | |||
Previously Reported [Member] | Customer Relationships [Member] | ||||
OTHER ASSETS: | ||||
Customer relationships, net of amortization | $ 115,034 |
Recent Accounting Pronounceme_4
Recent Accounting Pronouncements Impact of Adoption of ASC 606 on Previously Reported Statement of Income (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUE | $ 386,275 | $ 357,209 | $ 778,818 | $ 718,493 |
EXPENSES | ||||
Cost of Revenue | 227,284 | 207,100 | 447,396 | 411,016 |
Research and Development | 23,990 | 22,414 | 48,016 | 43,343 |
Selling, General and Administrative | 46,797 | 43,094 | 91,979 | 84,181 |
Gain on Disposal of a Business | 0 | (189) | 0 | (1,894) |
Total Expenses | 298,071 | 272,419 | 587,391 | 536,646 |
OPERATING INCOME | 88,204 | 84,790 | 191,427 | 181,847 |
INTEREST INCOME (EXPENSE) | ||||
Interest income | 252 | 146 | 542 | 293 |
Interest Expense | (148) | (250) | (295) | (439) |
Total interest income (expense) | 104 | (104) | 247 | (146) |
INCOME BEFORE INCOME TAXES | 88,308 | 84,686 | 191,674 | 181,701 |
PROVISION/ (BENEFIT) FOR INCOME TAXES | 20,219 | (76,557) | 40,034 | (46,412) |
NET INCOME | $ 68,089 | $ 161,243 | $ 151,640 | $ 228,113 |
Earnings Per Share | ||||
Basic earnings per share | $ 0.88 | $ 2.09 | $ 1.96 | $ 2.95 |
Basic weighted average shares outstanding | 77,216 | 77,218 | 77,202 | 77,250 |
Diluted earnings per share | $ 0.88 | $ 2.08 | $ 1.96 | $ 2.94 |
Diluted weighted average shares outstanding | 77,409 | 77,565 | 77,474 | 77,606 |
Accounting Standards Update 2014-09 [Member] | ||||
REVENUE | $ (17,547) | $ (16,197) | ||
EXPENSES | ||||
Cost of Revenue | (4,553) | (5,352) | ||
Research and Development | 0 | 0 | ||
Selling, General and Administrative | (2,519) | (5,165) | ||
Gain on Disposal of a Business | 0 | 0 | ||
Total Expenses | (7,072) | (10,517) | ||
OPERATING INCOME | (10,475) | (5,680) | ||
INTEREST INCOME (EXPENSE) | ||||
Interest income | 0 | 0 | ||
Interest Expense | 0 | 0 | ||
Total interest income (expense) | 0 | 0 | ||
INCOME BEFORE INCOME TAXES | (10,475) | (5,680) | ||
PROVISION/ (BENEFIT) FOR INCOME TAXES | (16,144) | (14,808) | ||
NET INCOME | 5,669 | 9,128 | ||
Previously Reported [Member] | ||||
REVENUE | 374,756 | 734,690 | ||
EXPENSES | ||||
Cost of Revenue | 211,653 | 416,368 | ||
Research and Development | 22,414 | 43,343 | ||
Selling, General and Administrative | 45,613 | 89,346 | ||
Gain on Disposal of a Business | (189) | (1,894) | ||
Total Expenses | 279,491 | 547,163 | ||
OPERATING INCOME | 95,265 | 187,527 | ||
INTEREST INCOME (EXPENSE) | ||||
Interest income | 146 | 293 | ||
Interest Expense | (250) | (439) | ||
Total interest income (expense) | (104) | (146) | ||
INCOME BEFORE INCOME TAXES | 95,161 | 187,381 | ||
PROVISION/ (BENEFIT) FOR INCOME TAXES | (60,413) | (31,604) | ||
NET INCOME | $ 155,574 | $ 218,985 | ||
Earnings Per Share | ||||
Basic earnings per share | $ 2.01 | $ 2.83 | ||
Diluted earnings per share | $ 2.01 | $ 2.82 |
Recent Accounting Pronounceme_5
Recent Accounting Pronouncements Impact of Adoption of ASC 606 on Previously Reported Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Income | $ 151,640 | $ 228,113 | ||
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation | 22,470 | 24,602 | ||
Amortization | 56,146 | 48,711 | ||
Change in deferred income taxes | 1,256 | (87,040) | ||
Expense for stock-based compensation | $ 3,374 | $ 3,096 | 5,146 | 4,609 |
(Gain)/ loss on disposal of assets and businesses | (22) | (1,841) | ||
Changes in operating assets and liabilities: | ||||
Change in receivables | 113,563 | 143,914 | ||
Change in prepaid expenses, deferred costs and other | (45,768) | (57,214) | ||
Change in accounts payable | (14,685) | 5,371 | ||
Change in accrued expenses | 4,658 | (13,236) | ||
Change in income taxes | 12,654 | 1,829 | ||
Change in deferred revenues | (115,014) | (120,910) | ||
Net cash from operating activities | 192,044 | 176,908 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Payment for acquisitions, net of cash acquired | (19,981) | (137,654) | ||
Capital expenditures | (32,968) | (12,249) | ||
Proceeds from the sale of businesses | 0 | 350 | ||
Proceeds from sale of assets | 76 | 205 | ||
Internal use software | (2,694) | (6,025) | ||
Computer software developed | (54,086) | (46,936) | ||
Net cash from investing activities | (109,653) | (202,309) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Borrowings on credit facilities | 0 | 100,000 | ||
Repayments on credit facilities | 0 | (50,000) | ||
Purchase of treasury stock | (21,276) | (30,018) | ||
Dividends paid | (57,104) | (47,844) | ||
Proceeds from issuance of common stock upon exercise of stock options | 1 | 1 | ||
Tax withholding payments related to share based compensation | (13,485) | (7,144) | ||
Proceeds from sale of common stock, net | 4,189 | 3,360 | ||
Net cash from financing activities | (87,675) | (31,645) | ||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (5,284) | (57,046) | ||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 31,440 | 114,765 | ||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 26,156 | 57,719 | 26,156 | 57,719 |
Accounting Standards Update 2014-09 [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Income | 9,128 | |||
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation | 0 | |||
Amortization | 0 | |||
Change in deferred income taxes | (14,319) | |||
Expense for stock-based compensation | 0 | |||
(Gain)/ loss on disposal of assets and businesses | 0 | |||
Changes in operating assets and liabilities: | ||||
Change in receivables | 28,342 | |||
Change in prepaid expenses, deferred costs and other | (40,109) | |||
Change in accounts payable | 0 | |||
Change in accrued expenses | 2,150 | |||
Change in income taxes | (488) | |||
Change in deferred revenues | 15,296 | |||
Net cash from operating activities | 0 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Payment for acquisitions, net of cash acquired | 0 | |||
Capital expenditures | 0 | |||
Proceeds from the sale of businesses | 0 | |||
Proceeds from sale of assets | 0 | |||
Internal use software | 0 | |||
Computer software developed | 0 | |||
Net cash from investing activities | 0 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Borrowings on credit facilities | 0 | |||
Repayments on credit facilities | 0 | |||
Purchase of treasury stock | 0 | |||
Dividends paid | 0 | |||
Proceeds from issuance of common stock upon exercise of stock options | 0 | |||
Tax withholding payments related to share based compensation | 0 | |||
Proceeds from sale of common stock, net | 0 | |||
Net cash from financing activities | 0 | |||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | |||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 0 | 0 | ||
CASH AND CASH EQUIVALENTS, END OF PERIOD | 0 | 0 | ||
Previously Reported [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Income | 218,985 | |||
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation | 24,602 | |||
Amortization | 48,711 | |||
Change in deferred income taxes | (72,721) | |||
Expense for stock-based compensation | 4,609 | |||
(Gain)/ loss on disposal of assets and businesses | (1,841) | |||
Changes in operating assets and liabilities: | ||||
Change in receivables | 115,572 | |||
Change in prepaid expenses, deferred costs and other | (17,105) | |||
Change in accounts payable | 5,371 | |||
Change in accrued expenses | (15,386) | |||
Change in income taxes | 2,317 | |||
Change in deferred revenues | (136,206) | |||
Net cash from operating activities | 176,908 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Payment for acquisitions, net of cash acquired | (137,654) | |||
Capital expenditures | (12,249) | |||
Proceeds from the sale of businesses | 350 | |||
Proceeds from sale of assets | 205 | |||
Internal use software | (6,025) | |||
Computer software developed | (46,936) | |||
Net cash from investing activities | (202,309) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Borrowings on credit facilities | 100,000 | |||
Repayments on credit facilities | (50,000) | |||
Purchase of treasury stock | (30,018) | |||
Dividends paid | (47,844) | |||
Proceeds from issuance of common stock upon exercise of stock options | 1 | |||
Tax withholding payments related to share based compensation | (7,144) | |||
Proceeds from sale of common stock, net | 3,360 | |||
Net cash from financing activities | (31,645) | |||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (57,046) | |||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | $ 31,440 | 114,765 | ||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 57,719 | $ 57,719 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2018 | Jun. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-lived assets held for sale, carrying value prior to impairment | $ 4,575 | ||
Impairment of Long-Lived Assets to be Disposed of | $ 3,275 | ||
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-lived assets held-for-sale | $ 1,300 | $ 1,300 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-lived assets held-for-sale | 0 | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-lived assets held-for-sale | 1,300 | 1,300 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-lived assets held-for-sale | 0 | 0 | |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 9,033 | 14,918 | |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 9,033 | 14,918 | |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | $ 0 | $ 0 |
Debt Narrative (Details)
Debt Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | |
Debt Instrument [Line Items] | |||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 192 | $ 355 | |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Loan, Unused Borrowing Capacity | $ 5,000 | ||
Unsecured Loan, Maturity Date | Apr. 30, 2019 | ||
Unsecured Loan, Amount Outstanding | $ 0 | $ 0 | |
Revolving Credit Facility [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Revolving Credit Facility, Current Borrowing Capacity | 300,000 | ||
Revolving Credit Facility, Maximum Borrowing Capacity | $ 600,000 | ||
Revolving Credit Facility, Expiration Date | Feb. 20, 2020 | ||
Long-term Debt | $ 0 | $ 0 | |
Federal Funds Effective Swap Rate [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 0.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 1.00% | ||
Prime Rate [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | (1.00%) |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | |
Effective Tax Rate | 22.90% | (90.40%) | 20.90% | (25.50%) | ||
Income Tax Expense (Benefit) | $ 20,219,000 | $ (76,557,000) | $ 40,034,000 | $ (46,412,000) | ||
Federal Statutory Income Tax Rate, Percent | 28.00% | |||||
Income Taxes Paid, Net | 25,211,000 | 38,163,000 | ||||
Unrecognized Tax Benefits | 10,719,000 | 10,719,000 | ||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 9,967,000 | 9,967,000 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1,431,000 | $ 1,318,000 | 1,431,000 | 1,318,000 | ||
Minimum [Member] | ||||||
Expiration of statutes of limitations impact on UTB balance | 500,000 | 500,000 | ||||
Maximum [Member] | ||||||
Expiration of statutes of limitations impact on UTB balance | 1,500,000 | $ 1,500,000 | ||||
Tax Cuts and Jobs Act [Member] | ||||||
Income Tax Expense (Benefit) | $ (97,516,000) | |||||
Measurement period adjustment of income tax benefit recorded in prior period | $ 0 | |||||
Scenario, Forecast [Member] | ||||||
Federal Statutory Income Tax Rate, Percent | 21.00% |
Stock Based Compensation Narrat
Stock Based Compensation Narrative (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation | $ 3,374 | $ 3,096 | $ 5,146 | $ 4,609 |
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Nonvested Awards, Compensation Not yet Recognized, Stock Options | 83 | $ 83 | ||
Weighted average remaining contractual term, stock options | 182 days | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense yet to be recognized | 17,684 | $ 17,684 | ||
Compensation expense yet to be recognized, period for recognition | 1 year 160 days | |||
Granted, number of shares | 65 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense yet to be recognized | $ 83 | $ 83 | ||
Compensation expense yet to be recognized, period for recognition | 177 days | |||
Granted, number of shares | 0 | |||
2015 EIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares Authorized for Issuance | 3,000 | 3,000 | ||
2015 EIP [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 3 years | |||
Termination Period After Termination of Employment | 90 days | |||
Termination Period After Death | 1 year | |||
Termination After Grant Date | 10 years | |||
Fair value under Monte Carlo [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, number of shares | 39 | |||
Fair value on grant date less PV of dividends [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, number of shares | 26 |
Stock Based Compensation Stock
Stock Based Compensation Stock Options (Details) - Employee Stock Option [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding, period start, number of shares | shares | 52 |
Granted, number of shares | shares | 0 |
Forfeited, number of shares | shares | 0 |
Exercised, number of shares | shares | 0 |
Outstanding, period end, number of shares | shares | 52 |
Outstanding, period start, weighted average exercise price | $ / shares | $ 62.65 |
Granted, weighted average exercise price | $ / shares | 0 |
Forfeited, weighted average exercise price | $ / shares | 0 |
Exercised, weighted average exercise price | $ / shares | 0 |
Outstanding, period end, weighted average exercise price | $ / shares | $ 62.65 |
Outstanding, period end, intrinsic value | $ | $ 3,301 |
Vested and expected to vest, period end, number of shares | shares | 52 |
Vested and expected to vest, period end, weighted average exercise price | $ / shares | $ 62.65 |
Vested and expected to vest, period end, intrinsic value | $ | $ 3,301 |
Exercisable, period end, number of shares | shares | 20 |
Exercisable, period end, weighted average exercise price | $ / shares | $ 23.65 |
Exercisable, period end, intrinsic value | $ | $ 2,057 |
Stock Based Compensation Restri
Stock Based Compensation Restricted Stock Share Awards (Details) - Restricted Stock [Member] shares in Thousands | 6 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding, period start, number of shares | shares | 23 |
Granted, number of shares | shares | 0 |
Vested, number of shares | shares | (17) |
Forfeited, number of shares | shares | 0 |
Outstanding, period end, number of shares | shares | 6 |
Outstanding, period start, weighted average grant date fair value | $ / shares | $ 81.33 |
Granted, weighted average grant date fair value | $ / shares | 0 |
Vested, weighted average grant date fair value | $ / shares | 79.48 |
Forfeited, weighted average grant date fair value | $ / shares | 0 |
Outstanding, period end, weighted average grant date fair value | $ / shares | $ 86.74 |
Stock Based Compensation Rest_2
Stock Based Compensation Restricted Stock Unit Awards (Details) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding, period start, number of shares | shares | 351 |
Granted, number of shares | shares | 65 |
Vested, number of shares | shares | (117) |
Forfeited, number of shares | shares | (4) |
Outstanding, period end, number of shares | shares | 295 |
Outstanding, period start, weighted average grant date fair value | $ / shares | $ 83.37 |
Granted, weighted average grant date fair value | $ / shares | 176.95 |
Vested, weighted average grant date fair value | $ / shares | 79.51 |
Forfeited, weighted average grant date fair value | $ / shares | 86.89 |
Outstanding, period end, weighted average grant date fair value | $ / shares | $ 105.38 |
Restricted Stock Units, Aggregate Intrinsic Value, Outstanding | $ | $ 37,305 |
Stock Based Compensation RSU Me
Stock Based Compensation RSU Measurement Date Assumptions (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Dec. 31, 2018Rate | |
RSU grant date weighted average fair value assumptions | |
Volatility | 15.30% |
Risk free interest rate | 2.89% |
Dividend yield | 0.90% |
Stock Beta | 0.669 |
Earnings Per Share Earnings P_3
Earnings Per Share Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Net Income | $ 68,089 | $ 161,243 | $ 151,640 | $ 228,113 |
Common share information: | ||||
Weighted average shares outstanding for basic earnings per share | 77,216 | 77,218 | 77,202 | 77,250 |
Dilutive effect of stock options and restricted stock | 193 | 347 | 272 | 356 |
Weighted average shares outstanding for diluted earnings per share | 77,409 | 77,565 | 77,474 | 77,606 |
Basic earnings per share | $ 0.88 | $ 2.09 | $ 1.96 | $ 2.95 |
Diluted earnings per share | $ 0.88 | $ 2.08 | $ 1.96 | $ 2.94 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5 | 0 |
Business Acquisitions (Details)
Business Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 05, 2018 | Oct. 01, 2018 | Dec. 21, 2017 | Aug. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 |
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 666,770 | $ 666,770 | $ 649,929 | ||||||
BOLTS Technologies, Inc. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Oct. 5, 2018 | ||||||||
Payments to Acquire Businesses, Gross | $ 15,046 | ||||||||
Current assets | 1,384 | ||||||||
Identifiable intangible assets | 2,274 | ||||||||
Total other liabilities assumed | (1,418) | ||||||||
Total identifiable net assets | 2,240 | ||||||||
Net assets acquired | 15,046 | ||||||||
Cash Acquired from Acquisition | 1,365 | ||||||||
Acquired Receivable, Fair Value | 14 | ||||||||
Acquired Receivables, Estimated Uncollectible | 0 | ||||||||
Business Acquisition, Transaction Costs | 23 | ||||||||
Revenue of Acquiree since Acquisition Date, Actual | 35 | ||||||||
Earnings or Loss of Acquiree since Acquisition Date, Actual | (246) | ||||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 14 | ||||||||
Agiletics, Inc. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Oct. 1, 2018 | ||||||||
Payments to Acquire Businesses, Gross | $ 7,649 | ||||||||
Current assets | 2,170 | ||||||||
Identifiable intangible assets | 3,090 | ||||||||
Non-current deferred income tax liability | (787) | ||||||||
Total other liabilities assumed | (738) | ||||||||
Total identifiable net assets | 3,735 | ||||||||
Net assets acquired | 7,649 | ||||||||
Cash Acquired from Acquisition | 1,349 | ||||||||
Acquired Receivable, Fair Value | 299 | ||||||||
Acquired Receivables, Estimated Uncollectible | 0 | ||||||||
Business Acquisition, Transaction Costs | 25 | ||||||||
Revenue of Acquiree since Acquisition Date, Actual | 193 | ||||||||
Earnings or Loss of Acquiree since Acquisition Date, Actual | (111) | ||||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 299 | ||||||||
Ensenta Corporation [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Dec. 21, 2017 | ||||||||
Payments to Acquire Businesses, Gross | $ 134,381 | ||||||||
Current assets | 14,125 | ||||||||
Long-term assets | 586 | ||||||||
Identifiable intangible assets | 58,806 | ||||||||
Non-current deferred income tax liability | (21,859) | ||||||||
Total other liabilities assumed | (8,496) | ||||||||
Total identifiable net assets | 43,162 | ||||||||
Net assets acquired | 134,381 | ||||||||
Acquisition goodwill expected to be tax deductible | 0 | ||||||||
Cash Acquired from Acquisition | 7,274 | ||||||||
Acquired Receivable, Fair Value | 4,668 | ||||||||
Acquired Receivables, Estimated Uncollectible | 0 | ||||||||
Business Acquisition, Transaction Costs | $ 339 | ||||||||
Revenue of Acquiree since Acquisition Date, Actual | 9,059 | $ 928 | 17,231 | ||||||
Earnings or Loss of Acquiree since Acquisition Date, Actual | 2,919 | 6,366 | 4,963 | ||||||
Earnings or Loss of Acquiree since Acquisition Date, Excluding Effects of TCJA | 26 | ||||||||
Pro Forma Revenue | 386,275 | 363,563 | 778,818 | $ 731,611 | |||||
Pro Forma Net Income (Loss) | $ 68,089 | $ 167,714 | $ 151,640 | $ 229,623 | |||||
Pro Forma Earnings Per Share, Basic | $ 0.88 | $ 2.17 | $ 1.96 | $ 2.97 | |||||
Pro Forma Earnings Per Share, Diluted | $ 0.88 | $ 2.16 | $ 1.96 | $ 2.96 | |||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 4,668 | ||||||||
Vanguard Software Group [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Aug. 31, 2017 | ||||||||
Payments to Acquire Businesses, Gross | $ 10,744 | ||||||||
Current assets | 1,153 | ||||||||
Long-term assets | 9 | ||||||||
Identifiable intangible assets | 4,200 | ||||||||
Total liabilities assumed | (1,117) | ||||||||
Total identifiable net assets | 4,245 | ||||||||
Net assets acquired | 10,744 | ||||||||
Acquisition goodwill expected to be tax deductible | 6,499 | ||||||||
Cash Acquired from Acquisition | 289 | ||||||||
Acquired Receivable, Fair Value | 847 | ||||||||
Acquired Receivables, Estimated Uncollectible | 0 | ||||||||
Revenue of Acquiree since Acquisition Date, Actual | $ 741 | $ 557 | $ 1,266 | $ 656 | |||||
Earnings or Loss of Acquiree since Acquisition Date, Actual | $ (86) | $ (178) | $ (254) | $ (301) | |||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 847 | ||||||||
Customer Relationships [Member] | BOLTS Technologies, Inc. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Identifiable Intangible Assets Acquired | $ 567 | ||||||||
Identifiable Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||
Customer Relationships [Member] | Agiletics, Inc. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Identifiable Intangible Assets Acquired | $ 2,198 | ||||||||
Identifiable Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||
Customer Relationships [Member] | Ensenta Corporation [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Identifiable Intangible Assets Acquired | $ 37,800 | ||||||||
Identifiable Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||
Customer Relationships [Member] | Vanguard Software Group [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Identifiable Intangible Assets Acquired | $ 2,234 | ||||||||
Identifiable Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||
Computer Software, Intangible Asset [Member] | BOLTS Technologies, Inc. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Identifiable Intangible Assets Acquired | $ 1,409 | ||||||||
Identifiable Intangible Assets, Weighted Average Useful Life | 10 years | ||||||||
Computer Software, Intangible Asset [Member] | Agiletics, Inc. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Identifiable Intangible Assets Acquired | $ 701 | ||||||||
Identifiable Intangible Assets, Weighted Average Useful Life | 10 years | ||||||||
Computer Software, Intangible Asset [Member] | Ensenta Corporation [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Identifiable Intangible Assets Acquired | $ 16,505 | ||||||||
Identifiable Intangible Assets, Weighted Average Useful Life | 10 years | ||||||||
Computer Software, Intangible Asset [Member] | Vanguard Software Group [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Identifiable Intangible Assets Acquired | $ 1,426 | ||||||||
Identifiable Intangible Assets, Weighted Average Useful Life | 10 years | ||||||||
Other Intangible Assets [Member] | BOLTS Technologies, Inc. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Identifiable Intangible Assets Acquired | $ 298 | ||||||||
Identifiable Intangible Assets, Weighted Average Useful Life | 10 years | ||||||||
Other Intangible Assets [Member] | Agiletics, Inc. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Identifiable Intangible Assets Acquired | $ 191 | ||||||||
Identifiable Intangible Assets, Weighted Average Useful Life | 10 years | ||||||||
Other Intangible Assets [Member] | Ensenta Corporation [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Identifiable Intangible Assets Acquired | $ 4,501 | ||||||||
Identifiable Intangible Assets, Weighted Average Useful Life | 10 years | ||||||||
Other Intangible Assets [Member] | Vanguard Software Group [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Identifiable Intangible Assets Acquired | $ 540 | ||||||||
Identifiable Intangible Assets, Weighted Average Useful Life | 10 years | ||||||||
Core [Member] | Agiletics, Inc. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 3,914 | ||||||||
Payments [Member] | Ensenta Corporation [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 91,219 | ||||||||
Complementary [Member] | BOLTS Technologies, Inc. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 12,806 | ||||||||
Complementary [Member] | Vanguard Software Group [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 6,499 |
Reportable Segment Informatio_3
Reportable Segment Information Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($)segment | |
Segment Reporting [Abstract] | ||
Number of Reportable Segments | segment | 4 | |
Reclassification of Revenue Between Reportable Segments | $ | $ 744 | $ 1,482 |
Reportable Segment Informatio_4
Reportable Segment Information Reconciliation of Operating Profit by Segment to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | $ 386,275 | $ 357,209 | $ 778,818 | $ 718,493 |
Cost of Revenue | 227,284 | 207,100 | 447,396 | 411,016 |
Research and Development | 23,990 | 22,414 | 48,016 | 43,343 |
Selling, General and Administrative | 46,797 | 43,094 | 91,979 | 84,181 |
Gain on Disposal of a Business | 0 | (189) | 0 | (1,894) |
Total Expenses | 298,071 | 272,419 | 587,391 | 536,646 |
OPERATING INCOME | 88,204 | 84,790 | 191,427 | 181,847 |
INTEREST INCOME (EXPENSE) | 104 | (104) | 247 | (146) |
INCOME BEFORE INCOME TAXES | 88,308 | 84,686 | 191,674 | 181,701 |
Core [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 129,729 | 123,296 | 267,281 | 250,641 |
Cost of Revenue | 60,288 | 55,364 | 119,504 | 110,949 |
SEGMENT INCOME | 69,441 | 67,932 | 147,777 | 139,692 |
Payments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 138,019 | 121,380 | 272,216 | 244,274 |
Cost of Revenue | 65,100 | 59,304 | 130,807 | 116,627 |
SEGMENT INCOME | 72,919 | 62,076 | 141,409 | 127,647 |
Complementary [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 103,250 | 96,656 | 210,558 | 191,683 |
Cost of Revenue | 44,167 | 40,209 | 85,998 | 80,201 |
SEGMENT INCOME | 59,083 | 56,447 | 124,560 | 111,482 |
Corporate and Other [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 15,277 | 15,877 | 28,763 | 31,895 |
Cost of Revenue | 57,729 | 52,223 | 111,087 | 103,239 |
SEGMENT INCOME | (42,452) | (36,346) | (82,324) | (71,344) |
Services and Support [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 237,322 | 223,018 | 483,890 | 449,770 |
Services and Support [Member] | Core [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 122,721 | 116,614 | 253,109 | 237,091 |
Services and Support [Member] | Payments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 13,108 | 9,212 | 25,878 | 19,176 |
Services and Support [Member] | Complementary [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 86,386 | 81,329 | 176,449 | 161,626 |
Services and Support [Member] | Corporate and Other [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 15,107 | 15,863 | 28,454 | 31,877 |
Processing [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 148,953 | 134,191 | 294,928 | 268,723 |
Processing [Member] | Core [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 7,008 | 6,682 | 14,172 | 13,550 |
Processing [Member] | Payments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 124,911 | 112,168 | 246,338 | 225,098 |
Processing [Member] | Complementary [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 16,864 | 15,327 | 34,109 | 30,057 |
Processing [Member] | Corporate and Other [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | $ 170 | $ 14 | $ 309 | $ 18 |