Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 06, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | TYL | |
Entity Registrant Name | TYLER TECHNOLOGIES INC | |
Entity Central Index Key | 0000860731 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 38,341,555 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues [Abstract] | ||
Total revenues | $ 247,066 | $ 221,174 |
Cost of revenues: | ||
Total cost of revenues | 131,018 | 118,369 |
Gross profit | 116,048 | 102,805 |
Selling, general and administrative expenses | 57,766 | 47,604 |
Research and development expense | 18,941 | 13,048 |
Amortization of other intangibles | 4,850 | 3,315 |
Operating income | 34,491 | 38,838 |
Other income, net | 586 | 599 |
Income before income taxes | 35,077 | 39,437 |
Income tax provision | 7,729 | 1,612 |
Net income | $ 27,348 | $ 37,825 |
Earnings per common share: | ||
Basic (usd per share) | $ 0.71 | $ 1 |
Diluted (usd per share) | $ 0.69 | $ 0.95 |
Software licenses and royalties | ||
Revenues [Abstract] | ||
Total revenues | $ 21,793 | $ 22,776 |
Cost of revenues: | ||
Total cost of revenues | 818 | 778 |
Subscriptions | ||
Revenues [Abstract] | ||
Total revenues | 67,275 | 49,028 |
Acquired software | ||
Cost of revenues: | ||
Total cost of revenues | 6,682 | 5,382 |
Software services | ||
Revenues [Abstract] | ||
Total revenues | 48,443 | 45,939 |
Software services, maintenance and subscriptions | ||
Cost of revenues: | ||
Total cost of revenues | 117,160 | 106,085 |
Maintenance | ||
Revenues [Abstract] | ||
Total revenues | 100,152 | 93,897 |
Appraisal services | ||
Revenues [Abstract] | ||
Total revenues | 5,214 | 5,394 |
Cost of revenues: | ||
Total cost of revenues | 3,452 | 3,781 |
Hardware and other | ||
Revenues [Abstract] | ||
Total revenues | 4,189 | 4,140 |
Cost of revenues: | ||
Total cost of revenues | $ 2,906 | $ 2,343 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 39,437 | $ 134,279 |
Accounts receivable (less allowance for doubtful accounts of $4,692 in 2019 and $4,647 in 2018) | 298,980 | 298,912 |
Short-term investments | 36,958 | 44,306 |
Prepaid expenses | 23,839 | 33,258 |
Income tax receivable | 0 | 4,697 |
Other current assets | 3,060 | 3,406 |
Total current assets | 402,274 | 518,858 |
Accounts receivable, long-term | 22,821 | 16,020 |
Operating lease right-of-use assets | 20,067 | |
Property and equipment, net | 164,617 | 155,177 |
Other assets: | ||
Goodwill | 834,572 | 753,718 |
Other intangibles, net | 389,633 | 276,852 |
Non-current investments and other assets | 75,318 | 70,338 |
Total assets | 1,909,302 | 1,790,963 |
Current liabilities: | ||
Accounts payable | 6,011 | 6,910 |
Accrued liabilities | 63,824 | 66,480 |
Operating lease liabilities | 5,777 | |
Current income tax payable | 7,868 | 0 |
Deferred revenue | 319,900 | 350,512 |
Total current liabilities | 403,380 | 423,902 |
Revolving line of credit | 85,000 | 0 |
Deferred revenue, long-term | 442 | 424 |
Deferred income taxes | 42,779 | 41,791 |
Operating lease liabilities, long-term | 18,956 | |
Commitments and contingencies | 0 | 0 |
Shareholders' equity: | ||
Preferred stock, $10.00 par value; 1,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $0.01 par value; 100,000,000 shares authorized; 48,147,969 shares issued and outstanding as of March 31, 2019 and December 31, 2018 | 481 | 481 |
Additional paid-in capital | 731,073 | 731,435 |
Accumulated other comprehensive loss, net of tax | (46) | (46) |
Retained earnings | 798,157 | 771,925 |
Treasury stock, at cost; 9,825,158 and 9,872,505 shares in 2019 and 2018, respectively | (170,920) | (178,949) |
Total shareholders' equity | 1,358,745 | 1,324,846 |
Total liabilities and shareholders' equity | $ 1,909,302 | $ 1,790,963 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 4,692 | $ 4,647 |
Preferred stock, par value (usd per share) | $ 10 | $ 10 |
Preferred stock, shares authorized (shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (shares) | 48,147,969 | 48,147,969 |
Common stock, shares outstanding (shares) | 48,147,969 | 48,147,969 |
Treasury stock (shares) | 9,825,158 | 9,872,505 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 27,348 | $ 37,825 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 17,308 | 14,112 |
Share-based compensation expense | 14,416 | 10,557 |
Deferred income tax benefit | (4,785) | (2,658) |
Changes in operating assets and liabilities, exclusive of effects of acquired companies: | ||
Accounts receivable | 9,622 | 30,227 |
Income taxes | 12,425 | 4,053 |
Prepaid expenses and other current assets | (3,064) | 1,333 |
Accounts payable | (1,501) | (1,752) |
Accrued liabilities | (4,665) | (17,952) |
Deferred revenue | (43,147) | (31,114) |
Net cash provided by operating activities | 23,957 | 44,631 |
Cash flows from investing activities: | ||
Additions to property and equipment | (12,320) | (8,895) |
Purchase of marketable security investments | (3,590) | (43,962) |
Proceeds from marketable security investments | 20,276 | 11,077 |
Investment in software | (690) | 0 |
Cost of acquisitions, net of cash acquired | (199,130) | 0 |
Decrease in other | 564 | 743 |
Net cash used by investing activities | (194,890) | (41,037) |
Cash flows from financing activities: | ||
Increase in net borrowings on revolving line of credit | 85,000 | 0 |
Purchase of treasury shares | (17,786) | 0 |
Proceeds from exercise of stock options | 6,528 | 19,298 |
Contributions from employee stock purchase plan | 2,349 | 1,798 |
Net cash provided by financing activities | 76,091 | 21,096 |
Net (decrease) increase in cash and cash equivalents | (94,842) | 24,690 |
Cash and cash equivalents at beginning of period | 134,279 | 185,926 |
Cash and cash equivalents at end of period | $ 39,437 | $ 210,616 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock |
Balance, shares at Dec. 31, 2017 | 48,148 | 10,262 | ||||
Balance at Dec. 31, 2017 | $ 1,191,736 | $ 481 | $ 626,867 | $ (46) | $ 624,463 | $ (60,029) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 37,825 | 37,825 | ||||
Issuance of shares pursuant to stock compensation plan | 19,298 | 13,858 | $ 5,440 | |||
Issuance of shares pursuant to stock compensation plan (in shares) | 350 | |||||
Stock compensation | 10,557 | 10,557 | ||||
Issuance of shares pursuant to employee stock purchase plan | $ 1,798 | 1,627 | $ 171 | |||
Issuance of shares pursuant to employee stock purchase plan (in shares) | 12 | 12 | ||||
Treasury stock purchases (in shares) | 0 | 0 | ||||
Treasury stock purchases | $ 0 | $ 0 | ||||
Balance, shares at Mar. 31, 2018 | 48,148 | 9,900 | ||||
Balance at Mar. 31, 2018 | 1,261,214 | $ 481 | 652,909 | (46) | 662,288 | $ (54,418) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Retained Earnings Adjustment-Adoption of Topic 842 Leases, net of taxes | (1,116) | (1,116) | ||||
Balance, shares at Dec. 31, 2018 | 48,148 | 9,872 | ||||
Balance at Dec. 31, 2018 | 1,324,846 | $ 481 | 731,435 | (46) | 771,925 | $ (178,949) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 27,348 | 27,348 | ||||
Issuance of shares pursuant to stock compensation plan | 6,528 | (14,405) | $ 20,933 | |||
Issuance of shares pursuant to stock compensation plan (in shares) | 111 | |||||
Employee taxes paid for withheld shares upon equity award settlement (in shares) | (7) | |||||
Employee taxes paid for withheld shares upon equity award settlement | (1,337) | $ (1,337) | ||||
Stock compensation | 14,416 | 14,416 | ||||
Issuance of shares pursuant to employee stock purchase plan | $ 2,349 | (373) | $ 2,722 | |||
Issuance of shares pursuant to employee stock purchase plan (in shares) | 15 | 15 | ||||
Treasury stock purchases (in shares) | (72) | (72) | ||||
Treasury stock purchases | $ (14,289) | $ (14,289) | ||||
Balance, shares at Mar. 31, 2019 | 48,148 | 9,825 | ||||
Balance at Mar. 31, 2019 | $ 1,358,745 | $ 481 | $ 731,073 | $ (46) | $ 798,157 | $ (170,920) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation We prepared the accompanying condensed consolidated financial statements following the requirements of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States, or GAAP, for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted for interim periods. Balance sheet amounts are as of March 31, 2019 , and December 31, 2018 , and operating result amounts are for the three months ended March 31, 2019 , and 2018 , respectively, and include all normal and recurring adjustments that we considered necessary for the fair summarized presentation of our financial position and operating results. As these are condensed financial statements, one should also read the financial statements and notes included in our latest Form 10-K for the year ended December 31, 2018 . Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be the same as those for the full year. Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions, and other events and circumstances from non-owner sources and includes all components of net income (loss) and other comprehensive income (loss). We had no items of other comprehensive income (loss) for the three months ended March 31, 2019 and 2018 |
Accounting Standards and Signif
Accounting Standards and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Accounting Standards and Significant Accounting Policies | Accounting Standards and Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Except for the accounting policies for leases recognition that were adjusted as a result of adopting ASU No. 2016-02, Leases ("Topic 842") , there have been no changes to our significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 20, 2019, that have had a material impact on our condensed consolidated financial statements and related notes. USE OF ESTIMATES The preparation of our financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include revenue recognition, determining the nature and timing of satisfaction of performance obligations, and determining the standalone selling price ("SSP") of performance obligations, variable consideration, and other obligations such as returns and refunds; loss contingencies; the estimated useful life of deferred commissions; the carrying amount and estimated useful lives of intangible assets; the carrying amount of operating lease right-of-use assets and operating lease liabilities; determining share-based compensation expense; the valuation allowance for receivables; and determining the potential outcome of future tax consequences of events that have been recognized on our consolidated financial statements or tax returns. Actual results could differ from estimates. REVENUE RECOGNITION Nature of Products and Services We earn revenue from software licenses, royalties, subscription-based services, software services, post-contract customer support (“PCS” or “maintenance”), hardware, and appraisal services. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, we satisfy a performance obligation Most of our software arrangements with customers contain multiple performance obligations that range from software licenses, installation, training, and consulting to software modification and customization to meet specific customer needs (services), hosting, and PCS. For these contracts, we account for individual performance obligations separately when they are distinct. We evaluate whether separate performance obligations can be distinct or should be accounted for as one performance obligation. Arrangements that include software services, such as training or installation, are evaluated to determine whether the customer can benefit from the services either on their own or together with other resources readily available to the customer and whether the services are separately identifiable from other promises in the contract. The transaction price is allocated to the distinct performance obligations on a relative SSP basis. We determine the SSP based on our overall pricing objectives, taking into consideration market conditions and other factors, including the value of our contracts, the applications sold, customer demographics, and the number and types of users within our contracts. Revenue is recognized net of allowances for sales adjustments and any taxes collected from customers, which are subsequently remitted to governmental authorities. Significant Judgments: Our contracts with customers often include multiple performance obligations to a customer. When a software arrangement (license or subscription) includes both software licenses and software services, judgment is required to determine whether the software license is considered distinct and accounted for separately, or not distinct and accounted for together with the software services and recognized over time. The transaction price is allocated to the separate performance obligations on a relative SSP basis. We determine the SSP based on our overall pricing objectives, taking into consideration market conditions and other factors, including the value of our contracts, the applications sold, customer demographics, and the number and types of users within our contracts. We use a range of amounts to estimate SSP when we sell each of the products and services separately and need to determine whether there is a discount to be allocated based on the relative SSP of the various products and services. In instances where SSP is not directly observable, such as when we do not sell the product or service separately, we determine SSP using the expected cost-plus margin approach. For arrangements that involve significant production, modification or customization of the software, or where software services otherwise cannot be considered distinct, we recognize revenue as control is transferred to the customer over time using progress-to-completion methods. Depending on the contract, we measure progress-to-completion primarily using labor hours incurred, or value added. The progress-to-completion method generally results in the recognition of reasonably consistent profit margins over the life of a contract because we can provide reasonably dependable estimates of contract billings and contract costs. We use the level of profit margin that is most likely to occur on a contract. If the most likely profit margin cannot be precisely determined, the lowest probable level of profit margin in the range of estimates is used until the results can be estimated more precisely. These arrangements are often implemented over an extended time period and occasionally require us to revise total cost estimates. Amounts recognized in revenue are calculated using the progress-to-completion measurement after giving effect to any changes in our cost estimates. Changes to total estimated contract costs, if any, are recorded in the period they are determined. Estimated losses on uncompleted contracts are recorded in the period in which we first determine that a loss is apparent. Typically, the structure of our arrangements does not give rise to variable consideration. However, in those instances whereby variable consideration exists, we include in our estimates additional revenue for variable consideration when we believe we have an enforceable right, the amount can be estimated reliably and its realization is probable. Refer to Note 13 - Disaggregation of Revenue for further information, including the economic factors that affect the nature, amount, timing, and uncertainty of revenue and cash flows of our various revenue categories. Contract Balances: Accounts receivable and allowance for doubtful accounts Timing of revenue recognition may differ from the timing of invoicing to customers. We record an unbilled receivable when revenue is recognized prior to invoicing, or deferred revenue when revenue is recognized subsequent to invoicing. For multi-year agreements, we generally invoice customers annually at the beginning of each annual coverage period. We record an unbilled receivable related to revenue recognized for on-premises licenses as we have an unconditional right to invoice and receive payment in the future related to those licenses. At March 31, 2019 and December 31, 2018 , total current and long-term accounts receivable, net of allowance for doubtful accounts, was $321.8 million and $314.9 million , respectively. We have recorded unbilled receivables of $113.1 million and $104.2 million at March 31, 2019 , and December 31, 2018 , respectively. Included in unbilled receivables are retention receivables of $13.4 million and $12.2 million at March 31, 2019 , and December 31, 2018 , respectively, which become payable upon the completion of the contract or completion of our fieldwork and formal hearings. Unbilled receivables expected to be collected within one year have been included with accounts receivable, current portion in the accompanying condensed consolidated balance sheets. Unbilled receivables and retention receivables expected to be collected past one year have been included with accounts receivable, long-term portion in the accompanying condensed consolidated balance sheets. We maintain allowances for doubtful accounts, which are provided at the time the revenue is recognized. Since most of our customers are domestic governmental entities, we rarely incur a loss resulting from the inability of a customer to make required payments. Events or changes in circumstances that indicate the carrying amount for the allowances for doubtful accounts may require revision, include, but are not limited to, deterioration of a customer’s financial condition, failure to manage our customer’s expectations regarding the scope of the services to be delivered, and defects or errors in new versions or enhancements of our software products. The following table summarizes the changes in the allowance for doubtful accounts(in thousands): Three Months Ended March 31, 2019 Balance, beginning of period December 31, 2018 $ 4,647 Provisions for losses - accounts receivable 1,148 Collection of accounts previously written off (545 ) Deductions for accounts charged off or credits issued (558 ) Balance, end of period $ 4,692 LEASES We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities on our consolidated balance sheets. We currently do not have any finance lease arrangements. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date of the lease in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally accounted as a single lease component. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS Leases. We adopted Topic 842 using the transition method that allows us to initially apply the guidance at the adoption date of January 1, 2019, and recognized a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We used the package of practical expedients that allows us to not reassess: (1) lease classification for any expired or existing leases and (2) initial direct costs for any expired or existing leases. We did not elect to use the hindsight application for evaluating the life of the lease arrangement. The impacts of adoption are reflected in the financial information herein. For additional details, see Note 10 to our condensed consolidated financial statements. The impact of Topic 842 on our consolidated balance sheet beginning January 1, 2019, included the recognition of ROU assets and lease liabilities for operating leases, while our accounting for finance leases remained substantially unchanged. We had no finance leases prior to the adoption of Topic 842 and currently do not have any. Amounts recognized at January 1, 2019, for operating leases were as follows (in thousands): January 1, 2019 ROU Operating assets $ 15,633 Short-term lease liability (4,344 ) Long-term lease liability (12,405 ) Retained earnings $ (1,116 ) |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On February 28, 2019, we acquired all of the capital stock of MP Holdings Parent, Inc. dba MicroPact ("MicroPact"), a leading provider of commercial off-the-shelf (COTS) solutions, including entellitrak®, a low-code application development platform for case management and business process management used extensively in the public sector. The total purchase price, net of cash acquired of $2.0 million , was approximately $204.2 million consisting of $197.5 million paid in cash, accrued contingent consideration of $7.0 million contingent upon the achievement of certain financial performance objectives, and $1.7 million accrued for certain holdbacks, subject to certain post-closing adjustments. We have performed a preliminary valuation analysis of the fair market value of MicroPact’s assets and liabilities. The following table summarizes the allocation of the preliminary purchase price as of the acquisition date: (In thousands) Cash $ 1,983 Accounts receivable 11,852 Other current assets 8,979 Other noncurrent assets 10,417 Identifiable intangible assets 118,843 Goodwill 82,029 Accounts payable (602 ) Accrued expenses (2,432 ) Other noncurrent liabilities (8,879 ) Deferred revenue (9,898 ) Deferred tax liabilities, net (6,144 ) Total consideration $ 206,148 In connection with this transaction, we acquired total tangible assets of $33.2 million and assumed liabilities of approximately $21.8 million . We recorded goodwill of $82.0 million , none of which is expected to be deductible for tax purposes, and other identifiable intangible assets of approximately $118.8 million . The $118.8 million of intangible assets are attributable to customer relationships, acquired software, trade name and favorable fair value of an operating lease and will be amortized over a weighted average period of approximately 10 years . We recorded deferred tax liabilities of $6.1 million related to estimated fair value allocations. The acquisition of MicroPact augments Tyler's product solutions, positions us in new practice areas such as health and human services, and presents opportunities to expand our business across new and complementary markets. Tyler intends to expand its total addressable market through MicroPact's strong presence in the federal market. Therefore, the goodwill of $82.0 million arising from this acquisition is primarily attributed to our ability to generate increased revenues, earnings and cash flow by expanding our addressable market and client base. The following unaudited pro forma consolidated operating results information has been prepared as if the MicroPact acquisition had occurred at January 1, 2018, after giving effect to certain adjustments, including amortization of intangibles, interest, transaction costs and tax effects. Three Months Ended March 31, 2019 2018 Revenues $ 258,864 $ 238,533 Net income 26,378 36,282 Basic earnings per share 0.69 0.95 Diluted earnings per share $ 0.67 $ 0.91 Pro forma information above does not include acquisitions that are not considered material to our results of operations. The pro forma information does not purport to represent what our results of operations actually would have been had such transaction occurred on the date specified or to project our results of operations for any future period. On February 1, 2019, we acquired all the assets of Civic, LLC ("MyCivic"), a company that provides software solutions to connect communities. The purchase price was $3.7 million of which $3.6 million was paid in cash and approximately $90,000 was accrued for a working capital holdback. As of March 31, 2019 , the purchase price allocations for MicroPact and MyCivic are not yet complete. The preliminary estimates of fair value assumed at the acquisition date for intangible assets, deferred revenue, accrued contingent consideration, accrued holdbacks and related deferred taxes are subject to change as valuations are finalized. The operating results of MicroPact and MyCivic are included in the operating results of the Enterprise Software segment since their respective dates of acquisition. Revenues from MicroPact included in Tyler's results of operations were approximately $5.5 million and the net loss was $0.4 million for the three months ended March 31, 2019 . Revenues and operating results from MyCivic included in 2019 results were not significant. As of March 31, 2019 , we incurred fees of approximately $695,000 for financial advisory, legal, accounting, due diligence, valuation and other various services necessary to complete these acquisitions. These fees were expensed in 2019 and are included in selling, general and administrative expenses. Our balance sheet as of March 31, 2019 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity The following table details activity in our common stock (in thousands): Three Months Ended March 31, 2019 2018 Shares Amount Shares Amount Purchases of treasury shares (72 ) $ (14,289 ) — $ — Stock option exercises 94 6,564 350 19,298 Employee stock plan purchases 15 2,349 12 1,798 Restricted stock units vested, net of withheld shares upon award settlement 10 $ (1,373 ) — $ — As of March 31, 2019 , we had authorization from our board of directors to repurchase up to 2.6 million |
Deferred Commissions
Deferred Commissions | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Commissions | Deferred Commissions Sales commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions for initial contracts are deferred and then amortized commensurate with the recognition of associated revenue over a period of benefit that we have determined to be three to seven years . Deferred commissions were $23.6 million and $21.9 million as of March 31, 2019 , and December 31, 2018 , respectively. Amortization expense was $3.8 million for the three months ended March 31, 2019 , and $3.5 million for the three months ended March 31, 2018 . There were no The tables below show disaggregation of revenue into categories that reflect how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows. Timing of Revenue Recognition Timing of revenue recognition by revenue category during the period is as follows (in thousands): For the three months ended March 31, 2019 Products and services transferred at a point in time Products and services transferred over time Total Revenues Software licenses and royalties $ 16,910 $ 4,883 $ 21,793 Subscriptions — 67,275 67,275 Software services — 48,443 48,443 Maintenance — 100,152 100,152 Appraisal services — 5,214 5,214 Hardware and other 4,189 — 4,189 Total $ 21,099 $ 225,967 $ 247,066 For the three months ended March 31, 2018 Products and services transferred at a point in time Products and services transferred over time Total Revenues Software licenses and royalties $ 19,063 $ 3,713 $ 22,776 Subscriptions — 49,028 49,028 Software services — 45,939 45,939 Maintenance — 93,897 93,897 Appraisal services — 5,394 5,394 Hardware and other 4,140 — 4,140 Total $ 23,203 $ 197,971 $ 221,174 Recurring Revenue The majority of our revenue is comprised of recurring revenues from maintenance and subscriptions. Virtually all of our on-premises software clients contract with us for maintenance and support, which provides us with a significant source of recurring revenue. We generally provide maintenance and support for our on-premises clients under annual, or in some cases, multi-year contracts. The contract terms for subscription arrangements range from one to 10 years but are typically contracted for initial periods of three to five years , providing a significant source of recurring revenues on an annual basis. Non-recurring revenues are derived for all other revenue categories. Recurring revenues and non-recurring revenues recognized during the period are as follows (in thousands): For the three months ended March 31, 2019 Enterprise Software Appraisal and Tax Corporate Totals Recurring revenues $ 158,654 $ 8,773 $ — $ 167,427 Non-recurring revenues 65,168 14,474 (3 ) 79,639 Intercompany 3,553 — (3,553 ) — Total revenues $ 227,375 $ 23,247 $ (3,556 ) $ 247,066 For the three months ended March 31, 2018 Enterprise Software Appraisal and Tax Corporate Totals Recurring revenues $ 134,496 $ 8,429 $ — $ 142,925 Non-recurring revenues 64,775 13,134 340 78,249 Intercompany 3,237 — (3,237 ) — Total revenues $ 202,508 $ 21,563 $ (2,897 ) $ 221,174 Total deferred revenue, including long-term, by segment is as follows (in thousands): March 31, 2019 December 31, 2018 Enterprise Software $ 298,184 $ 327,521 Appraisal and Tax 21,589 20,018 Corporate 569 3,397 Totals $ 320,342 $ 350,936 Changes in total deferred revenue, including long-term, were as follows (in thousands): March 31, 2019 Balance, beginning of period December 31, 2018 $ 350,936 Deferral of revenue 167,975 Recognition of deferred revenue (198,569 ) Balance, end of period $ 320,342 Transaction Price Allocated to the Remaining Performance Obligations The aggregate amount of transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized ("Backlog"), which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Backlog as of March 31, 2019 , was $1.3 billion , of which we expect to recognize approximately 50% as revenue over the next 12 months |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets Cash and cash equivalents consist of cash on deposit with several domestic banks and money market funds. As of March 31, 2019 , we have $81.0 million in investment grade corporate and municipal bonds with maturity dates ranging through 2022 |
Revolving Line of Credit
Revolving Line of Credit | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Revolving Line of Credit | Revolving Line of Credit On November 16, 2015, we entered into a $300 million credit agreement with various lender parties and Wells Fargo Bank, National Association, as Administrative Agent (the “Credit Facility”). The Credit Facility provides for a revolving credit line up to $300 million , including a $10 million sublimit for letters of credit. The Credit Facility matures on November 16, 2020 . Borrowings under the Credit Facility may be used for general corporate purposes, including working capital requirements, acquisitions and share repurchases. Borrowings under the Credit Facility bear interest at a rate of either (1) Wells Fargo Bank’s prime rate (subject to certain higher rate determinations) plus a margin of 0.25% to 1.00% or (2) the 30, 60, 90 or 180 day LIBOR rate plus a margin of 1.25% to 2.00% . As of March 31, 2019 , the interest rates were 5.75% under the Wells Fargo Bank's prime rate. The Credit Facility is secured by substantially all of our assets. The Credit Facility requires us to maintain certain financial ratios and other financial conditions and prohibits us from making certain investments, advances, cash dividends or loans, and limits incurrence of additional indebtedness and liens. As of March 31, 2019 , we were in compliance with those covenants. As of March 31, 2019 , we had outstanding borrowings of $85.0 million at interest rates of approximately 3.80% , under a 30-day LIBOR contract. As of March 31, 2019 , available borrowing capacity under the Credit Facility was $215.0 million |
Income Tax Provision
Income Tax Provision | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Provision | Income Tax Provision We had an effective income tax rate of 22.0% for the three months ended March 31, 2019 , compared to 4.1% for the three months ended March 31, 2018 . The effective income tax rates for the periods presented were different from the statutory United States federal income tax rate of 21% due to excess tax benefits related to stock option exercises, state income taxes, non-deductible business expenses, and the tax benefit of research tax credits. The excess tax benefit related to stock option exercises realized was $1.7 million for the three months ended March 31, 2019 , compared to $9.1 million for the three months ended March 31, 2018 . Excluding the excess tax benefits, the effective rate was 26.8% for the three months ended March 31, 2019 , compared to 27.2% for the three months ended March 31, 2018 . The increase in the effective tax rate for the three months ended March 31, 2019 , as compared to the same period in 2018 was principally due to the decrease in excess tax benefit related to stock option exercises. We made tax payments of $88,000 and $218,000 in the three months ended March 31, 2019 , and 2018 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table details the reconciliation of basic earnings per share to diluted earnings per share (in thousands): Three Months Ended March 31, 2019 2018 Numerator for basic and diluted earnings per share: Net income $ 27,348 $ 37,825 Denominator: Weighted-average basic common shares outstanding 38,308 38,002 Assumed conversion of dilutive securities: Stock awards 1,277 1,834 Denominator for diluted earnings per share - Adjusted weighted-average shares 39,585 39,836 Earnings per common share: Basic $ 0.71 $ 1.00 Diluted $ 0.69 $ 0.95 For the three months ended March 31, 2019 and March 31, 2018 , stock awards representing the right to purchase common stock of approximately 1,253,000 shares and 1,111,000 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases We lease office facilities for use in our operations, as well as transportation and other equipment. Most of our leases are non-cancelable operating lease agreements and they expire from one year to seven years . Some of these leases include options to extend for up to 10 years .We had no finance leases and no related party lease agreements as of March 31, 2019 . Operating lease cost was approximately $2.1 million for the three months ended March 31, 2019 and $1.6 million for the three months ended March 31, 2018 . The components of operating lease expense were as follows (in thousands): Lease Costs Financial Statement Classification Three Months Ended March 31, 2019 Operating lease cost Selling, general and administrative expenses $ 1,370 Short-term lease cost Selling, general and administrative expenses 570 Variable lease cost Selling, general and administrative expenses 163 Net lease cost $ 2,103 As of March 31, 2019 , ROU lease assets and lease liabilities for our operating leases were recorded in the condensed consolidated balance sheet as follows (in thousands): March 31, 2019 2019 Assets: Operating lease right-of-use assets $ 20,067 Liabilities: Operating leases, short-term 5,777 Operating leases, long-term 18,956 Total lease liabilities $ 24,733 Supplemental information related to leases was as follows (in thousands): Other Information Three Months Ended March 31, 2019 Cash Flows: Cash paid amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,530 Lease Term and Discount Rate: Weighted average remaining lease term (years) 5 Weighted average discount rate 4.00 % As of March 31, 2019 , maturities of lease liabilities were as follows (in thousands): Year ending December 31, Amount 2019 (Remaining 2019) $ 5,316 2020 6,579 2021 5,293 2022 3,375 2023 2,716 Thereafter 3,989 Total lease payments 27,268 Less: Interest (2,535 ) Present value of operating lease liabilities $ 24,733 As of December 31, 2018 , the future minimum lease commitments related to lease agreements under Topic 840, the predecessor of Topic 842, were as follows (in thousands): Year ending December 31, Amount 2019 $ 5,994 2020 5,146 2021 3,976 2022 1,925 2023 1,164 Thereafter 2,132 Total $ 20,337 We own office buildings in Bangor, Falmouth and Yarmouth, Maine; Lubbock and Plano, Texas; Troy, Michigan; Latham, New York; and Moraine, Ohio. We lease space in some of these buildings to third-party tenants. The property we lease to others under operating leases consists primarily of specific facilities where one tenant obtains substantially all of the economic benefit from the asset and has the right to direct the use of the asset. These non-cancelable leases expire between 2019 and 2025, some of which have options to extend the lease for up to five years . We determine if an arrangement is a lease at inception. None of our leases allow the lessee to purchase the leased asset. Rental income for the three months ended March 31, 2019 totaled $284,000 and for the three months ended March 31, 2018 totaled $357,000 . Rental income is included in Other revenue on the condensed consolidated statement of income. Future minimum operating rental income based on contractual agreements are as follows (in thousands): Year ending December 31, Amount 2019 (Remaining 2019) $ 998 2020 1,341 2021 1,372 2022 1,402 2023 1,432 Thereafter 2,395 Total $ 8,940 As of March 31, 2019 |
Leases | Leases We lease office facilities for use in our operations, as well as transportation and other equipment. Most of our leases are non-cancelable operating lease agreements and they expire from one year to seven years . Some of these leases include options to extend for up to 10 years .We had no finance leases and no related party lease agreements as of March 31, 2019 . Operating lease cost was approximately $2.1 million for the three months ended March 31, 2019 and $1.6 million for the three months ended March 31, 2018 . The components of operating lease expense were as follows (in thousands): Lease Costs Financial Statement Classification Three Months Ended March 31, 2019 Operating lease cost Selling, general and administrative expenses $ 1,370 Short-term lease cost Selling, general and administrative expenses 570 Variable lease cost Selling, general and administrative expenses 163 Net lease cost $ 2,103 As of March 31, 2019 , ROU lease assets and lease liabilities for our operating leases were recorded in the condensed consolidated balance sheet as follows (in thousands): March 31, 2019 2019 Assets: Operating lease right-of-use assets $ 20,067 Liabilities: Operating leases, short-term 5,777 Operating leases, long-term 18,956 Total lease liabilities $ 24,733 Supplemental information related to leases was as follows (in thousands): Other Information Three Months Ended March 31, 2019 Cash Flows: Cash paid amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,530 Lease Term and Discount Rate: Weighted average remaining lease term (years) 5 Weighted average discount rate 4.00 % As of March 31, 2019 , maturities of lease liabilities were as follows (in thousands): Year ending December 31, Amount 2019 (Remaining 2019) $ 5,316 2020 6,579 2021 5,293 2022 3,375 2023 2,716 Thereafter 3,989 Total lease payments 27,268 Less: Interest (2,535 ) Present value of operating lease liabilities $ 24,733 As of December 31, 2018 , the future minimum lease commitments related to lease agreements under Topic 840, the predecessor of Topic 842, were as follows (in thousands): Year ending December 31, Amount 2019 $ 5,994 2020 5,146 2021 3,976 2022 1,925 2023 1,164 Thereafter 2,132 Total $ 20,337 We own office buildings in Bangor, Falmouth and Yarmouth, Maine; Lubbock and Plano, Texas; Troy, Michigan; Latham, New York; and Moraine, Ohio. We lease space in some of these buildings to third-party tenants. The property we lease to others under operating leases consists primarily of specific facilities where one tenant obtains substantially all of the economic benefit from the asset and has the right to direct the use of the asset. These non-cancelable leases expire between 2019 and 2025, some of which have options to extend the lease for up to five years . We determine if an arrangement is a lease at inception. None of our leases allow the lessee to purchase the leased asset. Rental income for the three months ended March 31, 2019 totaled $284,000 and for the three months ended March 31, 2018 totaled $357,000 . Rental income is included in Other revenue on the condensed consolidated statement of income. Future minimum operating rental income based on contractual agreements are as follows (in thousands): Year ending December 31, Amount 2019 (Remaining 2019) $ 998 2020 1,341 2021 1,372 2022 1,402 2023 1,432 Thereafter 2,395 Total $ 8,940 As of March 31, 2019 |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation The following table summarizes share-based compensation expense related to share-based awards recorded in the condensed consolidated statements of income, pursuant to ASC 718, Stock Compensation (in thousands): Three Months Ended March 31, 2019 2018 Cost of software services, maintenance and subscriptions $ 3,798 $ 2,776 Selling, general and administrative expenses 10,618 7,781 Total share-based compensation expense $ 14,416 $ 10,557 |
Segment and Related Information
Segment and Related Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment and Related Information | Segment and Related Information We provide integrated information management solutions and services for the public sector, with a focus on local governments. We provide our software systems and services and appraisal services through five business units, which focus on the following products: • financial management, education and planning, regulatory and maintenance software solutions; • financial management, municipal courts, planning, regulatory and maintenance, and land and vital records management software solutions; • courts and justice and public safety software solutions; • data and insights solutions; and • appraisal and tax software solutions and property appraisal services. In accordance with ASC 280-10, Segment Reporting, the financial management, education and planning, regulatory and maintenance software solutions unit; financial management, municipal courts, planning, regulatory and maintenance, and land and vital records management software solutions unit; courts and justice and public safety software solutions unit; and the data and insights solutions unit meet the criteria for aggregation and are presented in one reportable segment, the Enterprise Software (“ES”) segment. The ES segment provides municipal and county governments and schools with software systems and services to meet their information technology and automation needs for mission-critical “back-office” functions such as financial management and courts and justice processes; public safety; planning, regulatory and maintenance; land and vital records management, and data analytics. The Appraisal and Tax (“A&T”) segment provides systems and software that automate the appraisal and assessment of real and personal property as well as property appraisal outsourcing services for local governments and taxing authorities. Property appraisal outsourcing services include: the physical inspection of commercial and residential properties; data collection and processing; computer analysis for property valuation; preparation of tax rolls; community education; and arbitration between taxpayers and the assessing jurisdiction. We evaluate performance based on several factors, of which the primary financial measure is business segment operating income. We define segment operating income for our business units as income before non-cash amortization of intangible assets associated with their acquisitions, interest expense and income taxes. Segment operating income includes intercompany transactions. The majority of intercompany transactions relate to contracts involving more than one unit and are valued based on the contractual arrangement. Segment operating income for corporate primarily consists of compensation costs for the executive management team and certain accounting and administrative staff and share-based compensation expense for the entire company. Corporate segment operating income also includes revenues and expenses related to a company-wide user conference. For the three months ended March 31, 2019 Enterprise Appraisal and Tax Corporate Totals Revenues Software licenses and royalties $ 19,011 $ 2,782 $ — $ 21,793 Subscriptions 64,642 2,633 — 67,275 Software services 41,967 6,476 — 48,443 Maintenance 94,012 6,140 — 100,152 Appraisal services — 5,214 — 5,214 Hardware and other 4,190 2 (3 ) 4,189 Intercompany 3,553 — (3,553 ) — Total revenues $ 227,375 $ 23,247 $ (3,556 ) $ 247,066 Segment operating income $ 57,034 $ 5,535 $ (16,546 ) $ 46,023 For the three months ended March 31, 2018 Enterprise Software Appraisal and Tax Corporate Totals Revenues Software licenses and royalties $ 20,689 $ 2,087 $ — $ 22,776 Subscriptions 46,683 2,345 — 49,028 Software services 40,286 5,653 — 45,939 Maintenance 87,813 6,084 — 93,897 Appraisal services — 5,394 — 5,394 Hardware and other 3,800 — 340 4,140 Intercompany 3,237 — (3,237 ) — Total revenues $ 202,508 $ 21,563 $ (2,897 ) $ 221,174 Segment operating income $ 56,615 $ 4,647 $ (13,727 ) $ 47,535 Three Months Ended March 31, Reconciliation of reportable segment operating income to the Company's consolidated totals: 2019 2018 Total segment operating income $ 46,023 $ 47,535 Amortization of acquired software (6,682 ) (5,382 ) Amortization of other intangibles (4,850 ) (3,315 ) Other income (expense), net 586 599 Income before income taxes $ 35,077 $ 39,437 |
Disaggregation of Revenue
Disaggregation of Revenue | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Deferred Commissions Sales commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions for initial contracts are deferred and then amortized commensurate with the recognition of associated revenue over a period of benefit that we have determined to be three to seven years . Deferred commissions were $23.6 million and $21.9 million as of March 31, 2019 , and December 31, 2018 , respectively. Amortization expense was $3.8 million for the three months ended March 31, 2019 , and $3.5 million for the three months ended March 31, 2018 . There were no The tables below show disaggregation of revenue into categories that reflect how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows. Timing of Revenue Recognition Timing of revenue recognition by revenue category during the period is as follows (in thousands): For the three months ended March 31, 2019 Products and services transferred at a point in time Products and services transferred over time Total Revenues Software licenses and royalties $ 16,910 $ 4,883 $ 21,793 Subscriptions — 67,275 67,275 Software services — 48,443 48,443 Maintenance — 100,152 100,152 Appraisal services — 5,214 5,214 Hardware and other 4,189 — 4,189 Total $ 21,099 $ 225,967 $ 247,066 For the three months ended March 31, 2018 Products and services transferred at a point in time Products and services transferred over time Total Revenues Software licenses and royalties $ 19,063 $ 3,713 $ 22,776 Subscriptions — 49,028 49,028 Software services — 45,939 45,939 Maintenance — 93,897 93,897 Appraisal services — 5,394 5,394 Hardware and other 4,140 — 4,140 Total $ 23,203 $ 197,971 $ 221,174 Recurring Revenue The majority of our revenue is comprised of recurring revenues from maintenance and subscriptions. Virtually all of our on-premises software clients contract with us for maintenance and support, which provides us with a significant source of recurring revenue. We generally provide maintenance and support for our on-premises clients under annual, or in some cases, multi-year contracts. The contract terms for subscription arrangements range from one to 10 years but are typically contracted for initial periods of three to five years , providing a significant source of recurring revenues on an annual basis. Non-recurring revenues are derived for all other revenue categories. Recurring revenues and non-recurring revenues recognized during the period are as follows (in thousands): For the three months ended March 31, 2019 Enterprise Software Appraisal and Tax Corporate Totals Recurring revenues $ 158,654 $ 8,773 $ — $ 167,427 Non-recurring revenues 65,168 14,474 (3 ) 79,639 Intercompany 3,553 — (3,553 ) — Total revenues $ 227,375 $ 23,247 $ (3,556 ) $ 247,066 For the three months ended March 31, 2018 Enterprise Software Appraisal and Tax Corporate Totals Recurring revenues $ 134,496 $ 8,429 $ — $ 142,925 Non-recurring revenues 64,775 13,134 340 78,249 Intercompany 3,237 — (3,237 ) — Total revenues $ 202,508 $ 21,563 $ (2,897 ) $ 221,174 Total deferred revenue, including long-term, by segment is as follows (in thousands): March 31, 2019 December 31, 2018 Enterprise Software $ 298,184 $ 327,521 Appraisal and Tax 21,589 20,018 Corporate 569 3,397 Totals $ 320,342 $ 350,936 Changes in total deferred revenue, including long-term, were as follows (in thousands): March 31, 2019 Balance, beginning of period December 31, 2018 $ 350,936 Deferral of revenue 167,975 Recognition of deferred revenue (198,569 ) Balance, end of period $ 320,342 Transaction Price Allocated to the Remaining Performance Obligations The aggregate amount of transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized ("Backlog"), which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Backlog as of March 31, 2019 , was $1.3 billion , of which we expect to recognize approximately 50% as revenue over the next 12 months |
Deferred Revenue and Performanc
Deferred Revenue and Performance Obligations | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Revenue and Performance Obligations | Deferred Commissions Sales commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions for initial contracts are deferred and then amortized commensurate with the recognition of associated revenue over a period of benefit that we have determined to be three to seven years . Deferred commissions were $23.6 million and $21.9 million as of March 31, 2019 , and December 31, 2018 , respectively. Amortization expense was $3.8 million for the three months ended March 31, 2019 , and $3.5 million for the three months ended March 31, 2018 . There were no The tables below show disaggregation of revenue into categories that reflect how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows. Timing of Revenue Recognition Timing of revenue recognition by revenue category during the period is as follows (in thousands): For the three months ended March 31, 2019 Products and services transferred at a point in time Products and services transferred over time Total Revenues Software licenses and royalties $ 16,910 $ 4,883 $ 21,793 Subscriptions — 67,275 67,275 Software services — 48,443 48,443 Maintenance — 100,152 100,152 Appraisal services — 5,214 5,214 Hardware and other 4,189 — 4,189 Total $ 21,099 $ 225,967 $ 247,066 For the three months ended March 31, 2018 Products and services transferred at a point in time Products and services transferred over time Total Revenues Software licenses and royalties $ 19,063 $ 3,713 $ 22,776 Subscriptions — 49,028 49,028 Software services — 45,939 45,939 Maintenance — 93,897 93,897 Appraisal services — 5,394 5,394 Hardware and other 4,140 — 4,140 Total $ 23,203 $ 197,971 $ 221,174 Recurring Revenue The majority of our revenue is comprised of recurring revenues from maintenance and subscriptions. Virtually all of our on-premises software clients contract with us for maintenance and support, which provides us with a significant source of recurring revenue. We generally provide maintenance and support for our on-premises clients under annual, or in some cases, multi-year contracts. The contract terms for subscription arrangements range from one to 10 years but are typically contracted for initial periods of three to five years , providing a significant source of recurring revenues on an annual basis. Non-recurring revenues are derived for all other revenue categories. Recurring revenues and non-recurring revenues recognized during the period are as follows (in thousands): For the three months ended March 31, 2019 Enterprise Software Appraisal and Tax Corporate Totals Recurring revenues $ 158,654 $ 8,773 $ — $ 167,427 Non-recurring revenues 65,168 14,474 (3 ) 79,639 Intercompany 3,553 — (3,553 ) — Total revenues $ 227,375 $ 23,247 $ (3,556 ) $ 247,066 For the three months ended March 31, 2018 Enterprise Software Appraisal and Tax Corporate Totals Recurring revenues $ 134,496 $ 8,429 $ — $ 142,925 Non-recurring revenues 64,775 13,134 340 78,249 Intercompany 3,237 — (3,237 ) — Total revenues $ 202,508 $ 21,563 $ (2,897 ) $ 221,174 Total deferred revenue, including long-term, by segment is as follows (in thousands): March 31, 2019 December 31, 2018 Enterprise Software $ 298,184 $ 327,521 Appraisal and Tax 21,589 20,018 Corporate 569 3,397 Totals $ 320,342 $ 350,936 Changes in total deferred revenue, including long-term, were as follows (in thousands): March 31, 2019 Balance, beginning of period December 31, 2018 $ 350,936 Deferral of revenue 167,975 Recognition of deferred revenue (198,569 ) Balance, end of period $ 320,342 Transaction Price Allocated to the Remaining Performance Obligations The aggregate amount of transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized ("Backlog"), which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Backlog as of March 31, 2019 , was $1.3 billion , of which we expect to recognize approximately 50% as revenue over the next 12 months |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Other than routine litigation incidental to our business, there are no |
Accounting Standards and Sign_2
Accounting Standards and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of estimates | USE OF ESTIMATES The preparation of our financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include revenue recognition, determining the nature and timing of satisfaction of performance obligations, and determining the standalone selling price ("SSP") of performance obligations, variable consideration, and other obligations such as returns and refunds; loss contingencies; the estimated useful life of deferred commissions; the carrying amount and estimated useful lives of intangible assets; the carrying amount of operating lease right-of-use assets and operating lease liabilities; determining share-based compensation expense; the valuation allowance for receivables; and determining the potential outcome of future tax consequences of events that have been recognized on our consolidated financial statements or tax returns. Actual results could differ from estimates. |
Revenue recognition | REVENUE RECOGNITION Nature of Products and Services We earn revenue from software licenses, royalties, subscription-based services, software services, post-contract customer support (“PCS” or “maintenance”), hardware, and appraisal services. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, we satisfy a performance obligation Most of our software arrangements with customers contain multiple performance obligations that range from software licenses, installation, training, and consulting to software modification and customization to meet specific customer needs (services), hosting, and PCS. For these contracts, we account for individual performance obligations separately when they are distinct. We evaluate whether separate performance obligations can be distinct or should be accounted for as one performance obligation. Arrangements that include software services, such as training or installation, are evaluated to determine whether the customer can benefit from the services either on their own or together with other resources readily available to the customer and whether the services are separately identifiable from other promises in the contract. The transaction price is allocated to the distinct performance obligations on a relative SSP basis. We determine the SSP based on our overall pricing objectives, taking into consideration market conditions and other factors, including the value of our contracts, the applications sold, customer demographics, and the number and types of users within our contracts. Revenue is recognized net of allowances for sales adjustments and any taxes collected from customers, which are subsequently remitted to governmental authorities. Significant Judgments: Our contracts with customers often include multiple performance obligations to a customer. When a software arrangement (license or subscription) includes both software licenses and software services, judgment is required to determine whether the software license is considered distinct and accounted for separately, or not distinct and accounted for together with the software services and recognized over time. The transaction price is allocated to the separate performance obligations on a relative SSP basis. We determine the SSP based on our overall pricing objectives, taking into consideration market conditions and other factors, including the value of our contracts, the applications sold, customer demographics, and the number and types of users within our contracts. We use a range of amounts to estimate SSP when we sell each of the products and services separately and need to determine whether there is a discount to be allocated based on the relative SSP of the various products and services. In instances where SSP is not directly observable, such as when we do not sell the product or service separately, we determine SSP using the expected cost-plus margin approach. For arrangements that involve significant production, modification or customization of the software, or where software services otherwise cannot be considered distinct, we recognize revenue as control is transferred to the customer over time using progress-to-completion methods. Depending on the contract, we measure progress-to-completion primarily using labor hours incurred, or value added. The progress-to-completion method generally results in the recognition of reasonably consistent profit margins over the life of a contract because we can provide reasonably dependable estimates of contract billings and contract costs. We use the level of profit margin that is most likely to occur on a contract. If the most likely profit margin cannot be precisely determined, the lowest probable level of profit margin in the range of estimates is used until the results can be estimated more precisely. These arrangements are often implemented over an extended time period and occasionally require us to revise total cost estimates. Amounts recognized in revenue are calculated using the progress-to-completion measurement after giving effect to any changes in our cost estimates. Changes to total estimated contract costs, if any, are recorded in the period they are determined. Estimated losses on uncompleted contracts are recorded in the period in which we first determine that a loss is apparent. |
Contract balances | Contract Balances: Accounts receivable and allowance for doubtful accounts Timing of revenue recognition may differ from the timing of invoicing to customers. We record an unbilled receivable when revenue is recognized prior to invoicing, or deferred revenue when revenue is recognized subsequent to invoicing. For multi-year agreements, we generally invoice customers annually at the beginning of each annual coverage period. We record an unbilled receivable related to revenue recognized for on-premises licenses as we have an unconditional right to invoice and receive payment in the future related to those licenses. At March 31, 2019 and December 31, 2018 , total current and long-term accounts receivable, net of allowance for doubtful accounts, was $321.8 million and $314.9 million , respectively. We have recorded unbilled receivables of $113.1 million and $104.2 million at March 31, 2019 , and December 31, 2018 , respectively. Included in unbilled receivables are retention receivables of $13.4 million and $12.2 million at March 31, 2019 , and December 31, 2018 , respectively, which become payable upon the completion of the contract or completion of our fieldwork and formal hearings. Unbilled receivables expected to be collected within one year have been included with accounts receivable, current portion in the accompanying condensed consolidated balance sheets. Unbilled receivables and retention receivables expected to be collected past one year have been included with accounts receivable, long-term portion in the accompanying condensed consolidated balance sheets. |
Leases | LEASES We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities on our consolidated balance sheets. We currently do not have any finance lease arrangements. |
Recently adopted accounting pronouncements | RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS Leases. We adopted Topic 842 using the transition method that allows us to initially apply the guidance at the adoption date of January 1, 2019, and recognized a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We used the package of practical expedients that allows us to not reassess: (1) lease classification for any expired or existing leases and (2) initial direct costs for any expired or existing leases. We did not elect to use the hindsight application for evaluating the life of the lease arrangement. The impacts of adoption are reflected in the financial information herein. For additional details, see Note 10 to our condensed consolidated financial statements. |
Accounting Standards and Sign_3
Accounting Standards and Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of summary the changes in the allowances for doubtful accounts | The following table summarizes the changes in the allowance for doubtful accounts(in thousands): Three Months Ended March 31, 2019 Balance, beginning of period December 31, 2018 $ 4,647 Provisions for losses - accounts receivable 1,148 Collection of accounts previously written off (545 ) Deductions for accounts charged off or credits issued (558 ) Balance, end of period $ 4,692 |
Schedule of new accounting pronouncements | Amounts recognized at January 1, 2019, for operating leases were as follows (in thousands): January 1, 2019 ROU Operating assets $ 15,633 Short-term lease liability (4,344 ) Long-term lease liability (12,405 ) Retained earnings $ (1,116 ) |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of the allocation of the preliminary purchase price as of the acquisition date | We have performed a preliminary valuation analysis of the fair market value of MicroPact’s assets and liabilities. The following table summarizes the allocation of the preliminary purchase price as of the acquisition date: (In thousands) Cash $ 1,983 Accounts receivable 11,852 Other current assets 8,979 Other noncurrent assets 10,417 Identifiable intangible assets 118,843 Goodwill 82,029 Accounts payable (602 ) Accrued expenses (2,432 ) Other noncurrent liabilities (8,879 ) Deferred revenue (9,898 ) Deferred tax liabilities, net (6,144 ) Total consideration $ 206,148 |
Schedule of pro forma information | The following unaudited pro forma consolidated operating results information has been prepared as if the MicroPact acquisition had occurred at January 1, 2018, after giving effect to certain adjustments, including amortization of intangibles, interest, transaction costs and tax effects. Three Months Ended March 31, 2019 2018 Revenues $ 258,864 $ 238,533 Net income 26,378 36,282 Basic earnings per share 0.69 0.95 Diluted earnings per share $ 0.67 $ 0.91 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Summary of details activity in our common stock | The following table details activity in our common stock (in thousands): Three Months Ended March 31, 2019 2018 Shares Amount Shares Amount Purchases of treasury shares (72 ) $ (14,289 ) — $ — Stock option exercises 94 6,564 350 19,298 Employee stock plan purchases 15 2,349 12 1,798 Restricted stock units vested, net of withheld shares upon award settlement 10 $ (1,373 ) — $ — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation of reconciliation of basic earnings per share to diluted earnings per share | The following table details the reconciliation of basic earnings per share to diluted earnings per share (in thousands): Three Months Ended March 31, 2019 2018 Numerator for basic and diluted earnings per share: Net income $ 27,348 $ 37,825 Denominator: Weighted-average basic common shares outstanding 38,308 38,002 Assumed conversion of dilutive securities: Stock awards 1,277 1,834 Denominator for diluted earnings per share - Adjusted weighted-average shares 39,585 39,836 Earnings per common share: Basic $ 0.71 $ 1.00 Diluted $ 0.69 $ 0.95 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of lease cost | The components of operating lease expense were as follows (in thousands): Lease Costs Financial Statement Classification Three Months Ended March 31, 2019 Operating lease cost Selling, general and administrative expenses $ 1,370 Short-term lease cost Selling, general and administrative expenses 570 Variable lease cost Selling, general and administrative expenses 163 Net lease cost $ 2,103 Other Information Three Months Ended March 31, 2019 Cash Flows: Cash paid amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,530 Lease Term and Discount Rate: Weighted average remaining lease term (years) 5 Weighted average discount rate 4.00 % |
Schedule of leases assets and liabilities | As of March 31, 2019 , ROU lease assets and lease liabilities for our operating leases were recorded in the condensed consolidated balance sheet as follows (in thousands): March 31, 2019 2019 Assets: Operating lease right-of-use assets $ 20,067 Liabilities: Operating leases, short-term 5,777 Operating leases, long-term 18,956 Total lease liabilities $ 24,733 |
Schedule of supplemental information related to leases | Supplemental information related to leases was as follows (in thousands): Other Information Three Months Ended March 31, 2019 Cash Flows: Cash paid amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,530 Lease Term and Discount Rate: Weighted average remaining lease term (years) 5 Weighted average discount rate 4.00 % |
Schedule of operating lease maturity | As of March 31, 2019 , maturities of lease liabilities were as follows (in thousands): Year ending December 31, Amount 2019 (Remaining 2019) $ 5,316 2020 6,579 2021 5,293 2022 3,375 2023 2,716 Thereafter 3,989 Total lease payments 27,268 Less: Interest (2,535 ) Present value of operating lease liabilities $ 24,733 |
Schedule of future minimum lease commitments related to lease agreements under Topic 840 | As of December 31, 2018 , the future minimum lease commitments related to lease agreements under Topic 840, the predecessor of Topic 842, were as follows (in thousands): Year ending December 31, Amount 2019 $ 5,994 2020 5,146 2021 3,976 2022 1,925 2023 1,164 Thereafter 2,132 Total $ 20,337 |
Schedule of future minimum operating rental income | Future minimum operating rental income based on contractual agreements are as follows (in thousands): Year ending December 31, Amount 2019 (Remaining 2019) $ 998 2020 1,341 2021 1,372 2022 1,402 2023 1,432 Thereafter 2,395 Total $ 8,940 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of share-based compensation expense related to share-based awards recorded in the statements of income | The following table summarizes share-based compensation expense related to share-based awards recorded in the condensed consolidated statements of income, pursuant to ASC 718, Stock Compensation (in thousands): Three Months Ended March 31, 2019 2018 Cost of software services, maintenance and subscriptions $ 3,798 $ 2,776 Selling, general and administrative expenses 10,618 7,781 Total share-based compensation expense $ 14,416 $ 10,557 |
Segment and Related Informati_2
Segment and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of segment revenues and operations | For the three months ended March 31, 2019 Enterprise Appraisal and Tax Corporate Totals Revenues Software licenses and royalties $ 19,011 $ 2,782 $ — $ 21,793 Subscriptions 64,642 2,633 — 67,275 Software services 41,967 6,476 — 48,443 Maintenance 94,012 6,140 — 100,152 Appraisal services — 5,214 — 5,214 Hardware and other 4,190 2 (3 ) 4,189 Intercompany 3,553 — (3,553 ) — Total revenues $ 227,375 $ 23,247 $ (3,556 ) $ 247,066 Segment operating income $ 57,034 $ 5,535 $ (16,546 ) $ 46,023 For the three months ended March 31, 2018 Enterprise Software Appraisal and Tax Corporate Totals Revenues Software licenses and royalties $ 20,689 $ 2,087 $ — $ 22,776 Subscriptions 46,683 2,345 — 49,028 Software services 40,286 5,653 — 45,939 Maintenance 87,813 6,084 — 93,897 Appraisal services — 5,394 — 5,394 Hardware and other 3,800 — 340 4,140 Intercompany 3,237 — (3,237 ) — Total revenues $ 202,508 $ 21,563 $ (2,897 ) $ 221,174 Segment operating income $ 56,615 $ 4,647 $ (13,727 ) $ 47,535 Three Months Ended March 31, Reconciliation of reportable segment operating income to the Company's consolidated totals: 2019 2018 Total segment operating income $ 46,023 $ 47,535 Amortization of acquired software (6,682 ) (5,382 ) Amortization of other intangibles (4,850 ) (3,315 ) Other income (expense), net 586 599 Income before income taxes $ 35,077 $ 39,437 |
Reconciliation of operating income from segments to consolidated | Three Months Ended March 31, Reconciliation of reportable segment operating income to the Company's consolidated totals: 2019 2018 Total segment operating income $ 46,023 $ 47,535 Amortization of acquired software (6,682 ) (5,382 ) Amortization of other intangibles (4,850 ) (3,315 ) Other income (expense), net 586 599 Income before income taxes $ 35,077 $ 39,437 |
Disaggregation of Revenue (Tabl
Disaggregation of Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of revenue | Recurring revenues and non-recurring revenues recognized during the period are as follows (in thousands): For the three months ended March 31, 2019 Enterprise Software Appraisal and Tax Corporate Totals Recurring revenues $ 158,654 $ 8,773 $ — $ 167,427 Non-recurring revenues 65,168 14,474 (3 ) 79,639 Intercompany 3,553 — (3,553 ) — Total revenues $ 227,375 $ 23,247 $ (3,556 ) $ 247,066 For the three months ended March 31, 2018 Enterprise Software Appraisal and Tax Corporate Totals Recurring revenues $ 134,496 $ 8,429 $ — $ 142,925 Non-recurring revenues 64,775 13,134 340 78,249 Intercompany 3,237 — (3,237 ) — Total revenues $ 202,508 $ 21,563 $ (2,897 ) $ 221,174 For the three months ended March 31, 2019 Products and services transferred at a point in time Products and services transferred over time Total Revenues Software licenses and royalties $ 16,910 $ 4,883 $ 21,793 Subscriptions — 67,275 67,275 Software services — 48,443 48,443 Maintenance — 100,152 100,152 Appraisal services — 5,214 5,214 Hardware and other 4,189 — 4,189 Total $ 21,099 $ 225,967 $ 247,066 For the three months ended March 31, 2018 Products and services transferred at a point in time Products and services transferred over time Total Revenues Software licenses and royalties $ 19,063 $ 3,713 $ 22,776 Subscriptions — 49,028 49,028 Software services — 45,939 45,939 Maintenance — 93,897 93,897 Appraisal services — 5,394 5,394 Hardware and other 4,140 — 4,140 Total $ 23,203 $ 197,971 $ 221,174 |
Deferred Revenue and Performa_2
Deferred Revenue and Performance Obligations (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Changes in deferred revenue | Changes in total deferred revenue, including long-term, were as follows (in thousands): March 31, 2019 Balance, beginning of period December 31, 2018 $ 350,936 Deferral of revenue 167,975 Recognition of deferred revenue (198,569 ) Balance, end of period $ 320,342 March 31, 2019 December 31, 2018 Enterprise Software $ 298,184 $ 327,521 Appraisal and Tax 21,589 20,018 Corporate 569 3,397 Totals $ 320,342 $ 350,936 |
Accounting Standards and Sign_4
Accounting Standards and Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accounts receivable, net | $ 321.8 | $ 314.9 |
Minimum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Typical contract term | 3 years | |
Contract term | 1 year | |
Accounts receivable payment term | 30 days | |
Sales commissions amortization period | 3 years | |
Maximum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Typical contract term | 5 years | |
Contract term | 10 years | |
Sales commissions amortization period | 7 years | |
Subscription - Hosting Services | Minimum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Contract term | 1 year | |
Appraisal services | Minimum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Contract term | 1 year | |
Appraisal services | Maximum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Contract term | 3 years | |
Unbilled Revenues | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accounts receivable, net | $ 113.1 | 104.2 |
Retention Receivable | Unbilled Revenues | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accounts receivable, net | $ 13.4 | $ 12.2 |
Accounting Standards and Sign_5
Accounting Standards and Significant Accounting Policies - Schedule of summary the changes in the allowances for doubtful accounts (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |
Balance, beginning of period December 31, 2017 | $ 4,647 |
Provisions for losses - accounts receivable | 1,148 |
Collection of accounts previously written off | (545) |
Deductions for accounts charged off or credits issued | (558) |
Balance, end of period | $ 4,692 |
Accounting Standards and Sign_6
Accounting Standards and Significant Accounting Policies - Schedule of new accounting pronouncements (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 20,067 | ||
Short-term lease liability | (5,777) | ||
Long-term lease liability | (18,956) | ||
Retained earnings | $ (798,157) | $ (771,925) | |
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 15,633 | ||
Short-term lease liability | (4,344) | ||
Long-term lease liability | (12,405) | ||
Retained earnings | $ (1,116) |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Thousands | Feb. 28, 2019 | Sep. 30, 2018 | Aug. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 834,572 | $ 753,718 | |||
MicroPact and MyCivic | |||||
Business Acquisition [Line Items] | |||||
Financial advisory and legal fees | 695 | ||||
MicroPact | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 1,983 | ||||
Business acquisition consideration | 204,200 | ||||
Payments to acquire business | 197,500 | ||||
Accrued contingent consideration | 7,000 | ||||
Accrued acquisition holdbacks | 1,700 | ||||
Tangible assets acquired | 33,200 | ||||
Liabilities assumed | 21,800 | ||||
Goodwill | 82,029 | ||||
Identifiable intangible assets | $ 118,843 | ||||
Weighted average useful life (in years) | 10 years | ||||
Deferred tax liabilities, net | $ 6,144 | ||||
Revenue, actual | 5,500 | ||||
Income (loss), actual | $ (400) | ||||
MyCivic | |||||
Business Acquisition [Line Items] | |||||
Business acquisition consideration | $ 3,700 | ||||
Payments to acquire business | $ 3,600 | ||||
Accrued working capital hold back | $ 90 |
Acquisitions - Assets and Liabi
Acquisitions - Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Feb. 28, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||
Goodwill | $ 834,572 | $ 753,718 | |
MicroPact | |||
Business Acquisition [Line Items] | |||
Cash | $ 1,983 | ||
Accounts receivable | 11,852 | ||
Other current assets | 8,979 | ||
Other noncurrent assets | 10,417 | ||
Identifiable intangible assets | 118,843 | ||
Goodwill | 82,029 | ||
Accounts payable | (602) | ||
Accrued expenses | (2,432) | ||
Other noncurrent liabilities | (8,879) | ||
Deferred revenue | (9,898) | ||
Deferred tax liabilities, net | (6,144) | ||
Total consideration | $ 206,148 |
Acquisitions - Pro-forma Inform
Acquisitions - Pro-forma Information (Details) - MicroPact - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Business Acquisition [Line Items] | ||
Revenues | $ 258,864 | $ 238,533 |
Net income | $ 26,378 | $ 36,282 |
Basic earnings per share (usd per share) | $ 0.69 | $ 0.95 |
Diluted earnings per share (usd per share) | $ 0.67 | $ 0.91 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Activities in Common Stock (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Equity [Abstract] | ||
Purchases of common stock (in shares) | (72) | 0 |
Stock option exercises (in shares) | 94 | 350 |
Employee stock plan purchases (in shares) | 15 | 12 |
Restricted stock units vested, net of withheld shares upon award settlement (in shares) | 10 | 0 |
Treasury stock purchases | $ (14,289) | $ 0 |
Stock option exercises, amount | 6,564 | 19,298 |
Issuance of shares pursuant to employee stock purchase plan | 2,349 | 1,798 |
Restricted stock units vested, net of withheld shares upon award settlement | $ (1,373) | $ 0 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) shares in Millions | Mar. 31, 2019shares |
Equity [Abstract] | |
Number of shares authorized to be repurchased (in shares) | 2.6 |
Deferred Commissions (Details)
Deferred Commissions (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Capitalized Contract Cost [Line Items] | |||
Deferred commissions | $ 23,600,000 | $ 21,900,000 | |
Deferred commissions amortization | 3,800,000 | $ 3,500,000 | |
Deferred commissions impairment | $ 0 | $ 0 | |
Minimum | |||
Capitalized Contract Cost [Line Items] | |||
Sales commissions amortization period | 3 years | ||
Maximum | |||
Capitalized Contract Cost [Line Items] | |||
Sales commissions amortization period | 7 years |
Other Assets (Detail)
Other Assets (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Purchase of held to maturity securities | $ 81 |
Revolving Line of Credit (Detai
Revolving Line of Credit (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Nov. 16, 2015 | |
Line Of Credit Facility [Line Items] | |||
Effective percentage interest rate | 3.80% | ||
Outstanding borrowings | $ 85,000,000 | $ 0 | |
Revolving Credit Facility | Credit Agreement | |||
Line Of Credit Facility [Line Items] | |||
Revolving credit facility, maximum borrowing capacity | $ 300,000,000 | ||
Outstanding borrowings | 85,000,000 | ||
Line of credit facility, unused borrowing capacity | $ 215,000,000 | ||
Revolving Credit Facility | Credit Agreement | Prime Commercial Lending Rate | |||
Line Of Credit Facility [Line Items] | |||
Effective percentage interest rate | 5.75% | ||
Revolving Credit Facility | Credit Agreement | Minimum | Prime Commercial Lending Rate | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility interest rate | 0.25% | ||
Revolving Credit Facility | Credit Agreement | Minimum | Libor Rate | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility interest rate | 1.25% | ||
Revolving Credit Facility | Credit Agreement | Maximum | Prime Commercial Lending Rate | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility interest rate | 1.00% | ||
Revolving Credit Facility | Credit Agreement | Maximum | Libor Rate | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility interest rate | 2.00% | ||
Letter of Credit | Revolving Credit Facility | Credit Agreement | |||
Line Of Credit Facility [Line Items] | |||
Revolving credit facility, maximum borrowing capacity | $ 10,000,000 |
Income Tax Provision (Detail)
Income Tax Provision (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rates | 22.00% | 4.10% |
Excess tax benefit | $ 1,700 | $ 9,100 |
Effective income tax rate excluding excess tax benefit | 26.80% | 27.20% |
Income tax payments | $ 88 | $ 218 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic Earnings and Diluted Earnings Per Share Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator of Basic and Diluted Earnings Per Share [Abstract] | ||
Net income | $ 27,348 | $ 37,825 |
Denominator: | ||
Weighted-average basic common shares outstanding (in shares) | 38,308 | 38,002 |
Assumed conversion of dilutive securities: | ||
Stock awards (in shares) | 1,277 | 1,834 |
Denominator for diluted earnings per share - Adjusted weighted-average shares (in shares) | 39,585 | 39,836 |
Earnings per common share: | ||
Basic (usd per share) | $ 0.71 | $ 1 |
Diluted (usd per share) | $ 0.69 | $ 0.95 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per shares (in shares) | 1,253 | 1,111 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease renewal term (up to) | 10 years | |
Operating lease, cost | $ 2,103 | $ 1,600 |
Rental income | $ 284 | $ 357 |
Lessor, operating lease renewal term | 5 years | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease term | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease term | 7 years |
Leases - Schedule of lease cost
Leases - Schedule of lease cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Leases [Abstract] | ||
Operating lease cost | $ 1,370 | |
Short-term lease cost | 570 | |
Variable lease cost | 163 | |
Net lease cost | $ 2,103 | $ 1,600 |
Leases - Schedule of leases ass
Leases - Schedule of leases assets and liabilities (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Assets: | |
Operating lease right-of-use assets | $ 20,067 |
Liabilities: | |
Operating leases, short-term | 5,777 |
Operating leases, long-term | 18,956 |
Total lease liabilities | $ 24,733 |
Leases - Schedule of other info
Leases - Schedule of other information related to leases (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 1,530 |
Weighted average remaining lease term (years) | 5 years |
Weighted average discount rate | 4.00% |
Leases - Maturity of lease liab
Leases - Maturity of lease liabilities (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Operating Leases | |
2019 | $ 5,316 |
2020 | 6,579 |
2021 | 5,293 |
2022 | 3,375 |
2023 | 2,716 |
Thereafter | 3,989 |
Total lease payments | 27,268 |
Less: Interest | (2,535) |
Present value of lease liabilities | $ 24,733 |
Leases - Schedule of future min
Leases - Schedule of future minimum lease commitments related to lease agreements under Topic 840 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 5,994 |
2020 | 5,146 |
2021 | 3,976 |
2022 | 1,925 |
2023 | 1,164 |
Thereafter | 2,132 |
Total | $ 20,337 |
Leases - Schedule of future m_2
Leases - Schedule of future minimum operating rental income (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2019 (Remaining 2019) | $ 998 |
2020 | 1,341 |
2021 | 1,372 |
2022 | 1,402 |
2023 | 1,432 |
Thereafter | 2,395 |
Total | $ 8,940 |
Share-Based Compensation (Detai
Share-Based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $ 14,416 | $ 10,557 |
Cost of software services, maintenance and subscriptions | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 3,798 | 2,776 |
Selling, general and administrative expenses | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $ 10,618 | $ 7,781 |
Segment and Related Informati_3
Segment and Related Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2019Business_UnitSegment | |
Segment Reporting Information [Line Items] | |
Number of business units | Business_Unit | 5 |
Enterprise Software | |
Segment Reporting Information [Line Items] | |
Number of reportable segment | Segment | 1 |
Segment and Related Informati_4
Segment and Related Information - Schedule of Segment Revenues and Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 247,066 | $ 221,174 |
Operating income | 34,491 | 38,838 |
Operating segments | Enterprise Software | ||
Segment Reporting Information [Line Items] | ||
Revenue | 227,375 | 202,508 |
Operating income | 57,034 | 56,615 |
Operating segments | Appraisal and Tax | ||
Segment Reporting Information [Line Items] | ||
Revenue | 23,247 | 21,563 |
Operating income | 5,535 | 4,647 |
Intercompany | Enterprise Software | ||
Segment Reporting Information [Line Items] | ||
Revenue | 3,553 | 3,237 |
Intercompany | Appraisal and Tax | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 0 |
Intercompany | Corporate | ||
Segment Reporting Information [Line Items] | ||
Revenue | (3,553) | (3,237) |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Operating income | (16,546) | (13,727) |
Operating segment and corporate non-segment | ||
Segment Reporting Information [Line Items] | ||
Operating income | 46,023 | 47,535 |
Software licenses and royalties | ||
Segment Reporting Information [Line Items] | ||
Revenue | 21,793 | 22,776 |
Software licenses and royalties | Enterprise Software | ||
Segment Reporting Information [Line Items] | ||
Revenue | 19,011 | 20,689 |
Software licenses and royalties | Appraisal and Tax | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,782 | 2,087 |
Software licenses and royalties | Corporate | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 0 |
Subscriptions | ||
Segment Reporting Information [Line Items] | ||
Revenue | 67,275 | 49,028 |
Subscriptions | Enterprise Software | ||
Segment Reporting Information [Line Items] | ||
Revenue | 64,642 | 46,683 |
Subscriptions | Appraisal and Tax | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,633 | 2,345 |
Subscriptions | Corporate | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 0 |
Software services | ||
Segment Reporting Information [Line Items] | ||
Revenue | 48,443 | 45,939 |
Software services | Enterprise Software | ||
Segment Reporting Information [Line Items] | ||
Revenue | 41,967 | 40,286 |
Software services | Appraisal and Tax | ||
Segment Reporting Information [Line Items] | ||
Revenue | 6,476 | 5,653 |
Software services | Corporate | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 0 |
Maintenance | ||
Segment Reporting Information [Line Items] | ||
Revenue | 100,152 | 93,897 |
Maintenance | Enterprise Software | ||
Segment Reporting Information [Line Items] | ||
Revenue | 94,012 | 87,813 |
Maintenance | Appraisal and Tax | ||
Segment Reporting Information [Line Items] | ||
Revenue | 6,140 | 6,084 |
Maintenance | Corporate | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 0 |
Appraisal services | ||
Segment Reporting Information [Line Items] | ||
Revenue | 5,214 | 5,394 |
Appraisal services | Enterprise Software | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 0 |
Appraisal services | Appraisal and Tax | ||
Segment Reporting Information [Line Items] | ||
Revenue | 5,214 | 5,394 |
Appraisal services | Corporate | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 0 |
Hardware and other | ||
Segment Reporting Information [Line Items] | ||
Revenue | 4,189 | 4,140 |
Hardware and other | Enterprise Software | ||
Segment Reporting Information [Line Items] | ||
Revenue | 4,190 | 3,800 |
Hardware and other | Appraisal and Tax | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2 | 0 |
Hardware and other | Corporate | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ (3) | $ 340 |
Segment and Related Informati_5
Segment and Related Information - Reconciliation of Operating Income from Segments to Consolidated (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Total segment operating income | $ 34,491 | $ 38,838 |
Amortization of other intangibles | (4,850) | (3,315) |
Other income (expense), net | 586 | 599 |
Income before income taxes | 35,077 | 39,437 |
Operating segment and corporate non-segment | ||
Segment Reporting Information [Line Items] | ||
Total segment operating income | 46,023 | 47,535 |
Segment reconciling items | ||
Segment Reporting Information [Line Items] | ||
Amortization of acquired software | (6,682) | (5,382) |
Amortization of other intangibles | (4,850) | (3,315) |
Other income (expense), net | $ 586 | $ 599 |
Disaggregation of Revenue (Deta
Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 247,066 | $ 221,174 |
Operating segments | Enterprise Software | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 227,375 | 202,508 |
Operating segments | Appraisal and Tax | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 23,247 | 21,563 |
Intercompany | Enterprise Software | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3,553 | 3,237 |
Intercompany | Appraisal and Tax | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Intercompany | Corporate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | (3,553) | (3,237) |
Corporate and Elimination | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | (3,556) | (2,897) |
Corporate and Elimination | Corporate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | (3,556) | (2,897) |
Recurring revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 167,427 | 142,925 |
Recurring revenues | Enterprise Software | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 158,654 | 134,496 |
Recurring revenues | Appraisal and Tax | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 8,773 | 8,429 |
Recurring revenues | Corporate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Non-recurring revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 79,639 | 78,249 |
Non-recurring revenues | Enterprise Software | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 65,168 | 64,775 |
Non-recurring revenues | Appraisal and Tax | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 14,474 | 13,134 |
Non-recurring revenues | Corporate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | (3) | 340 |
Software licenses and royalties | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 21,793 | 22,776 |
Software licenses and royalties | Enterprise Software | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 19,011 | 20,689 |
Software licenses and royalties | Appraisal and Tax | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,782 | 2,087 |
Software licenses and royalties | Corporate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Subscriptions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 67,275 | 49,028 |
Subscriptions | Enterprise Software | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 64,642 | 46,683 |
Subscriptions | Appraisal and Tax | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,633 | 2,345 |
Subscriptions | Corporate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Software services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 48,443 | 45,939 |
Software services | Enterprise Software | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 41,967 | 40,286 |
Software services | Appraisal and Tax | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 6,476 | 5,653 |
Software services | Corporate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Maintenance | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 100,152 | 93,897 |
Maintenance | Enterprise Software | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 94,012 | 87,813 |
Maintenance | Appraisal and Tax | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 6,140 | 6,084 |
Maintenance | Corporate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Appraisal services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 5,214 | 5,394 |
Appraisal services | Enterprise Software | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Appraisal services | Appraisal and Tax | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 5,214 | 5,394 |
Appraisal services | Corporate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Hardware and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 4,189 | 4,140 |
Hardware and other | Enterprise Software | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 4,190 | 3,800 |
Hardware and other | Appraisal and Tax | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2 | 0 |
Hardware and other | Corporate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | (3) | 340 |
Products and services transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 21,099 | 23,203 |
Products and services transferred at a point in time | Software licenses and royalties | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 16,910 | 19,063 |
Products and services transferred at a point in time | Subscriptions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Products and services transferred at a point in time | Software services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Products and services transferred at a point in time | Maintenance | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Products and services transferred at a point in time | Appraisal services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Products and services transferred at a point in time | Hardware and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 4,189 | 4,140 |
Products and services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 225,967 | 197,971 |
Products and services transferred over time | Software licenses and royalties | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 4,883 | 3,713 |
Products and services transferred over time | Subscriptions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 67,275 | 49,028 |
Products and services transferred over time | Software services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 48,443 | 45,939 |
Products and services transferred over time | Maintenance | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 100,152 | 93,897 |
Products and services transferred over time | Appraisal services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 5,214 | 5,394 |
Products and services transferred over time | Hardware and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 0 | $ 0 |
Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Contract term | 1 year | |
Typical contract term | 3 years | |
Minimum | Appraisal services | ||
Disaggregation of Revenue [Line Items] | ||
Contract term | 1 year | |
Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Contract term | 10 years | |
Typical contract term | 5 years | |
Maximum | Appraisal services | ||
Disaggregation of Revenue [Line Items] | ||
Contract term | 3 years |
Deferred Revenue and Performa_3
Deferred Revenue and Performance Obligations - Deferred Revenue (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Disaggregation of Revenue [Line Items] | |
Deferred revenue | $ 350,936 |
Contract With Customer Liability [Roll Forward] | |
Balance, beginning of period December 31, 2018 | 350,936 |
Deferral of revenue | 167,975 |
Recognition of deferred revenue | (198,569) |
Balance, end of period | 320,342 |
Operating segments | Enterprise Software | |
Disaggregation of Revenue [Line Items] | |
Deferred revenue | 298,184 |
Contract With Customer Liability [Roll Forward] | |
Balance, beginning of period December 31, 2018 | 327,521 |
Balance, end of period | 298,184 |
Operating segments | Appraisal and Tax | |
Disaggregation of Revenue [Line Items] | |
Deferred revenue | 21,589 |
Contract With Customer Liability [Roll Forward] | |
Balance, beginning of period December 31, 2018 | 20,018 |
Balance, end of period | 21,589 |
Corporate | |
Disaggregation of Revenue [Line Items] | |
Deferred revenue | 569 |
Contract With Customer Liability [Roll Forward] | |
Balance, beginning of period December 31, 2018 | 3,397 |
Balance, end of period | $ 569 |
Deferred Revenue and Performa_4
Deferred Revenue and Performance Obligations - Additional Information (Details) $ in Billions | Mar. 31, 2019USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligations | $ 1.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, percentage | 50.00% |
Expected timing of satisfaction period | 12 months |
Commitments and Contingencies (
Commitments and Contingencies (Detail) | Mar. 31, 2019LegalMatter |
Commitments and Contingencies Disclosure [Abstract] | |
Number of material legal proceedings pending | 0 |