(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Exhibit Number | Description |
99.1 |
NIC INC. | ||
Dated: | July 31, 2019 | /s/ Stephen M. Kovzan |
Stephen M. Kovzan | ||
Chief Financial Officer |
• | Total revenues of $91.6 million, a 1% decrease, reflecting lower revenues from the new Texas payment processing contract compared to revenues from the legacy Texas contract |
• | Operating income of $17.7 million, a 21% decrease, mainly reflecting the Texas contract transition |
• | Net income of $14.5 million, a 15% decrease |
• | Diluted earnings per share of 21 cents, a 16% decrease. Diluted earnings per share was positively impacted by 1 cent due to the release of reserves for unrecognized income tax benefits resulting from the completion of an IRS examination of the Company's 2016 federal income tax return during the quarter, which resulted in no changes to the Company's previously filed return. |
• | Adjusted EBITDA of $22.3 million, a 15% decrease |
• | Same state revenues of $74.7 million, a 10% increase |
• | Same state transaction-based revenues from Interactive Government Services (IGS) increased 14% |
• | Same state transaction-based revenues from Driver History Records (DHR) increased 4% |
• | Same state revenues from other services (development services & fixed fee management services) increased 3% |
• | State enterprise revenues in the second quarter of 2019 included $8.0 million from the new Texas payment processing contract compared to $18.3 million from the legacy Texas contract in the prior year quarter. |
• | Software & Services revenues of $8.7 million, a 47% increase, driven mainly by the new federal Recreation.gov service, as well as increased transaction-based revenues from the federal Pre-Employment Screening Program. |
• | On July 29, 2019, the Company’s Board of Directors declared a regular quarterly cash dividend of 8 cents per share, payable to stockholders of record as of September 6, 2019. The dividend, which is expected to total |
• | Following a competitive rebid process, the state of Utah signed a new four-year contract, which includes two three-year renewal options, for a total of 10 years. |
• | The Company signed a new two-year contract with the Rhode Island Department of Administration, which includes two one-year renewal options, for a total of four years. |
• | The Company's government partner in Arkansas extended its contract with the Company for one year. |
• | The Company's government partner in South Carolina extended its contract with the Company for one year. The contract includes a one-year renewal option. |
• | The Federal Motor Carrier Safety Administration extended its contract with the Company to provide the Pre-Employment Screening Program for an additional six months. The contract has two sixth-month renewal options remaining. |
• | The Company currently expects total revenues of $347.5-$352.5 million, with state enterprise revenues ranging from $317.0-$320.5 million and software & services revenues ranging from $30.5-$32.0 million. The Company’s previous guidance for total revenues ranged from $333.5-$342.5 million, with state enterprise revenues ranging from $306.0-$314.0 million and software & services revenues ranging from $27.5-$28.5 million |
• | The Company now anticipates earnings per share to range from 71-73 cents compared to the previous guidance range of 70-74 cents |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Revenues: | ||||||||||||||||
State enterprise revenues | $ | 82,829 | $ | 86,555 | $ | 160,085 | $ | 167,346 | ||||||||
Software & services revenues | 8,737 | 5,943 | 16,662 | 11,877 | ||||||||||||
Total revenues | 91,566 | 92,498 | 176,747 | 179,223 | ||||||||||||
Operating expenses: | ||||||||||||||||
State enterprise cost of revenues, exclusive of depreciation & amortization | 52,277 | 51,711 | 100,933 | 100,353 | ||||||||||||
Software & services cost of revenues, exclusive of depreciation & amortization | 3,329 | 2,235 | 6,049 | 4,463 | ||||||||||||
Selling & administrative | 8,356 | 8,268 | 18,320 | 15,771 | ||||||||||||
Enterprise technology & product support | 6,745 | 5,735 | 13,190 | 11,382 | ||||||||||||
Depreciation & amortization | 3,130 | 2,145 | 5,551 | 4,210 | ||||||||||||
Total operating expenses | 73,837 | 70,094 | 144,043 | 136,179 | ||||||||||||
Operating income | 17,729 | 22,404 | 32,704 | 43,044 | ||||||||||||
Other income: | ||||||||||||||||
Interest income | 577 | 57 | 1,181 | 58 | ||||||||||||
Income before income taxes | 18,306 | 22,461 | 33,885 | 43,102 | ||||||||||||
Income tax provision | 3,846 | 5,450 | 7,923 | 10,582 | ||||||||||||
Net income | $ | 14,460 | $ | 17,011 | $ | 25,962 | $ | 32,520 | ||||||||
Basic net income per share | $ | 0.21 | $ | 0.25 | $ | 0.38 | $ | 0.48 | ||||||||
Diluted net income per share | $ | 0.21 | $ | 0.25 | $ | 0.38 | $ | 0.48 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 66,940 | 66,541 | 66,806 | 66,432 | ||||||||||||
Diluted | 66,940 | 66,561 | 66,806 | 66,447 | ||||||||||||
Key financial metrics: | ||||||||||||||||
Total revenue growth | (1 | )% | 8 | % | (1 | )% | 6 | % | ||||||||
Recurring revenues as a % of total revenues | 97 | % | 96 | % | 97 | % | 97 | % | ||||||||
State enterprise revenue growth | (4 | )% | 9 | % | (4 | )% | 7 | % | ||||||||
Same state revenue growth | 10 | % | 8 | % | 10 | % | 8 | % | ||||||||
Gross profit % - state enterprise | 37 | % | 40 | % | 37 | % | 40 | % | ||||||||
Software & services revenue growth | 47 | % | — | % | 40 | % | — | % | ||||||||
Gross profit % - software & services | 62 | % | 62 | % | 64 | % | 62 | % | ||||||||
Selling & administrative as a % of total revenues | 9 | % | 9 | % | 10 | % | 9 | % | ||||||||
Enterprise technology & product support as a % of total revenues | 7 | % | 6 | % | 7 | % | 6 | % | ||||||||
Operating income as a % of total revenue ("operating margin") | 19 | % | 24 | % | 19 | % | 24 | % | ||||||||
State enterprise revenue analysis: | ||||||||||||||||
IGS | $ | 55,537 | $ | 55,111 | $ | 105,691 | $ | 105,379 | ||||||||
DHR | 23,413 | 26,645 | 47,098 | 53,883 | ||||||||||||
Development services | 2,642 | 3,562 | 4,821 | 5,609 | ||||||||||||
Fixed-fee management services | 1,237 | 1,237 | 2,475 | 2,475 | ||||||||||||
Total state enterprise revenues | $ | 82,829 | $ | 86,555 | $ | 160,085 | $ | 167,346 |
June 30, 2019 | December 31, 2018 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash | $ | 186,535 | $ | 191,700 | ||||
Trade accounts receivable, net | 113,116 | 80,904 | ||||||
Prepaid expenses & other current assets | 12,603 | 13,730 | ||||||
Total current assets | 312,254 | 286,334 | ||||||
Property and equipment, net | 10,956 | 10,256 | ||||||
Right of use lease assets, net | 11,924 | — | ||||||
Intangible assets, net | 23,195 | 13,604 | ||||||
Goodwill | 5,965 | — | ||||||
Other assets | 353 | 332 | ||||||
Total assets | $ | 364,647 | $ | 310,526 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 83,708 | $ | 60,092 | ||||
Accrued expenses | 22,713 | 24,150 | ||||||
Lease liabilities | 4,077 | — | ||||||
Other current liabilities | 5,441 | 4,883 | ||||||
Total current liabilities | 115,939 | 89,125 | ||||||
Deferred income taxes, net | 1,757 | 781 | ||||||
Lease liabilities | 8,263 | — | ||||||
Other long-term liabilities | 9,346 | 8,931 | ||||||
Total liabilities | 135,305 | 98,837 | ||||||
Commitments and contingencies | — | — | ||||||
Stockholders' equity: | ||||||||
Common stock, $0.0001 par, 200,000 shares authorized, 66,956 and 66,569 shares issued and outstanding | 7 | 7 | ||||||
Additional paid-in capital | 120,204 | 117,763 | ||||||
Retained earnings | 109,131 | 93,919 | ||||||
Total stockholders' equity | 229,342 | 211,689 | ||||||
Total liabilities and stockholders' equity | $ | 364,647 | $ | 310,526 |
June 30, 2019 | |||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | |||||||||||||||||
Shares | Amount | Total | |||||||||||||||||
Balance, January 1, 2019 | 66,569 | $ | 7 | $ | 117,763 | $ | 93,919 | $ | 211,689 | ||||||||||
Net income | — | — | — | 11,502 | 11,502 | ||||||||||||||
Dividends declared | — | — | — | (5,402 | ) | (5,402 | ) | ||||||||||||
Dividend equivalents on unvested performance-based restricted stock awards | — | — | 27 | (27 | ) | — | |||||||||||||
Dividend equivalents cancelled upon forfeiture of performance-based restricted stock awards | — | — | (122 | ) | 122 | — | |||||||||||||
Restricted stock vestings | 364 | — | — | — | — | ||||||||||||||
Shares surrendered and cancelled upon vesting of restricted stock to satisfy tax withholdings | (153 | ) | — | (2,609 | ) | — | (2,609 | ) | |||||||||||
Stock-based compensation | — | — | 2,272 | — | 2,272 | ||||||||||||||
Shares issuable in lieu of dividend payments on unvested performance-based restricted stock awards | 3 | — | — | — | — | ||||||||||||||
Issuance of common stock under employee stock purchase plan | 128 | — | 1,443 | — | 1,443 | ||||||||||||||
Balance, March 31, 2019 | 66,911 | 7 | 118,774 | 100,114 | 218,895 | ||||||||||||||
Net income | — | — | — | 14,460 | 14,460 | ||||||||||||||
Dividends declared | — | — | — | (5,416 | ) | (5,416 | ) | ||||||||||||
Dividend equivalents on unvested performance-based restricted stock awards | — | — | 27 | (27 | ) | — | |||||||||||||
Restricted stock vestings | 47 | — | — | — | — | ||||||||||||||
Shares surrendered and cancelled upon vesting of restricted stock to satisfy tax withholdings | (2 | ) | — | (28 | ) | — | (28 | ) | |||||||||||
Stock-based compensation | — | — | 1,431 | — | 1,431 | ||||||||||||||
Balance, June 30, 2019 | 66,956 | $ | 7 | $ | 120,204 | $ | 109,131 | $ | 229,342 |
June 30, 2018 | |||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | |||||||||||||||||
Shares | Amount | Total | |||||||||||||||||
Balance, January 1, 2018 | 66,271 | $ | 7 | $ | 111,275 | $ | 56,960 | $ | 168,242 | ||||||||||
Cumulative effect of adoption of new accounting standard | — | — | — | 208 | 208 | ||||||||||||||
Net income | — | — | — | 15,508 | 15,508 | ||||||||||||||
Dividends declared | — | — | — | (5,370 | ) | (5,370 | ) | ||||||||||||
Dividend equivalents on unvested performance-based restricted stock awards | — | — | 34 | (34 | ) | — | |||||||||||||
Dividend equivalents cancelled upon forfeiture of performance-based restricted stock awards | — | — | (140 | ) | 140 | — | |||||||||||||
Restricted stock vestings | 202 | — | — | — | — | ||||||||||||||
Shares surrendered and cancelled upon vesting of restricted stock to satisfy tax withholdings | (81 | ) | — | (1,132 | ) | — | (1,132 | ) | |||||||||||
Stock-based compensation | — | — | 1,511 | — | 1,511 | ||||||||||||||
Issuance of common stock under employee stock purchase plan | 122 | — | 1,382 | — | 1,382 | ||||||||||||||
Balance, March 31, 2018 | 66,514 | 7 | 112,930 | 67,412 | 180,349 | ||||||||||||||
Net income | — | — | — | 17,011 | 17,011 | ||||||||||||||
Dividends declared | — | — | — | (5,385 | ) | (5,385 | ) | ||||||||||||
Dividend equivalents on unvested performance-based restricted stock awards | — | — | 33 | (33 | ) | — | |||||||||||||
Restricted stock vestings | 44 | — | — | — | — | ||||||||||||||
Shares surrendered and cancelled upon vesting of restricted stock to satisfy tax withholdings | (2 | ) | — | (32 | ) | — | (32 | ) | |||||||||||
Stock-based compensation | — | — | 1,576 | — | 1,576 | ||||||||||||||
Balance, June 30, 2018 | 66,556 | $ | 7 | $ | 114,507 | $ | 79,005 | $ | 193,519 |
Six Months Ended June 30, | ||||||||
2019 | 2018 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 25,962 | $ | 32,520 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation & amortization | 5,551 | 4,210 | ||||||
Stock-based compensation expense | 3,703 | 3,087 | ||||||
Deferred income taxes | 976 | 614 | ||||||
Provision for (recoveries) losses on accounts receivable | (148 | ) | 343 | |||||
Changes in operating assets and liabilities: | ||||||||
Trade accounts receivable, net | (31,613 | ) | 10,838 | |||||
Prepaid expenses & other current assets | 1,130 | (170 | ) | |||||
Other assets | 2,191 | 262 | ||||||
Accounts payable | 23,616 | (19,460 | ) | |||||
Accrued expenses | (1,439 | ) | (4,393 | ) | ||||
Other current liabilities | 32 | (209 | ) | |||||
Other long-term liabilities | (2,190 | ) | 758 | |||||
Net cash provided by operating activities | 27,771 | 28,400 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (2,831 | ) | (2,411 | ) | ||||
Business combination | (10,000 | ) | — | |||||
Asset acquisition | (3,486 | ) | — | |||||
Capitalized software development costs | (4,607 | ) | (3,503 | ) | ||||
Net cash used in investing activities | (20,924 | ) | (5,914 | ) | ||||
Cash flows from financing activities: | ||||||||
Cash dividends on common stock | (10,818 | ) | (10,755 | ) | ||||
Proceeds from employee common stock purchases | 1,443 | 1,382 | ||||||
Tax withholdings related to stock-based compensation awards | (2,637 | ) | (1,165 | ) | ||||
Net cash used in financing activities | (12,012 | ) | (10,538 | ) | ||||
Net (decrease) increase in cash | (5,165 | ) | 11,948 | |||||
Cash, beginning of period | 191,700 | 160,777 | ||||||
Cash, end of period | 186,535 | 172,725 | ||||||
Other cash flow information: | ||||||||
Non-cash investing activities: | ||||||||
Contingent consideration - business combination | $ | 960 | $ | — | ||||
Capital expenditures accrued but not yet paid | — | 166 | ||||||
Cash payments: | ||||||||
Income taxes paid, net | $ | 6,925 | $ | 8,883 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
Reconciliation of net income to Adjusted EBITDA | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income | $ | 14,460 | $ | 17,011 | $ | 25,962 | $ | 32,520 | ||||||||
Add: Income tax expense | 3,846 | 5,450 | 7,923 | 10,582 | ||||||||||||
Less: Interest income | 577 | 57 | 1,181 | 58 | ||||||||||||
Operating income | 17,729 | 22,404 | 32,704 | 43,044 | ||||||||||||
Add: Depreciation & amortization expense | 3,130 | 2,145 | 5,551 | 4,210 | ||||||||||||
Add: Stock-based compensation expense, inclusive of executive severance (1) | 1,431 | 1,576 | 3,703 | 3,087 | ||||||||||||
Add: Executive severance payments (1) | — | — | 1,526 | — | ||||||||||||
Adjusted EBITDA | $ | 22,290 | $ | 26,125 | $ | 43,484 | $ | 50,341 | ||||||||
Total Revenues | $ | 91,566 | $ | 92,498 | $ | 176,747 | $ | 179,223 | ||||||||
Net income as a % of total revenues ("net profit margin") | 16 | % | 18 | % | 15 | % | 18 | % | ||||||||
Adjusted EBITDA as a % of total revenues ("Adjusted EBITDA margin") | 24 | % | 28 | % | 25 | % | 28 | % | ||||||||
Detail of stock-based compensation expense | ||||||||||||||||
State enterprise cost of revenues, exclusive of depreciation & amortization | $ | 395 | $ | 362 | $ | 757 | $ | 805 | ||||||||
Software & services cost of revenues, exclusive of depreciation & amortization | 21 | 36 | 56 | 76 | ||||||||||||
Selling & administrative | 857 | 1,021 | 2,572 | 1,858 | ||||||||||||
Enterprise technology & product support | 158 | 157 | 318 | 348 | ||||||||||||
Stock-based compensation expense | $ | 1,431 | $ | 1,576 | $ | 3,703 | $ | 3,087 | ||||||||
(1) | Executive severance expense of $2.6 million related to the departure of the Company's former Chief Operating Officer is included in selling & administrative expense in the consolidated statements of income and financial summary for the six months ended June 30, 2019. These costs consisted of a one-time cash payment of $1.5 million and $1.1 million of stock-based compensation expense associated with the accelerated vesting of certain restricted stock awards. These costs were excluded from Adjusted EBITDA because the Company does not regard these costs as reflective of normal recurring costs to operate its business. |
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Cover Page |
6 Months Ended | |
---|---|---|
Jul. 31, 2019 |
Jun. 30, 2019 |
|
Cover page. | ||
Document Type | 8-K | |
Document Period End Date | Jul. 31, 2019 | |
Entity Registrant Name | NIC INC | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 000-26621 | |
Entity Tax Identification Number | 52-2077581 | |
Entity Address, Address Line One | 25501 West Valley Parkway | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Olathe | |
Entity Address, State or Province | KS | |
Entity Address, Postal Zip Code | 66061 | |
City Area Code | 877 | |
Local Phone Number | 234-3468 | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | EGOV | |
Security Exchange Name | NASDAQ | |
Written Communications | false | |
Soliciting Material | false | |
Pre-commencement Tender Offer | false | |
Pre-commencement Issuer Tender Offer | false | |
Entity Central Index Key | 0001065332 | |
Amendment Flag | false |
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