Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 17, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | TYL | |
Entity Registrant Name | TYLER TECHNOLOGIES INC | |
Entity Central Index Key | 860,731 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 33,864,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues: | ||||
Software licenses and royalties | $ 14,586 | $ 12,083 | $ 28,886 | $ 23,315 |
Subscriptions | 26,949 | 20,934 | 52,237 | 41,441 |
Software services | 34,563 | 30,128 | 65,367 | 54,435 |
Maintenance | 59,463 | 51,951 | 116,811 | 102,191 |
Appraisal services | 6,691 | 5,444 | 12,780 | 10,295 |
Hardware and other | 4,043 | 3,831 | 5,180 | 5,320 |
Total revenues | 146,295 | 124,371 | 281,261 | 236,997 |
Cost of revenues: | ||||
Software licenses and royalties | 483 | 343 | 1,036 | 874 |
Acquired software | 456 | 444 | 912 | 925 |
Software services, maintenance and subscriptions | 69,678 | 58,274 | 135,055 | 113,273 |
Appraisal services | 4,278 | 3,665 | 8,413 | 6,976 |
Hardware and other | 3,147 | 3,087 | 3,713 | 3,861 |
Total cost of revenues | 78,042 | 65,813 | 149,129 | 125,909 |
Gross profit | 68,253 | 58,558 | 132,132 | 111,088 |
Selling, general and administrative expenses | 30,396 | 27,419 | 58,941 | 52,786 |
Research and development expense | 7,110 | 6,389 | 14,114 | 12,561 |
Amortization of customer and trade name intangibles | 1,151 | 1,128 | 2,303 | 2,257 |
Operating income | 29,596 | 23,622 | 56,774 | 43,484 |
Other income (expense), net | 185 | (216) | 366 | (475) |
Income before income taxes | 29,781 | 23,406 | 57,140 | 43,009 |
Income tax provision | 10,945 | 8,666 | 21,031 | 16,386 |
Net income | $ 18,836 | $ 14,740 | $ 36,109 | $ 26,623 |
Earnings per common share: | ||||
Basic | $ 0.56 | $ 0.45 | $ 1.07 | $ 0.81 |
Diluted | $ 0.52 | $ 0.42 | $ 1 | $ 0.75 |
Comprehensive income | $ 18,836 | $ 14,740 | $ 36,109 | $ 26,623 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 204,103 | $ 206,167 |
Accounts receivable (less allowance for losses of $1,361 in 2015 and $1,725 in 2014) | 152,178 | 112,660 |
Prepaid expenses | 18,979 | 17,851 |
Other current assets | 10,590 | 358 |
Deferred income taxes | 9,674 | 9,674 |
Total current assets | 395,524 | 346,710 |
Accounts receivable, long-term portion | 391 | 1,761 |
Property and equipment, net | 67,908 | 65,910 |
Other assets: | ||
Goodwill | 131,960 | 124,142 |
Other intangibles, net | 31,507 | 34,722 |
Cost method investment | 15,000 | |
Other non-current assets | 3,744 | 737 |
Total assets | 646,034 | 573,982 |
Current liabilities: | ||
Accounts payable | 4,385 | 4,119 |
Accrued liabilities | 34,810 | 39,508 |
Deferred revenue | 201,549 | 189,212 |
Total current liabilities | 240,744 | 232,839 |
Deferred income taxes | $ 4,673 | $ 4,170 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, $10.00 par value; 1,000,000 shares authorized; none issued | ||
Common stock, $0.01 par value; 100,000,000 shares authorized; 48,147,969 shares issued in 2015 and 2014 | $ 481 | $ 481 |
Additional paid-in capital | 221,838 | 201,389 |
Accumulated other comprehensive loss, net of tax | (46) | (46) |
Retained earnings | 297,259 | 261,150 |
Treasury stock, at cost; 14,4294,303 and 14,678,782 shares in 2015 and 2014, respectively | (118,915) | (126,001) |
Total shareholders' equity | 400,617 | 336,973 |
Liabilities and Shareholders' equity, Total | $ 646,034 | $ 573,982 |
CONDENSED CONSOLIDATED BALANCE4
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowance for losses | $ 1,361 | $ 1,725 |
Preferred stock, par value | $ 10 | $ 10 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 48,147,969 | 48,147,969 |
Treasury stock, shares | 14,294,303 | 14,678,782 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 36,109 | $ 26,623 |
Adjustments to reconcile net income to cash provided by operations: | ||
Depreciation and amortization | 7,484 | 7,281 |
Share-based compensation expense | 8,861 | 7,002 |
Excess tax benefit from exercises of share-based arrangements | (8,827) | (3,206) |
Changes in operating assets and liabilities, exclusive of effects of acquired companies: | ||
Accounts receivable | (36,624) | (38,203) |
Income taxes | 2,735 | 7,746 |
Prepaid expenses and other current assets | (549) | (2,069) |
Accounts payable | (371) | 51 |
Accrued liabilities | (5,685) | (4,237) |
Deferred revenue | 11,680 | 27,840 |
Net cash provided by operating activities | 14,813 | 28,828 |
Cash flows from investing activities: | ||
Purchase of cost method investment | (15,000) | |
Purchase of held-to-maturity securities | (6,449) | |
Cost of acquisitions, net of cash acquired | (6,447) | |
Additions to property and equipment | (6,126) | (6,477) |
(Increase) decrease in other | (9) | 343 |
Net cash used by investing activities | (34,031) | (6,134) |
Cash flows from financing activities: | ||
Purchase of treasury shares | (645) | (22,815) |
Proceeds from exercise of stock options | 6,729 | 4,117 |
Contributions from employee stock purchase plan | 2,243 | 2,014 |
Excess tax benefit from exercises of share-based arrangements | 8,827 | 3,206 |
Net cash provided (used) by financing activities | 17,154 | (13,478) |
Net (decrease) increase in cash and cash equivalents | (2,064) | 9,216 |
Cash and cash equivalents at beginning of period | 206,167 | 78,876 |
Cash and cash equivalents at end of period | $ 204,103 | $ 88,092 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (1) 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 period s . Balan ce sheet amounts are as of June 3 0 , 2015 and December 31, 2014 and operating result amounts are for the three months and six months ended June 3 0 , 2015 and 2014, 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, 2014. 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. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | ( 2) Acquisitions On May 29, 2015, we acquired all of the capital stock o f Brazos Technology Corporation (“Brazos”) , which provides mobile hand-held solutions primarily to law enforcement agencies for field accident reporting and electronically issuing citations. The purchase price, net of cash acquired of $ 312,000 and including debt assumed of $ 733,000 , was $ 6.1 million in cash and 12,500 shares of Tyler common stock valued at $ 1. 5 million. As of June 30, 2015, the purchase price allocation of Brazos is in process mainly due to completing the valuation of the acquired intangible assets. We currently expect to finalize the allocation of the purchase price in the next quarter. The impact of th is acquisition on our operating results is not material. |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2015 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | (3 ) Other Assets Cash and cash equivalents consist of cash on deposit with several domestic banks and money market funds. In June 2015, we invested $ 6.4 million in investment grade corporate and municipal bonds with maturity dates ranging from 2015 through mid-2017 . We intend to hold these bonds to maturity and have classified them as such . We believe cost approximates fair value because of the relatively short duration of these investments. The fair value of these securities are considered Level II as they are based on inputs from quoted prices in markets that are not active or other observable market data. These investments are included in other current assets and other non-current assets. On January 30, 2015, we made a $ 15.0 million investment in convertible preferred stock representing a 20 % interest in Record Holdings Pty Limited (“Record Holdings”), a privately held Australian company specializing in digitizing the spoken word in court and legal settings. We do not believe we have the ability to significantly influence the day-to-day activities of Record Holdings and are accounting for this investment under the cost method . |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | ( 4 ) Shareholders’ Equity The following table details activity in our common stock: Six months ended June 30, 2015 2014 Shares Amount Shares Amount Pu rchase of common stock (5 ) $ (645 ) (294 ) $ (22,815 ) Stock option exercises 355 6,729 265 4,117 Employee st ock plan purchases 23 2,243 26 2,014 Shares issued for acquisition 13 1,519 — — As of June 30 , 2015, we had authorization from our board of directors to repurchase up to 1.4 million additional shares of Tyler common stock. |
Income Tax Provision
Income Tax Provision | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Provision | (5 ) Income Tax Provision For the three months and six months ended June 30 , 2015, we had an effective income tax rate of 36. 8 % compared to an effective income tax rate of 37.0 % and 38.1 % for the three and six months ended months June 3 0 , 2014 , respectively . The effective income tax rates for the period s presented were different from the statutory United States federal income tax rate of 35 % primarily due to state income taxes, non-deductible share-based compensation expense, the qualified manufacturing activities deduction, and non-deductible meals and entertainment costs. We made federal and state tax payments of $ 18.3 million dur ing the six months ended June 3 0 , 2015 compared to $ 8.6 million in net payments for the same period in the prior year . |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (6 ) Earnings Per Share The following table details the reconciliation of basic earnings per share to diluted earnings per share: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Numerator for basic and diluted earnings per share: Net income $ 18,836 $ 14,740 $ 36,109 $ 26,623 Denominator: Weighted-average basic common shares outstanding 33,751 32,918 33,756 32,876 Assumed conversion of dilutive securities: Stock options 2,346 2,243 2,340 2,413 Denominator for diluted earnings per share - Adjusted weighted-average shares 36,097 35,161 36,096 35,289 Earnings per common share: Basic $ 0.56 $ 0.45 $ 1.07 $ 0.81 Diluted $ 0.52 $ 0.42 $ 1.00 $ 0.75 For the three and six months ended June 30 , 2015, stock options representing the right to purchase common stock of approximately 492 ,000 shares and 570 ,000 shares, respectively, were not included in the computation of diluted earnings per share because their inclusion would have had an anti-dilutive effect. For the three and six months ended June 30, 2014, stock options representing the right to purchase common stock of approximately 669,000 shares and 485 ,000 shares, respectively, were not included in the computation of diluted earnings per share because their inclusion would have had an anti-dilutive effect. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | (7 ) Share-Based Compensation The following table summarizes share-based compensation expense related to share-based awards recorded in the statements of comprehensive income, pursuant to ASC 718, Stock Compensation: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Cost of software services, maintenance and subscriptions $ 746 $ 513 $ 1,447 $ 1,026 Selling, general and administrative expenses 3,857 3,026 7,414 5,976 Total share-based compensation expenses $ 4,603 $ 3,539 $ 8,861 $ 7,002 |
Segment and Related Information
Segment and Related Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment and Related Information | ( 8 ) Segment and Related Information We are a major provider of 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 four business units, which focus on the following products: financial management, education and planning, regulatory and maintenance software solutions; financial management, municipal courts, and land and vital records management software solutions; courts and justice software 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 and land and vital records management software solutions unit; and the courts and justice software solutions unit meet the criteria for aggregation and are presented in one reportable segment, Enterprise Software Solutions (“ESS”). The ESS 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. The Appraisal and Tax Software Solutions and Services (“ATSS”) 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 noncash amortization of intangible assets associated with their acquisition, 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 June 30, 2015 Enterprise Software Solutions Appraisal and Tax Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 13,556 $ 1,030 $ — $ 14,586 Subscriptions 25,733 1,216 — 26,949 Software services 31,826 2,737 — 34,563 Maintenance 54,992 4,471 — 59,463 Appraisal services — 6,691 — 6,691 Hardware and other 1,330 11 2,702 4,043 Intercompany 979 — (979 ) — Total revenues $ 128,416 $ 16,156 $ 1,723 $ 146,295 Segment operating income $ 34,408 $ 3,903 $ (7,108 ) $ 31,203 For the six months ended June 30, 2015 Enterprise Software Solutions Appraisal and Tax Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 25,883 $ 3,003 $ — $ 28,886 Subscriptions 50,042 2,195 — 52,237 Software services 60,994 4,373 — 65,367 Maintenance 108,007 8,804 — 116,811 Appraisal services — 12,780 — 12,780 Hardware and other 2,468 11 2,701 5,180 Intercompany 1,905 — (1,905 ) — Total revenues $ 249,299 $ 31,166 $ 796 $ 281,261 Segment operating income $ 66,660 $ 6,971 $ (13,642 ) $ 59,989 For the three months ended June 30, 2014 Enterprise Software Solutions Appraisal and Tax Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 11,349 $ 734 $ — $ 12,083 Subscriptions 20,124 810 — 20,934 Software services 27,420 2,708 — 30,128 Maintenance 47,765 4,186 — 51,951 Appraisal services — 5,444 — 5,444 Hardware and other 1,361 — 2,470 3,831 Intercompany 532 — (532 ) — Total revenues $ 108,551 $ 13,882 $ 1,938 $ 124,371 Segment operating income $ 27,747 $ 2,934 $ (5,487 ) $ 25,194 For the six months ended June 30, 2014 Enterprise Software Solutions Appraisal and Tax Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 22,145 $ 1,170 $ — $ 23,315 Subscriptions 39,846 1,595 — 41,441 Software services 49,607 4,828 — 54,435 Maintenance 93,858 8,333 — 102,191 Appraisal services — 10,295 — 10,295 Hardware and other 2,850 — 2,470 5,320 Intercompany 1,005 — (1,005 ) — Total revenues $ 209,311 $ 26,221 $ 1,465 $ 236,997 Segment operating income $ 53,175 $ 4,766 $ (11,275 ) $ 46,666 Reconciliation of reportable segment operating Three months ended June 30, Six months ended June 30, income to the Company's consolidated totals: 2015 2014 2015 2014 Total segment operating income $ 31,203 $ 25,194 $ 59,989 $ 46,666 Amortization of acquired software (456 ) (444 ) (912 ) (925 ) Amortization of customer and trade name intangibles (1,151 ) (1,128 ) (2,303 ) (2,257 ) Other income (expense), net 185 (216 ) 366 (475 ) Income before income taxes $ 29,781 $ 23,406 $ 57,140 $ 43,009 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | ( 9 ) Commitments and Contingencies Other than routine litigation incidental to our business, there are no material legal proceedings pending to which we are party or to which any of our properties are subject. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes And Error Corrections [Abstract] | |
New Accounting Pronouncements | (10 ) New Accounting Pronouncements On May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” This ASU is the result of a convergence project between the FASB and the International Accounting Standards Board. The core principle behind ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for delivering those goods and services. This model involves a five-step process that includes identifying the contract with the customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction prices to the performance obligations in the contract and recognizing revenue when (or as) the entity satisfies the performance obligations. The guidance in the ASU supersedes existing revenue recognition guidance and is effective for annual reporting periods beginning after December 15, 2016 with early application not permitted. The ASU allows two methods of adoption; a full retrospective approach where three years of financial information are presented in accordance with the new standard, and a modified retrospective approach where the ASU is applied to the most current period presented in the financial statements. On April 1, 2015, the FASB voted for a one-year deferral of the effective date of the new standard and will issue an exposure draft proposing the deferral, with a 30-day comment period. The proposal would now require application of the new standard no later than annual reporting periods beginning after December 15, 2017, including interim reporting periods therein; however, under the proposal, public entities would be permitted to elect to early adopt the new standard as of the original effective date. We currently expect to adopt the new standard in fiscal year 2018 in accordance with the revised effective date. We are currently assessing the financial impact of adopting the new standard and the methods of adoption; however, given the scope of the new standard, we are currently unable to provide a reasonable estimate regarding the financial impact or which method of adoption of the new standard we will elect. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Summary of Activities in Common Stock | The following table details activity in our common stock: Six months ended June 30, 2015 2014 Shares Amount Shares Amount Pu rchase of common stock (5 ) $ (645 ) (294 ) $ (22,815 ) Stock option exercises 355 6,729 265 4,117 Employee st ock plan purchases 23 2,243 26 2,014 Shares issued for acquisition 13 1,519 — — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic Earnings and Diluted Earnings Per Share Data | The following table details the reconciliation of basic earnings per share to diluted earnings per share: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Numerator for basic and diluted earnings per share: Net income $ 18,836 $ 14,740 $ 36,109 $ 26,623 Denominator: Weighted-average basic common shares outstanding 33,751 32,918 33,756 32,876 Assumed conversion of dilutive securities: Stock options 2,346 2,243 2,340 2,413 Denominator for diluted earnings per share - Adjusted weighted-average shares 36,097 35,161 36,096 35,289 Earnings per common share: Basic $ 0.56 $ 0.45 $ 1.07 $ 0.81 Diluted $ 0.52 $ 0.42 $ 1.00 $ 0.75 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Share-Based Compensation Expense Related to Share-Based Awards | The following table summarizes share-based compensation expense related to share-based awards recorded in the statements of comprehensive income, pursuant to ASC 718, Stock Compensation: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Cost of software services, maintenance and subscriptions $ 746 $ 513 $ 1,447 $ 1,026 Selling, general and administrative expenses 3,857 3,026 7,414 5,976 Total share-based compensation expenses $ 4,603 $ 3,539 $ 8,861 $ 7,002 |
Segment and Related Informati19
Segment and Related Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Revenues and Operations | For the three months ended June 30, 2015 Enterprise Software Solutions Appraisal and Tax Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 13,556 $ 1,030 $ — $ 14,586 Subscriptions 25,733 1,216 — 26,949 Software services 31,826 2,737 — 34,563 Maintenance 54,992 4,471 — 59,463 Appraisal services — 6,691 — 6,691 Hardware and other 1,330 11 2,702 4,043 Intercompany 979 — (979 ) — Total revenues $ 128,416 $ 16,156 $ 1,723 $ 146,295 Segment operating income $ 34,408 $ 3,903 $ (7,108 ) $ 31,203 For the six months ended June 30, 2015 Enterprise Software Solutions Appraisal and Tax Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 25,883 $ 3,003 $ — $ 28,886 Subscriptions 50,042 2,195 — 52,237 Software services 60,994 4,373 — 65,367 Maintenance 108,007 8,804 — 116,811 Appraisal services — 12,780 — 12,780 Hardware and other 2,468 11 2,701 5,180 Intercompany 1,905 — (1,905 ) — Total revenues $ 249,299 $ 31,166 $ 796 $ 281,261 Segment operating income $ 66,660 $ 6,971 $ (13,642 ) $ 59,989 For the three months ended June 30, 2014 Enterprise Software Solutions Appraisal and Tax Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 11,349 $ 734 $ — $ 12,083 Subscriptions 20,124 810 — 20,934 Software services 27,420 2,708 — 30,128 Maintenance 47,765 4,186 — 51,951 Appraisal services — 5,444 — 5,444 Hardware and other 1,361 — 2,470 3,831 Intercompany 532 — (532 ) — Total revenues $ 108,551 $ 13,882 $ 1,938 $ 124,371 Segment operating income $ 27,747 $ 2,934 $ (5,487 ) $ 25,194 For the six months ended June 30, 2014 Enterprise Software Solutions Appraisal and Tax Software Solutions and Services Corporate Totals Revenues Software licenses and royalties $ 22,145 $ 1,170 $ — $ 23,315 Subscriptions 39,846 1,595 — 41,441 Software services 49,607 4,828 — 54,435 Maintenance 93,858 8,333 — 102,191 Appraisal services — 10,295 — 10,295 Hardware and other 2,850 — 2,470 5,320 Intercompany 1,005 — (1,005 ) — Total revenues $ 209,311 $ 26,221 $ 1,465 $ 236,997 Segment operating income $ 53,175 $ 4,766 $ (11,275 ) $ 46,666 |
Reconciliation of Operating Income from Segments to Consolidated | Reconciliation of reportable segment operating Three months ended June 30, Six months ended June 30, income to the Company's consolidated totals: 2015 2014 2015 2014 Total segment operating income $ 31,203 $ 25,194 $ 59,989 $ 46,666 Amortization of acquired software (456 ) (444 ) (912 ) (925 ) Amortization of customer and trade name intangibles (1,151 ) (1,128 ) (2,303 ) (2,257 ) Other income (expense), net 185 (216 ) 366 (475 ) Income before income taxes $ 29,781 $ 23,406 $ 57,140 $ 43,009 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | May. 29, 2015 | Jun. 30, 2015 |
Business Acquisition [Line Items] | ||
Purchase price in cash | $ 6,447 | |
Brazos Technology Corporation [Member] | ||
Business Acquisition [Line Items] | ||
Cash acquired from acquisition | $ 312 | |
Debt assumed from business acquisition | 733 | |
Purchase price in cash | $ 6,100 | |
Number of common stock shares valued at acquisition | 12,500 | |
Common stock value at acquisition date | $ 1,500 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jan. 30, 2015 | |
Schedule Of Other Assets [Line Items] | ||
Purchase of held to maturity securities | $ 6,449 | |
Grade corporate and municipal bonds, maturity date | 2015 through mid-2017 | |
Cost method investment | $ 15,000 | |
Convertible Preferred Stock | Record Holdings Pty Limited | ||
Schedule Of Other Assets [Line Items] | ||
Cost method investment | $ 15,000 | |
Investment percentage | 20.00% |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Activities in Common Stock (Detail) - USD ($) shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Equity [Abstract] | ||
Purchase of common stock, Shares | (5) | (294) |
Stock option exercises, Shares | 355 | 265 |
Employee stock plan purchases, Shares | 23 | 26 |
Shares issued for acquisition, Shares | 13 | |
Purchase of common stock, Amount | $ (645) | $ (22,815) |
Stock option exercises, Amount | 6,729 | 4,117 |
Employee stock plan purchases, Amount | 2,243 | $ 2,014 |
Shares issued for acquisition, Amount | $ 1,519 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) | Jun. 30, 2015shares |
Equity [Abstract] | |
Number of shares authorized to be repurchased | 1,400,000 |
Income Tax Provision - Addition
Income Tax Provision - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 36.80% | 37.00% | 36.80% | 38.10% |
Federal income tax rate | 35.00% | |||
Federal and state income tax payments | $ 18.3 | $ 8.6 |
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 | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 18,836 | $ 14,740 | $ 36,109 | $ 26,623 |
Weighted-average basic common shares outstanding | 33,751 | 32,918 | 33,756 | 32,876 |
Stock options | 2,346 | 2,243 | 2,340 | 2,413 |
Denominator for diluted earnings per share - Adjusted weighted-average shares | 36,097 | 35,161 | 36,096 | 35,289 |
Basic | $ 0.56 | $ 0.45 | $ 1.07 | $ 0.81 |
Diluted | $ 0.52 | $ 0.42 | $ 1 | $ 0.75 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 492 | 669 | 570 | 485 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share-Based Compensation Expense Related to Share-Based Awards (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expenses | $ 4,603 | $ 3,539 | $ 8,861 | $ 7,002 |
Cost of software services, maintenance and subscriptions [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expenses | 746 | 513 | 1,447 | 1,026 |
Selling, general and administrative expenses [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expenses | $ 3,857 | $ 3,026 | $ 7,414 | $ 5,976 |
Segment and Related Informati28
Segment and Related Information - Additional Information (Detail) - Jun. 30, 2015 | Business_UnitSegment |
Segment Reporting Information [Line Items] | |
Number of business units | 4 |
Enterprise Software Solutions [Member] | |
Segment Reporting Information [Line Items] | |
Number of reportable segment | Segment | 1 |
Segment and Related Informati29
Segment and Related Information - Schedule of Segment Revenues and Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Software licenses and royalties | $ 14,586 | $ 12,083 | $ 28,886 | $ 23,315 |
Subscriptions | 26,949 | 20,934 | 52,237 | 41,441 |
Software services | 34,563 | 30,128 | 65,367 | 54,435 |
Maintenance | 59,463 | 51,951 | 116,811 | 102,191 |
Appraisal services | 6,691 | 5,444 | 12,780 | 10,295 |
Hardware and other | 4,043 | 3,831 | 5,180 | 5,320 |
Total revenues | 146,295 | 124,371 | 281,261 | 236,997 |
Segment operating income | 31,203 | 25,194 | 59,989 | 46,666 |
Operating segments [Member] | Enterprise Software Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Software licenses and royalties | 13,556 | 11,349 | 25,883 | 22,145 |
Subscriptions | 25,733 | 20,124 | 50,042 | 39,846 |
Software services | 31,826 | 27,420 | 60,994 | 49,607 |
Maintenance | 54,992 | 47,765 | 108,007 | 93,858 |
Hardware and other | 1,330 | 1,361 | 2,468 | 2,850 |
Intercompany | 979 | 532 | 1,905 | 1,005 |
Total revenues | 128,416 | 108,551 | 249,299 | 209,311 |
Segment operating income | 34,408 | 27,747 | 66,660 | 53,175 |
Operating segments [Member] | Appraisal and Tax Software Solutions and Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Software licenses and royalties | 1,030 | 734 | 3,003 | 1,170 |
Subscriptions | 1,216 | 810 | 2,195 | 1,595 |
Software services | 2,737 | 2,708 | 4,373 | 4,828 |
Maintenance | 4,471 | 4,186 | 8,804 | 8,333 |
Appraisal services | 6,691 | 5,444 | 12,780 | 10,295 |
Hardware and other | 11 | 11 | ||
Total revenues | 16,156 | 13,882 | 31,166 | 26,221 |
Segment operating income | 3,903 | 2,934 | 6,971 | 4,766 |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Hardware and other | 2,702 | 2,470 | 2,701 | 2,470 |
Intercompany | (979) | (532) | (1,905) | (1,005) |
Total revenues | 1,723 | 1,938 | 796 | 1,465 |
Segment operating income | $ (7,108) | $ (5,487) | $ (13,642) | $ (11,275) |
Segment and Related Informati30
Segment and Related Information - Reconciliation of Operating Income from Segments to Consolidated (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total segment operating income | $ 31,203 | $ 25,194 | $ 59,989 | $ 46,666 |
Amortization of acquired software | (456) | (444) | (912) | (925) |
Amortization of customer and trade name intangibles | (1,151) | (1,128) | (2,303) | (2,257) |
Other income (expense), net | 185 | (216) | 366 | (475) |
Income before income taxes | 29,781 | 23,406 | 57,140 | 43,009 |
Segment Reconciling Items [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Amortization of acquired software | (456) | (444) | (912) | (925) |
Amortization of customer and trade name intangibles | (1,151) | (1,128) | (2,303) | (2,257) |
Other income (expense), net | $ 185 | $ (216) | $ 366 | $ (475) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Jun. 30, 2015LegalMatter |
Commitments And Contingencies Disclosure [Abstract] | |
Number of material legal proceedings pending | 0 |