Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Aug. 15, 2019 | Dec. 31, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | HENRY JACK & ASSOCIATES INC | ||
Entity Central Index Key | 0000779152 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 77,000,307 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 10,791,330,916 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
REVENUE | |||||||||||
REVENUE | $ 393,509 | $ 380,364 | $ 386,275 | $ 392,543 | $ 378,256 | $ 374,048 | $ 357,209 | $ 361,284 | $ 1,552,691 | $ 1,470,797 | $ 1,388,290 |
EXPENSES | |||||||||||
Cost of Revenue | 240,040 | 235,594 | 227,284 | 220,112 | 223,606 | 218,517 | 207,100 | 203,915 | 923,030 | 853,138 | 805,855 |
Research and Development | 24,920 | 23,442 | 23,990 | 24,026 | 24,406 | 22,591 | 22,414 | 20,929 | 96,378 | 90,340 | 84,753 |
Selling, General and Administrative | 49,131 | 44,887 | 46,797 | 45,183 | 45,294 | 42,234 | 43,094 | 41,088 | 185,998 | 171,710 | 159,235 |
Gain on Disposal of Businesses | 0 | 0 | (189) | (1,705) | 0 | (1,894) | (3,270) | ||||
Total Expenses | 314,091 | 303,923 | 298,071 | 289,321 | 293,306 | 283,342 | 272,419 | 264,227 | 1,205,406 | 1,113,294 | 1,046,573 |
OPERATING INCOME | 79,418 | 76,441 | 88,204 | 103,222 | 84,950 | 90,706 | 84,790 | 97,057 | 347,285 | 357,503 | 341,717 |
INTEREST INCOME (EXPENSE) | |||||||||||
Interest Income | 178 | 155 | 252 | 291 | 152 | 130 | 146 | 147 | 876 | 575 | 248 |
Interest Expense | (407) | (224) | (148) | (147) | (747) | (734) | (250) | (189) | (926) | (1,920) | (996) |
Total Interest Income (Expense) | (229) | (69) | 104 | 144 | (595) | (604) | (104) | (42) | (50) | (1,345) | (748) |
INCOME BEFORE INCOME TAXES | 79,189 | 76,372 | 88,308 | 103,366 | 84,355 | 90,102 | 84,686 | 97,015 | 347,235 | 356,158 | 340,969 |
PROVISION/ (BENEFIT) FOR INCOME TAXES | 18,196 | 17,120 | 20,219 | 19,815 | 16,519 | 21,017 | (76,557) | 30,145 | 75,350 | (8,876) | 111,408 |
NET INCOME | $ 60,993 | $ 59,252 | $ 68,089 | $ 83,551 | $ 67,836 | $ 69,085 | $ 161,243 | $ 66,870 | $ 271,885 | $ 365,034 | $ 229,561 |
Earnings Per Share | |||||||||||
Basic earnings per share | $ 0.79 | $ 0.77 | $ 0.88 | $ 1.08 | $ 0.88 | $ 0.89 | $ 2.09 | $ 0.87 | $ 3.52 | $ 4.73 | $ 2.95 |
Basic weighted average shares outstanding | 77,060 | 77,177 | 77,216 | 77,188 | 77,261 | 77,247 | 77,218 | 77,283 | 77,160 | 77,252 | 77,856 |
Diluted earnings per share | $ 0.79 | $ 0.77 | $ 0.88 | $ 1.08 | $ 0.87 | $ 0.89 | $ 2.08 | $ 0.86 | $ 3.52 | $ 4.70 | $ 2.93 |
Diluted weighted average shares outstanding | 77,157 | 77,286 | 77,409 | 77,537 | 77,585 | 77,546 | 77,565 | 77,646 | 77,347 | 77,585 | 78,255 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ 93,628 | $ 31,440 | $ 114,765 | $ 70,310 |
Receivables, net | 310,080 | 297,271 | ||
Income tax receivable | 17,817 | 21,671 | ||
Prepaid expenses and other | 106,466 | 96,069 | ||
Deferred costs | 35,102 | 22,991 | ||
Assets held for sale | 6,355 | 1,300 | ||
Total current assets | 569,448 | 470,742 | ||
PROPERTY AND EQUIPMENT, net | 272,474 | 285,550 | ||
OTHER ASSETS: | ||||
Non-current deferred costs | 90,084 | 74,865 | ||
Computer software, net of amortization | 318,969 | 288,172 | ||
Other non-current assets | 134,743 | 110,299 | ||
Other intangible assets, net of amortization | 31,514 | 38,467 | ||
Goodwill | 666,944 | 649,929 | ||
Total other assets | 1,342,907 | 1,276,766 | ||
Total assets | 2,184,829 | 2,033,058 | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 9,850 | 30,360 | ||
Accrued expenses | 120,360 | 88,764 | ||
Deferred revenues | 339,752 | 328,931 | ||
Total current liabilities | 469,962 | 448,055 | ||
LONG-TERM LIABILITIES: | ||||
Non-current deferred revenues | 54,554 | 40,984 | ||
Deferred income tax liability | 217,010 | 208,303 | ||
Other long-term liabilities | 14,290 | 12,872 | ||
Total long-term liabilities | 285,854 | 262,159 | ||
Total liabilities | 755,816 | 710,214 | ||
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; 103,496,026 shares issued at June 30, 2019; 103,278,562 shares issued at June 30, 2018 | 1,035 | 1,033 | ||
Additional paid-in capital | 472,029 | 464,138 | ||
Retained earnings | 2,066,073 | 1,912,933 | ||
Less treasury stock at cost; 26,507,903 shares at June 30, 2019; 26,107,903 shares at June 30, 2018 | (1,110,124) | (1,055,260) | ||
Total stockholders' equity | 1,429,013 | 1,322,844 | $ 1,099,693 | |
Total liabilities and equity | 2,184,829 | 2,033,058 | ||
Customer Relationships [Member] | ||||
OTHER ASSETS: | ||||
Customer relationships, net of amortization | $ 100,653 | $ 115,034 |
CONSOLIDATED BALANCE SHEETS PAR
CONSOLIDATED BALANCE SHEETS PARENTHETICAL - $ / shares | Jun. 30, 2019 | Jun. 30, 2018 |
Statement of Financial Position [Abstract] | ||
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 | 103,496,026 | 103,278,562 |
Treasury Stock, Shares | 26,507,903 | 26,107,903 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative effect of ASC 606 adoption | $ 83,874 | |||||
Balance, beginning of year (value) at Jun. 30, 2016 | $ 1,029 | $ 440,123 | 1,431,192 | $ (876,134) | ||
Shares, beginning of year at Jun. 30, 2016 | 102,903,971 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued for equity-based payment arrangements (value) | $ 1 | (1) | ||||
Shares issued for equity-based payment arrangements (shares) | 98,781 | |||||
Tax withholding related to share based compensation | (5,479) | |||||
Shares issued for Employee Stock Purchase Plan (value) | $ 1 | 6,244 | ||||
Shares issued for Employee Stock Purchase Plan (shares) | 80,547 | |||||
Stock-based compensation expense (value) | 11,129 | |||||
NET INCOME | $ 229,561 | 229,561 | ||||
Dividends | (91,707) | |||||
Purchase of treasury shares | (130,140) | |||||
Balance, end of year (value) at Jun. 30, 2017 | $ 1,099,693 | $ 1,031 | 452,016 | 1,652,920 | (1,006,274) | |
Shares, end of year at Jun. 30, 2017 | 103,083,299 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends declared per share | $ 1.18 | |||||
Cumulative effect of ASC 606 adoption | 0 | |||||
Shares issued for equity-based payment arrangements (value) | $ 1 | 174 | ||||
Shares issued for equity-based payment arrangements (shares) | 118,865 | |||||
Tax withholding related to share based compensation | (7,332) | |||||
Shares issued for Employee Stock Purchase Plan (value) | $ 1 | 7,522 | ||||
Shares issued for Employee Stock Purchase Plan (shares) | 76,398 | |||||
Stock-based compensation expense (value) | 11,758 | |||||
NET INCOME | $ 365,034 | 365,034 | ||||
Dividends | (105,021) | |||||
Purchase of treasury shares | (48,986) | |||||
Balance, end of year (value) at Jun. 30, 2018 | $ 1,322,844 | $ 1,033 | 464,138 | 1,912,933 | (1,055,260) | |
Shares, end of year at Jun. 30, 2018 | 103,278,562 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends declared per share | $ 1.36 | |||||
Preferred Shares | 0 | |||||
Cumulative effect of ASC 606 adoption | 0 | |||||
Shares issued for equity-based payment arrangements (value) | $ 1 | 235 | ||||
Shares issued for equity-based payment arrangements (shares) | 141,071 | |||||
Tax withholding related to share based compensation | (13,972) | |||||
Shares issued for Employee Stock Purchase Plan (value) | $ 1 | 9,039 | ||||
Shares issued for Employee Stock Purchase Plan (shares) | 76,393 | |||||
Stock-based compensation expense (value) | 12,589 | |||||
NET INCOME | $ 271,885 | 271,885 | ||||
Dividends | (118,745) | |||||
Purchase of treasury shares | (54,864) | |||||
Balance, end of year (value) at Jun. 30, 2019 | $ 1,429,013 | $ 1,035 | $ 472,029 | $ 2,066,073 | $ (1,110,124) | |
Shares, end of year at Jun. 30, 2019 | 103,496,026 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends declared per share | $ 1.54 | |||||
Preferred Shares | 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 271,885 | $ 365,034 | $ 229,561 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation | 47,378 | 47,975 | 49,677 |
Amortization | 113,255 | 104,011 | 90,109 |
Change in deferred income taxes | 7,604 | (74,884) | 21,187 |
Expense for stock-based compensation | 12,589 | 11,758 | 11,129 |
(Gain)/loss on disposal of assets and businesses | 161 | (954) | 4,771 |
Changes in operating assets and liabilities: | |||
Change in receivables | (11,777) | 21,489 | (33,096) |
Change in prepaid expenses, deferred costs and other | (62,165) | (82,663) | (24,992) |
Change in accounts payable | (7,526) | 6,922 | (7,812) |
Change in accrued expenses | 31,889 | 7,091 | (11,966) |
Change in income taxes | 4,179 | 5,108 | (6,444) |
Change in deferred revenues | 23,656 | 1,255 | 35,198 |
Net cash from operating activities | 431,128 | 412,142 | 357,322 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Payment for acquisitions, net of cash acquired | (19,981) | (137,562) | 0 |
Capital expenditures | (53,598) | (40,135) | (41,947) |
Proceeds from the sale of businesses | 0 | 350 | 5,632 |
Proceeds from the sale of assets | 127 | 306 | 968 |
Customer contracts acquired | (20) | 0 | 0 |
Purchased software | (6,049) | (13,138) | (16,608) |
Computer software developed | (111,114) | (96,647) | (89,631) |
Purchase of investments | 0 | (5,000) | 0 |
Net cash from investing activities | (190,635) | (291,826) | (141,586) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings on credit facilities | 35,000 | 125,000 | 80,000 |
Repayments on credit facilities | (35,000) | (175,000) | (30,200) |
Purchase of treasury stock | (54,864) | (48,986) | (130,140) |
Dividends paid | (118,745) | (105,021) | (91,707) |
Proceeds from issuance of common stock upon exercise of stock options | 237 | 176 | 1 |
Tax withholding payments related to share based compensation | (13,973) | (7,333) | (5,480) |
Proceeds from sale of common stock | 9,040 | 7,523 | 6,245 |
Net cash from financing activities | (178,305) | (203,641) | (171,281) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 62,188 | (83,325) | 44,455 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 31,440 | 114,765 | 70,310 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 93,628 | $ 31,440 | $ 114,765 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies (Text Block) | 12 Months Ended |
Jun. 30, 2019 | |
Nature of Operations and Summary of Significant Accounting Policies [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 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. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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. We also recorded a prior period re-classification of $1,300 to a new assets held for sale caption as of June 30, 2018 . These assets were previously recorded under Property and Equipment, net. PRIOR PERIOD MISCLASSIFICATION In connection with the preparation of the Company’s 2019 annual financial statements, the Company identified an immaterial prior period misclassification which overstated accounts payable by $4,150 , overstated deferred costs by $4,078 , and overstated prepaid expenses and other by $72 . The Company has corrected for this misclassification in the accompanying Consolidated Balance Sheet by revising the fiscal 2018 balances. REVENUE RECOGNITION The Company generates "Services and Support" revenue through software licensing and related services, outsourcing core & complementary software solutions, professional services, and hardware sales. The Company generates "Processing" revenue through processing of remittance transactions, card transactions and monthly fees, and digital transactions. 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. Significant judgment is used in the identification and accounting for all performance obligations. 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. Significant judgment is used in the estimate of variable consideration of customer contracts that are long-term and include uncertain transactional volumes. 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, it determines a material right does exist, it assigns 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, it determines a material right does exist, it assigns 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 13, 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. Year Ended June 30, 2019 2018 2017 Processing $ 594,202 $ 550,058 $ 506,555 Outsourcing & Cloud 405,359 361,922 327,738 Product Delivery & Services 231,982 251,743 256,794 In-House Support 321,148 307,074 297,203 Services & Support 958,489 920,739 $ 881,735 Total Revenue $ 1,552,691 $ 1,470,797 $ 1,388,290 Contract Balances The following table provides information about contract assets and contract liabilities from contracts with customers. June 30, June 30, Receivables, net $ 310,080 $ 297,271 Contract Assets- Current 21,446 14,063 Contract Assets- Non-current 50,640 35,630 Contract Liabilities (Deferred Revenue)- Current 339,752 328,931 Contract Liabilities (Deferred Revenue)- Non-current 54,554 40,984 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 delayed until 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 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 fiscal years ended June 30, 2019 , 2018 , and 2017 , the Company recognized revenue of $265,946 , $269,593 , and $264,517 , respectively, that was included in the corresponding deferred revenue balance at the beginning of the periods. Revenue recognized that related 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 adjustments and re-allocations due to changes in estimates of variable consideration. Transaction Price Allocated to Remaining Performance Obligations As of June 30, 2019 , 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 $3,640,955 . The Company expects to recognize approximately 30% over the next 12 months and 18% 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 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. Capitalized costs totaled $231,273 and $176,954 at June 30, 2019 and 2018 , respectively. For the fiscal years ended June 30, 2019 , 2018 , and, 2017 amortization of deferred contract costs totaled $110,894 , $94,337 , and $88,064 , respectively. There were no impairment losses in relation to capitalized costs for the periods presented. COMPUTER SOFTWARE DEVELOPMENT The Company capitalizes new product development costs incurred for software to be sold from the point at which technological feasibility has been established through the point at which the product is ready for general availability. Software development costs that are capitalized are evaluated on a product-by-product basis annually and are assigned an estimated economic life based on the type of product, market characteristics, and maturity of the market for that particular product. These costs are amortized based on current and estimated future revenue from the product or on a straight-line basis, whichever yields greater amortization expense. All of this amortization expense is included within components of operating income, primarily cost of revenue. The Company capitalizes development costs for internal use software beginning at the start of application development. Amortization begins on the date the software is placed in service and the amortization period is based on estimated useful life. CASH EQUIVALENTS The Company considers all highly liquid investments with maturities of three months or less at the time of acquisition to be cash equivalents. ACCOUNTS RECEIVABLE Receivables are recorded at the time of billing. A reasonable estimate of the realizability of customer receivables is made through the establishment of an allowance for doubtful accounts, which is estimated based on a combination of write-off history, aging analysis, and any specifically known collection issues. PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the 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 with an indefinite life (goodwill), over an estimated economic benefit period, generally three to twenty years. The Company reviews its long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances have indicated that the carrying amount of its assets might not be recoverable. The Company evaluates goodwill for impairment of value on an annual basis as of January 1 and between annual tests if events or changes in circumstances indicate that the asset might be impaired. PURCHASE OF INVESTMENT In the third quarter of fiscal 2018, the Company made an investment totaling $5,000 for the purchase of preferred stock of Automated Bookkeeping, Inc ("Autobooks"), representing a non-controlling share of the voting equity of Autobooks as of that date. This investment was recorded at cost and is included within other non-current assets on the Company's balance sheet. The fair value of this investment has not been estimated, as estimation is not practicable. There have been no events or changes in circumstances that would indicate an impairment and no price changes resulting from observing a similar or identical investment. An impairment and/or an observable price change would be an adjustment to recorded cost. Fair value will not be estimated unless there are identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment. COMPREHENSIVE INCOME Comprehensive income for each of the fiscal years ending June 30, 2019 , 2018 , and 2017 equals the Company’s net income. REPORTABLE SEGMENT INFORMATION In accordance with U.S. GAAP, the Company's operations are classified as four reportable segments: Core, Payments, Complementary, and Corporate and Other (see Note 13). Substantially all the Company’s revenues are derived from operations and assets located within the United States of America. 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 short-term borrowings on its existing credit facilities. The share repurchase program does not include specific price targets or timetables and may be suspended at any time. At June 30, 2019 , there were 26,508 shares in treasury stock and the Company had the remaining authority to repurchase up to 3,483 additional shares. The total cost of treasury shares at June 30, 2019 is $1,110,124 . During fiscal 2019 , the Company repurchased 400 treasury shares for $54,864 . 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. EARNINGS PER SHARE Per share information is based on the weighted average number of common shares outstanding during the year. Stock options and restricted stock have been included in the calculation of income per diluted share to the extent they are dilutive. The difference between basic and diluted weighted average shares outstanding is the dilutive effect of outstanding stock options and restricted stock (see Note 10). INCOME TAXES Deferred tax liabilities and assets are recognized for the tax effects of differences between the financial statement and tax bases of assets and liabilities. A valuation allowance would be established to reduce deferred tax assets if it is more likely than not that a deferred tax asset will not be realized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based upon the technical merits of the position. The tax benefit recognized in the financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Also, interest and penalties expense are recognized on the full amount of deferred benefits for uncertain tax positions. The Company's policy is to include interest and penalties related to unrecognized tax benefits in income tax expense. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS 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. 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 and fiscal 2017 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 its adjusted consolidated balance sheets. Impacts on Financial Statements The following tables summarize the impacts of ASC 606 adoption on the Company’s Consolidated Financial Statements: Consolidated Balance Sheet as of June 30, 2018: As Previously Reported (Adjusted)* 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* 84,738 11,331 96,069 Deferred costs* 34,907 (11,916 ) 22,991 Assets held for sale* 1,300 — 1,300 Total current assets 465,686 5,056 470,742 PROPERTY AND EQUIPMENT, net* 285,550 — 285,550 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 $ 2,046,153 $ (13,095 ) $ 2,033,058 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable* $ 30,360 $ — $ 30,360 Accrued expenses 97,848 (9,084 ) 88,764 Deferred revenues 355,538 (26,607 ) 328,931 Total current liabilities 483,746 (35,691 ) 448,055 LONG-TERM LIABILITIES: Non-current deferred revenues 93,094 (52,110 ) 40,984 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 (33,420 ) 262,159 Total liabilities 779,325 (69,111 ) 710,214 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 $ 2,046,153 $ (13,095 ) $ 2,033,058 * Adjusted for reclassifications and corrections not related to ASC 606 adoption. See comments under "Prior Period Reclassification" and "Prior Period Misclassification" headings in this Note 1 to the Consolidated Financial Statements. Consolidated Statements of Income for the fiscal years ended ended June 30, 2018 and June 30, 2017 : Year Ended June 30, 2018 Year Ended June 30, 2017 As Previously Reported Adjustments As Adjusted As Previously Reported Adjustments As Adjusted REVENUE $ 1,536,603 $ (65,806 ) $ 1,470,797 $ 1,431,117 $ (42,827 ) $ 1,388,290 EXPENSES Cost of Revenue 873,642 (20,504 ) 853,138 819,034 (13,179 ) 805,855 Research and Development 90,340 — 90,340 84,753 — 84,753 Selling, General, and Administrative 182,146 (10,436 ) 171,710 162,898 (3,663 ) 159,235 Gain on Disposal of a Business (1,894 ) — (1,894 ) (3,270 ) — (3,270 ) Total Expenses 1,144,234 (30,940 ) 1,113,294 1,063,415 (16,842 ) 1,046,573 OPERATING INCOME 392,369 (34,866 ) 357,503 367,702 (25,985 ) 341,717 INTEREST INCOME (EXPENSE) Interest Income 575 — 575 248 — 248 Interest Expense (1,920 ) — (1,920 ) (996 ) — (996 ) Total Interest Income (Expense) (1,345 ) — (1,345 ) (748 ) — (748 ) INCOME BEFORE INCOME TAXES 391,024 (34,866 ) 356,158 366,954 (25,985 ) 340,969 PROVISION/ (BENEFIT) FOR INCOME TAXES 14,364 (23,240 ) (8,876 ) 121,161 (9,753 ) 111,408 NET INCOME $ 376,660 $ (11,626 ) $ 365,034 $ 245,793 $ (16,232 ) $ 229,561 Basic earnings per share $ 4.88 $ 4.73 $ 3.16 $ 2.95 Basic weighted average shares outstanding 77,252 77,252 77,856 77,856 Diluted earnings per share $ 4.85 $ 4.70 $ 3.14 $ 2.93 Diluted weighted average shares outstanding 77,585 77,585 78,255 78,255 Consolidated Statement of Cash Flows for the fiscal years ended June 30, 2018 and June 30, 2017 : Year Ended June 30, 2018 Year Ended June 30, 2017 As Previously Reported* Adjustments As Adjusted As Previously Reported Adjustments As Adjusted CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 376,660 $ (11,626 ) $ 365,034 $ 245,793 $ (16,232 ) $ 229,561 Adjustments to reconcile net income from operations to net cash from operating activities: Depreciation 47,975 — 47,975 49,677 — 49,677 Amortization 104,011 — 104,011 90,109 — 90,109 Change in deferred income taxes (51,644 ) (23,240 ) (74,884 ) 30,940 (9,753 ) 21,187 Expense for stock-based compensation 11,758 — 11,758 11,129 — 11,129 (Gain)/loss on disposal of assets and businesses (954 ) — (954 ) 4,771 — 4,771 Changes in operating assets and liabilities: Change in receivables (9,219 ) 30,708 21,489 (22,499 ) (10,597 ) (33,096 ) Change in prepaid expenses, deferred costs and other* (24,304 ) (58,359 ) (82,663 ) (25,088 ) 96 (24,992 ) Change in accounts payable* 6,922 — 6,922 (7,812 ) — (7,812 ) Change in accrued expenses 9,091 (2,000 ) 7,091 (4,454 ) (7,512 ) (11,966 ) Change in income taxes 5,108 — 5,108 (6,444 ) — (6,444 ) Change in deferred revenues (63,262 ) 64,517 1,255 (8,800 ) 43,998 35,198 Net cash from operating activities 412,142 — 412,142 357,322 — 357,322 CASH FLOWS FROM INVESTING ACTIVITIES: Payment for acquisitions, net of cash acquired (137,562 ) — (137,562 ) — — — Capital expenditures (40,135 ) — (40,135 ) (41,947 ) — (41,947 ) Proceeds from the sale of businesses 350 — 350 5,632 — 5,632 Proceeds from the sale of assets 306 — 306 968 — 968 Purchased software (13,138 ) — (13,138 ) (16,608 ) — (16,608 ) Computer software developed (96,647 ) — (96,647 ) (89,631 ) — (89,631 ) Purchase of investments (5,000 ) — (5,000 ) — — — Net cash from investing activities (291,826 ) — (291,826 ) (141,586 ) — (141,586 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on credit facilities 125,000 — 125,000 80,000 — 80,000 Repayments on credit facilities (175,000 ) — (175,000 ) (30,200 ) — (30,200 ) Purchase of treasury stock (48,986 ) — (48,986 ) (130,140 ) — (130,140 ) Dividends paid (105,021 ) — (105,021 ) (91,707 ) — (91,707 ) Proceeds from issuance of common stock upon exercise of stock options 176 — 176 1 — 1 Tax withholding payments related to share based compensation (7,333 ) — (7,333 ) (5,480 ) — (5,480 ) Proceeds from sale of common stock 7,523 — 7,523 6,245 — 6,245 Net cash from financing activities (203,641 ) — (203,641 ) (171,281 ) — (171,281 ) NET CHANGE IN CASH AND CASH EQUIVALENTS $ (83,325 ) $ — $ (83,325 ) $ 44,455 $ — $ 44,455 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD $ 114,765 $ — $ 114,765 $ 70,310 $ — $ 70,310 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 31,440 $ — $ 31,440 $ 114,765 $ — $ 114,765 * Adjusted for reclassifications and corrections not related to ASC 606 adoption. See comments under "Prior Period Reclassification" and "Prior Period Misclassification" headings in this Note 1 to the Consolidated Financial Statements. ASU 2016-15 issued by the FASB in August 2016 clarifies cash flow classification of eight specific cash flow issues and was effective for the Company's annual reporting period beginning July 1, 2018. The adoption of this standard did not have any impact on its financial statements. |
Recent Accounting Pronouncements 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 to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. 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. The Company established a cross-functional team to implement this standard and evaluated arrangements that would be subject to the standard, implemented software to meet the reporting and disclosure requirements of the standard, and assessed the impact of the standard on its processes and internal controls. The Company will adopt the new standard using the optional transition method in ASU 2018-11. Under this method, the Company will not adjust its comparative period financial statements for the effects of the new standard or make the new, expanded required disclosures for periods prior to the effective date. The Company will recognize a cumulative-effect adjustment, as necessary, to the opening balance of retained earnings for fiscal 2020 in connection with the adoption of the standard. The Company will take advantage of the transition package of practical expedients permitted within the new standard, which among other things, allows it to carryforward the historical lease classification. In addition, the Company will make an accounting policy election that will keep leases with an initial term of twelve months or less off of the balance sheet. The Company also elected the practical expedient not to separate the non-lease components of a contract from the lease component to which they relate. Upon adoption of the standard, the Company will record right-of-use assets of approximately $70,000 to $73,000 and lease obligations of approximately $73,000 to $75,000 on the Company's balance sheet as of July 1, 2019. Adoption of the standard is not expected to significantly impact the Company's net income and is not expected to have a material impact on the Company's compliance with the financial covenants under its credit facility. 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 its financial statements. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments (Text Block) | 12 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 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 it believes 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 Recurring Fair Value Measurements Level 1 Level 2 Level 3 Value June 30, 2019 Financial Assets: Money market funds $ 81,945 $ — $ — $ 81,945 June 30, 2018 Financial Assets: Money market funds $ 14,918 $ — $ — $ 14,918 Non-Recurring Fair Value Measurements June 30, 2019 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 fiscal year ended June 30, 2017. The Company has entered into an agreement to sell these assets. That sale is expected to be completed during the second quarter of fiscal 2020. |
Property and Equipment (Text Bl
Property and Equipment (Text Block) | 12 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment [Text Block] | PROPERTY AND EQUIPMENT The classification of property and equipment, together with their estimated useful lives is as follows: June 30, 2019 2018 Estimated Useful Life Land (1) $ 23,243 $ 24,845 Land improvements (1) 25,209 25,383 5 - 20 years Buildings (1) 147,220 143,918 20 - 30 years Leasehold improvements 48,478 48,060 5 - 30 years (2) Equipment and furniture 365,101 328,864 3 - 10 years Aircraft and equipment 39,293 38,761 4 - 10 years Construction in progress 12,411 39,872 660,955 649,703 Less accumulated depreciation 388,481 364,153 Property and equipment, net $ 272,474 $ 285,550 (1) Excludes assets held for sale (2) Lesser of lease term or estimated useful life The change in property and equipment in accrued liabilities was $14,315 and $15,674 for the fiscal years ended June 30, 2019 and 2018 , respectively. These amounts were excluded from capital expenditures on the statements of cash flows. No impairments of property and equipment were recorded in fiscal 2019 or 2018 . During the third quarter of fiscal 2019, the Company received an unsolicited offer to purchase its Houston, TX, facility. At June 30, 2019 , the facility included assets with a carrying value of approximately $5,055 . Although management has not committed to the sale, a sale of the facility during fiscal 2020 is likely and the Company expects to record a gain on the sale upon closing, since the offer represents full appraisal value for the facility. Therefore, the assets are considered held for sale at June 30, 2019 . Also held for sale at June 30, 2019 , was the Company's Elizabethtown, KY facility. During the third quarter of fiscal 2018, the Company reached a definitive agreement to sell the property for $1,300 pending an expected closing date during the second quarter of fiscal 2020. An impairment loss was recorded on this facility during fiscal 2017 as disclosed in Note 2 to the Company's consolidated financial statements. Total assets held for sale by the Company at June 30, 2019 and 2018 were $6,355 and $1,300 , respectively, and were included in assets held for sale on the Company's consolidated balance sheet for each year. Those balances are not included on the above table. |
Other Assets (Text Block)
Other Assets (Text Block) | 12 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Assets Disclosure [Text Block] | OTHER ASSETS Goodwill The carrying amount of goodwill for the fiscal years ended June 30, 2019 and 2018 , by reportable segments, is as follows: June 30, Core 2019 2018 Beginning balance $ 195,956 $ 195,956 Goodwill, acquired during the year 4,000 — Goodwill, adjustments related to dispositions — — Ending balance $ 199,956 $ 195,956 Payments Beginning balance $ 325,204 $ 234,106 Goodwill, acquired during the year 122 91,098 Goodwill, adjustments related to dispositions — — Ending balance $ 325,326 $ 325,204 Complementary Beginning balance $ 128,769 $ 122,403 Goodwill, acquired during the year 12,893 6,499 Goodwill, adjustments related to dispositions — (133 ) Ending balance $ 141,662 $ 128,769 Goodwill acquired during fiscal 2019 totaled $17,015 , with $12,893 of that resulting from the purchase of BOLTS Technologies, Inc., $3,999 resulting from the purchase of Agiletics, Inc., and the remainder resulting from a measurement period adjustment on the Ensenta valuation. The goodwill arising from these acquisitions consists largely of the growth potential, synergies and economies of scale expected from combining the operations of the Company with those of BOLTS Technologies and Agiletics, together with the value of their assembled workforces. No goodwill was assigned to the Company's Corporate and Other reportable segment. Goodwill acquired during fiscal 2018 totaled $97,597 , with $91,098 of that resulting from the purchase of Ensenta Corporation, included in the Payments segment. The remaining $6,499 of goodwill acquired during fiscal 2018 resulted from the purchase of Vanguard Software Group, which was added to the Company's Complementary segment. The goodwill arising from these acquisitions consists largely of the growth potential, synergies and economies of scale expected from combining the operations of the Company with those of Ensenta and Vanguard, together with the value of their assembled workforces. No goodwill was assigned to the Company's Corporate and Other reportable segment. The Goodwill reduction during fiscal 2018 was a result of the Company's sale of jhaDirect product line in the first quarter. Goodwill allocated to the carrying amount of the net assets sold was calculated based on the relative fair values of the business disposed and the portion of the reporting unit that was retained. Other Intangible Assets Information regarding other identifiable intangible assets is as follows: June 30, 2019 Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 305,512 $ (204,859 ) $ 100,653 Computer software $ 759,671 $ (440,702 ) $ 318,969 Other intangible assets: $ 93,471 $ (61,957 ) $ 31,514 June 30, 2018 Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 302,727 $ (187,693 ) $ 115,034 Computer software $ 653,407 $ (365,235 ) $ 288,172 Other intangible assets: $ 88,017 $ (49,550 ) $ 38,467 Customer relationships have useful lives ranging from 5 to 20 years. Computer software includes cost of software to be sold, leased, or marketed of $135,743 and costs of internal-use software of $183,226 at June 30, 2019 . At June 30, 2018 , costs of software to be sold, leased, or marketed totaled $125,223 , and costs of internal-use software totaled $162,949 . Computer software includes the unamortized cost of commercial software products developed or acquired by the Company, which are capitalized and amortized over useful lives generally ranging from 5 to 15 years. Amortization expense for computer software totaled $82,605 , $72,859 , and $60,880 for the fiscal years ended June 30, 2019 , 2018 , and 2017 , respectively. There were no material impairments in any of the fiscal years presented. The Company's other intangible assets have useful lives ranging from 3 to 20 years. Amortization expense for all intangible assets was $113,255 , $104,011 , and $90,109 for the fiscal years ended June 30, 2019 , 2018 , and 2017 , respectively. The estimated aggregate future amortization expense for each of the next five years for all intangible assets remaining as of June 30, 2019 , is as follows: Years Ending June 30, Computer Software Customer Relationships Other Intangible Assets Total 2020 $ 77,020 $ 14,665 $ 9,186 $ 100,871 2021 58,153 12,409 6,345 76,907 2022 42,981 11,260 3,437 57,678 2023 27,454 8,808 1,963 38,225 2024 10,975 7,547 1,315 19,837 |
Debt (Text Block)
Debt (Text Block) | 12 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt [Text Block] | DEBT The Company had no outstanding long-term or short-term debt at June 30, 2019 or June 30, 2018 . Revolving credit facility The revolving credit facility provides 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 June 30, 2019 , the Company was in compliance with all such covenants. The revolving loan terminates February 20, 2020 and at June 30, 2019 there was no outstanding balance. Prior to termination, the Company plans to renew the current credit facility or replace it with a similar credit facility. Other lines of credit The Company renewed an unsecured bank credit line on May 1, 2019 which provides for funding of up to $5,000 and bears interest at the prime rate less 1.0% . The credit line was renewed through April 30, 2021 . At June 30, 2019 , no amount was outstanding. Interest The Company paid interest of $691 , $1,747 , and $767 during the fiscal years ended June 30, 2019 , 2018 , and 2017 , respectively. |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Text Block) | 12 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | COMMITMENTS AND CONTINGENCIES Property and Equipment The Company had an estimated $2,673 and $2,076 of commitments at June 30, 2019 and 2018 , respectively, to purchase property and equipment. Leases The Company leases certain property under operating leases which expire over the next 11 years , but certain of the leases contain options to extend the lease term. All lease payments are based on the lapse of time but include, in some cases, payments for operating expenses and property taxes. There are no purchase options on real estate leases at this time. Certain leases on real estate are subject to annual escalations for increases in operating expenses and property taxes. As of June 30, 2019 , net future minimum lease payments are as follows: Years Ending June 30, Lease Payments 2020 $ 15,559 2021 13,539 2022 11,860 2023 10,169 2024 8,835 Thereafter 11,671 Total $ 71,633 Rent expense was $15,196 , $10,835 , and $10,195 in fiscal 2019 , 2018 , and 2017 , respectively. |
Income Taxes (Text Block)
Income Taxes (Text Block) | 12 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | INCOME TAXES The provision/ (benefit) for income taxes consists of the following: Year Ended June 30, 2019 2018 2017 Current: Federal $ 54,800 $ 56,060 $ 80,752 State 12,946 9,948 9,469 Deferred: Federal 4,177 (80,509 ) 17,017 State 3,427 5,625 4,170 $ 75,350 $ (8,876 ) $ 111,408 The tax effects of temporary differences related to deferred taxes shown on the balance sheets were: June 30, 2019 2018 Deferred tax assets: Contract and service revenues $ 13,450 $ — Expense reserves (bad debts, insurance, franchise tax and vacation) 14,325 11,164 Net operating loss and tax credit carryforwards 2,713 2,759 Other, net 851 2,711 Total gross deferred tax assets 31,339 16,634 Valuation allowance (415 ) (515 ) Net deferred tax assets 30,924 16,119 Deferred tax liabilities: Accelerated tax depreciation (31,846 ) (32,026 ) Accelerated tax amortization (154,633 ) (141,274 ) Contract and service revenues — (5,067 ) Contract and service costs (61,455 ) (46,055 ) Total gross deferred liabilities (247,934 ) (224,422 ) Net deferred tax liability $ (217,010 ) $ (208,303 ) The following analysis reconciles the statutory federal income tax rate to the effective income tax rates reflected above: Year Ended June 30, 2019 2018 2017 Computed "expected" tax expense 21.0 % 28.1 % 35.0 % Increase (reduction) in taxes resulting from: State income taxes, net of federal income tax benefits 3.7 % 2.9 % 2.6 % Research and development credit (2.5 )% (2.0 )% (2.1 )% Domestic production activities deduction — % (1.4 )% (2.3 )% TCJA deferred tax rate re-measurement — % (30.0 )% — % Tax effects of share-based payments (1.4 )% (0.8 )% (0.8 )% Other (net) 0.9 % 0.7 % 0.3 % 21.7 % (2.5 )% 32.7 % On December 22, 2017, the Tax Cuts and Jobs Act of 2017 ("TCJA") was enacted into law. The TCJA included numerous provisions that impacted the Company, including reducing the U.S. federal tax rate, eliminating the Domestic Production Activities Deduction, and providing expanded asset expensing. The TCJA reduced the U.S. federal statutory corporate income tax rate from 35% to 21% , effective January 1, 2018. For fiscal 2018, a blended U.S. federal statutory tax rate of approximately 28% applied to the Company. As of June 30, 2019 , the Company has $4,542 of gross federal net operating loss (“NOL”) carryforwards pertaining to the acquisition of Goldleaf Financial Solutions, Inc. and Bolts Technologies, Inc., which are expected to be utilized after the application of IRC Section 382. Separately, as of June 30, 2019 , the Company has state NOL carryforwards with a tax-effected value of $651 . The federal and state losses have varying expiration dates, ranging from fiscal 2019 to 2037 . Based on state tax rules which restrict utilization of these losses, the Company believes it is more likely than not that $415 of these losses will expire unutilized. Accordingly, a valuation allowance of $415 and $515 has been recorded against the state net operating losses as of June 30, 2019 and 2018 , respectively. The Company paid income taxes, net of refunds, of $62,005 , $60,382 , and $96,074 in fiscal 2019 , 2018 , and 2017 , respectively. At June 30, 2019 , the Company had $10,495 of gross unrecognized tax benefits, $9,892 of which, if recognized, would affect its effective tax rate. At June 30, 2018 , the Company had $10,227 of unrecognized tax benefits, $9,366 of which, if recognized, would affect its effective tax rate. The Company had accrued interest and penalties of $1,514 and $1,279 related to uncertain tax positions at June 30, 2019 and 2018 , respectively. The income tax provision included interest expense and penalties (or benefits) on unrecognized tax benefits of $128 , $165 , and $(105) in the fiscal years ended June 30, 2019 , 2018 , and 2017 , respectively. A reconciliation of the unrecognized tax benefits for the fiscal years ended June 30, 2019 and 2018 follows: Unrecognized Tax Benefits Balance at July 1, 2017 $ 5,449 Additions for current year tax positions 2,157 Reductions for current year tax positions — Additions for prior year tax positions 3,130 Reductions for prior year tax positions (55 ) Additions related to business combinations 510 Settlements (161 ) Reductions related to expirations of statute of limitations (803 ) Balance at June 30, 2018 10,227 Additions for current year tax positions 1,135 Reductions for current year tax positions (40 ) Additions for prior year tax positions 562 Reductions for prior year tax positions (531 ) Additions related to business combinations 43 Settlements (25 ) Reductions related to expirations of statute of limitations (876 ) Balance at June 30, 2019 $ 10,495 The U.S. federal and state income tax returns for fiscal 2016 and all subsequent years remain subject to examination as of June 30, 2019 under statute of limitations rules. The Company anticipates that potential changes due to lapsing statutes of limitations and examination closures could reduce the unrecognized tax benefits balance by $3,000 - $4,000 within twelve months of June 30, 2019 . |
Industry and Supplier Concentra
Industry and Supplier Concentrations (Text Block) | 12 Months Ended |
Jun. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Industry and Supplier Concentrations [Text Block] | INDUSTRY AND SUPPLIER CONCENTRATIONS The Company sells its products to banks, credit unions, and financial institutions throughout the United States and generally does not require collateral. All billings to customers are due 30 days from date of billing. Reserves (which are insignificant at June 30, 2019 and 2018) are maintained for potential credit losses. Customer-related risks are moderated through the inclusion of credit mitigation clauses in the Company's contracts and through the monitoring of timely payments. In addition, some of the Company’s key solutions are dependent on technology manufactured by IBM Corporation and Microsoft. Termination of the Company’s relationship with either IBM or Microsoft could have a negative impact on the operations of the Company. |
Stock Based Compensation (Text
Stock Based Compensation (Text Block) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation [Text Block] | STOCK-BASED COMPENSATION The Company's pre-tax operating income for the fiscal years ended June 30, 2019 , 2018 , and 2017 includes $12,589 , $11,758 , and $11,129 of equity-based compensation costs, respectively, of which $10,828 , $10,256 , and $9,861 relates to the restricted stock plans, respectively. Costs are recorded net of estimated forfeitures. The income tax benefits from stock option exercises and restricted stock vests totaled $6,191 , $3,274 , and $2,638 for the fiscal years ended June 30, 2019 , 2018 , and 2017 , respectively. 2015 Equity Incentive Plan and 2005 Non-Qualified Stock Option Plan 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 were determined by the Compensation Committee of the Board of Directors when granted. The option period must expire not more than ten years from the options grant date. The options granted under this plan are exercisable beginning three years after grant 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 10 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. The 2005 NSOP was adopted by the Company on September 23, 2005 , for its outside directors. Generally, options were exercisable beginning 6 months after grant at an exercise price equal to the fair market value of the stock at the grant date. For individuals who have served less than four continuous years, 25% of all options will vest after one year of service, 50% shall vest after two years, and 75% shall vest after three years of service on the Board. The options terminate upon surrender of the option, upon the expiration of one year following notification of a deceased optionee, or 10 years after grant. 700 shares of common stock were reserved for issuance under this plan with a maximum of 100 for each director. A summary of option plan activity under the plans is as follows: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding July 1, 2016 50 $ 22.14 Granted 32 87.27 Forfeited — — Exercised (10 ) 28.52 Outstanding July 1, 2017 72 50.04 Granted — — Forfeited — — Exercised (20 ) 17.45 Outstanding July 1, 2018 52 62.65 Granted — — Forfeited — — Exercised (20 ) 23.65 Outstanding June 30, 2019 32 $ 87.27 $ 1,478 Vested and Expected to Vest June 30, 2019 32 $ 87.27 $ 1,478 Exercisable June 30, 2019 — $ — $ — There were no options granted in fiscal 2019 , no options granted during fiscal 2018 , and 32 options granted during fiscal 2017 . The weighted-average fair value at the grant date of options granted during fiscal 2017 was $15.78 . The Company utilized a Black-Scholes option pricing model to estimate fair value of the stock option grants at the grant date. All 32 options granted during fiscal 2017 were granted on July 1, 2016 . Assumptions such as expected life, volatility, risk-free interest rate, and dividend yield impact the fair value estimate. These assumptions are subjective and generally require significant analysis and judgment to develop. The risk-free interest rate used in the Company's estimate was determined from external data, while volatility, expected life, and dividend yield assumptions were derived from its historical experience with share-based payment arrangements. The appropriate weight to place on historical experience is a matter of judgment, based on relevant facts and circumstances. The assumptions used in estimating fair value and resulting compensation expenses at the grant dates are as follows: Expected Life (years) 6.50 years Volatility 19.60 % Risk-free interest rate 1.24 % Dividend yield 1.28 % At June 30, 2019 , there was no compensation cost yet to be recognized related to outstanding options. The total intrinsic value of options exercised was $2,289 , $2,165 , and $747 for the fiscal years ended June 30, 2019 , 2018 , and 2017 , respectively. Restricted Stock Plan and 2015 Equity Incentive Plan The Restricted Stock Plan was adopted by the Company on November 1, 2005 , for its employees. The plan expired on November 1, 2015 . Up to 3,000 shares of common stock were available for issuance under the plan. The 2015 EIP was adopted by the Company on November 10, 2015 for its employees. Up to 3,000 shares of common stock are available for issuance under the 2015 Equity Incentive Plan. Upon issuance, shares of restricted stock are subject to forfeiture and to restrictions which limit the sale or transfer of the shares during the restriction period. The restrictions are lifted over periods ranging from 3 years to 5 years from grant date. The following table summarizes non-vested share awards activity: Share awards Shares Weighted Average Grant Date Fair Value Outstanding July 1, 2016 58 $ 44.95 Granted 17 87.27 Vested (38 ) 37.00 Forfeited (1 ) 65.52 Outstanding July 1, 2017 36 73.66 Granted — — Vested (12 ) 58.61 Forfeited (1 ) 64.60 Outstanding July 1, 2018 23 81.33 Granted — — Vested (17 ) 79.41 Forfeited — — Outstanding June 30, 2019 6 $ 87.27 The non-vested share awards granted prior to July 1, 2016 do not participate in dividends during the restriction period. As a result, the weighted-average fair value of the non-vested share awards was based on the fair market value of the Company’s equity shares on the grant date, less the present value of the expected future dividends to be declared during the restriction period, consistent with the methodology for calculating compensation expense on such awards. The non-vested share awards granted during the fiscal year ended June 30, 2017 do participate in dividends during the restriction period. The weighted-average fair value of such participating awards was based on the fair market value on the grant date. At June 30, 2019 , there was no compensation expense yet to be recognized related to non-vested restricted stock share awards. An amendment to the Restricted Stock Plan was adopted by the Company on August 20, 2010 . Unit awards were made to employees remaining in continuous employment throughout the performance period and vary based on the Company’s percentile ranking in Total Shareholder Return (“TSR”) over the performance period compared to a peer group of companies. TSR is defined as the change in the stock price through the performance period plus dividends per share paid during the performance period, all divided by the stock price at the beginning of the performance period. It is the intention of the Company to settle the unit awards in shares of the Company’s stock. Certain Restricted Stock Unit awards are not tied to performance goals, and for such awards, vesting occurs over a period of 1 to 3 years. The following table summarizes non-vested unit awards as of June 30, 2019 , as well as activity for the fiscal year then ended: Unit awards Shares Weighted Average Grant Date Fair Value Aggregate Outstanding July 1, 2016 429 $ 58.06 Granted 130 77.75 Vested (136 ) 50.12 Forfeited (37 ) 54.30 Outstanding July 1, 2017 386 67.84 Granted 125 98.41 Vested (156 ) 57.00 Forfeited (4 ) 81.83 Outstanding July 1, 2018 351 83.37 Granted 80 169.53 Vested (129 ) 82.06 Forfeited (4 ) 92.32 Outstanding June 30, 2019 298 $107.00 $39,867 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 grant dates are as follows: Year Ended June 30, 2019 2018 2017 Volatility 15.3 % 15.6 % 16.0 % Risk free interest rate 2.89 % 1.55 % 0.93 % Dividend yield 0.9 % 1.2 % 1.3 % Stock Beta 0.669 0.687 0.684 For the fiscal year ended June 30, 2019 , 39 unit awards were granted and measured using the above assumptions. The remaining 41 unit awards granted are not subject to performance targets, and therefore the estimated fair value at measurement date is valued in the same manner as restricted stock award grants. At June 30, 2019 , there was $13,444 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 1.04 years . The fair value of restricted shares and units at vest date totaled $34,645 , $17,951 , and $15,085 for the fiscal years ended June 30, 2019 , 2018 , and 2017 , respectively. |
Earnings Per Share (Text Block)
Earnings Per Share (Text Block) | 12 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE The following table reflects the reconciliation between basic and diluted earnings per share. Year Ended June 30, 2019 2018 2017 Net Income $ 271,885 $ 365,034 $ 229,561 Common share information: Weighted average shares outstanding for basic earnings per share 77,160 77,252 77,856 Dilutive effect of stock options and restricted stock 187 333 399 Weighted average shares outstanding for diluted earnings per share 77,347 77,585 78,255 Basic earnings per share $ 3.52 $ 4.73 $ 2.95 Diluted earnings per share $ 3.52 $ 4.70 $ 2.93 Per share information is based on the weighted average number of common shares outstanding for each of the fiscal years. Stock options and restricted stock have been included in the calculation of earnings per share to the extent they are dilutive. The two-class method for computing EPS has not been applied because no outstanding awards contain non-forfeitable rights to participate in dividends. There were no anti-dilutive stock options and restricted stock excluded for fiscal 2019 , 41 shares excluded for fiscal 2018 , and 32 shares excluded for fiscal 2017 . |
Employee Benefit Plans (Text Bl
Employee Benefit Plans (Text Block) | 12 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Employee Stock Purchase Plan and 401(k) Disclosure [Text Block] | EMPLOYEE BENEFIT PLANS The Company established an employee stock purchase plan in 2006 . The plan allows the majority of employees the opportunity to directly purchase shares of the Company at 85% of the closing price of the Company's stock on or around the fifteenth day of each month. During the fiscal years ended June 30, 2019 , 2018 and 2017 , employees purchased 76 , 76 , and 81 shares under this plan at average prices of $118.32 , $98.46 , and $77.52 , respectively. As of June 30, 2019 , approximately 1,304 shares remained available for future issuance under the plan. The plan does not meet the criteria as a non-compensatory plan. As a result, the Company records the total dollar value of the stock discount given to employees under the plan as expense. The Company has a defined contribution plan for its employees: the 401(k) Retirement Savings Plan (the “Plan”). The Plan is subject to the Employee Retirement Income Security Act of 1975 (“ERISA”) as amended. Under the Plan, the Company matches 100% of full time employee contributions up to 5% of eligible compensation. Prior to January 1, 2019, the Company match was subject to a maximum of $5 per year. On January 1, 2019, the maximum limit was removed. In order to receive matching contributions, employees must be 18 years of age and be employed for at least six months . The Company has the option of making a discretionary contribution; however, none has been made for any of the three most recent fiscal years. The total matching contributions for the Plan were $21,003 , $18,821 , and $17,550 for fiscal 2019 , 2018 and 2017 , respectively. |
Business Acquisitions (Text Blo
Business Acquisitions (Text Block) | 12 Months Ended |
Jun. 30, 2019 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |
Business Acquisitions [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 digital account opening solution. Management has completed a 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 fair values as of October 5, 2018 are set forth below: Current assets $ 1,384 Identifiable intangible assets 2,274 Total other liabilities assumed (1,505 ) Total identifiable net assets 2,153 Goodwill 12,893 Net assets acquired $ 15,046 The amounts shown above include measurement period adjustments made during fiscal 2019 related to income taxes. The goodwill of $12,893 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 the Company's Complementary segment and is not 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. For the fiscal year ended June 30, 2019 , the Company's consolidated statements of income included revenue of $126 and after-tax net loss of $895 resulting from BOLTS' operations. The accompanying consolidated statements of income for the fiscal years ended June 30, 2019 and 2018 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 the Company's consolidated financial statements and, accordingly, 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 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 fair values as of October 1, 2018 are set forth below: Current assets $ 2,170 Identifiable intangible assets 3,090 Non-current deferred income tax liability (872 ) Total other liabilities assumed (738 ) Total identifiable net assets 3,650 Goodwill 3,999 Net assets acquired $ 7,649 The amounts shown above include measurement period adjustments made during fiscal 2019 related to income taxes. The goodwill of $3,999 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 the Company's Core segment and is not 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 $302 , none of which were expected to be uncollectible. Costs incurred related to the acquisition of Agiletics in fiscal 2019 totaled $36 for legal, valuation, and other fees, and were expensed as incurred within selling, general, and administrative expense. For the fiscal year ended June 30, 2019 , the Company's consolidated statements of income included revenue of $926 and after-tax net loss of $192 resulting from Agiletics' operations. The accompanying consolidated statements of income for the fiscal years ended June 30, 2019 and 2018 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 the Company's consolidated financial statements and, accordingly, 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 the Company's 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. For the fiscal year ended June 30, 2019 , the Company's consolidated statements of income included revenue of $35,688 and after-tax net income of $11,163 . For the fiscal year ended June 30, 2018 , Ensenta contributed revenue of $15,776 and after-tax net income of $8,197 . The after-tax net income for the fiscal year ended June 30, 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 $536 . The accompanying consolidated statements of income for the fiscal year ended June 30, 2019 do not include any revenues and expenses related to this acquisition prior to the acquisition date. The following unaudited pro forma consolidated financial information is presented as if this acquisition had occurred at the beginning of the prior 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 this period, or the results that may be obtained in the future as a result of the acquisition. Year Ended June 30, 2019 2018 2017 Actuals Proforma Proforma Revenue $ 1,552,691 $ 1,483,915 $ 1,411,873 Net Income 271,885 366,544 231,696 Basic Earnings Per Share $ 3.52 $ 4.74 $ 2.98 Diluted Earnings Per Share $ 3.52 $ 4.72 $ 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 the Company's 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. For the fiscal year ended June 30, 2019 , the Company's consolidated statements of income included revenue of $3,120 and after-tax net loss of $243 . For the fiscal year ended June 30, 2018 , Vanguard contributed revenue of $1,486 and after-tax net loss of $870 . The accompanying consolidated statements of income for the fiscal year ended June 30, 2019 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 the Company's consolidated financial statements and, accordingly, pro forma financial information has not been provided. |
Reportable Segment Information
Reportable Segment Information (Text Block) | 12 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Reportable Segment Information [Text Block] | REPORTABLE SEGMENT INFORMATION The Company is a leading provider of technology solutions and payment processing services primarily for financial services organizations. Beginning in the first quarter of fiscal 2018, JHA changed its reportable segment structure from two customer-centric segments, Bank and Credit Union, to four product-centric segments. The change was made based on the view of its Chief Executive Officer, who is also the Chief Operating Decision Maker, that the Company could be more effectively managed using a product-centric approach and was driven by the first budgetary process under his administration. The Company’s operations are classified into four reportable segments: Core, Payments, Complementary, and Corporate and 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 processing services, online and mobile bill pay solutions, and risk management products and services. The Complementary segment provides additional software and services that can be integrated with the Company's core solutions or used independently. The Corporate & Other segment includes revenue and costs from hardware and other products not attributable to the other three segments, 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 fiscal year ended June 30, 2018 , the amount reclassified totaled $2,968 . Year Ended June 30, 2019 Core Payments Complementary Corporate & Other Total REVENUE Services and Support $ 506,007 $ 52,756 $ 348,631 $ 51,095 $ 958,489 Processing 28,422 495,563 69,584 633 594,202 Total Revenue 534,429 548,319 418,215 51,728 1,552,691 Cost of Revenue 243,989 273,261 175,737 230,043 923,030 Research and Development 96,378 Selling, General, and Administrative 185,998 Gain on Disposal of Businesses — Total Expenses 1,205,406 SEGMENT INCOME $ 290,440 $ 275,058 $ 242,478 $ (178,315 ) OPERATING INCOME 347,285 INTEREST INCOME (EXPENSE) (50 ) INCOME BEFORE INCOME TAXES $ 347,235 Year Ended June 30, 2018 Core Payments Complementary Corporate & Other Total REVENUE Services and Support $ 482,216 $ 47,641 $ 333,812 $ 57,070 $ 920,739 Processing 27,605 460,690 61,607 156 550,058 Total Revenue 509,821 508,331 395,419 57,226 1,470,797 Cost of Revenue 232,868 245,269 163,905 211,096 853,138 Research and Development 90,340 Selling, General, and Administrative 171,710 Gain on Disposal of Businesses (1,894 ) Total Expenses 1,113,294 SEGMENT INCOME $ 276,953 $ 263,062 $ 231,514 $ (153,870 ) OPERATING INCOME 357,503 INTEREST INCOME (EXPENSE) (1,345 ) INCOME BEFORE INCOME TAXES $ 356,158 Year Ended June 30, 2017 Core Payments Complementary Corporate & Other Total REVENUE Services and Support $ 452,712 $ 43,477 $ 322,784 $ 62,762 $ 881,735 Processing 24,893 428,511 53,027 124 506,555 Total Revenue 477,605 471,988 375,811 62,886 1,388,290 Cost of Revenue 219,440 222,685 155,084 208,646 805,855 Research and Development 84,753 Selling, General, and Administrative 159,235 Gain on Disposal of Businesses (3,270 ) Total Expenses 1,046,573 SEGMENT INCOME $ 258,165 $ 249,303 $ 220,727 $ (145,760 ) OPERATING INCOME 341,717 INTEREST INCOME (EXPENSE) (748 ) INCOME BEFORE INCOME TAXES $ 340,969 The Company has not disclosed any additional asset information by segment, as the information is not produced internally and its preparation is impracticable. |
Subsequent Events (Text Block)
Subsequent Events (Text Block) | 12 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS Dividends On August 23, 2019 , the Company's Board of Directors declared a cash dividend of $0.40 per share on its common stock, payable on September 30, 2019 to shareholders of record on September 9, 2019 . Acquisition On July 1, 2019 , the Company acquired 100% of the equity interest in Geezeo for a net cash outlay of $37,776 . The Company has not yet completed its purchase price allocation for this acquisition. Geezeo is a Boston-based provider of retail and business digital financial management solutions and was a privately-held company. The acquisition was funded with operating cash. Due to the timing of the acquisition, the Company has not yet completed its purchase accounting procedures with respect to this transaction. Geezeo's historical operating results would not materially affect the Company's consolidated financial statements and, accordingly, pro forma financial information has not been provided. |
Quarterly Financial Information
Quarterly Financial Information (Text Block) | 12 Months Ended |
Jun. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | QUARTERLY FINANCIAL INFORMATION (unaudited) For the Year Ended June 30, 2019 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total REVENUE $ 392,543 $ 386,275 $ 380,364 $ 393,509 $ 1,552,691 EXPENSES Cost of Revenue 220,112 227,284 235,594 240,040 923,030 Research & Development 24,026 23,990 23,442 24,920 96,378 Selling, General, & Administrative 45,183 46,797 44,887 49,131 185,998 Total Expenses 289,321 298,071 303,923 314,091 1,205,406 OPERATING INCOME 103,222 88,204 76,441 79,418 347,285 INTEREST INCOME (EXPENSE) Interest income 291 252 155 178 876 Interest expense (147 ) (148 ) (224 ) (407 ) (926 ) Total interest income (expense) 144 104 (69 ) (229 ) (50 ) INCOME BEFORE INCOME TAXES 103,366 88,308 76,372 79,189 347,235 PROVISION/ (BENEFIT) FOR INCOME TAXES 19,815 20,219 17,120 18,196 75,350 NET INCOME $ 83,551 $ 68,089 $ 59,252 $ 60,993 $ 271,885 Basic earnings per share $ 1.08 $ 0.88 $ 0.77 $ 0.79 $ 3.52 Basic weighted average shares outstanding 77,188 77,216 77,177 77,060 77,160 Diluted earnings per share $ 1.08 $ 0.88 $ 0.77 $ 0.79 $ 3.52 Diluted weighted average shares outstanding 77,537 77,409 77,286 77,157 77,347 For the Year Ended June 30, 2018* Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total REVENUE $ 361,284 $ 357,209 $ 374,048 $ 378,256 $ 1,470,797 EXPENSES Cost of Revenue 203,915 207,100 218,517 223,606 853,138 Research & Development 20,929 22,414 22,591 24,406 90,340 Selling, General, & Administrative 41,088 43,094 42,234 45,294 171,710 Gain on disposal of businesses (1,705 ) (189 ) — — (1,894 ) Total Expenses 264,227 272,419 283,342 293,306 1,113,294 OPERATING INCOME 97,057 84,790 90,706 84,950 357,503 INTEREST INCOME (EXPENSE) Interest income 147 146 130 152 575 Interest expense (189 ) (250 ) (734 ) (747 ) (1,920 ) Total interest income (expense) (42 ) (104 ) (604 ) (595 ) (1,345 ) INCOME BEFORE INCOME TAXES 97,015 84,686 90,102 84,355 356,158 PROVISION/ (BENEFIT) FOR INCOME TAXES 30,145 (76,557 ) 21,017 16,519 (8,876 ) NET INCOME $ 66,870 $ 161,243 $ 69,085 $ 67,836 $ 365,034 Basic net income per share $ 0.87 $ 2.09 $ 0.89 $ 0.88 $ 4.73 Basic weighted average shares outstanding 77,283 77,218 77,247 77,261 77,252 Diluted net income per share $ 0.86 $ 2.08 $ 0.89 $ 0.87 $ 4.70 Diluted weighted average shares outstanding 77,646 77,565 77,546 77,585 77,585 *As previously disclosed, the Company adopted ASU 2014-09 effective July 1, 2018 using the full retrospective approach. In connection therewith, in its previously filed fiscal 2019 Form 10-Q's, the Company adjusted its comparative fiscal 2018 financial information, including its June 30, 2018 balance sheet, to reflect the retrospective effects of applying ASC 606. In connection with the preparation of the Company's consolidated financial statements for the year ended June 30, 2019, the Company identified a $23,500 error in the as adjusted June 30, 2018 balance sheet that was disclosed within the previously filed fiscal 2019 Form 10-Q's, which resulted in an overstatement of current deferred revenues and a corresponding understatement of non-current deferred revenues in such unaudited quarterly filings. Management has determined that such misclassification error did not result in the previously filed 2019 Form 10-Q's being materially misstated. |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Consolidation | CONSOLIDATION The 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. |
Use of Estimates | USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition | REVENUE RECOGNITION The Company generates "Services and Support" revenue through software licensing and related services, outsourcing core & complementary software solutions, professional services, and hardware sales. The Company generates "Processing" revenue through processing of remittance transactions, card transactions and monthly fees, and digital transactions. 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. Significant judgment is used in the identification and accounting for all performance obligations. 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. Significant judgment is used in the estimate of variable consideration of customer contracts that are long-term and include uncertain transactional volumes. 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, it determines a material right does exist, it assigns 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, it determines a material right does exist, it assigns 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 delayed until 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 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. |
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 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. |
Computer Software Development | COMPUTER SOFTWARE DEVELOPMENT The Company capitalizes new product development costs incurred for software to be sold from the point at which technological feasibility has been established through the point at which the product is ready for general availability. Software development costs that are capitalized are evaluated on a product-by-product basis annually and are assigned an estimated economic life based on the type of product, market characteristics, and maturity of the market for that particular product. These costs are amortized based on current and estimated future revenue from the product or on a straight-line basis, whichever yields greater amortization expense. All of this amortization expense is included within components of operating income, primarily cost of revenue. |
Internal Use Software | The Company capitalizes development costs for internal use software beginning at the start of application development. Amortization begins on the date the software is placed in service and the amortization period is based on estimated useful life. |
Cash Equivalents | CASH EQUIVALENTS The Company considers all highly liquid investments with maturities of three months or less at the time of acquisition to be cash equivalents. |
Accounts Receivable | ACCOUNTS RECEIVABLE Receivables are recorded at the time of billing. A reasonable estimate of the realizability of customer receivables is made through the establishment of an allowance for doubtful accounts, which is estimated based on a combination of write-off history, aging analysis, and any specifically known collection issues. |
Property and Equipment | PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS Property and equipment is stated 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 with an indefinite life (goodwill), over an estimated economic benefit period, generally three to twenty years. The Company reviews its long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances have indicated that the carrying amount of its assets might not be recoverable. The Company evaluates goodwill for impairment of value on an annual basis as of January 1 and between annual tests if events or changes in circumstances indicate that the asset might be impaired. |
Comprehensive Income | COMPREHENSIVE INCOME Comprehensive income for each of the fiscal years ending June 30, 2019 , 2018 , and 2017 equals the Company’s net income. |
Reportable Segment Information | REPORTABLE SEGMENT INFORMATION In accordance with U.S. GAAP, the Company's operations are classified as four reportable segments: Core, Payments, Complementary, and Corporate and Other (see Note 13). Substantially all the Company’s revenues are derived from operations and assets located within the United States of America. |
Common Stock | 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 short-term borrowings on its existing credit facilities. The share repurchase program does not include specific price targets or timetables and may be suspended at any time. |
Earnings Per Share | EARNINGS PER SHARE Per share information is based on the weighted average number of common shares outstanding during the year. Stock options and restricted stock have been included in the calculation of income per diluted share to the extent they are dilutive. The difference between basic and diluted weighted average shares outstanding is the dilutive effect of outstanding stock options and restricted stock (see Note 10). |
Income Taxes | INCOME TAXES Deferred tax liabilities and assets are recognized for the tax effects of differences between the financial statement and tax bases of assets and liabilities. A valuation allowance would be established to reduce deferred tax assets if it is more likely than not that a deferred tax asset will not be realized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based upon the technical merits of the position. The tax benefit recognized in the financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Also, interest and penalties expense are recognized on the full amount of deferred benefits for uncertain tax positions. The Company's policy is to include interest and penalties related to unrecognized tax benefits in income tax expense. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
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 it believes 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) | 12 Months Ended |
Jun. 30, 2019 | |
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 13, 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. Year Ended June 30, 2019 2018 2017 Processing $ 594,202 $ 550,058 $ 506,555 Outsourcing & Cloud 405,359 361,922 327,738 Product Delivery & Services 231,982 251,743 256,794 In-House Support 321,148 307,074 297,203 Services & Support 958,489 920,739 $ 881,735 Total Revenue $ 1,552,691 $ 1,470,797 $ 1,388,290 |
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. June 30, June 30, Receivables, net $ 310,080 $ 297,271 Contract Assets- Current 21,446 14,063 Contract Assets- Non-current 50,640 35,630 Contract Liabilities (Deferred Revenue)- Current 339,752 328,931 Contract Liabilities (Deferred Revenue)- Non-current 54,554 40,984 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting Policies Impact of Adoption of ASC 606 on Previously Reported Financial Statements (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Impact of the 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 Consolidated Financial Statements: Consolidated Balance Sheet as of June 30, 2018: As Previously Reported (Adjusted)* 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* 84,738 11,331 96,069 Deferred costs* 34,907 (11,916 ) 22,991 Assets held for sale* 1,300 — 1,300 Total current assets 465,686 5,056 470,742 PROPERTY AND EQUIPMENT, net* 285,550 — 285,550 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 $ 2,046,153 $ (13,095 ) $ 2,033,058 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable* $ 30,360 $ — $ 30,360 Accrued expenses 97,848 (9,084 ) 88,764 Deferred revenues 355,538 (26,607 ) 328,931 Total current liabilities 483,746 (35,691 ) 448,055 LONG-TERM LIABILITIES: Non-current deferred revenues 93,094 (52,110 ) 40,984 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 (33,420 ) 262,159 Total liabilities 779,325 (69,111 ) 710,214 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 $ 2,046,153 $ (13,095 ) $ 2,033,058 * Adjusted for reclassifications and corrections not related to ASC 606 adoption. See comments under "Prior Period Reclassification" and "Prior Period Misclassification" headings in this Note 1 to the Consolidated Financial Statements. Consolidated Statements of Income for the fiscal years ended ended June 30, 2018 and June 30, 2017 : Year Ended June 30, 2018 Year Ended June 30, 2017 As Previously Reported Adjustments As Adjusted As Previously Reported Adjustments As Adjusted REVENUE $ 1,536,603 $ (65,806 ) $ 1,470,797 $ 1,431,117 $ (42,827 ) $ 1,388,290 EXPENSES Cost of Revenue 873,642 (20,504 ) 853,138 819,034 (13,179 ) 805,855 Research and Development 90,340 — 90,340 84,753 — 84,753 Selling, General, and Administrative 182,146 (10,436 ) 171,710 162,898 (3,663 ) 159,235 Gain on Disposal of a Business (1,894 ) — (1,894 ) (3,270 ) — (3,270 ) Total Expenses 1,144,234 (30,940 ) 1,113,294 1,063,415 (16,842 ) 1,046,573 OPERATING INCOME 392,369 (34,866 ) 357,503 367,702 (25,985 ) 341,717 INTEREST INCOME (EXPENSE) Interest Income 575 — 575 248 — 248 Interest Expense (1,920 ) — (1,920 ) (996 ) — (996 ) Total Interest Income (Expense) (1,345 ) — (1,345 ) (748 ) — (748 ) INCOME BEFORE INCOME TAXES 391,024 (34,866 ) 356,158 366,954 (25,985 ) 340,969 PROVISION/ (BENEFIT) FOR INCOME TAXES 14,364 (23,240 ) (8,876 ) 121,161 (9,753 ) 111,408 NET INCOME $ 376,660 $ (11,626 ) $ 365,034 $ 245,793 $ (16,232 ) $ 229,561 Basic earnings per share $ 4.88 $ 4.73 $ 3.16 $ 2.95 Basic weighted average shares outstanding 77,252 77,252 77,856 77,856 Diluted earnings per share $ 4.85 $ 4.70 $ 3.14 $ 2.93 Diluted weighted average shares outstanding 77,585 77,585 78,255 78,255 Consolidated Statement of Cash Flows for the fiscal years ended June 30, 2018 and June 30, 2017 : Year Ended June 30, 2018 Year Ended June 30, 2017 As Previously Reported* Adjustments As Adjusted As Previously Reported Adjustments As Adjusted CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 376,660 $ (11,626 ) $ 365,034 $ 245,793 $ (16,232 ) $ 229,561 Adjustments to reconcile net income from operations to net cash from operating activities: Depreciation 47,975 — 47,975 49,677 — 49,677 Amortization 104,011 — 104,011 90,109 — 90,109 Change in deferred income taxes (51,644 ) (23,240 ) (74,884 ) 30,940 (9,753 ) 21,187 Expense for stock-based compensation 11,758 — 11,758 11,129 — 11,129 (Gain)/loss on disposal of assets and businesses (954 ) — (954 ) 4,771 — 4,771 Changes in operating assets and liabilities: Change in receivables (9,219 ) 30,708 21,489 (22,499 ) (10,597 ) (33,096 ) Change in prepaid expenses, deferred costs and other* (24,304 ) (58,359 ) (82,663 ) (25,088 ) 96 (24,992 ) Change in accounts payable* 6,922 — 6,922 (7,812 ) — (7,812 ) Change in accrued expenses 9,091 (2,000 ) 7,091 (4,454 ) (7,512 ) (11,966 ) Change in income taxes 5,108 — 5,108 (6,444 ) — (6,444 ) Change in deferred revenues (63,262 ) 64,517 1,255 (8,800 ) 43,998 35,198 Net cash from operating activities 412,142 — 412,142 357,322 — 357,322 CASH FLOWS FROM INVESTING ACTIVITIES: Payment for acquisitions, net of cash acquired (137,562 ) — (137,562 ) — — — Capital expenditures (40,135 ) — (40,135 ) (41,947 ) — (41,947 ) Proceeds from the sale of businesses 350 — 350 5,632 — 5,632 Proceeds from the sale of assets 306 — 306 968 — 968 Purchased software (13,138 ) — (13,138 ) (16,608 ) — (16,608 ) Computer software developed (96,647 ) — (96,647 ) (89,631 ) — (89,631 ) Purchase of investments (5,000 ) — (5,000 ) — — — Net cash from investing activities (291,826 ) — (291,826 ) (141,586 ) — (141,586 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings on credit facilities 125,000 — 125,000 80,000 — 80,000 Repayments on credit facilities (175,000 ) — (175,000 ) (30,200 ) — (30,200 ) Purchase of treasury stock (48,986 ) — (48,986 ) (130,140 ) — (130,140 ) Dividends paid (105,021 ) — (105,021 ) (91,707 ) — (91,707 ) Proceeds from issuance of common stock upon exercise of stock options 176 — 176 1 — 1 Tax withholding payments related to share based compensation (7,333 ) — (7,333 ) (5,480 ) — (5,480 ) Proceeds from sale of common stock 7,523 — 7,523 6,245 — 6,245 Net cash from financing activities (203,641 ) — (203,641 ) (171,281 ) — (171,281 ) NET CHANGE IN CASH AND CASH EQUIVALENTS $ (83,325 ) $ — $ (83,325 ) $ 44,455 $ — $ 44,455 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD $ 114,765 $ — $ 114,765 $ 70,310 $ — $ 70,310 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 31,440 $ — $ 31,440 $ 114,765 $ — $ 114,765 * Adjusted for reclassifications and corrections not related to ASC 606 adoption. See comments under "Prior Period Reclassification" and "Prior Period Misclassification" headings in this Note 1 to the Consolidated Financial Statements. |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
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 Recurring Fair Value Measurements Level 1 Level 2 Level 3 Value June 30, 2019 Financial Assets: Money market funds $ 81,945 $ — $ — $ 81,945 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 June 30, 2019 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 fiscal year ended June 30, 2017. The Company has entered into an agreement to sell these assets. That sale is expected to be completed during the second quarter of fiscal 2020. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment [Table Text Block] | The classification of property and equipment, together with their estimated useful lives is as follows: June 30, 2019 2018 Estimated Useful Life Land (1) $ 23,243 $ 24,845 Land improvements (1) 25,209 25,383 5 - 20 years Buildings (1) 147,220 143,918 20 - 30 years Leasehold improvements 48,478 48,060 5 - 30 years (2) Equipment and furniture 365,101 328,864 3 - 10 years Aircraft and equipment 39,293 38,761 4 - 10 years Construction in progress 12,411 39,872 660,955 649,703 Less accumulated depreciation 388,481 364,153 Property and equipment, net $ 272,474 $ 285,550 (1) Excludes assets held for sale (2) Lesser of lease term or estimated useful life |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The carrying amount of goodwill for the fiscal years ended June 30, 2019 and 2018 , by reportable segments, is as follows: June 30, Core 2019 2018 Beginning balance $ 195,956 $ 195,956 Goodwill, acquired during the year 4,000 — Goodwill, adjustments related to dispositions — — Ending balance $ 199,956 $ 195,956 Payments Beginning balance $ 325,204 $ 234,106 Goodwill, acquired during the year 122 91,098 Goodwill, adjustments related to dispositions — — Ending balance $ 325,326 $ 325,204 Complementary Beginning balance $ 128,769 $ 122,403 Goodwill, acquired during the year 12,893 6,499 Goodwill, adjustments related to dispositions — (133 ) Ending balance $ 141,662 $ 128,769 |
Schedule of Intangible Assets [Table Text Block] | Information regarding other identifiable intangible assets is as follows: June 30, 2019 Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 305,512 $ (204,859 ) $ 100,653 Computer software $ 759,671 $ (440,702 ) $ 318,969 Other intangible assets: $ 93,471 $ (61,957 ) $ 31,514 June 30, 2018 Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 302,727 $ (187,693 ) $ 115,034 Computer software $ 653,407 $ (365,235 ) $ 288,172 Other intangible assets: $ 88,017 $ (49,550 ) $ 38,467 |
Schedule of Future Amortization Expense [Table Text Block] | The estimated aggregate future amortization expense for each of the next five years for all intangible assets remaining as of June 30, 2019 , is as follows: Years Ending June 30, Computer Software Customer Relationships Other Intangible Assets Total 2020 $ 77,020 $ 14,665 $ 9,186 $ 100,871 2021 58,153 12,409 6,345 76,907 2022 42,981 11,260 3,437 57,678 2023 27,454 8,808 1,963 38,225 2024 10,975 7,547 1,315 19,837 |
Commitments and Contingencies L
Commitments and Contingencies Lease Commitments (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of June 30, 2019 , net future minimum lease payments are as follows: Years Ending June 30, Lease Payments 2020 $ 15,559 2021 13,539 2022 11,860 2023 10,169 2024 8,835 Thereafter 11,671 Total $ 71,633 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision/ (benefit) for income taxes consists of the following: Year Ended June 30, 2019 2018 2017 Current: Federal $ 54,800 $ 56,060 $ 80,752 State 12,946 9,948 9,469 Deferred: Federal 4,177 (80,509 ) 17,017 State 3,427 5,625 4,170 $ 75,350 $ (8,876 ) $ 111,408 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences related to deferred taxes shown on the balance sheets were: June 30, 2019 2018 Deferred tax assets: Contract and service revenues $ 13,450 $ — Expense reserves (bad debts, insurance, franchise tax and vacation) 14,325 11,164 Net operating loss and tax credit carryforwards 2,713 2,759 Other, net 851 2,711 Total gross deferred tax assets 31,339 16,634 Valuation allowance (415 ) (515 ) Net deferred tax assets 30,924 16,119 Deferred tax liabilities: Accelerated tax depreciation (31,846 ) (32,026 ) Accelerated tax amortization (154,633 ) (141,274 ) Contract and service revenues — (5,067 ) Contract and service costs (61,455 ) (46,055 ) Total gross deferred liabilities (247,934 ) (224,422 ) Net deferred tax liability $ (217,010 ) $ (208,303 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following analysis reconciles the statutory federal income tax rate to the effective income tax rates reflected above: Year Ended June 30, 2019 2018 2017 Computed "expected" tax expense 21.0 % 28.1 % 35.0 % Increase (reduction) in taxes resulting from: State income taxes, net of federal income tax benefits 3.7 % 2.9 % 2.6 % Research and development credit (2.5 )% (2.0 )% (2.1 )% Domestic production activities deduction — % (1.4 )% (2.3 )% TCJA deferred tax rate re-measurement — % (30.0 )% — % Tax effects of share-based payments (1.4 )% (0.8 )% (0.8 )% Other (net) 0.9 % 0.7 % 0.3 % 21.7 % (2.5 )% 32.7 % |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] | A reconciliation of the unrecognized tax benefits for the fiscal years ended June 30, 2019 and 2018 follows: Unrecognized Tax Benefits Balance at July 1, 2017 $ 5,449 Additions for current year tax positions 2,157 Reductions for current year tax positions — Additions for prior year tax positions 3,130 Reductions for prior year tax positions (55 ) Additions related to business combinations 510 Settlements (161 ) Reductions related to expirations of statute of limitations (803 ) Balance at June 30, 2018 10,227 Additions for current year tax positions 1,135 Reductions for current year tax positions (40 ) Additions for prior year tax positions 562 Reductions for prior year tax positions (531 ) Additions related to business combinations 43 Settlements (25 ) Reductions related to expirations of statute of limitations (876 ) Balance at June 30, 2019 $ 10,495 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
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 the plans is as follows: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding July 1, 2016 50 $ 22.14 Granted 32 87.27 Forfeited — — Exercised (10 ) 28.52 Outstanding July 1, 2017 72 50.04 Granted — — Forfeited — — Exercised (20 ) 17.45 Outstanding July 1, 2018 52 62.65 Granted — — Forfeited — — Exercised (20 ) 23.65 Outstanding June 30, 2019 32 $ 87.27 $ 1,478 Vested and Expected to Vest June 30, 2019 32 $ 87.27 $ 1,478 Exercisable June 30, 2019 — $ — $ — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The assumptions used in estimating fair value and resulting compensation expenses at the grant dates are as follows: Expected Life (years) 6.50 years Volatility 19.60 % Risk-free interest rate 1.24 % Dividend yield 1.28 % |
Schedule of Nonvested Restricted Stock Activity [Table Text Block] | The following table summarizes non-vested share awards activity: Share awards Shares Weighted Average Grant Date Fair Value Outstanding July 1, 2016 58 $ 44.95 Granted 17 87.27 Vested (38 ) 37.00 Forfeited (1 ) 65.52 Outstanding July 1, 2017 36 73.66 Granted — — Vested (12 ) 58.61 Forfeited (1 ) 64.60 Outstanding July 1, 2018 23 81.33 Granted — — Vested (17 ) 79.41 Forfeited — — Outstanding June 30, 2019 6 $ 87.27 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The following table summarizes non-vested unit awards as of June 30, 2019 , as well as activity for the fiscal year then ended: Unit awards Shares Weighted Average Grant Date Fair Value Aggregate Outstanding July 1, 2016 429 $ 58.06 Granted 130 77.75 Vested (136 ) 50.12 Forfeited (37 ) 54.30 Outstanding July 1, 2017 386 67.84 Granted 125 98.41 Vested (156 ) 57.00 Forfeited (4 ) 81.83 Outstanding July 1, 2018 351 83.37 Granted 80 169.53 Vested (129 ) 82.06 Forfeited (4 ) 92.32 Outstanding June 30, 2019 298 $107.00 $39,867 |
ScheduleOfShareBasedPaymentAwardRSUValuationAssumptionsTableTextBlock [Table Text Block] | The weighted average assumptions used in this model to estimate fair value at the grant dates are as follows: Year Ended June 30, 2019 2018 2017 Volatility 15.3 % 15.6 % 16.0 % Risk free interest rate 2.89 % 1.55 % 0.93 % Dividend yield 0.9 % 1.2 % 1.3 % Stock Beta 0.669 0.687 0.684 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
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. Year Ended June 30, 2019 2018 2017 Net Income $ 271,885 $ 365,034 $ 229,561 Common share information: Weighted average shares outstanding for basic earnings per share 77,160 77,252 77,856 Dilutive effect of stock options and restricted stock 187 333 399 Weighted average shares outstanding for diluted earnings per share 77,347 77,585 78,255 Basic earnings per share $ 3.52 $ 4.73 $ 2.95 Diluted earnings per share $ 3.52 $ 4.70 $ 2.93 |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
BOLTS Technologies, Inc. [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Management has completed a 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 fair values as of October 5, 2018 are set forth below: Current assets $ 1,384 Identifiable intangible assets 2,274 Total other liabilities assumed (1,505 ) Total identifiable net assets 2,153 Goodwill 12,893 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 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 fair values as of October 1, 2018 are set forth below: Current assets $ 2,170 Identifiable intangible assets 3,090 Non-current deferred income tax liability (872 ) Total other liabilities assumed (738 ) Total identifiable net assets 3,650 Goodwill 3,999 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 is presented as if this acquisition had occurred at the beginning of the prior 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 this period, or the results that may be obtained in the future as a result of the acquisition. Year Ended June 30, 2019 2018 2017 Actuals Proforma Proforma Revenue $ 1,552,691 $ 1,483,915 $ 1,411,873 Net Income 271,885 366,544 231,696 Basic Earnings Per Share $ 3.52 $ 4.74 $ 2.98 Diluted Earnings Per Share $ 3.52 $ 4.72 $ 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) | 12 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Year Ended June 30, 2019 Core Payments Complementary Corporate & Other Total REVENUE Services and Support $ 506,007 $ 52,756 $ 348,631 $ 51,095 $ 958,489 Processing 28,422 495,563 69,584 633 594,202 Total Revenue 534,429 548,319 418,215 51,728 1,552,691 Cost of Revenue 243,989 273,261 175,737 230,043 923,030 Research and Development 96,378 Selling, General, and Administrative 185,998 Gain on Disposal of Businesses — Total Expenses 1,205,406 SEGMENT INCOME $ 290,440 $ 275,058 $ 242,478 $ (178,315 ) OPERATING INCOME 347,285 INTEREST INCOME (EXPENSE) (50 ) INCOME BEFORE INCOME TAXES $ 347,235 Year Ended June 30, 2018 Core Payments Complementary Corporate & Other Total REVENUE Services and Support $ 482,216 $ 47,641 $ 333,812 $ 57,070 $ 920,739 Processing 27,605 460,690 61,607 156 550,058 Total Revenue 509,821 508,331 395,419 57,226 1,470,797 Cost of Revenue 232,868 245,269 163,905 211,096 853,138 Research and Development 90,340 Selling, General, and Administrative 171,710 Gain on Disposal of Businesses (1,894 ) Total Expenses 1,113,294 SEGMENT INCOME $ 276,953 $ 263,062 $ 231,514 $ (153,870 ) OPERATING INCOME 357,503 INTEREST INCOME (EXPENSE) (1,345 ) INCOME BEFORE INCOME TAXES $ 356,158 Year Ended June 30, 2017 Core Payments Complementary Corporate & Other Total REVENUE Services and Support $ 452,712 $ 43,477 $ 322,784 $ 62,762 $ 881,735 Processing 24,893 428,511 53,027 124 506,555 Total Revenue 477,605 471,988 375,811 62,886 1,388,290 Cost of Revenue 219,440 222,685 155,084 208,646 805,855 Research and Development 84,753 Selling, General, and Administrative 159,235 Gain on Disposal of Businesses (3,270 ) Total Expenses 1,046,573 SEGMENT INCOME $ 258,165 $ 249,303 $ 220,727 $ (145,760 ) OPERATING INCOME 341,717 INTEREST INCOME (EXPENSE) (748 ) INCOME BEFORE INCOME TAXES $ 340,969 |
Quarterly Financial Informati_2
Quarterly Financial Information (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | For the Year Ended June 30, 2019 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total REVENUE $ 392,543 $ 386,275 $ 380,364 $ 393,509 $ 1,552,691 EXPENSES Cost of Revenue 220,112 227,284 235,594 240,040 923,030 Research & Development 24,026 23,990 23,442 24,920 96,378 Selling, General, & Administrative 45,183 46,797 44,887 49,131 185,998 Total Expenses 289,321 298,071 303,923 314,091 1,205,406 OPERATING INCOME 103,222 88,204 76,441 79,418 347,285 INTEREST INCOME (EXPENSE) Interest income 291 252 155 178 876 Interest expense (147 ) (148 ) (224 ) (407 ) (926 ) Total interest income (expense) 144 104 (69 ) (229 ) (50 ) INCOME BEFORE INCOME TAXES 103,366 88,308 76,372 79,189 347,235 PROVISION/ (BENEFIT) FOR INCOME TAXES 19,815 20,219 17,120 18,196 75,350 NET INCOME $ 83,551 $ 68,089 $ 59,252 $ 60,993 $ 271,885 Basic earnings per share $ 1.08 $ 0.88 $ 0.77 $ 0.79 $ 3.52 Basic weighted average shares outstanding 77,188 77,216 77,177 77,060 77,160 Diluted earnings per share $ 1.08 $ 0.88 $ 0.77 $ 0.79 $ 3.52 Diluted weighted average shares outstanding 77,537 77,409 77,286 77,157 77,347 For the Year Ended June 30, 2018* Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total REVENUE $ 361,284 $ 357,209 $ 374,048 $ 378,256 $ 1,470,797 EXPENSES Cost of Revenue 203,915 207,100 218,517 223,606 853,138 Research & Development 20,929 22,414 22,591 24,406 90,340 Selling, General, & Administrative 41,088 43,094 42,234 45,294 171,710 Gain on disposal of businesses (1,705 ) (189 ) — — (1,894 ) Total Expenses 264,227 272,419 283,342 293,306 1,113,294 OPERATING INCOME 97,057 84,790 90,706 84,950 357,503 INTEREST INCOME (EXPENSE) Interest income 147 146 130 152 575 Interest expense (189 ) (250 ) (734 ) (747 ) (1,920 ) Total interest income (expense) (42 ) (104 ) (604 ) (595 ) (1,345 ) INCOME BEFORE INCOME TAXES 97,015 84,686 90,102 84,355 356,158 PROVISION/ (BENEFIT) FOR INCOME TAXES 30,145 (76,557 ) 21,017 16,519 (8,876 ) NET INCOME $ 66,870 $ 161,243 $ 69,085 $ 67,836 $ 365,034 Basic net income per share $ 0.87 $ 2.09 $ 0.89 $ 0.88 $ 4.73 Basic weighted average shares outstanding 77,283 77,218 77,247 77,261 77,252 Diluted net income per share $ 0.86 $ 2.08 $ 0.89 $ 0.87 $ 4.70 Diluted weighted average shares outstanding 77,646 77,565 77,546 77,585 77,585 *As previously disclosed, the Company adopted ASU 2014-09 effective July 1, 2018 using the full retrospective approach. In connection therewith, in its previously filed fiscal 2019 Form 10-Q's, the Company adjusted its comparative fiscal 2018 financial information, including its June 30, 2018 balance sheet, to reflect the retrospective effects of applying ASC 606. In connection with the preparation of the Company's consolidated financial statements for the year ended June 30, 2019, the Company identified a $23,500 error in the as adjusted June 30, 2018 balance sheet that was disclosed within the previously filed fiscal 2019 Form 10-Q's, which resulted in an overstatement of current deferred revenues and a corresponding understatement of non-current deferred revenues in such unaudited quarterly filings. Management has determined that such misclassification error did not result in the previously filed 2019 Form 10-Q's being materially misstated. |
Nature of Operations and Summ_5
Nature of Operations and Summary of Significant Accounting Policies Prior Period Reclassification (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Assets held for sale | $ 6,355 | $ 1,300 |
Property and equipment, net | 272,474 | 285,550 |
Accounts payable | 9,850 | 30,360 |
Deferred costs | 35,102 | 22,991 |
Prepaid expenses and other | $ 106,466 | 96,069 |
Previously Reported [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Property and equipment, net | 285,550 | |
Accounts payable | 30,360 | |
Deferred costs | 34,907 | |
Prepaid expenses and other | 84,738 | |
Restatement Adjustment [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Assets held for sale | 1,300 | |
Accounts payable | (4,150) | |
Deferred costs | (4,078) | |
Prepaid expenses and other | (72) | |
Restatement Adjustment [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Assets held for sale | 1,300 | |
Property and equipment, net | $ (1,300) |
Nature of Operations and Summ_6
Nature of Operations and Summary of Significant Accounting Policies Revenue Recognition- Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | $ 393,509 | $ 380,364 | $ 386,275 | $ 392,543 | $ 378,256 | $ 374,048 | $ 357,209 | $ 361,284 | $ 1,552,691 | $ 1,470,797 | $ 1,388,290 |
Outsourcing & Cloud [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 405,359 | 361,922 | 327,738 | ||||||||
Product Delivery and Service [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 231,982 | 251,743 | 256,794 | ||||||||
In-House Support [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | $ 321,148 | $ 307,074 | $ 297,203 |
Nature of Operations and Summ_7
Nature of Operations and Summary of Significant Accounting Policies Revenue Recognition- Contract Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Receivables, net | $ 310,080 | $ 297,271 |
Contract Assets- Current | 21,446 | 14,063 |
Contract Assets- Non-current | 50,640 | 35,630 |
Contract Liabilities (Deferred Revenue)- Current | 339,752 | 328,931 |
Contract Liabilities (Deferred Revenue)- Non-current | $ 54,554 | $ 40,984 |
Nature of Operations and Summ_8
Nature of Operations and Summary of Significant Accounting Policies Revenue Recognition- Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue from Contract with Customer [Abstract] | |||
Revenue, Remaining Performance Obligation, Amount | $ 3,640,955 | ||
Contract with Customer, Liability, Revenue Recognized | 265,946 | $ 269,593 | $ 264,517 |
Capitalized Contract Cost, Net | 231,273 | 176,954 | |
Capitalized Contract Cost, Amortization | $ 110,894 | $ 94,337 | $ 88,064 |
Nature of Operations and Summ_9
Nature of Operations and Summary of Significant Accounting Policies Revenue Recognition Narrative- Remaining Performance Obligation Timing of Satisfaction (Details) | Jun. 30, 2019Rate |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Percentage | 30.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Percentage | 18.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Nature of Operations and Sum_10
Nature of Operations and Summary of Significant Accounting Policies Purchase of Investment (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Automated Bookkeeping, Inc. [Member] | Preferred stock | |
Equity Securities without Readily Determinable Fair Value [Line Items] | |
Cost Method Investments, Original Cost | $ 5,000 |
Treasury Stock (Details)
Treasury Stock (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Equity [Abstract] | |||
Treasury Stock, Shares | 26,507,903 | 26,107,903 | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 3,483,000 | 3,883,000 | |
Treasury Stock, Value | $ 1,110,124 | $ 1,055,260 | |
Treasury Stock, Shares, Acquired | 400,000 | ||
Purchase of treasury stock | $ 54,864 | $ 48,986 | $ 130,140 |
Nature of Operations and Sum_11
Nature of Operations and Summary of Significant Accounting Policies Impact of Adoption of ASC 606 on Previously Reported Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ 93,628 | $ 31,440 | $ 114,765 | $ 70,310 |
Receivables, net | 310,080 | 297,271 | ||
Income tax receivable | 17,817 | 21,671 | ||
Prepaid expenses and other | 106,466 | 96,069 | ||
Deferred costs | 35,102 | 22,991 | ||
Assets held for sale | 6,355 | 1,300 | ||
Total current assets | 569,448 | 470,742 | ||
PROPERTY AND EQUIPMENT, net | 272,474 | 285,550 | ||
OTHER ASSETS: | ||||
Non-current deferred costs | 90,084 | 74,865 | ||
Computer software, net of amortization | 318,969 | 288,172 | ||
Other non-current assets | 134,743 | 110,299 | ||
Other intangible assets, net of amortization | 31,514 | 38,467 | ||
Goodwill | 666,944 | 649,929 | ||
Total other assets | 1,342,907 | 1,276,766 | ||
Total assets | 2,184,829 | 2,033,058 | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 9,850 | 30,360 | ||
Accrued expenses | 120,360 | 88,764 | ||
Deferred revenues | 339,752 | 328,931 | ||
Total current liabilities | 469,962 | 448,055 | ||
LONG-TERM LIABILITIES: | ||||
Non-current deferred revenues | 54,554 | 40,984 | ||
Deferred income tax liability | 217,010 | 208,303 | ||
Other long-term liabilities | 14,290 | 12,872 | ||
Total long-term liabilities | 285,854 | 262,159 | ||
Total liabilities | 755,816 | 710,214 | ||
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 | 1,035 | 1,033 | ||
Additional paid-in capital | 472,029 | 464,138 | ||
Retained earnings | 2,066,073 | 1,912,933 | ||
Less treasury stock at cost; 26,107,903 shares at June 30, 2018 | (1,110,124) | (1,055,260) | ||
Total stockholders' equity | 1,429,013 | 1,322,844 | 1,099,693 | |
Total liabilities and equity | 2,184,829 | 2,033,058 | ||
Previously Reported [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 31,440 | 114,765 | 70,310 | |
Receivables, net | 291,630 | |||
Income tax receivable | 21,671 | |||
Prepaid expenses and other | 84,738 | |||
Deferred costs | 34,907 | |||
Total current assets | 465,686 | |||
PROPERTY AND EQUIPMENT, net | 285,550 | |||
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 | 2,046,153 | |||
CURRENT LIABILITIES: | ||||
Accounts payable | 30,360 | |||
Accrued expenses | 97,848 | |||
Deferred revenues | 355,538 | |||
Total current liabilities | 483,746 | |||
LONG-TERM LIABILITIES: | ||||
Non-current deferred revenues | 93,094 | |||
Deferred income tax liability | 189,613 | |||
Other long-term liabilities | 12,872 | |||
Total long-term liabilities | 295,579 | |||
Total liabilities | 779,325 | |||
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 | 2,046,153 | |||
Restatement Adjustment [Member] | ||||
CURRENT ASSETS: | ||||
Prepaid expenses and other | (72) | |||
Deferred costs | (4,078) | |||
Assets held for sale | 1,300 | |||
CURRENT LIABILITIES: | ||||
Accounts payable | (4,150) | |||
Deferred revenues | (23,500) | |||
LONG-TERM LIABILITIES: | ||||
Non-current deferred revenues | 23,500 | |||
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) | |||
Assets held for sale | 0 | |||
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 | (26,607) | |||
Total current liabilities | (35,691) | |||
LONG-TERM LIABILITIES: | ||||
Non-current deferred revenues | (52,110) | |||
Deferred income tax liability | 18,690 | |||
Other long-term liabilities | 0 | |||
Total long-term liabilities | (33,420) | |||
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) | |||
Customer Relationships [Member] | ||||
OTHER ASSETS: | ||||
Customer relationships, net of amortization | $ 100,653 | 115,034 | ||
Customer Relationships [Member] | Previously Reported [Member] | ||||
OTHER ASSETS: | ||||
Customer relationships, net of amortization | 115,034 | |||
Customer Relationships [Member] | Accounting Standards Update 2014-09 [Member] | ||||
OTHER ASSETS: | ||||
Customer relationships, net of amortization | $ 0 |
Nature of Operations and Sum_12
Nature of Operations and Summary of Significant Accounting Policies 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 | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
REVENUE | $ 393,509 | $ 380,364 | $ 386,275 | $ 392,543 | $ 378,256 | $ 374,048 | $ 357,209 | $ 361,284 | $ 1,552,691 | $ 1,470,797 | $ 1,388,290 |
EXPENSES | |||||||||||
Cost of Revenue | 240,040 | 235,594 | 227,284 | 220,112 | 223,606 | 218,517 | 207,100 | 203,915 | 923,030 | 853,138 | 805,855 |
Research and Development | 24,920 | 23,442 | 23,990 | 24,026 | 24,406 | 22,591 | 22,414 | 20,929 | 96,378 | 90,340 | 84,753 |
Selling, General and Administrative | 49,131 | 44,887 | 46,797 | 45,183 | 45,294 | 42,234 | 43,094 | 41,088 | 185,998 | 171,710 | 159,235 |
Gain on Disposal of Businesses | 0 | 0 | (189) | (1,705) | 0 | (1,894) | (3,270) | ||||
Total Expenses | 314,091 | 303,923 | 298,071 | 289,321 | 293,306 | 283,342 | 272,419 | 264,227 | 1,205,406 | 1,113,294 | 1,046,573 |
OPERATING INCOME | 79,418 | 76,441 | 88,204 | 103,222 | 84,950 | 90,706 | 84,790 | 97,057 | 347,285 | 357,503 | 341,717 |
INTEREST INCOME (EXPENSE) | |||||||||||
Interest Income | 178 | 155 | 252 | 291 | 152 | 130 | 146 | 147 | 876 | 575 | 248 |
Interest Expense | (407) | (224) | (148) | (147) | (747) | (734) | (250) | (189) | (926) | (1,920) | (996) |
Total Interest Income (Expense) | (229) | (69) | 104 | 144 | (595) | (604) | (104) | (42) | (50) | (1,345) | (748) |
INCOME BEFORE INCOME TAXES | 79,189 | 76,372 | 88,308 | 103,366 | 84,355 | 90,102 | 84,686 | 97,015 | 347,235 | 356,158 | 340,969 |
PROVISION/ (BENEFIT) FOR INCOME TAXES | 18,196 | 17,120 | 20,219 | 19,815 | 16,519 | 21,017 | (76,557) | 30,145 | 75,350 | (8,876) | 111,408 |
NET INCOME | $ 60,993 | $ 59,252 | $ 68,089 | $ 83,551 | $ 67,836 | $ 69,085 | $ 161,243 | $ 66,870 | $ 271,885 | $ 365,034 | $ 229,561 |
Earnings Per Share | |||||||||||
Basic earnings per share | $ 0.79 | $ 0.77 | $ 0.88 | $ 1.08 | $ 0.88 | $ 0.89 | $ 2.09 | $ 0.87 | $ 3.52 | $ 4.73 | $ 2.95 |
Basic weighted average shares outstanding | 77,060 | 77,177 | 77,216 | 77,188 | 77,261 | 77,247 | 77,218 | 77,283 | 77,160 | 77,252 | 77,856 |
Diluted earnings per share | $ 0.79 | $ 0.77 | $ 0.88 | $ 1.08 | $ 0.87 | $ 0.89 | $ 2.08 | $ 0.86 | $ 3.52 | $ 4.70 | $ 2.93 |
Diluted weighted average shares outstanding | 77,157 | 77,286 | 77,409 | 77,537 | 77,585 | 77,546 | 77,565 | 77,646 | 77,347 | 77,585 | 78,255 |
Previously Reported [Member] | |||||||||||
REVENUE | $ 1,536,603 | $ 1,431,117 | |||||||||
EXPENSES | |||||||||||
Cost of Revenue | 873,642 | 819,034 | |||||||||
Research and Development | 90,340 | 84,753 | |||||||||
Selling, General and Administrative | 182,146 | 162,898 | |||||||||
Gain on Disposal of Businesses | (1,894) | (3,270) | |||||||||
Total Expenses | 1,144,234 | 1,063,415 | |||||||||
OPERATING INCOME | 392,369 | 367,702 | |||||||||
INTEREST INCOME (EXPENSE) | |||||||||||
Interest Income | 575 | 248 | |||||||||
Interest Expense | (1,920) | (996) | |||||||||
Total Interest Income (Expense) | (1,345) | (748) | |||||||||
INCOME BEFORE INCOME TAXES | 391,024 | 366,954 | |||||||||
PROVISION/ (BENEFIT) FOR INCOME TAXES | 14,364 | 121,161 | |||||||||
NET INCOME | $ 376,660 | $ 245,793 | |||||||||
Earnings Per Share | |||||||||||
Basic earnings per share | $ 4.88 | $ 3.16 | |||||||||
Diluted earnings per share | $ 4.85 | $ 3.14 | |||||||||
Accounting Standards Update 2014-09 [Member] | |||||||||||
REVENUE | $ (65,806) | $ (42,827) | |||||||||
EXPENSES | |||||||||||
Cost of Revenue | (20,504) | (13,179) | |||||||||
Research and Development | 0 | 0 | |||||||||
Selling, General and Administrative | (10,436) | (3,663) | |||||||||
Gain on Disposal of Businesses | 0 | 0 | |||||||||
Total Expenses | (30,940) | (16,842) | |||||||||
OPERATING INCOME | (34,866) | (25,985) | |||||||||
INTEREST INCOME (EXPENSE) | |||||||||||
Interest Income | 0 | 0 | |||||||||
Interest Expense | 0 | 0 | |||||||||
Total Interest Income (Expense) | 0 | 0 | |||||||||
INCOME BEFORE INCOME TAXES | (34,866) | (25,985) | |||||||||
PROVISION/ (BENEFIT) FOR INCOME TAXES | (23,240) | (9,753) | |||||||||
NET INCOME | $ (11,626) | $ (16,232) |
Nature of Operations and Sum_13
Nature of Operations and Summary of Significant Accounting Policies Impact of Adoption of ASC 606 on Previously Reported Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 271,885 | $ 365,034 | $ 229,561 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation | 47,378 | 47,975 | 49,677 |
Amortization | 113,255 | 104,011 | 90,109 |
Change in deferred income taxes | 7,604 | (74,884) | 21,187 |
Expense for stock-based compensation | 12,589 | 11,758 | 11,129 |
(Gain)/loss on disposal of assets and businesses | 161 | (954) | 4,771 |
Changes in operating assets and liabilities: | |||
Change in receivables | (11,777) | 21,489 | (33,096) |
Change in prepaid expenses, deferred costs and other | (62,165) | (82,663) | (24,992) |
Change in accounts payable | (7,526) | 6,922 | (7,812) |
Change in accrued expenses | 31,889 | 7,091 | (11,966) |
Change in income taxes | 4,179 | 5,108 | (6,444) |
Change in deferred revenues | 23,656 | 1,255 | 35,198 |
Net cash from operating activities | 431,128 | 412,142 | 357,322 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Payment for acquisitions, net of cash acquired | (19,981) | (137,562) | 0 |
Capital expenditures | (53,598) | (40,135) | (41,947) |
Proceeds from the sale of businesses | 0 | 350 | 5,632 |
Proceeds from the sale of assets | 127 | 306 | 968 |
Purchased software | (6,049) | (13,138) | (16,608) |
Computer software developed | (111,114) | (96,647) | (89,631) |
Purchase of investments | 0 | (5,000) | 0 |
Net cash from investing activities | (190,635) | (291,826) | (141,586) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings on credit facilities | 35,000 | 125,000 | 80,000 |
Repayments on credit facilities | (35,000) | (175,000) | (30,200) |
Purchase of treasury stock | (54,864) | (48,986) | (130,140) |
Dividends paid | (118,745) | (105,021) | (91,707) |
Proceeds from issuance of common stock upon exercise of stock options | 237 | 176 | 1 |
Tax withholding payments related to share based compensation | (13,973) | (7,333) | (5,480) |
Proceeds from sale of common stock | 9,040 | 7,523 | 6,245 |
Net cash from financing activities | (178,305) | (203,641) | (171,281) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 62,188 | (83,325) | 44,455 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 31,440 | 114,765 | 70,310 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 93,628 | 31,440 | 114,765 |
Previously Reported [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | 376,660 | 245,793 | |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation | 47,975 | 49,677 | |
Amortization | 104,011 | 90,109 | |
Change in deferred income taxes | (51,644) | 30,940 | |
Expense for stock-based compensation | 11,758 | 11,129 | |
(Gain)/loss on disposal of assets and businesses | (954) | 4,771 | |
Changes in operating assets and liabilities: | |||
Change in receivables | (9,219) | (22,499) | |
Change in prepaid expenses, deferred costs and other | (24,304) | (25,088) | |
Change in accounts payable | 6,922 | (7,812) | |
Change in accrued expenses | 9,091 | (4,454) | |
Change in income taxes | 5,108 | (6,444) | |
Change in deferred revenues | (63,262) | (8,800) | |
Net cash from operating activities | 412,142 | 357,322 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Payment for acquisitions, net of cash acquired | (137,562) | 0 | |
Capital expenditures | (40,135) | (41,947) | |
Proceeds from the sale of businesses | 350 | 5,632 | |
Proceeds from the sale of assets | 306 | 968 | |
Purchased software | (13,138) | (16,608) | |
Computer software developed | (96,647) | (89,631) | |
Purchase of investments | (5,000) | 0 | |
Net cash from investing activities | (291,826) | (141,586) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings on credit facilities | 125,000 | 80,000 | |
Repayments on credit facilities | (175,000) | (30,200) | |
Purchase of treasury stock | (48,986) | (130,140) | |
Dividends paid | (105,021) | (91,707) | |
Proceeds from issuance of common stock upon exercise of stock options | 176 | 1 | |
Tax withholding payments related to share based compensation | (7,333) | (5,480) | |
Proceeds from sale of common stock | 7,523 | 6,245 | |
Net cash from financing activities | (203,641) | (171,281) | |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (83,325) | 44,455 | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 31,440 | 114,765 | 70,310 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 31,440 | 114,765 | |
Accounting Standards Update 2014-09 [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | (11,626) | (16,232) | |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation | 0 | 0 | |
Amortization | 0 | 0 | |
Change in deferred income taxes | (23,240) | (9,753) | |
Expense for stock-based compensation | 0 | 0 | |
(Gain)/loss on disposal of assets and businesses | 0 | 0 | |
Changes in operating assets and liabilities: | |||
Change in receivables | 30,708 | (10,597) | |
Change in prepaid expenses, deferred costs and other | (58,359) | 96 | |
Change in accounts payable | 0 | 0 | |
Change in accrued expenses | (2,000) | (7,512) | |
Change in income taxes | 0 | 0 | |
Change in deferred revenues | 64,517 | 43,998 | |
Net cash from operating activities | 0 | 0 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Payment for acquisitions, net of cash acquired | 0 | 0 | |
Capital expenditures | 0 | 0 | |
Proceeds from the sale of businesses | 0 | 0 | |
Proceeds from the sale of assets | 0 | 0 | |
Purchased software | 0 | 0 | |
Computer software developed | 0 | 0 | |
Purchase of investments | 0 | 0 | |
Net cash from investing activities | 0 | 0 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings on credit facilities | 0 | 0 | |
Repayments on credit facilities | 0 | 0 | |
Purchase of treasury stock | 0 | 0 | |
Dividends paid | 0 | 0 | |
Proceeds from issuance of common stock upon exercise of stock options | 0 | 0 | |
Tax withholding payments related to share based compensation | 0 | 0 | |
Proceeds from sale of common stock | 0 | 0 | |
Net cash from financing activities | 0 | 0 | |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | $ 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 0 | $ 0 |
Nature of Operations and Sum_14
Nature of Operations and Summary of Significant Accounting Policies Recent Accounting Pronouncements Not Yet Adopted (Details) - Scenario, Forecast [Member] - Accounting Standards Update 2016-02 [Member] $ in Thousands | Jul. 01, 2019USD ($) |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Operating Lease, Liability | $ 75,000 |
Operating Lease, Right-of-Use Asset | 73,000 |
Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Operating Lease, Liability | 73,000 |
Operating Lease, Right-of-Use Asset | $ 70,000 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2017 | 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 | $ 0 | $ (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 | 81,945 | 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 | 81,945 | 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 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Land | $ 23,243 | $ 24,845 | |
Land improvements | 25,209 | 25,383 | |
Buildings | 147,220 | 143,918 | |
Leasehold improvements | 48,478 | 48,060 | |
Equipment and furniture | 365,101 | 328,864 | |
Aircraft and equipment | 39,293 | 38,761 | |
Construction in progress | 12,411 | 39,872 | |
Property and equipment, total | 660,955 | 649,703 | |
Less accumulated depreciation | 388,481 | 364,153 | |
Property and equipment, net | 272,474 | 285,550 | |
Liabilities Assumed | 14,315 | 15,674 | |
Impairment of Long-Lived Assets to be Disposed of | 0 | $ 3,275 | |
Assets held for sale | $ 6,355 | 1,300 | |
Land Improvements [Member] | Minimum [Member] | |||
Estimated Useful Life | 5 years | ||
Land Improvements [Member] | Maximum [Member] | |||
Estimated Useful Life | 20 years | ||
Building [Member] | Minimum [Member] | |||
Estimated Useful Life | 20 years | ||
Building [Member] | Maximum [Member] | |||
Estimated Useful Life | 30 years | ||
Leasehold Improvements [Member] | Minimum [Member] | |||
Estimated Useful Life | 5 years | ||
Leasehold Improvements [Member] | Maximum [Member] | |||
Estimated Useful Life | 30 years | ||
Equipment [Member] | Minimum [Member] | |||
Estimated Useful Life | 3 years | ||
Equipment [Member] | Maximum [Member] | |||
Estimated Useful Life | 10 years | ||
Flight Equipment [Member] | Minimum [Member] | |||
Estimated Useful Life | 4 years | ||
Flight Equipment [Member] | Maximum [Member] | |||
Estimated Useful Life | 10 years | ||
Houston, TX [Member] | |||
Assets held for sale | $ 5,055 | ||
Elizabethtown, KY [Member] | |||
Assets held for sale | $ 1,300 |
Other Assets Goodwill (Details)
Other Assets Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 649,929 | |
Goodwill, acquired during the year | 17,015 | $ 97,597 |
Goodwill, ending balance | 666,944 | 649,929 |
Core Segment [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 195,956 | 195,956 |
Goodwill, acquired during the year | 4,000 | 0 |
Goodwill, written off related to sale | 0 | 0 |
Goodwill, ending balance | 199,956 | 195,956 |
Payments [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 325,204 | 234,106 |
Goodwill, acquired during the year | 122 | 91,098 |
Goodwill, written off related to sale | 0 | 0 |
Goodwill, ending balance | 325,326 | 325,204 |
Complementary [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 128,769 | 122,403 |
Goodwill, acquired during the year | 12,893 | 6,499 |
Goodwill, written off related to sale | 0 | (133) |
Goodwill, ending balance | 141,662 | 128,769 |
BOLTS Technologies, Inc. [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, acquired during the year | 12,893 | |
Agiletics, Inc. [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, acquired during the year | $ 3,999 | |
Ensenta Corporation [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, acquired during the year | $ 91,098 |
Other Assets Other Intangible A
Other Assets Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Capitalized Computer Software, Net | $ 318,969 | $ 288,172 | |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 0 | $ 0 |
Amortization | 113,255 | 104,011 | 90,109 |
Customer Relationships [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 305,512 | 302,727 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 204,859 | 187,693 | |
Finite-Lived Intangible Assets, Net of Amortization | 100,653 | 115,034 | |
Computer Software [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 759,671 | 653,407 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 440,702 | 365,235 | |
Finite-Lived Intangible Assets, Net of Amortization | 318,969 | 288,172 | |
Amortization | 82,605 | 72,859 | $ 60,880 |
Other Intangible Assets [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 93,471 | 88,017 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 61,957 | 49,550 | |
Finite-Lived Intangible Assets, Net of Amortization | 31,514 | 38,467 | |
Computer Software to be Sold, Leased, or Marketed [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Capitalized Computer Software, Net | 135,743 | 125,223 | |
Internal Use Computer Software [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Capitalized Computer Software, Net | $ 183,226 | $ 162,949 | |
Minimum [Member] | Customer Relationships [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Minimum [Member] | Computer Software [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Minimum [Member] | Other Intangible Assets [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Maximum [Member] | Customer Relationships [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Maximum [Member] | Computer Software [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Maximum [Member] | Other Intangible Assets [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Other Assets Future Amortizatio
Other Assets Future Amortization Expense (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2020 | $ 100,871 |
2021 | 76,907 |
2022 | 57,678 |
2023 | 38,225 |
2024 | 19,837 |
Computer Software [Member] | |
2020 | 77,020 |
2021 | 58,153 |
2022 | 42,981 |
2023 | 27,454 |
2024 | 10,975 |
Customer Relationships [Member] | |
2020 | 14,665 |
2021 | 12,409 |
2022 | 11,260 |
2023 | 8,808 |
2024 | 7,547 |
Other Intangible Assets [Member] | |
2020 | 9,186 |
2021 | 6,345 |
2022 | 3,437 |
2023 | 1,963 |
2024 | $ 1,315 |
Long Term (Details)
Long Term (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
LONG TERM DEBT | ||
Long-term Debt | $ 0 | $ 0 |
Revolving Credit Facility [Member] | Line of Credit [Member] | ||
LONG TERM DEBT | ||
Long-term Debt | $ 0 |
Debt Narrative (Details)
Debt Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Debt Instrument [Line Items] | |||
Short-term Debt | $ 0 | $ 0 | |
Long-term Debt | 0 | 0 | |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 691 | $ 1,747 | $ 767 |
Revolving Credit Facility [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 0 | ||
Revolving Credit Facility, Current Borrowing Capacity | 300,000 | ||
Revolving Credit Facility, Maximum Borrowing Capacity | $ 600,000 | ||
Revolving Credit Facility, Expiration Date | Feb. 20, 2020 | ||
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Loan, Issuance Date | May 1, 2019 | ||
Unsecured Loan, Unused Borrowing Capacity | $ 5,000 | ||
Unsecured Loan, Maturity Date | Apr. 30, 2021 | ||
Unsecured Loan, Amount Outstanding | $ 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%) |
Commitments and Contingencies_2
Commitments and Contingencies Long Term Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Material Commitments to Purchase Property and Equipment | $ 2,673 | $ 2,076 |
Commitments and Contingencies_3
Commitments and Contingencies Lease Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
2020 | $ 15,559 | ||
2021 | 13,539 | ||
2022 | 11,860 | ||
2023 | 10,169 | ||
2024 | 8,835 | ||
Thereafter | 11,671 | ||
Future Lease Payments | 71,633 | ||
Operating Leases, Rent Expense | $ 15,196 | $ 10,835 | $ 10,195 |
Maximum [Member] | |||
Lessee, Operating Lease, Term of Contract | 11 years |
Provision For Income Taxes (Det
Provision For Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current Federal | $ 54,800 | $ 56,060 | $ 80,752 | ||||||||
Current State | 12,946 | 9,948 | 9,469 | ||||||||
Deferred Federal | 4,177 | (80,509) | 17,017 | ||||||||
Deferred State | 3,427 | 5,625 | 4,170 | ||||||||
PROVISION FOR INCOME TAXES | $ 18,196 | $ 17,120 | $ 20,219 | $ 19,815 | $ 16,519 | $ 21,017 | $ (76,557) | $ 30,145 | $ 75,350 | $ (8,876) | $ 111,408 |
Deferred Tax Liability (Details
Deferred Tax Liability (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Income Tax Disclosure [Abstract] | ||
Contract and service revenues | $ 13,450 | $ 0 |
Expense reserves (bad debts, insurance, franchise tax and vacation) | 14,325 | 11,164 |
Net operating loss carryforwards | 2,713 | 2,759 |
Other, net | 851 | 2,711 |
Total gross deferred tax assets | 31,339 | 16,634 |
Valuation allowance | (415) | (515) |
Net deferred tax assets | 30,924 | 16,119 |
Accelerated tax depreciation | (31,846) | (32,026) |
Accelerated tax amortization | (154,633) | (141,274) |
Contract and service revenues | 0 | (5,067) |
Contract and service costs | (61,455) | (46,055) |
Total gross deferred liabilities | 247,934 | 224,422 |
Net deferred tax liability | $ (217,010) | $ (208,303) |
Effective Tax Rate Reconciliati
Effective Tax Rate Reconciliation (Details) | 12 Months Ended | ||||
Jun. 30, 2019Rate | Dec. 31, 2018Rate | Jun. 30, 2018Rate | Dec. 31, 2017Rate | Jun. 30, 2017Rate | |
Income Tax Disclosure [Abstract] | |||||
Computed expected tax expense | 21.00% | 21.00% | 28.10% | 35.00% | 35.00% |
State income taxes, net of federal income tax benefits | 3.70% | 2.90% | 2.60% | ||
Research and development credit | (2.50%) | (2.00%) | (2.10%) | ||
Domestic production activities deduction | (0.00%) | (1.40%) | (2.30%) | ||
TCJA deferred tax rate re-measurement | (0.00%) | (30.00%) | (0.00%) | ||
Tax effects of share-based payments | (1.40%) | (0.80%) | (0.80%) | ||
Other (net) | 0.90% | 0.70% | 0.30% | ||
Effective Income Tax Rate | 21.70% | (2.50%) | 32.70% |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Computed expected tax expense | 21.00% | 21.00% | 28.10% | 35.00% | 35.00% |
Deferred Tax Assets, Valuation Allowance | $ 415 | $ 515 | |||
Income Taxes Paid | 62,005 | 60,382 | $ 96,074 | ||
Unrecognized Tax Benefits | 10,495 | 10,227 | 5,449 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 9,892 | 9,366 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1,514 | 1,279 | |||
Income Tax penalties and interest expense (or benefits) included in income tax provision | 128 | $ 165 | $ (105) | ||
Internal Revenue Service (IRS) [Member] | |||||
Operating Loss Carryforwards | 4,542 | ||||
State and Local Jurisdiction [Member] | |||||
Operating Loss Carryforwards | 651 | ||||
Minimum [Member] | |||||
Expiration of statutes of limitations impact on UTB balance | 3,000 | ||||
Maximum [Member] | |||||
Expiration of statutes of limitations impact on UTB balance | $ 4,000 |
Unrecognized Tax Benefits (Deta
Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized Tax Benefits, period start | $ 10,227 | $ 5,449 |
Additions for current year tax positions | 1,135 | 2,157 |
Reductions for current year tax positions | (40) | 0 |
Additions for prior year tax positions | 562 | 3,130 |
Reductions for prior year tax positions | (531) | (55) |
Additions related to business combinations | 43 | 510 |
Settlements | 25 | 161 |
Reductions related to expirations of statute of limitations | (876) | (803) |
Unrecognized Tax Benefits, period end | $ 10,495 | $ 10,227 |
Industry and Supplier Concent_2
Industry and Supplier Concentrations Concentration Risk (Details) | 12 Months Ended |
Jun. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk, Customer | The Company sells its products to banks, credit unions, and financial institutions throughout the United States and generally does not require collateral. All billings to customers are due 30 days from date of billing. Reserves (which are insignificant at June 30, 2019 and 2018) are maintained for potential credit losses. Customer-related risks are moderated through the inclusion of credit mitigation clauses in the Company's contracts and through the monitoring of timely payments. |
Concentration Risk, Supplier | In addition, some of the Company’s key solutions are dependent on technology manufactured by IBM Corporation and Microsoft. Termination of the Company’s relationship with either IBM or Microsoft could have a negative impact on the operations of the Company. |
Stock Based Compensation Narrat
Stock Based Compensation Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expense for stock-based compensation | $ 12,589 | $ 11,758 | $ 11,129 |
Restricted Stock Plan Expense | 10,828 | 10,256 | 9,861 |
Tax benefit from stock-based compensation expense | 6,191 | 3,274 | $ 2,638 |
Stock Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 15.78 | ||
Restricted Shares and Units, Vested in Period, Fair Value | $ 34,645 | $ 17,951 | $ 15,085 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, number of shares | 0 | 0 | 32,000 |
Compensation not yet recognized, stock options | $ 0 | ||
Total intrinsic value of options exercised | $ 2,289 | $ 2,165 | $ 747 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Authorized | 3,000,000 | ||
Granted, number of shares | 0 | 0 | 17,000 |
Compensation expense yet to be recognized | $ 0 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, number of shares | 80,000 | 125,000 | 130,000 |
Compensation expense yet to be recognized | $ 13,444 | ||
Compensation expense yet to be recognized, period for recognition | 1 year 15 days | ||
2015 EIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Authorized | 3,000,000 | ||
2015 EIP [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite Service Period | 3 years | ||
Stock Option Termination Period After Termination of Employment | 90 days | ||
Stock Option Termination Period After Death | 1 year | ||
Stock Option Termination After Grant Date | 10 years | ||
2005 NSOP [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite Service Period | 4 years | ||
Stock Option Termination Period After Death | 1 year | ||
Stock Option Termination After Grant Date | 10 years | ||
Vesting Period | 6 months | ||
Common Stock Reserved for Future Issuance | 700 | ||
Common Stock Reserved for Future Issuance for each Director | 100 | ||
Minimum [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite Service Period | 3 years | ||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Period | 1 year | ||
Maximum [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite Service Period | 5 years | ||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Period | 3 years | ||
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 | 41,000 | ||
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 | 39,000 | ||
Percent vesting after one year of service [Member] | 2005 NSOP [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Option, Percent Vesting | 25.00% | ||
Percent vesting after two years of service [Member] | 2005 NSOP [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Option, Percent Vesting | 50.00% | ||
Percent vesting after three years of service [Member] | 2005 NSOP [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Option, Percent Vesting | 75.00% |
Stock Options (Details)
Stock Options (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, period start, number of shares | 52 | 72 | 50 |
Granted, number of shares | 0 | 0 | 32 |
Forfeited, number of shares | 0 | 0 | 0 |
Exercised, number of shares | (20) | (20) | (10) |
Outstanding, period end, number of shares | 32 | 52 | 72 |
Outstanding, period start, weighted average exercise price | $ 62.65 | $ 50.04 | $ 22.14 |
Granted, weighted average exercise price | 0 | 0 | 87.27 |
Forfeited, weighted average exercise price | 0 | 0 | 0 |
Exercised, weighted average exercise price | 23.65 | 17.45 | 28.52 |
Outstanding, period end, weighted average exercise price | $ 87.27 | $ 62.65 | $ 50.04 |
Outstanding, period end, intrinsic value | $ 1,478 | ||
Vested and Expected to Vest, period end, number of shares | 32 | ||
Vested and Expected to Vest, period end, weighted average exercise price | $ 87.27 | ||
Vested and Expected to Vest, period end, intrinsic value | $ 1,478 | ||
Exercisable, period end, number of shares | 0 | ||
Exercisable, period end, weighted average exercise price | $ 0 | ||
Exercisable, period end, intrinsic value | $ 0 |
Stock Based Compensation Stock
Stock Based Compensation Stock Option Grant Date Fair Value Assumptions (Details) - Employee Stock Option [Member] | 12 Months Ended |
Jun. 30, 2017Rate | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected Life | 6 years 183 days |
Volatility | 19.60% |
Risk free interest rate | 1.24% |
Dividend yield | 1.28% |
Restricted Stock Share Awards (
Restricted Stock Share Awards (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
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 | 23 | 36 | 58 |
Granted, number of shares | 0 | 0 | 17 |
Vested, number of shares | (17) | (12) | (38) |
Forfeited, number of shares | 0 | (1) | (1) |
Outstanding, period end, number of shares | 6 | 23 | 36 |
Outstanding, period start, weighted average grant date fair value | $ 81.33 | $ 73.66 | $ 44.95 |
Granted, weighted average grant date fair value | 0 | 0 | 87.27 |
Vested, weighted average grant date fair value | 79.41 | 58.61 | 37 |
Forfeited, weighted average grant date fair value | 0 | 64.60 | 65.52 |
Outstanding, period end, weighted average grant date fair value | $ 87.27 | $ 81.33 | $ 73.66 |
Restricted Stock Unit Awards (D
Restricted Stock Unit Awards (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
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 | 351 | 386 | 429 |
Granted, number of shares | 80 | 125 | 130 |
Vested, number of shares | (129) | (156) | (136) |
Forfeited, number of shares | (4) | (4) | (37) |
Outstanding, period end, number of shares | 298 | 351 | 386 |
Outstanding, period start, weighted average grant date fair value | $ 83.37 | $ 67.84 | $ 58.06 |
Granted, weighted average grant date fair value | 169.53 | 98.41 | 77.75 |
Vested, weighted average grant date fair value | 82.06 | 57 | 50.12 |
Forfeited, weighted average grant date fair value | 92.32 | 81.83 | 54.30 |
Outstanding, period end, weighted average grant date fair value | $ 107 | $ 83.37 | $ 67.84 |
Outstanding, period end, aggregate intrinsic value | $ 39,867 |
RSU Measurement Date Assumption
RSU Measurement Date Assumptions (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended | ||
Jun. 30, 2019Rate | Jun. 30, 2018 | Jun. 30, 2017 | |
RSU grant date weighted average fair value assumptions | |||
Volatility | 15.30% | 15.60% | 16.00% |
Risk free interest rate | 2.89% | 1.55% | 0.93% |
Dividend yield | 0.90% | 1.20% | 1.30% |
Stock Beta | 0.669 | 0.687 | 0.684 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||
NET INCOME | $ 60,993 | $ 59,252 | $ 68,089 | $ 83,551 | $ 67,836 | $ 69,085 | $ 161,243 | $ 66,870 | $ 271,885 | $ 365,034 | $ 229,561 |
Common share information: | |||||||||||
Basic weighted average shares outstanding | 77,060 | 77,177 | 77,216 | 77,188 | 77,261 | 77,247 | 77,218 | 77,283 | 77,160 | 77,252 | 77,856 |
Dilutive effect of stock options and restricted stock | 187 | 333 | 399 | ||||||||
Diluted weighted average shares outstanding | 77,157 | 77,286 | 77,409 | 77,537 | 77,585 | 77,546 | 77,565 | 77,646 | 77,347 | 77,585 | 78,255 |
Basic earnings per share | $ 0.79 | $ 0.77 | $ 0.88 | $ 1.08 | $ 0.88 | $ 0.89 | $ 2.09 | $ 0.87 | $ 3.52 | $ 4.73 | $ 2.95 |
Diluted earnings per share | $ 0.79 | $ 0.77 | $ 0.88 | $ 1.08 | $ 0.87 | $ 0.89 | $ 2.08 | $ 0.86 | $ 3.52 | $ 4.70 | $ 2.93 |
Antidilutive stock options and restricted stock excluded from computation of earnings per share | 0 | 41 | 32 |
Employee Benefits Plans Employe
Employee Benefits Plans Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Employee Stock Purchase Plan, Purchase Price of Common Stock, Percent of Closing Price | 85.00% | ||
Shares issued for Employee Stock Purchase Plan (shares) | 76 | 76 | 81 |
Employee stock purchase plan, average price per share | $ 118.32 | $ 98.46 | $ 77.52 |
Common Stock, Capital Shares Reserved for Future Issuance | 1,304 |
Employee Benefits Plans 401(k)
Employee Benefits Plans 401(k) (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019USD ($)Rate | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | |
Retirement Benefits [Abstract] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | Rate | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | Rate | 5.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 0 | $ 5 | $ 5 |
Defined Contribution Plan, Age Requirement | 18 | ||
Defined Contribution Plan, Employment Length Requirement | 6 months | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | ||
Defined Contribution Plan, Matching Contributions | $ 21,003 | $ 18,821 | $ 17,550 |
Business Acquisitions (Details)
Business Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 05, 2018 | Oct. 01, 2018 | Dec. 21, 2017 | Aug. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 666,944 | $ 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 | (1,505) | ||||||
Total identifiable net assets | 2,153 | ||||||
Acquisition goodwill expected to be tax deductible | 0 | ||||||
Net assets acquired | 15,046 | ||||||
Cash Acquired from Acquisition | 1,365 | ||||||
Acquired Receivable, Fair Value | 14 | ||||||
Acquired Receivables, Gross Contractual Amount | 14 | ||||||
Acquired Receivables, Estimated Uncollectible | 0 | ||||||
Business Acquisition, Transaction Costs | 23 | ||||||
Revenue of Acquiree since Acquisition Date, Actual | 126 | ||||||
Earnings or Loss of Acquiree since Acquisition Date, Actual | (895) | ||||||
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 | ||||||
Deferred income tax liability | 872 | ||||||
Total other liabilities assumed | (738) | ||||||
Total identifiable net assets | 3,650 | ||||||
Acquisition goodwill expected to be tax deductible | 0 | ||||||
Net assets acquired | 7,649 | ||||||
Cash Acquired from Acquisition | 1,349 | ||||||
Acquired Receivable, Fair Value | 302 | ||||||
Acquired Receivables, Gross Contractual Amount | 302 | ||||||
Acquired Receivables, Estimated Uncollectible | 0 | ||||||
Business Acquisition, Transaction Costs | 36 | ||||||
Revenue of Acquiree since Acquisition Date, Actual | 926 | ||||||
Earnings or Loss of Acquiree since Acquisition Date, Actual | (192) | ||||||
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 | ||||||
Deferred income tax liability | 21,859 | ||||||
Total other liabilities assumed | (8,496) | ||||||
Total identifiable net assets | 43,162 | ||||||
Acquisition goodwill expected to be tax deductible | 0 | ||||||
Net assets acquired | 134,381 | ||||||
Cash Acquired from Acquisition | 7,274 | ||||||
Acquired Receivable, Fair Value | 4,668 | ||||||
Acquired Receivables, Gross Contractual Amount | 4,668 | ||||||
Acquired Receivables, Estimated Uncollectible | 0 | ||||||
Business Acquisition, Transaction Costs | 339 | ||||||
Revenue of Acquiree since Acquisition Date, Actual | 35,688 | 15,776 | |||||
Earnings or Loss of Acquiree since Acquisition Date, Actual | 11,163 | 8,197 | |||||
Earnings or Loss of Acquiree since Acquisition Date, Excluding Effects of TCJA | 536 | ||||||
Pro Forma Revenue | 1,552,691 | 1,483,915 | $ 1,411,873 | ||||
Pro Forma Net Income (Loss) | $ 271,885 | $ 366,544 | $ 231,696 | ||||
Pro Forma Earnings Per Share, Basic | $ 3.52 | $ 4.74 | $ 2.98 | ||||
Pro Forma Earnings Per Share, Diluted | $ 3.52 | $ 4.72 | $ 2.96 | ||||
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 other liabilities assumed | (1,117) | ||||||
Total identifiable net assets | 4,245 | ||||||
Acquisition goodwill expected to be tax deductible | 6,499 | ||||||
Net assets acquired | 10,744 | ||||||
Cash Acquired from Acquisition | 289 | ||||||
Acquired Receivable, Fair Value | 847 | ||||||
Acquired Receivables, Gross Contractual Amount | 847 | ||||||
Acquired Receivables, Estimated Uncollectible | 0 | ||||||
Revenue of Acquiree since Acquisition Date, Actual | $ 3,120 | $ 1,486 | |||||
Earnings or Loss of Acquiree since Acquisition Date, Actual | (243) | (870) | |||||
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 [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 [Member] | Agiletics, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Identifiable Intangible Assets Acquired | $ 701 | ||||||
Identifiable Intangible Assets, Weighted Average Useful Life | 10 years | ||||||
Computer Software [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 [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 Segment [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 199,956 | 195,956 | $ 195,956 | ||||
Core Segment [Member] | Agiletics, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 3,999 | ||||||
Complementary [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 141,662 | 128,769 | 122,403 | ||||
Complementary [Member] | BOLTS Technologies, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 12,893 | ||||||
Complementary [Member] | Vanguard Software Group [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 6,499 | ||||||
Payments [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 325,326 | $ 325,204 | $ 234,106 | ||||
Payments [Member] | Ensenta Corporation [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 91,219 |
Reportable Segment Informatio_3
Reportable Segment Information Narrative (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2019USD ($)segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | segment | 4 |
Reclassification of Revenue Between Reportable Segments | $ | $ 2,968 |
Reportable Segment Informatio_4
Reportable Segment Information Reconciliation of Operating Profit by Segment to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
REVENUE | $ 393,509 | $ 380,364 | $ 386,275 | $ 392,543 | $ 378,256 | $ 374,048 | $ 357,209 | $ 361,284 | $ 1,552,691 | $ 1,470,797 | $ 1,388,290 |
Cost of Revenue | 240,040 | 235,594 | 227,284 | 220,112 | 223,606 | 218,517 | 207,100 | 203,915 | 923,030 | 853,138 | 805,855 |
Research and Development | 24,920 | 23,442 | 23,990 | 24,026 | 24,406 | 22,591 | 22,414 | 20,929 | 96,378 | 90,340 | 84,753 |
Selling, General and Administrative | 49,131 | 44,887 | 46,797 | 45,183 | 45,294 | 42,234 | 43,094 | 41,088 | 185,998 | 171,710 | 159,235 |
Gain on Disposal of Businesses | 0 | 0 | 189 | 1,705 | 0 | 1,894 | 3,270 | ||||
Total Expenses | 314,091 | 303,923 | 298,071 | 289,321 | 293,306 | 283,342 | 272,419 | 264,227 | 1,205,406 | 1,113,294 | 1,046,573 |
OPERATING INCOME | 79,418 | 76,441 | 88,204 | 103,222 | 84,950 | 90,706 | 84,790 | 97,057 | 347,285 | 357,503 | 341,717 |
Total Interest Income (Expense) | (229) | (69) | 104 | 144 | (595) | (604) | (104) | (42) | (50) | (1,345) | (748) |
INCOME BEFORE INCOME TAXES | $ 79,189 | $ 76,372 | $ 88,308 | $ 103,366 | $ 84,355 | $ 90,102 | $ 84,686 | $ 97,015 | 347,235 | 356,158 | 340,969 |
Core Segment [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
REVENUE | 534,429 | 509,821 | 477,605 | ||||||||
Cost of Revenue | 243,989 | 232,868 | 219,440 | ||||||||
SEGMENT INCOME | 290,440 | 276,953 | 258,165 | ||||||||
Payments [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
REVENUE | 548,319 | 508,331 | 471,988 | ||||||||
Cost of Revenue | 273,261 | 245,269 | 222,685 | ||||||||
SEGMENT INCOME | 275,058 | 263,062 | 249,303 | ||||||||
Complementary [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
REVENUE | 418,215 | 395,419 | 375,811 | ||||||||
Cost of Revenue | 175,737 | 163,905 | 155,084 | ||||||||
SEGMENT INCOME | 242,478 | 231,514 | 220,727 | ||||||||
Corporate and Other [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
REVENUE | 51,728 | 57,226 | 62,886 | ||||||||
Cost of Revenue | 230,043 | 211,096 | 208,646 | ||||||||
SEGMENT INCOME | (178,315) | (153,870) | (145,760) | ||||||||
License and Service [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
REVENUE | 958,489 | 920,739 | 881,735 | ||||||||
License and Service [Member] | Core Segment [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
REVENUE | 506,007 | 482,216 | 452,712 | ||||||||
License and Service [Member] | Payments [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
REVENUE | 52,756 | 47,641 | 43,477 | ||||||||
License and Service [Member] | Complementary [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
REVENUE | 348,631 | 333,812 | 322,784 | ||||||||
License and Service [Member] | Corporate and Other [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
REVENUE | 51,095 | 57,070 | 62,762 | ||||||||
Processing [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
REVENUE | 594,202 | 550,058 | 506,555 | ||||||||
Processing [Member] | Core Segment [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
REVENUE | 28,422 | 27,605 | 24,893 | ||||||||
Processing [Member] | Payments [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
REVENUE | 495,563 | 460,690 | 428,511 | ||||||||
Processing [Member] | Complementary [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
REVENUE | 69,584 | 61,607 | 53,027 | ||||||||
Processing [Member] | Corporate and Other [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
REVENUE | $ 633 | $ 156 | $ 124 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 23, 2019 | Jul. 01, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Subsequent Events | |||||
Dividends declared per share | $ 1.54 | $ 1.36 | $ 1.18 | ||
Subsequent Event | |||||
Subsequent Events | |||||
Dividend declared date | Aug. 23, 2019 | ||||
Dividends declared per share | $ 0.40 | ||||
Dividend payable date | Sep. 30, 2019 | ||||
Dividend record date | Sep. 9, 2019 | ||||
Business Acquisition, Effective Date of Acquisition | Jul. 1, 2019 | ||||
Payments to Acquire Businesses, Gross | $ 37,776 |
Quarterly Financial Informati_3
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
REVENUE | |||||||||||
REVENUE | $ 393,509 | $ 380,364 | $ 386,275 | $ 392,543 | $ 378,256 | $ 374,048 | $ 357,209 | $ 361,284 | $ 1,552,691 | $ 1,470,797 | $ 1,388,290 |
EXPENSES | |||||||||||
Cost of Revenue | 240,040 | 235,594 | 227,284 | 220,112 | 223,606 | 218,517 | 207,100 | 203,915 | 923,030 | 853,138 | 805,855 |
Research and Development | 24,920 | 23,442 | 23,990 | 24,026 | 24,406 | 22,591 | 22,414 | 20,929 | 96,378 | 90,340 | 84,753 |
Selling, General and Administrative | 49,131 | 44,887 | 46,797 | 45,183 | 45,294 | 42,234 | 43,094 | 41,088 | 185,998 | 171,710 | 159,235 |
Gain on Disposal of Businesses | 0 | 0 | (189) | (1,705) | 0 | (1,894) | (3,270) | ||||
Total Expenses | 314,091 | 303,923 | 298,071 | 289,321 | 293,306 | 283,342 | 272,419 | 264,227 | 1,205,406 | 1,113,294 | 1,046,573 |
OPERATING INCOME | 79,418 | 76,441 | 88,204 | 103,222 | 84,950 | 90,706 | 84,790 | 97,057 | 347,285 | 357,503 | 341,717 |
INTEREST INCOME (EXPENSE) | |||||||||||
Interest Income | 178 | 155 | 252 | 291 | 152 | 130 | 146 | 147 | 876 | 575 | 248 |
Interest Expense | (407) | (224) | (148) | (147) | (747) | (734) | (250) | (189) | (926) | (1,920) | (996) |
Total Interest Income (Expense) | (229) | (69) | 104 | 144 | (595) | (604) | (104) | (42) | (50) | (1,345) | (748) |
INCOME BEFORE INCOME TAXES | 79,189 | 76,372 | 88,308 | 103,366 | 84,355 | 90,102 | 84,686 | 97,015 | 347,235 | 356,158 | 340,969 |
PROVISION/ (BENEFIT) FOR INCOME TAXES | 18,196 | 17,120 | 20,219 | 19,815 | 16,519 | 21,017 | (76,557) | 30,145 | 75,350 | (8,876) | 111,408 |
NET INCOME | $ 60,993 | $ 59,252 | $ 68,089 | $ 83,551 | $ 67,836 | $ 69,085 | $ 161,243 | $ 66,870 | $ 271,885 | $ 365,034 | $ 229,561 |
Basic earnings per share | $ 0.79 | $ 0.77 | $ 0.88 | $ 1.08 | $ 0.88 | $ 0.89 | $ 2.09 | $ 0.87 | $ 3.52 | $ 4.73 | $ 2.95 |
Basic weighted average shares outstanding | 77,060 | 77,177 | 77,216 | 77,188 | 77,261 | 77,247 | 77,218 | 77,283 | 77,160 | 77,252 | 77,856 |
Diluted earnings per share | $ 0.79 | $ 0.77 | $ 0.88 | $ 1.08 | $ 0.87 | $ 0.89 | $ 2.08 | $ 0.86 | $ 3.52 | $ 4.70 | $ 2.93 |
Diluted weighted average shares outstanding | 77,157 | 77,286 | 77,409 | 77,537 | 77,585 | 77,546 | 77,565 | 77,646 | 77,347 | 77,585 | 78,255 |
Quarterly Financial Informati_4
Quarterly Financial Information Quarterly Financial Information Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Non-current deferred revenues | $ 54,554 | $ 40,984 |
Deferred revenues | $ 339,752 | 328,931 |
Restatement Adjustment [Member] | ||
Non-current deferred revenues | 23,500 | |
Deferred revenues | $ (23,500) |