Restatement of Condensed Consolidated Financial Statements Restatement of Condensed Consolidated Financial Statements (Tables)

9 Months Ended

Mar. 31, 2015

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]

Condensed Consolidated Statements of Income:
(In Thousands, Except Per Share Data)
	Quarter Ended
	March 31, 2014
	As Previously Reported			Effect of Restatement			As Restated
REVENUE
License	$	15,267		$	(14,664	)	$	603
Support and service	270,931			5,169			276,100
Hardware	14,731			—			14,731
Total revenue	300,929			(9,495		)	291,434
COST OF SALES
Cost of license	1,167			(940		)	227
Cost of support and service	164,223			(1,399		)	162,824
Cost of hardware	11,008			—			11,008
Total cost of sales	176,398			(2,339		)	174,059
GROSS PROFIT	124,531			(7,156		)	117,375
OPERATING EXPENSES
Selling and marketing	22,034			(315		)	21,719
Research and development	17,485			—			17,485
General and administrative	13,630			—			13,630
Total operating expenses	53,149			(315		)	52,834
OPERATING INCOME	71,382			(6,841		)	64,541
INTEREST INCOME (EXPENSE)
Interest income	84			—			84
Interest expense	(262		)	—			(262		)
Total interest income (expense)	(178		)	—			(178		)
INCOME BEFORE INCOME TAXES	71,204			(6,841		)	64,363
PROVISION FOR INCOME TAXES	24,448			(2,691		)	21,757
NET INCOME	$	46,756		$	(4,150	)	$	42,606
Diluted earnings per share	$	0.55		$	(0.05	)	$	0.50
Diluted weighted average shares outstanding	85,467			85,467			85,467
Basic earnings per share	$	0.55		$	(0.05	)	$	0.50
Basic weighted average shares outstanding	84,981			84,981			84,981

Condensed Consolidated Statements of Income:
(In Thousands, Except Per Share Data)
	Nine-Month Period Ended
	March 31, 2014
	As Previously Reported			Effect of Restatement			As Restated
REVENUE
License	$	39,938		$	(38,328	)	$	1,610
Support and service	814,751			(2,779		)	811,972
Hardware	44,425			—			44,425
Total revenue	899,114			(41,107		)	858,007
COST OF SALES
Cost of license	3,526			(2,766		)	760
Cost of support and service	476,700			(9,951		)	466,749
Cost of hardware	32,816			—			32,816
Total cost of sales	513,042			(12,717		)	500,325
GROSS PROFIT	386,072			(28,390		)	357,682
OPERATING EXPENSES
Selling and marketing	64,562			(1,602		)	62,960
Research and development	49,300			—			49,300
General and administrative	40,011			—			40,011
Total operating expenses	153,873			(1,602		)	152,271
OPERATING INCOME	232,199			(26,788		)	205,411
INTEREST INCOME (EXPENSE)
Interest income	344			—			344
Interest expense	(808		)	—			(808		)
Total interest income (expense)	(464		)	—			(464		)
INCOME BEFORE INCOME TAXES	231,735			(26,788		)	204,947
PROVISION FOR INCOME TAXES	81,208			(10,449		)	70,759
NET INCOME	$	150,527		$	(16,339	)	$	134,188
Diluted earnings per share	$	1.76		$	(0.19	)	$	1.56
Diluted weighted average shares outstanding	85,769			85,769			85,769
Basic earnings per share	$	1.77		$	(0.19	)	$	1.57
Basic weighted average shares outstanding	85,242			85,242			85,242

Condensed Consolidated Balance Sheets:
(In Thousands, Except Share and Per Share Data)
	June 30, 2014
	As Previously Reported			Effect of Restatement			As Restated
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	70,377		$	—		$	70,377
Receivables, net	224,041			—			224,041
Income tax receivable	7,937			—			7,937
Prepaid expenses and other	59,824			1,250			61,074
Deferred costs	22,202			4,875			27,077
Total current assets	384,381			6,125			390,506
PROPERTY AND EQUIPMENT, net	291,675			—			291,675
OTHER ASSETS:
Non-current deferred costs	34,708			43,750			78,458
Computer software, net of amortization	160,391			—			160,391
Other non-current assets	38,121			6,536			44,657
Customer relationships, net of amortization	136,602			—			136,602
Other intangible assets, net of amortization	25,653			—			25,653
Goodwill	552,761			—			552,761
Total other assets	948,236			50,286			998,522
Total assets	$	1,624,292		$	56,411		$	1,680,703
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	10,516		$	—		$	10,516
Accrued expenses	63,299			—			63,299
Deferred income tax liability	37,592			(7,498		)	30,094
Notes payable and current maturities of long term debt	5,407			—			5,407
Deferred revenues	312,002			25,491			337,493
Total current liabilities	428,816			17,993			446,809
LONG TERM LIABILITIES:
Non-current deferred revenues	8,985			146,390			155,375
Non-current deferred income tax liability	134,918			(37,198		)	97,720
Debt, net of current maturities	3,729			—			3,729
Other long-term liabilities	9,683			—			9,683
Total long term liabilities	157,315			109,192			266,507
Total liabilities	586,131			127,185			713,316
STOCKHOLDERS' EQUITY
Preferred stock - $1 par value; 500,000 shares authorized, none issued	—			—			—
Common stock - $0.01 par value; 250,000,000 shares authorized; 102,429,926 shares issued at June 30, 2014	1,024			—			1,024
Additional paid-in capital	412,512			—			412,512
Retained earnings	1,202,406			(70,774		)	1,131,632
Less treasury stock at cost; 19,794,559 shares at June 30, 2014	(577,781		)	—			(577,781		)
Total stockholders' equity	1,038,161			(70,774		)	967,387
Total liabilities and equity	$	1,624,292		$	56,411		$	1,680,703

Condensed Consolidated Statements of Cash Flows:
(In Thousands)
	Nine-Month Period Ended
	March 31, 2014
	As Previously Reported			Effect of Restatement			As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	150,527		$	(16,339	)	$	134,188
Adjustments to reconcile net income from operations      to net cash from operating activities:
Depreciation	39,581			—			39,581
Amortization	39,936			—			39,936
Change in deferred income taxes	1,056			(10,450		)	(9,394		)
Excess tax benefits from stock-based compensation	(3,320		)	—			(3,320		)
Expense for stock-based compensation	7,303			—			7,303
(Gain)/loss on disposal of assets	(255		)	—			(255		)
Changes in operating assets and liabilities:
Change in receivables	91,529			—			91,529
Change in prepaid expenses, deferred costs and other	(13,892		)	(14,318		)	(28,210		)
Change in accounts payable	(4,670		)	—			(4,670		)
Change in accrued expenses	(11,019		)	—			(11,019		)
Change in income taxes	15,992			—			15,992
Change in deferred revenues	(151,331		)	41,107			(110,224		)
Net cash from operating activities	161,437			—			161,437
CASH FLOWS FROM INVESTING ACTIVITIES:
Payment for acquisitions, net of cash acquired	(27,894		)	—			(27,894		)
Capital expenditures	(27,697		)	—			(27,697		)
Proceeds from sale of assets	5,392			—			5,392
Internal use software	(11,365		)	—			(11,365		)
Computer software developed	(44,511		)	—			(44,511		)
Net cash from investing activities	(106,075		)	—			(106,075		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facilities	—			—			—
Repayments on credit facilities	(15,556		)	—			(15,556		)
Purchase of treasury stock	(62,995		)	—			(62,995		)
Dividends paid	(52,770		)	—			(52,770		)
Debt acquisition costs	—			—			—
Excess tax benefits from stock-based compensation	3,320			—			3,320
Proceeds from issuance of common stock upon exercise of stock options	408			—			408
Minimum tax withholding payments related to share based compensation	(6,511		)	—			(6,511		)
Proceeds from sale of common stock, net	3,081			—			3,081
Net cash from financing activities	(131,023		)	—			(131,023		)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(75,661		)	—			(75,661		)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	127,905			—			127,905
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	52,244		$	—		$	52,244