(X) | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended June 30, 2016 | |
OR | |
( ) | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ______________ to ________________ |
Delaware | 43-1128385 | |
(State or Other Jurisdiction of Incorporation) | (I.R.S Employer Identification No.) |
Title of each class | Name of each exchange on which registered | |
Common Stock ($0.01 par value) | NASDAQ Global Select Market |
Large accelerated filer | [X] | Accelerated filer | [ ] | |
Non-accelerated filer | [ ] | (Do not check if a smaller reporting company) | Smaller reporting company | [ ] |
Page Reference | ||
PART I | ||
ITEM 1. | BUSINESS | |
ITEM 1A. | RISK FACTORS | |
ITEM 1B. | UNRESOLVED STAFF COMMENTS | |
ITEM 2. | PROPERTIES | |
ITEM 3. | LEGAL PROCEEDINGS | |
ITEM 4. | MINE SAFETY DISCLOSURES | |
PART II | ||
ITEM 5. | MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES | |
ITEM 6. | SELECTED FINANCIAL DATA | |
ITEM 7. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | |
ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE | |
ITEM 9A. | CONTROLS AND PROCEDURES | |
ITEM 9B. | OTHER INFORMATION | |
PART III | ||
ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE | |
ITEM 11. | EXECUTIVE COMPENSATION | |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS | |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE | |
ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | |
PART IV | ||
ITEM 15 | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES | |
ITEM 16 | FORM 10-K SUMMARY |
• | Jack Henry Banking is a leading provider of integrated data processing systems to over 1,100 banks ranging from community banks to multi-billion dollar institutions with assets of up to $30 billion. Our banking solutions support both in-house and outsourced operating environments with three functionally distinct core processing platforms and more than 100 integrated complementary solutions. |
• | Symitar is a leading provider of core data processing solutions for credit unions of all sizes, with over 800 credit union customers. Symitar markets two functionally distinct core processing platforms and more than 50 integrated complementary solutions that support both in-house and outsourced operating environments. |
• | ProfitStars is a leading provider of highly specialized products and services to financial institutions that are primarily not core customers of the Company. ProfitStars offers highly specialized financial performance, imaging and payments processing, information security and risk management, retail delivery, and online and mobile solutions. ProfitStars’ products and services enhance the performance of financial services organizations of all asset sizes and charters, and diverse corporate entities with nearly 10,200 domestic and international customers. |
• | Do the right thing, |
• | Do whatever it takes, and |
• | Have fun. |
• | Maximize performance with accessible, accurate, and timely business intelligence information; |
• | Offer the high-demand products and services needed to successfully compete with traditional competitors and non-traditional competitors created by convergence within the financial services industry; |
• | Enhance the customer/member experience at varied points of contact; |
• | Expand existing customer/member relationships and strengthen exit barriers by cross selling additional products and services; |
• | Capitalize on new revenue and deposit growth opportunities; |
• | Increase operating efficiencies and reduce operating costs; |
• | Implement e-commerce, mobile, and digital strategies that provide the convenience-driven services required in today’s financial services industry; |
• | Protect mission-critical information assets and operational infrastructure; |
• | Protect customers/members with various security tools from fraud and related financial losses; |
• | Maximize the day-to-day use of technology and return on technology investments; and |
• | Ensure full regulatory compliance. |
• | Concentrating our activities on what we know best - information systems and services for financial institutions; |
• | Providing outstanding commitment and service to our customers so that the perceived value of our products and services is consistent with the real value; and |
• | Maintaining a work environment that is personally, professionally, and financially rewarding to our employees. |
• | Providing commercial banks and credit unions with core software systems that provide excellent functionality, and support in-house and outsourced operating environments with identical functionality. |
• | Expanding each core customer relationship by cross-selling complementary products and services that enhance the functionality provided by our core information processing systems. |
• | Maintaining a company-wide commitment to customer service that consistently exceeds our customers’ expectations and generates high levels of customer retention. |
• | Capitalizing on our acquisition strategy. |
• | Expand our suite of complementary products and services; |
• | Provide products and services that can be sold to both existing core and non-core customers and outside our base to new customers; and /or |
• | Provide selective opportunities to sell outside our traditional markets in the financial services industry. |
Fiscal Year | Company or Product Name | Products and Services |
2016 | Bayside Business Solutions | Portfolio management systems and factoring software |
2014 | Banno | Mobile banking, web development and data-enriched marketing technology |
2010 | iPay Technologies | Electronic bill payment and P2P services |
2010 | PEMCO Technology Services | Payment transaction processing solutions for credit unions |
2010 | Goldleaf Financial Solutions | Integrated technology and payment processing solutions |
• | Jack Henry Banking supports commercial banks with information and transaction processing platforms that provide enterprise-wide automation. We have three functionally distinct core bank processing systems and more than 100 complementary solutions, including business intelligence and bank management, retail and business banking, internet banking and electronic payment services, risk management and protection, and item and document imaging solutions. Our banking solutions have state-of-the-art functional capabilities, and we can re-market the hardware required by each software system. Our banking solutions can be delivered in-house or through outsourced delivery model, and are backed by a company-wide commitment to provide exceptional personal service. Jack Henry Banking is a recognized market leader, currently supporting over 1,100 banks with its technology platforms. |
• | Symitar supports credit unions of all sizes with information and transaction processing platforms that provide enterprise-wide automation. Its solutions include two functionally distinct core processing systems and more than 50 complementary solutions, including business intelligence and credit union management, member and member business services, internet banking and electronic payment services, risk management and protection, and item and document imaging solutions. Our credit union solutions also have state-of-the-art functional capabilities, and we can re-market the hardware required by each software system. Our credit union solutions can be delivered in-house or through outsourced delivery model, and are also backed by our company-wide commitment to provide exceptional personal service. Symitar currently supports over 800 credit union customers. |
• | ProfitStars is a leading provider of specialized products and services assembled through our focused diversification acquisition strategy. These solutions are compatible with a wide variety of information technology platforms and |
• | SilverLake®, a robust IBM Power System™ (i/OS) based system primarily designed for commercial-focused banks with assets ranging from $500 million to $30 billion. However, some progressive smaller banks and start-up banks also select SilverLake. This system has been implemented by over 400 banks, and now automates approximately 6.5% of the domestic banks with assets less than $30 billion. |
• | CIF 20/20®, a parameter-driven, easy-to-use system that now supports over 530 banks ranging from de novo institutions to those with assets exceeding $2 billion. CIF 20/20 is the most widely used IBM Power System™ (i/OS) core processing system in the community bank market. |
• | Core Director®, a Windows®-based, client/server system that now supports nearly 200 banks ranging from de novo institutions to those with assets exceeding $1 billion. Core Director is a cost-efficient operating platform and provides intuitive point-and-click operation. |
• | Episys®, a robust IBM Power System™ (AIX®) based system primarily designed for credit unions with more than $50 million in assets. It has been implemented by over 640 credit unions and is ranked as the system implemented by more credit unions with assets exceeding $25 million than any other alternative system. |
• | CruiseNet®, a Windows-based, client/server system designed primarily for credit unions with less than $50 million in assets. It has been implemented by more than 160 credit unions, is cost-efficient, and provides intuitive point-and-click, drag-and-drop operation. |
• | Card Services provides a comprehensive suite of Automated Teller Machine ("ATM"), debit, and credit card transaction processing and management solutions. Our card processing solutions, which include awards, fraud detection, ability to hot card and initiate new replacement cards, and ATM management products, are fully integrated with JHA's core and complementary solutions, facilitating seamless transaction processing. |
• | Bill Pay and Mobile banking platforms are offered through our iPay and Banno product offerings. iPay offers iPay Business Bill Pay™, a full suite of online financial management solutions designed to meet the distinct needs of small businesses, as well as iPay Consumer Bill Pay™, a solution that supports single or recurring payments, allows customers to receive bills electronically, and easily integrates with any internet banking provider. Banno Mobile™ offers a native mobile banking application for both iOS and Android that offers innovative and cost-effective mobile services that can be marketed with customer's own brand identity. It allows customers to aggregate all of their account balances and transactional data from multiple financial institutions and empowers them with the convenience of anytime, anywhere account access. |
• | Processing/ Other- Enterprise Payment Solutions (EPS), is a comprehensive payments engine and the leading total payments solution on the market today. EPS offers an integrated suite of remote deposit capture, ACH and card transaction processing solutions, risk management tools, reporting capabilities, and more for financial institutions of all sizes. EPS helps financial institutions succeed in today’s competitive market to increase revenue, improve efficiencies, better manage compliance, and enhance customer relationships. Commercial Lending Solutions help FIs securely transition from a traditional lending portfolio (focused on real estate-based consumer lending) to a more fully-diversified portfolio developed via commercial and industrial lending. Our solutions also provide reliable ways to retain creditworthy business customers facing financial hurdles, without the risk of loan loss. |
• | Exacting service standards; |
• | Trained support staff available 24 hours-a-day, 365 days-a-year; |
• | Assigned account managers; |
• | Sophisticated support tools, resources, and technology; |
• | Broad experience converting diverse banks and credit unions to our core platforms from every competitive platform; |
• | Highly effective change management and control processes; and |
• | A best practices methodology developed and refined through the company-wide, day-to-day experience supporting over 10,500 diverse clients. |
Fiscal 2016 | Fiscal 2015 | |||||||||||||||
High | Low | High | Low | |||||||||||||
Fourth Quarter | $ | 87.27 | $ | 80.44 | $ | 70.25 | $ | 60.10 | ||||||||
Third Quarter | 86.23 | 73.19 | 70.18 | 60.60 | ||||||||||||
Second Quarter | 79.92 | 68.31 | 63.85 | 51.86 | ||||||||||||
First Quarter | 71.75 | 63.84 | 60.84 | 54.78 |
Fiscal 2016 | Fiscal 2015 | |||||||
Fourth Quarter | $ | 0.280 | $ | 0.250 | ||||
Third Quarter | 0.280 | 0.250 | ||||||
Second Quarter | 0.250 | 0.220 | ||||||
First Quarter | 0.250 | 0.220 |
Total Number of Shares Purchased (1) | Average Price of Share | Total Number of Shares Purchased as Part of Publicly Announced Plans (1) | Maximum Number of Shares that May Yet Be Purchased Under the Plans (2) | ||||||||
April 1- April 30, 2016 | — | — | 6,028,499 | ||||||||
May 1- May 31, 2016 | — | — | 6,028,499 | ||||||||
June 1- June 30 2016 | 246,746 | 83.36 | 246,400 | 5,782,099 | |||||||
Total | 246,746 | 83.36 | 246,400 | 5,782,099 |
2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |||||||
JKHY | 100.00 | 116.62 | 161.33 | 206.53 | 228.24 | 312.11 | ||||||
Peer Group | 100.00 | 107.65 | 126.89 | 174.28 | 219.46 | 251.24 | ||||||
S&P 500 | 100.00 | 105.45 | 127.17 | 158.46 | 170.22 | 177.02 |
Selected Financial Data | ||||||||||||||||||||
(In Thousands, Except Per Share Data) | ||||||||||||||||||||
YEAR ENDED JUNE 30, | ||||||||||||||||||||
Income Statement Data | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Revenue (1) | $ | 1,354,646 | $ | 1,256,190 | $ | 1,173,173 | $ | 1,107,524 | $ | 1,017,667 | ||||||||||
Income from continuing operations | $ | 248,867 | $ | 211,221 | $ | 186,715 | $ | 167,610 | $ | 152,040 | ||||||||||
Basic net income per share, continuing operations | $ | 3.13 | $ | 2.60 | $ | 2.20 | $ | 1.95 | $ | 1.76 | ||||||||||
Diluted net income per share, continuing operations | $ | 3.12 | $ | 2.59 | $ | 2.19 | $ | 1.94 | $ | 1.74 | ||||||||||
Dividends declared per share | $ | 1.06 | $ | 0.94 | $ | 0.84 | $ | 0.56 | $ | 0.44 | ||||||||||
Balance Sheet Data | ||||||||||||||||||||
Total deferred revenue | $ | 521,054 | $ | 531,987 | $ | 492,868 | $ | 439,596 | $ | 409,139 | ||||||||||
Total assets | $ | 1,815,512 | $ | 1,836,835 | $ | 1,680,703 | $ | 1,672,386 | $ | 1,655,652 | ||||||||||
Long-term debt | $ | — | $ | 50,102 | $ | 3,729 | $ | 7,366 | $ | 106,166 | ||||||||||
Stockholders’ equity | $ | 996,210 | $ | 991,534 | $ | 967,387 | $ | 1,015,816 | $ | 935,738 |
License Revenue | Year Ended June 30, | % Change | ||||||||
2016 | 2015 | |||||||||
License | $ | 3,041 | $ | 2,635 | 15 | % | ||||
Percentage of total revenue | <1% | <1% |
Support and Service Revenue | Year Ended June 30, | % Change | ||||||||
2016 | 2015 | |||||||||
Support and service | $ | 1,300,978 | $ | 1,200,652 | 8 | % | ||||
Percentage of total revenue | 96 | % | 96 | % | ||||||
Year over Year | ||||||||||
$ Change | % Change | |||||||||
In-House Support & Other Services | $ | 17,846 | 6 | % | ||||||
Electronic Payment Services | 28,325 | 6 | % | |||||||
Outsourcing Services | 33,941 | 13 | % | |||||||
Implementation Services | (11,289 | ) | (15 | )% | ||||||
Bundled Products & Services | 31,503 | 50 | % | |||||||
Total Increase | $ | 100,326 |
Hardware Revenue | Year Ended June 30, | % Change | ||||||||
2016 | 2015 | |||||||||
Hardware | $ | 50,627 | $ | 52,903 | (4 | )% | ||||
Percentage of total revenue | 4 | % | 4 | % |
Year Ended June 30, | % Change | |||||||||
2016 | 2015 | |||||||||
Cost of License | $ | 1,197 | $ | 1,187 | 1 | % | ||||
Percentage of total revenue | <1% | <1% | ||||||||
License Gross Profit | $ | 1,844 | $ | 1,448 | 27 | % | ||||
Gross Profit Margin | 61 | % | 55 | % | ||||||
Cost of support and service | $ | 737,108 | $ | 680,750 | 8 | % | ||||
Percentage of total revenue | 54 | % | 54 | % | ||||||
Support and Service Gross Profit | $ | 563,870 | $ | 519,902 | 8 | % | ||||
Gross Profit Margin | 43 | % | 43 | % | ||||||
Cost of hardware | $ | 35,346 | $ | 38,399 | (8 | )% | ||||
Percentage of total revenue | 3 | % | 3 | % | ||||||
Hardware Gross Profit | $ | 15,281 | $ | 14,504 | 5 | % | ||||
Gross Profit Margin | 30 | % | 27 | % | ||||||
TOTAL COST OF SALES | $ | 773,651 | $ | 720,336 | 7 | % | ||||
Percentage of total revenue | 57 | % | 57 | % | ||||||
TOTAL GROSS PROFIT | $ | 580,995 | $ | 535,854 | 8 | % | ||||
Gross Profit Margin | 43 | % | 43 | % |
Selling and Marketing | Year Ended June 30, | % Change | ||||||||
2016 | 2015 | |||||||||
Selling and marketing | $ | 90,079 | $ | 89,004 | 1 | % | ||||
Percentage of total revenue | 7 | % | 7 | % |
Research and Development | Year Ended June 30, | % Change | ||||||||
2016 | 2015 | |||||||||
Research and development | $ | 81,234 | $ | 71,495 | 14 | % | ||||
Percentage of total revenue | 6 | % | 6 | % |
General and Administrative | Year Ended June 30, | % Change | ||||||||
2016 | 2015 | |||||||||
General and administrative | $ | 67,514 | $ | 64,364 | 5 | % | ||||
Percentage of total revenue | 5 | % | 5 | % |
INTEREST INCOME AND EXPENSE | Year Ended June 30, | % Change | ||||||||
2016 | 2015 | |||||||||
Interest Income | $ | 307 | $ | 169 | 82 | % | ||||
Interest Expense | $ | (1,430 | ) | $ | (1,594 | ) | (10 | )% |
PROVISION FOR INCOME TAXES | Year Ended June 30, | % Change | ||||||||
2016 | 2015 | |||||||||
Provision For Income Taxes | $ | 111,669 | $ | 105,219 | 6 | % | ||||
Effective Rate | 31.0 | % | 33.3 | % |
License Revenue | Year Ended | % | ||||||||
June 30, | Change | |||||||||
2015 | 2014 | |||||||||
License | $ | 2,635 | $ | 2,184 | 21 | % | ||||
Percentage of total revenue | <1% | <1% |
Support and Service Revenue | Year Ended | % | ||||||||
June 30, | Change | |||||||||
2015 | 2014 | |||||||||
Support and service | $ | 1,200,652 | $ | 1,112,331 | 8 | % | ||||
Percentage of total revenue | 96 | % | 95 | % |
Year over Year Change | ||||||||
$ Change | % Change | |||||||
In-House Support & Other Services | $ | 3,603 | 1 | % | ||||
Electronic Payment Services | 38,321 | 9 | % | |||||
Outsourcing Services | 35,490 | 15 | % | |||||
Implementation Services | 8,704 | 13 | % | |||||
Bundled Products & Services | 2,203 | 4 | % | |||||
Total Increase | $ | 88,321 |
Hardware Revenue | Year Ended | % | ||||||||
June 30, | Change | |||||||||
2015 | 2014 | |||||||||
Hardware | $ | 52,903 | $ | 58,658 | (10 | )% | ||||
Percentage of total revenue | 4 | % | 5 | % |
Year Ended | % | |||||||||
June 30, | Change | |||||||||
2015 | 2014 | |||||||||
Cost of License | $ | 1,187 | $ | 908 | 31 | % | ||||
Percentage of total revenue | <1% | <1% | ||||||||
License Gross Profit | $ | 1,448 | $ | 1,276 | 13 | % | ||||
Gross Profit Margin | 55 | % | 58 | % | ||||||
Cost of support and service | $ | 680,750 | $ | 634,756 | 7 | % | ||||
Percentage of total revenue | 54 | % | 54 | % | ||||||
Support and Service Gross Profit | $ | 519,902 | $ | 477,575 | 9 | % | ||||
Gross Profit Margin | 43 | % | 43 | % | ||||||
Cost of hardware | $ | 38,399 | $ | 43,708 | (12 | )% | ||||
Percentage of total revenue | 3 | % | 4 | % | ||||||
Hardware Gross Profit | $ | 14,504 | $ | 14,950 | (3 | )% | ||||
Gross Profit Margin | 27 | % | 25 | % | ||||||
TOTAL COST OF SALES | $ | 720,336 | $ | 679,372 | 6 | % | ||||
Percentage of total revenue | 57 | % | 58 | % | ||||||
TOTAL GROSS PROFIT | $ | 535,854 | $ | 493,801 | 9 | % | ||||
Gross Profit Margin | 43 | % | 42 | % |
Selling and Marketing | Year Ended | % | ||||||||
June 30, | Change | |||||||||
2015 | 2014 | |||||||||
Selling and marketing | $ | 89,004 | $ | 85,443 | 4 | % | ||||
Percentage of total revenue | 7 | % | 7 | % |
Research and Development | Year Ended | % | ||||||||
June 30, | Change | |||||||||
2015 | 2014 | |||||||||
Research and development | $ | 71,495 | $ | 66,748 | 7 | % | ||||
Percentage of total revenue | 6 | % | 6 | % |
General and Administrative | Year Ended | % | ||||||||
June 30, | Change | |||||||||
2015 | 2014 | |||||||||
General and administrative | $ | 64,364 | $ | 53,312 | 21 | % | ||||
Percentage of total revenue | 5 | % | 5 | % |
INTEREST INCOME AND EXPENSE | Year Ended | % | ||||||||
June 30, | Change | |||||||||
2015 | 2014 | |||||||||
Interest Income | $ | 169 | $ | 377 | (55 | )% | ||||
Interest Expense | $ | (1,594 | ) | $ | (1,105 | ) | 44 | % |
PROVISION FOR INCOME TAXES | Year Ended June 30, | % Change | ||||||||
2015 | 2014 | |||||||||
Provision For Income Taxes | $ | 105,219 | $ | 100,855 | 4 | % | ||||
Effective Rate | 33.3 | % | 35.1 | % |
Bank Systems and Services | |||||||||||||||||
2016 | % Change | 2015 | % Change | 2014 | |||||||||||||
Revenue | $ | 996,668 | 4 | % | $ | 962,729 | 7 | % | $ | 897,671 | |||||||
Gross profit | $ | 407,600 | 2 | % | $ | 400,659 | 8 | % | $ | 372,473 | |||||||
Gross profit margin | 41 | % | 42 | % | 41 | % |
Credit Union Systems and Services | |||||||||||||||||
2016 | % Change | 2015 | % Change | 2014 | |||||||||||||
Revenue | $ | 357,978 | 22 | % | $ | 293,461 | 7 | % | $ | 275,502 | |||||||
Gross profit | $ | 173,395 | 28 | % | $ | 135,195 | 11 | % | $ | 121,328 | |||||||
Gross profit margin | 48 | % | 46 | % | 44 | % |
Year Ended | |||||||
June 30, | |||||||
2016 | 2015 | ||||||
Net income | $ | 248,867 | $ | 211,221 | |||
Non-cash expenses | 159,698 | 149,162 | |||||
Change in receivables | (13,735 | ) | (21,346 | ) | |||
Change in deferred revenue | 4,364 | 40,565 | |||||
Change in other assets and liabilities | (34,078 | ) | (5,812 | ) | |||
Net cash provided by operating activities | $ | 365,116 | $ | 373,790 |
Contractual obligations by period as of June 30, 2016 | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | TOTAL | |||||||||||||||
Operating lease obligations | $ | 9,515 | $ | 14,486 | $ | 8,452 | $ | 16,921 | $ | 49,374 | ||||||||||
Capital lease obligations | 200 | — | — | — | 200 | |||||||||||||||
Purchase obligations | 16,058 | — | — | — | 16,058 | |||||||||||||||
Total | $ | 25,773 | $ | 14,486 | $ | 8,452 | $ | 16,921 | $ | 65,632 |
Financial Statements | ||
Years Ended June 30, 2016, 2015, and 2014 | ||
June 30, 2016 and 2015 | ||
Years Ended June 30, 2016, 2015, and 2014 | ||
Years Ended June 30, 2016, 2015, and 2014 | ||
JACK HENRY & ASSOCIATES, INC. AND SUBSIDIARIES | |||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||
(In Thousands, Except Per Share Data) | |||||||||||
Year Ended | |||||||||||
June 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
REVENUE | |||||||||||
License | $ | 3,041 | $ | 2,635 | $ | 2,184 | |||||
Support and service | 1,300,978 | 1,200,652 | 1,112,331 | ||||||||
Hardware | 50,627 | 52,903 | 58,658 | ||||||||
Total revenue | 1,354,646 | 1,256,190 | 1,173,173 | ||||||||
COST OF SALES | |||||||||||
Cost of license | 1,197 | 1,187 | 908 | ||||||||
Cost of support and service | 737,108 | 680,750 | 634,756 | ||||||||
Cost of hardware | 35,346 | 38,399 | 43,708 | ||||||||
Total cost of sales | 773,651 | 720,336 | 679,372 | ||||||||
GROSS PROFIT | 580,995 | 535,854 | 493,801 | ||||||||
OPERATING EXPENSES | |||||||||||
Selling and marketing | 90,079 | 89,004 | 85,443 | ||||||||
Research and development | 81,234 | 71,495 | 66,748 | ||||||||
General and administrative | 67,514 | 64,364 | 53,312 | ||||||||
Gain on disposal of a business | (19,491 | ) | (6,874 | ) | — | ||||||
Total operating expenses | 219,336 | 217,989 | 205,503 | ||||||||
OPERATING INCOME | 361,659 | 317,865 | 288,298 | ||||||||
INTEREST INCOME (EXPENSE) | |||||||||||
Interest income | 307 | 169 | 377 | ||||||||
Interest expense | (1,430 | ) | (1,594 | ) | (1,105 | ) | |||||
Total interest income (expense) | (1,123 | ) | (1,425 | ) | (728 | ) | |||||
INCOME BEFORE INCOME TAXES | 360,536 | 316,440 | 287,570 | ||||||||
PROVISION FOR INCOME TAXES | 111,669 | 105,219 | 100,855 | ||||||||
NET INCOME | $ | 248,867 | $ | 211,221 | $ | 186,715 | |||||
Basic earnings per share | $ | 3.13 | $ | 2.60 | $ | 2.20 | |||||
Basic weighted average shares outstanding | 79,416 | 81,353 | 84,866 | ||||||||
Diluted earnings per share | $ | 3.12 | $ | 2.59 | $ | 2.19 | |||||
Diluted weighted average shares outstanding | 79,734 | 81,601 | 85,396 |
JACK HENRY & ASSOCIATES, INC. AND SUBSIDIARIES | |||||||
CONSOLIDATED BALANCE SHEETS | |||||||
(In Thousands, Except Share and Per Share Data) | |||||||
June 30, 2016 | June 30, 2015 | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 70,310 | $ | 148,313 | |||
Receivables, net | 253,923 | 245,387 | |||||
Income tax receivable | 15,636 | 2,753 | |||||
Prepaid expenses and other | 56,588 | 69,096 | |||||
Deferred costs | 35,472 | 27,950 | |||||
Total current assets | 431,929 | 493,499 | |||||
PROPERTY AND EQUIPMENT, net | 298,564 | 296,332 | |||||
OTHER ASSETS: | |||||||
Non-current deferred costs | 99,799 | 96,423 | |||||
Computer software, net of amortization | 222,115 | 191,541 | |||||
Other non-current assets | 70,461 | 52,432 | |||||
Customer relationships, net of amortization | 104,085 | 122,204 | |||||
Other intangible assets, net of amortization | 35,706 | 34,038 | |||||
Goodwill | 552,853 | 550,366 | |||||
Total other assets | 1,085,019 | 1,047,004 | |||||
Total assets | $ | 1,815,512 | $ | 1,836,835 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 14,596 | $ | 9,933 | |||
Accrued expenses | 85,411 | 78,962 | |||||
Accrued income taxes | — | 5,543 | |||||
Deferred income tax liability | — | 7,034 | |||||
Notes payable and current maturities of long term debt | 200 | 2,595 | |||||
Deferred revenues | 343,525 | 339,544 | |||||
Total current liabilities | 443,732 | 443,611 | |||||
LONG TERM LIABILITIES: | |||||||
Non-current deferred revenues | 177,529 | 192,443 | |||||
Non-current deferred income tax liability | 188,601 | 150,223 | |||||
Debt, net of current maturities | — | 50,102 | |||||
Other long-term liabilities | 9,440 | 8,922 | |||||
Total long term liabilities | 375,570 | 401,690 | |||||
Total liabilities | 819,302 | 845,301 | |||||
STOCKHOLDERS' EQUITY | |||||||
Preferred stock - $1 par value; 500,000 shares authorized, none issued | — | — | |||||
Common stock - $0.01 par value; 250,000,000 shares authorized; 102,903,971 shares issued at June 30, 2016; 102,695,214 shares issued at June 30, 2015 | 1,029 | 1,027 | |||||
Additional paid-in capital | 440,123 | 424,536 | |||||
Retained earnings | 1,431,192 | 1,266,443 | |||||
Less treasury stock at cost 24,208,517 shares at June 30, 2016; 21,842,632 shares at June 30, 2015 | (876,134 | ) | (700,472 | ) | |||
Total stockholders' equity | 996,210 | 991,534 | |||||
Total liabilities and equity | $ | 1,815,512 | $ | 1,836,835 |
JACK HENRY & ASSOCIATES, INC. AND SUBSIDIARIES | |||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | |||||||||||
(In Thousands, Except Share and Per Share Data) | |||||||||||
Year Ended June 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
PREFERRED SHARES: | — | — | — | ||||||||
COMMON SHARES: | |||||||||||
Shares, beginning of year | 102,695,214 | 102,429,926 | 101,993,808 | ||||||||
Shares issued for equity-based payment arrangements | 121,348 | 172,661 | 344,372 | ||||||||
Shares issued for Employee Stock Purchase Plan | 87,409 | 92,627 | 91,746 | ||||||||
Shares, end of year | 102,903,971 | 102,695,214 | 102,429,926 | ||||||||
COMMON STOCK - PAR VALUE $0.01 PER SHARE: | |||||||||||
Balance, beginning of year | $ | 1,027 | $ | 1,024 | $ | 1,020 | |||||
Shares issued for equity-based payment arrangements | 1 | 2 | 3 | ||||||||
Shares issued for Employee Stock Purchase Plan | 1 | 1 | 1 | ||||||||
Balance, end of year | $ | 1,029 | $ | 1,027 | $ | 1,024 | |||||
ADDITIONAL PAID-IN CAPITAL: | |||||||||||
Balance, beginning of year | $ | 424,536 | $ | 412,512 | $ | 400,710 | |||||
Shares issued upon exercise of stock options | 696 | 640 | 606 | ||||||||
Tax withholding related to share based compensation | (2,590 | ) | (7,951 | ) | (6,598 | ) | |||||
Shares issued for Employee Stock Purchase Plan | 5,710 | 4,880 | 4,283 | ||||||||
Tax benefits from share-based compensation | 1,051 | 4,343 | 3,420 | ||||||||
Stock-based compensation expense | 10,720 | 10,112 | 10,091 | ||||||||
Balance, end of year | $ | 440,123 | $ | 424,536 | $ | 412,512 | |||||
RETAINED EARNINGS: | |||||||||||
Balance, beginning of year | $ | 1,266,443 | $ | 1,131,632 | $ | 1,016,168 | |||||
Net income | 248,867 | 211,221 | 186,715 | ||||||||
Dividends | (84,118 | ) | (76,410 | ) | (71,251 | ) | |||||
Balance, end of year | $ | 1,431,192 | $ | 1,266,443 | $ | 1,131,632 | |||||
TREASURY STOCK: | |||||||||||
Balance, beginning of year | $ | (700,472 | ) | $ | (577,781 | ) | $ | (402,082 | ) | ||
Purchase of treasury shares | (175,662 | ) | (122,691 | ) | (175,699 | ) | |||||
Balance, end of year | $ | (876,134 | ) | $ | (700,472 | ) | $ | (577,781 | ) | ||
TOTAL STOCKHOLDERS' EQUITY | $ | 996,210 | $ | 991,534 | $ | 967,387 | |||||
Dividends declared per share | $ | 1.06 | $ | 0.94 | $ | 0.84 |
JACK HENRY & ASSOCIATES, INC. AND SUBSIDIARIES | |||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(In Thousands) | |||||||||||
Year Ended | |||||||||||
June 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | $ | 248,867 | $ | 211,221 | $ | 186,715 | |||||
Adjustments to reconcile net income from operations to net cash from operating activities: | |||||||||||
Depreciation | 50,571 | 54,155 | 52,935 | ||||||||
Amortization | 79,077 | 64,841 | 54,836 | ||||||||
Change in deferred income taxes | 37,524 | 29,443 | 12,752 | ||||||||
Excess tax benefits from stock-based compensation | (1,306 | ) | (4,343 | ) | (3,406 | ) | |||||
Expense for stock-based compensation | 10,720 | 10,112 | 10,091 | ||||||||
(Gain)/loss on disposal of assets and businesses | (16,888 | ) | (5,046 | ) | (784 | ) | |||||
Changes in operating assets and liabilities: | |||||||||||
Change in receivables | (13,735 | ) | (21,346 | ) | 7,498 | ||||||
Change in prepaid expenses, deferred costs and other | (29,577 | ) | (33,858 | ) | (28,565 | ) | |||||
Change in accounts payable | 4,663 | (583 | ) | (1,252 | ) | ||||||
Change in accrued expenses | 7,460 | 14,483 | (6,364 | ) | |||||||
Change in income taxes | (16,624 | ) | 14,146 | 5,251 | |||||||
Change in deferred revenues | 4,364 | 40,565 | 51,952 | ||||||||
Net cash from operating activities | 365,116 | 373,790 | 341,659 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Payment for acquisitions, net of cash acquired | (8,275 | ) | — | (27,894 | ) | ||||||
Capital expenditures | (56,325 | ) | (54,409 | ) | (33,185 | ) | |||||
Proceeds from the sale of businesses | 34,030 | 8,135 | — | ||||||||
Proceeds from the sale of assets | 2,844 | 182 | 7,781 | ||||||||
Internal use software | (11,826 | ) | (14,020 | ) | (16,288 | ) | |||||
Computer software developed | (96,411 | ) | (76,872 | ) | (62,194 | ) | |||||
Net cash from investing activities | (135,963 | ) | (136,984 | ) | (131,780 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Borrowings on credit facilities | 100,000 | 90,000 | 25,000 | ||||||||
Repayments on credit facilities | (152,500 | ) | (50,783 | ) | (47,158 | ) | |||||
Debt acquisition costs | — | (901 | ) | — | |||||||
Purchase of treasury stock | (175,662 | ) | (122,691 | ) | (175,699 | ) | |||||
Dividends paid | (84,118 | ) | (76,410 | ) | (71,251 | ) | |||||
Excess tax benefits from stock-based compensation | 1,306 | 4,343 | 3,406 | ||||||||
Proceeds from issuance of common stock upon exercise of stock options | 697 | 642 | 609 | ||||||||
Minimum tax withholding payments related to share based compensation | (2,590 | ) | (7,951 | ) | (6,598 | ) | |||||
Proceeds from sale of common stock | 5,711 | 4,881 | 4,284 | ||||||||
Net cash from financing activities | (307,156 | ) | (158,870 | ) | (267,407 | ) | |||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | $ | (78,003 | ) | $ | 77,936 | $ | (57,528 | ) | |||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | $ | 148,313 | $ | 70,377 | $ | 127,905 | |||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 70,310 | $ | 148,313 | $ | 70,377 |
NOTE 1. | NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Estimated Fair Value Measurements | Total Fair | |||||||||||||||
Level 1 | Level 2 | Level 3 | Value | |||||||||||||
June 30, 2016 | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Money market funds | $ | 35,782 | $ | — | $ | — | $ | 35,782 | ||||||||
Financial Liabilities: | ||||||||||||||||
Revolving credit facility | $ | — | $ | — | $ | — | $ | — | ||||||||
June 30, 2015 | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Money market funds | $ | 98,888 | $ | — | $ | — | $ | 98,888 | ||||||||
Financial Liabilities: | ||||||||||||||||
Revolving credit facility | $ | — | $ | 50,000 | $ | — | $ | 50,000 |
June 30, | ||||||||||
2016 | 2015 | Estimated Useful Life | ||||||||
Land | $ | 24,987 | $ | 24,987 | ||||||
Land improvements | 25,470 | 25,428 | 5 - 20 years | |||||||
Buildings | 146,464 | 144,414 | 20 - 30 years | |||||||
Leasehold improvements | 46,897 | 32,169 | 5 - 30 years | (1) | ||||||
Equipment and furniture | 337,565 | 327,949 | 3 - 10 years | |||||||
Aircraft and equipment | 37,967 | 37,695 | 5 - 10 years | |||||||
Construction in progress | 7,373 | 23,563 | ||||||||
626,723 | 616,205 | |||||||||
Less accumulated depreciation | 328,159 | 319,873 | ||||||||
Property and equipment, net | $ | 298,564 | $ | 296,332 |
June 30, | |||||||
Bank systems and services | 2016 | 2015 | |||||
Beginning balance | $ | 420,795 | $ | 423,190 | |||
Goodwill, acquired during the year | 6,099 | — | |||||
Goodwill, written off related to sale | (3,612 | ) | (2,395 | ) | |||
Ending balance | $ | 423,282 | $ | 420,795 | |||
Credit Union systems and services | |||||||
Beginning balance | $ | 129,571 | $ | 129,571 | |||
Goodwill, acquired during the year | — | — | |||||
Ending balance | $ | 129,571 | $ | 129,571 |
June 30, 2016 | ||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | ||||||||
Customer relationships | $ | 266,545 | (162,460 | ) | $ | 104,085 | ||||
Computer software | $ | 474,738 | (252,623 | ) | $ | 222,115 | ||||
Other intangible assets: | ||||||||||
Purchased software | 43,692 | (17,475 | ) | 26,217 | ||||||
Trade names | 12,802 | (3,313 | ) | 9,489 | ||||||
Other intangible assets, total | $ | 56,494 | (20,788 | ) | $ | 35,706 | ||||
June 30, 2015 | ||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | ||||||||
Customer relationships | $ | 276,337 | (154,133 | ) | $ | 122,204 | ||||
Computer software | $ | 416,674 | (225,133 | ) | $ | 191,541 | ||||
Other intangible assets: | ||||||||||
Purchased software | 32,192 | (7,818 | ) | 24,374 | ||||||
Trade names | 12,498 | (2,834 | ) | 9,664 | ||||||
Total | $ | 44,690 | (10,652 | ) | $ | 34,038 |
Years Ending June 30, | Computer Software | Customer Relationships | Other Intangible Assets | Total | |||||||||||
2017 | $ | 53,326 | $ | 13,097 | $ | 10,968 | $ | 77,391 | |||||||
2018 | 46,062 | 12,509 | 7,400 | 65,971 | |||||||||||
2019 | 37,781 | 12,244 | 3,660 | 53,685 | |||||||||||
2020 | 27,091 | 10,074 | 939 | 38,104 | |||||||||||
2021 | 11,742 | 8,430 | 642 | 20,814 |
June 30, | June 30, | ||||||
2016 | 2015 | ||||||
LONG TERM DEBT | |||||||
Revolving credit facility | $ | — | $ | 50,000 | |||
Capital leases | — | 816 | |||||
— | 50,816 | ||||||
Less current maturities | — | 714 | |||||
Debt, net of current maturities | $ | — | $ | 50,102 |
SHORT TERM DEBT | |||||||
Capital leases | $ | 200 | $ | 1,881 | |||
Current maturities of long-term debt | — | 714 | |||||
Notes payable and current maturities of long term debt | $ | 200 | $ | 2,595 |
Years ended June 30, | |||
2017 | $ | 200 | |
$ | 200 |
Years Ending June 30, | Lease Payments | ||
2017 | $ | 9,515 | |
2018 | 8,519 | ||
2019 | 5,967 | ||
2020 | 4,865 | ||
2021 | 3,587 | ||
Thereafter | 16,921 | ||
Total | $ | 49,374 |
Year Ended June 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Current: | |||||||||||
Federal | $ | 66,574 | $ | 70,555 | $ | 77,937 | |||||
State | 7,571 | 5,221 | 10,166 | ||||||||
Deferred: | |||||||||||
Federal | 34,355 | 28,018 | 10,636 | ||||||||
State | 3,169 | 1,425 | 2,116 | ||||||||
$ | 111,669 | $ | 105,219 | $ | 100,855 |
June 30, | |||||||
2016 | 2015 | ||||||
Deferred tax assets: | |||||||
Contract and service revenues and costs | $ | 69,597 | $ | 68,503 | |||
Expense reserves (bad debts, insurance, franchise tax and vacation) | 14,770 | 14,612 | |||||
Net operating loss carryforwards | 3,543 | 3,682 | |||||
Other, net | 2,090 | 1,493 | |||||
Total gross deferred tax assets | 90,000 | 88,290 | |||||
Valuation allowance | (608 | ) | (650 | ) | |||
Net deferred tax assets | 89,392 | 87,640 | |||||
Deferred tax liabilities: | |||||||
Accelerated tax depreciation | (40,857 | ) | (32,331 | ) | |||
Accelerated tax amortization | (160,719 | ) | (142,776 | ) | |||
Contract and service revenues and costs | (76,417 | ) | (69,790 | ) | |||
Total gross deferred liabilities | (277,993 | ) | (244,897 | ) | |||
Net deferred tax liability | $ | (188,601 | ) | $ | (157,257 | ) |
Year Ended June 30, | ||||||||
2016 | 2015 | 2014 | ||||||
Computed "expected" tax expense | 35.0 | % | 35.0 | % | 35.0 | % | ||
Increase (reduction) in taxes resulting from: | ||||||||
State income taxes, net of federal income tax benefits | 1.9 | % | 1.4 | % | 2.8 | % | ||
Research and development credit | (2.5 | )% | (1.5 | )% | (0.8 | )% | ||
Domestic production activities deduction | (1.9 | )% | (2.0 | )% | (2.2 | )% | ||
Tax over book basis in subsidiary stock | (1.7 | )% | — | % | — | % | ||
Other (net) | 0.2 | % | 0.4 | % | 0.3 | % | ||
31.0 | % | 33.3 | % | 35.1 | % |
Unrecognized Tax Benefits | |||
Balance at July 1, 2014 | $ | 7,834 | |
Additions for current year tax positions | 1,351 | ||
Reductions for current year tax positions | (56 | ) | |
Additions for prior year tax positions | 483 | ||
Reductions for prior year tax positions | (998 | ) | |
Reductions related to expirations of statute of limitations | (1,510 | ) | |
Balance at June 30, 2015 | 7,104 | ||
Additions for current year tax positions | 1,581 | ||
Reductions for current year tax positions | (56 | ) | |
Additions for prior year tax positions | 507 | ||
Reductions for prior year tax positions | (38 | ) | |
Reductions related to expirations of statute of limitations | (1,677 | ) | |
Balance at June 30, 2016 | $ | 7,421 |
Number of Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | ||||||||
Outstanding July 1, 2013 | 144 | 21.79 | ||||||||
Granted | — | — | ||||||||
Forfeited | — | — | ||||||||
Exercised | (19 | ) | 18.42 | |||||||
Outstanding July 1, 2014 | 125 | 22.29 | ||||||||
Granted | — | — | ||||||||
Forfeited | — | — | ||||||||
Exercised | (25 | ) | 19.17 | |||||||
Outstanding July 1, 2015 | 100 | 23.07 | ||||||||
Granted | — | — | ||||||||
Forfeited | — | — | ||||||||
Exercised | (50 | ) | 23.99 | |||||||
Outstanding June 30, 2016 | 50 | $ | 22.14 | $ | 3,256 | |||||
Vested June 30, 2016 | 50 | $ | 22.14 | $ | 3,256 | |||||
Exercisable June 30, 2016 | 50 | $ | 22.14 | $ | 3,256 |
Share awards | Shares | Weighted Average Grant Date Fair Value | ||||
Outstanding July 1, 2013 | 252 | 25.92 | ||||
Granted | 30 | 54.13 | ||||
Vested | (143 | ) | 24.41 | |||
Forfeited | (1 | ) | 22.17 | |||
Outstanding July 1, 2014 | 138 | 33.56 | ||||
Granted | 12 | 57.77 | ||||
Vested | (71 | ) | 35.69 | |||
Forfeited | (7 | ) | 46.39 | |||
Outstanding July 1, 2015 | 72 | 34.28 | ||||
Granted | 22 | 66.31 | ||||
Vested | (24 | ) | 43.45 | |||
Forfeited | (12 | ) | 23.82 | |||
Outstanding June 30, 2016 | 58 | $ | 44.95 |
Unit awards | Shares | Weighted Average Grant Date Fair Value | Aggregate Intrinsic Value | ||||
Outstanding July 1, 2013 | 814 | 23.08 | |||||
Granted | 164 | 48.21 | |||||
Vested | (168 | ) | 15.77 | ||||
Forfeited | (101 | ) | 15.77 | ||||
Outstanding July 1, 2014 | 709 | 31.66 | |||||
Granted | 178 | 53.62 | |||||
Vested | (277 | ) | 19.69 | ||||
Forfeited | (111 | ) | 22.74 | ||||
Outstanding July 1, 2015 | 499 | 48.13 | |||||
Granted | 130 | 75.99 | |||||
Vested | (99 | ) | 44.09 | ||||
Forfeited | (101 | ) | 45.89 | ||||
Outstanding June 30, 2016 | 429 | $58.06 | $37,415 |
Year Ended June 30, | ||||||||
2016 | 2015 | 2014 | ||||||
Volatility | 15.6 | % | 17.8 | % | 21.6 | % | ||
Risk free interest rate | 1.06 | % | 1.06 | % | 0.91 | % | ||
Dividend yield | 1.5 | % | 1.5 | % | 1.6 | % | ||
Stock Beta | 0.741 | 0.765 | 0.837 |
Year Ended June 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Net Income | $ | 248,867 | $ | 211,221 | $ | 186,715 | |||||
Common share information: | |||||||||||
Weighted average shares outstanding for basic earnings per share | 79,416 | 81,353 | 84,866 | ||||||||
Dilutive effect of stock options and restricted stock | 318 | 248 | 530 | ||||||||
Weighted average shares outstanding for diluted earnings per share | 79,734 | 81,601 | 85,396 | ||||||||
Basic earnings per share | $ | 3.13 | $ | 2.60 | $ | 2.20 | |||||
Diluted earnings per share | $ | 3.12 | $ | 2.59 | $ | 2.19 |
Current assets | $ | 1,922 | |
Long-term assets | 253 | ||
Identifiable intangible assets | 5,005 | ||
Total liabilities assumed | (3,279 | ) | |
Total identifiable net assets | 3,901 | ||
Goodwill | 6,099 | ||
Net assets acquired | $ | 10,000 |
Year Ended | |||||||||||
June 30, 2016 | |||||||||||
Bank | Credit Union | Total | |||||||||
REVENUE | |||||||||||
License | $ | 2,536 | $ | 505 | $ | 3,041 | |||||
Support and service | 960,738 | 340,240 | 1,300,978 | ||||||||
Hardware | 33,394 | 17,233 | 50,627 | ||||||||
Total revenue | 996,668 | 357,978 | 1,354,646 | ||||||||
COST OF SALES | |||||||||||
Cost of license | 1,058 | 139 | 1,197 | ||||||||
Cost of support and service | 564,851 | 172,257 | 737,108 | ||||||||
Cost of hardware | 23,159 | 12,187 | 35,346 | ||||||||
Total cost of sales | 589,068 | 184,583 | 773,651 | ||||||||
GROSS PROFIT | $ | 407,600 | $ | 173,395 | 580,995 | ||||||
OPERATING EXPENSES | 219,336 | ||||||||||
INTEREST INCOME (EXPENSE) | (1,123 | ) | |||||||||
INCOME BEFORE INCOME TAXES | $ | 360,536 |
Year Ended | |||||||||||
June 30, 2015 | |||||||||||
Bank | Credit Union | Total | |||||||||
REVENUE | |||||||||||
License | $ | 1,727 | $ | 908 | $ | 2,635 | |||||
Support and service | 922,545 | 278,107 | 1,200,652 | ||||||||
Hardware | 38,457 | 14,446 | 52,903 | ||||||||
Total revenue | 962,729 | 293,461 | 1,256,190 | ||||||||
COST OF SALES | |||||||||||
Cost of license | 832 | 355 | 1,187 | ||||||||
Cost of support and service | 533,407 | 147,343 | 680,750 | ||||||||
Cost of hardware | 27,831 | 10,568 | 38,399 | ||||||||
Total cost of sales | 562,070 | 158,266 | 720,336 | ||||||||
GROSS PROFIT | $ | 400,659 | $ | 135,195 | 535,854 | ||||||
OPERATING EXPENSES | 217,989 | ||||||||||
INTEREST INCOME (EXPENSE) | (1,425 | ) | |||||||||
INCOME BEFORE INCOME TAXES | $ | 316,440 |
Year Ended | |||||||||||
June 30, 2014 | |||||||||||
Bank | Credit Union | Total | |||||||||
REVENUE | |||||||||||
License | $ | 1,514 | $ | 670 | $ | 2,184 | |||||
Support and service | 853,500 | 258,831 | 1,112,331 | ||||||||
Hardware | 42,657 | 16,001 | 58,658 | ||||||||
Total revenue | 897,671 | 275,502 | 1,173,173 | ||||||||
COST OF SALES | |||||||||||
Cost of license | 555 | 353 | 908 | ||||||||
Cost of support and service | 492,777 | 141,979 | 634,756 | ||||||||
Cost of hardware | 31,866 | 11,842 | 43,708 | ||||||||
Total cost of sales | 525,198 | 154,174 | 679,372 | ||||||||
GROSS PROFIT | $ | 372,473 | $ | 121,328 | 493,801 | ||||||
OPERATING EXPENSES | 205,503 | ||||||||||
INTEREST INCOME (EXPENSE) | (728 | ) | |||||||||
INCOME BEFORE INCOME TAXES | $ | 287,570 |
Year Ended June 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Depreciation expense | |||||||||||
Bank systems and services | $ | 47,076 | $ | 50,154 | $ | 48,382 | |||||
Credit Unions systems and services | 3,495 | 4,001 | 4,553 | ||||||||
Total | $ | 50,571 | $ | 54,155 | $ | 52,935 | |||||
Amortization expense | |||||||||||
Bank systems and services | $ | 58,914 | $ | 47,502 | $ | 39,152 | |||||
Credit Unions systems and services | 20,163 | 17,339 | 15,684 | ||||||||
Total | $ | 79,077 | $ | 64,841 | $ | 54,836 | |||||
Capital expenditures | |||||||||||
Bank systems and services | $ | 54,529 | $ | 53,730 | $ | 32,736 | |||||
Credit Unions systems and services | 1,796 | 679 | 449 | ||||||||
Total | $ | 56,325 | $ | 54,409 | $ | 33,185 |
June 30, | June 30, | ||||||
2016 | 2015 | ||||||
Property and equipment, net | |||||||
Bank systems and services | $ | 269,020 | $ | 263,231 | |||
Credit Union systems and services | 29,544 | 33,101 | |||||
Total | $ | 298,564 | $ | 296,332 | |||
Intangible assets, net | |||||||
Bank systems and services | $ | 682,229 | $ | 664,231 | |||
Credit Union systems and services | 232,530 | 233,918 | |||||
Total | $ | 914,759 | $ | 898,149 |
For the Year Ended June 30, 2016 | |||||||||||||||||||
Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Total | |||||||||||||||
REVENUE | |||||||||||||||||||
License | $ | 1,604 | $ | 634 | $ | 292 | $ | 511 | $ | 3,041 | |||||||||
Support and service | 307,746 | 320,219 | 319,649 | 353,364 | 1,300,978 | ||||||||||||||
Hardware | 12,268 | 12,019 | 13,245 | 13,095 | 50,627 | ||||||||||||||
Total revenue | 321,618 | 332,872 | 333,186 | 366,970 | 1,354,646 | ||||||||||||||
COST OF SALES | |||||||||||||||||||
Cost of license | 181 | 498 | 193 | 325 | 1,197 | ||||||||||||||
Cost of support and service | 174,714 | 181,989 | 184,527 | 195,878 | 737,108 | ||||||||||||||
Cost of hardware | 8,768 | 7,958 | 9,553 | 9,067 | 35,346 | ||||||||||||||
Total cost of sales | 183,663 | 190,445 | 194,273 | 205,270 | 773,651 | ||||||||||||||
GROSS PROFIT | 137,955 | 142,427 | 138,913 | 161,700 | 580,995 | ||||||||||||||
OPERATING EXPENSES | |||||||||||||||||||
Selling and marketing | 21,751 | 22,231 | 22,732 | 23,365 | 90,079 | ||||||||||||||
Research and development | 18,554 | 18,862 | 19,854 | 23,964 | 81,234 | ||||||||||||||
General and administrative | 17,113 | 16,547 | 16,497 | 17,357 | 67,514 | ||||||||||||||
Gain on disposal of a business | — | — | — | (19,491 | ) | (19,491 | ) | ||||||||||||
Total operating expenses | 57,418 | 57,640 | 59,083 | 45,195 | 219,336 | ||||||||||||||
OPERATING INCOME | 80,537 | 84,787 | 79,830 | 116,505 | 361,659 | ||||||||||||||
INTEREST INCOME (EXPENSE) | |||||||||||||||||||
Interest income | 113 | 91 | 54 | 49 | 307 | ||||||||||||||
Interest expense | (220 | ) | (276 | ) | (486 | ) | (448 | ) | (1,430 | ) | |||||||||
Total interest income (expense) | (107 | ) | (185 | ) | (432 | ) | (399 | ) | (1,123 | ) | |||||||||
INCOME BEFORE INCOME TAXES | 80,430 | 84,602 | 79,398 | 116,106 | 360,536 | ||||||||||||||
PROVISION FOR INCOME TAXES | 29,064 | 25,254 | 25,515 | 31,836 | 111,669 | ||||||||||||||
NET INCOME | $ | 51,366 | $ | 59,348 | $ | 53,883 | $ | 84,270 | $ | 248,867 | |||||||||
Basic earnings per share | $ | 0.64 | $ | 0.75 | $ | 0.68 | $ | 1.07 | $ | 3.13 | |||||||||
Basic weighted average shares outstanding | 80,545 | 79,473 | 78,805 | 78,841 | 79,416 | ||||||||||||||
Diluted earnings per share | $ | 0.64 | $ | 0.74 | $ | 0.68 | $ | 1.06 | $ | 3.12 | |||||||||
Diluted weighted average shares outstanding | 80,735 | 79,770 | 79,167 | 79,261 | 79,734 |
For the Year Ended June 30, 2015 | |||||||||||||||||||
Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Total | |||||||||||||||
REVENUE | |||||||||||||||||||
License | $ | 503 | $ | 491 | $ | 569 | $ | 1,072 | $ | 2,635 | |||||||||
Support and service | 288,216 | 296,905 | 296,896 | 318,635 | 1,200,652 | ||||||||||||||
Hardware | 12,755 | 13,898 | 12,244 | 14,006 | 52,903 | ||||||||||||||
Total revenue | 301,474 | 311,294 | 309,709 | 333,713 | 1,256,190 | ||||||||||||||
COST OF SALES | |||||||||||||||||||
Cost of license | 409 | 308 | 285 | 185 | 1,187 | ||||||||||||||
Cost of support and service | 165,090 | 170,377 | 168,457 | 176,826 | 680,750 | ||||||||||||||
Cost of hardware | 9,385 | 9,574 | 9,152 | 10,288 | 38,399 | ||||||||||||||
Total cost of sales | 174,884 | 180,259 | 177,894 | 187,299 | 720,336 | ||||||||||||||
GROSS PROFIT | 126,590 | 131,035 | 131,815 | 146,414 | 535,854 | ||||||||||||||
OPERATING EXPENSES | |||||||||||||||||||
Selling and marketing | 21,663 | 22,175 | 21,674 | 23,492 | 89,004 | ||||||||||||||
Research and development | 16,791 | 17,681 | 17,522 | 19,501 | 71,495 | ||||||||||||||
General and administrative | 16,510 | 18,388 | 15,417 | 14,049 | 64,364 | ||||||||||||||
Gain on disposal of a business | — | (6,874 | ) | — | — | (6,874 | ) | ||||||||||||
Total operating expenses | 54,964 | 51,370 | 54,613 | 57,042 | 217,989 | ||||||||||||||
OPERATING INCOME | 71,626 | 79,665 | 77,202 | 89,372 | 317,865 | ||||||||||||||
INTEREST INCOME (EXPENSE) | |||||||||||||||||||
Interest income | 57 | 28 | 33 | 51 | 169 | ||||||||||||||
Interest expense | (266 | ) | (337 | ) | (669 | ) | (322 | ) | (1,594 | ) | |||||||||
Total interest income (expense) | (209 | ) | (309 | ) | (636 | ) | (271 | ) | (1,425 | ) | |||||||||
INCOME BEFORE INCOME TAXES | 71,417 | 79,356 | 76,566 | 89,101 | 316,440 | ||||||||||||||
PROVISION FOR INCOME TAXES | 25,329 | 25,474 | 25,854 | 28,562 | 105,219 | ||||||||||||||
NET INCOME | $ | 46,088 | $ | 53,882 | $ | 50,712 | $ | 60,539 | $ | 211,221 | |||||||||
Basic net income per share | $ | 0.56 | $ | 0.66 | $ | 0.63 | $ | 0.75 | $ | 2.60 | |||||||||
Basic weighted average shares outstanding | 82,195 | 81,432 | 80,880 | 80,904 | 81,353 | ||||||||||||||
Diluted net income per share | $ | 0.56 | $ | 0.66 | $ | 0.63 | $ | 0.75 | $ | 2.59 | |||||||||
Diluted weighted average shares outstanding | 82,589 | 81,634 | 81,094 | 81,086 | 81,601 |
3.1.7 | Restated Certificate of Incorporation attached as Exhibit 3.1.7 to the Company’s Annual Report on Form 10-K for the Year ended June 30, 2003. |
3.2.6 | Restated and Amended Bylaws attached as Exhibit 3.2.6 to the Company’s Current Report on Form 8-K filed February 17, 2016. |
10.8 | Form of Indemnity Agreement entered into as of August 27, 1996, between the Company and each of its Directors and Executive Officers, attached as Exhibit 10.8 to the Company’s Annual Report on Form 10-K for the Year Ended June 30, 1996. |
10.29 | Jack Henry & Associates, Inc. 2006 Employee Stock Purchase Plan attached as Exhibit 10.29 to the Company’s Current Report on Form 8-K filed November 6, 2006. |
10.32 | Form of Restricted Stock Agreement (executives) attached as Exhibit 10.32 to the Company’s Current Report on Form 8-K filed September 10, 2007. |
10.34 | Amendment No. 2 to Jack Henry & Associates, Inc. 2006 Employee Stock Purchase Plan attached as Exhibit 10.34 to the Company’s Current Report on Form 8-K filed November 1, 2007. |
10.38 | Jack Henry & Associates, Inc. 2005 Non-Qualified Stock Option Plan, as amended and restated May 9, 2008, attached as Exhibit 10.38 to the Company’s Annual Report on Form 10-K filed August 29, 2008. |
10.39 | Revised Form of Restricted Stock Agreement (executives) attached as Exhibit 10.39 to the Company’s Quarterly Report on Form 10-Q filed November 6, 2009. |
10.43 | Jack Henry & Associates Inc. Restricted Stock Plan, as amended and restated effective November 9, 2010, attached as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed November 12, 2010. |
10.44 | Form of Performance Shares Agreement attached as Exhibit 10.1 to the Company's Current Report on Form 8-K filed September 12, 2012. |
10.45 | Jack Henry & Associates, Inc. 2012 Annual Incentive Plan, effective September 1, 2012 and approved by the stockholders on November 14, 2012, attached as Exhibit 10.1 to the Company's Current Report on Form 8-K filed November 16, 2012. |
10.46 | Jack Henry & Associates, Inc. 2005 Non-Qualified Stock Option Plan, as amended August 20, 2010, attached as Exhibit 10.1 to the Company's Quarterly Report on form 10-Q filed February 7, 2013. |
10.47 | Form of Restricted Stock Agreement (independent directors) attached as Exhibit 10.47 to the Company’s Quarterly Report on Form 10-Q filed November 8, 2013. |
10.48 | Form of Termination Benefits Agreements (executives) attached as Exhibit 10.48 to the Company’s Quarterly Report on Form 10-Q filed February 6, 2014. |
10.49 | Jack Henry & Associates, Inc. Deferred Compensation Plan attached as Exhibit 10.49 to the Company’s Quarterly Report on Form 10-Q filed November 5, 2014. |
10.50 | Jack Henry & Associates, Inc. Non-Employee Directors Deferred Compensation Plan attached as Exhibit 10.50 to the Company’s Quarterly Report on Form 10-Q filed November 5, 2014. |
10.51 | Form of Performance Shares Agreement (executives) attached as Exhibit 10.51 to the Company’s Quarterly Report on Form 10-Q filed November 5, 2014. |
10.52 | Credit Agreement among Jack Henry & Associates, Inc., U.S. Bank National Association and certain other Lenders, attached as Exhibit 10.52 to the Company’s Current Report on Form 8-K filed February 24, 2015. |
10.53 | Form of Restricted Stock Unit Agreement (Non-Employee Directors) attached as Exhibit 10.52 to the Company’s Quarterly Report on Form 10-Q filed June 25, 2015. |
10.54 | First Amendment to Credit Agreement attached as Exhibit 10.53 to the Company’s Quarterly Report on Form 10-Q filed June 25, 2015. |
10.55 | Second Amendment to Credit Agreement attached as Exhibit 10.54 to the Company’s Quarterly Report on Form 10-Q filed June 25, 2015. |
10.56 | Jack Henry & Associates, Inc. 2015 Equity Incentive Plan attached as Exhibit 10.56 to the Company's Current Report on Form 8-K filed November 16, 2015. |
10.57 | Form of Restricted Stock Unit Agreement (non-employee directors) attached as Exhibit 10.57 to the Company’s Quarterly Report on Form 10-Q filed February 5, 2016. |
10.58 | Form of Nonqualified Stock Option Agreement (executives) attached as Exhibit 10.58 to the Company’s Current Report on Form 8-K filed July 1, 2016. |
10.59 | Form of Restricted Stock Agreement (executives) attached as Exhibit 10.59 to the Company’s Current Report on Form 8-K filed July 1, 2016. |
21.1 | List of the Company’s subsidiaries. |
23.1 | Consent of Independent Registered Public Accounting Firm- PricewaterhouseCoopers LLP. |
23.2 | Consent of Independent Registered Public Accounting Firm- Deloitte & Touche LLP. |
31.1 | Certification of the Chief Executive Officer. |
31.2 | Certification of the Chief Financial Officer. |
32.1 | Written Statement of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350. |
32.2 | Written Statement of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350. |
101.INS* | XBRL Instance Document |
101.SCH* | XBRL Taxonomy Extension Schema Document |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document |
Signature | Capacity | Date |
/s/ John F. Prim John F. Prim | Executive Chairman of the Board and Director | August 29, 2016 |
/s/ David B. Foss David B. Foss | President and Chief Executive Officer (Principal Executive Officer) | August 29, 2016 |
/s/ Kevin D. Williams Kevin D. Williams | Chief Financial Officer and Treasurer (Principal Accounting Officer) | August 29, 2016 |
/s/ Matthew Flanigan Matthew Flanigan | Director | August 29, 2016 |
/s/ Tom H. Wilson, Jr Tom H. Wilson, Jr | Director | August 29, 2016 |
/s/ Jacqueline R. Fiegel Jacqueline R. Fiegel | Director | August 29, 2016 |
/s/ Thomas A. Wimsett Thomas A. Wimsett | Director | August 29, 2016 |
/s/ Laura G. Kelly Laura G. Kelly | Director | August 29, 2016 |
/s/ Shruti Miyashiro Shruti S. Miyashiro | Director | August 29, 2016 |
/s/ Wesley A. Brown Wesley A. Brown | Director | August 29, 2016 |
Jack Henry & Associates, Inc. Subsidiaries | |
Name | State/Country of Incorporation |
Jack Henry Services, Inc. | Texas |
Jack Henry Software/Commlink, Inc. | Texas |
Symitar Systems, Inc. | California |
Bayside Business Solutions, Inc. | California |
Check Collect, Inc. | Texas |
Gladiator Technology Services, Inc. | Georgia |
Audiotel Corporation | Texas |
Goldleaf Financial Solutions, Inc. | Tennessee |
Goldleaf Insurance, LLC | Tennessee |
Goldleaf Leasing, LLC | Tennessee |
Goldleaf Technologies, LLC | Delaware |
JHA Payment Processing Solutions, Inc. | Washington |
Towne Services, Inc. | Georgia |
iPay Technologies Holding Company, LLC | Delaware |
iPay Technologies, LLC | Kentucky |
Profitstars, LLC | Missouri |
JHA Fleet, Inc. | Missouri |
JHA Money Center, Inc. | Missouri |
Banno, LLC | Iowa |
/s/ David B. Foss | ||
David B. Foss | ||
Chief Executive Officer | ||
/s/ Kevin D. Williams | ||
Kevin D. Williams | ||
Chief Financial Officer | ||
*/s/ David B. Foss | ||
David B. Foss | ||
Chief Executive Officer | ||
*/s/ Kevin D. Williams | ||
Kevin D. Williams | ||
Chief Financial Officer | ||
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Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2016 |
Aug. 24, 2016 |
Dec. 31, 2015 |
|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | HENRY JACK & ASSOCIATES INC | ||
Entity Central Index Key | 0000779152 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2016 | ||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 78,535,929 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 6,234,140,228 |
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2014 |
|
REVENUE | |||||||||||
License | $ 511 | $ 292 | $ 634 | $ 1,604 | $ 1,072 | $ 569 | $ 491 | $ 503 | $ 3,041 | $ 2,635 | $ 2,184 |
Support and service | 353,364 | 319,649 | 320,219 | 307,746 | 318,635 | 296,896 | 296,905 | 288,216 | 1,300,978 | 1,200,652 | 1,112,331 |
Hardware | 13,095 | 13,245 | 12,019 | 12,268 | 14,006 | 12,244 | 13,898 | 12,755 | 50,627 | 52,903 | 58,658 |
Total revenue | 366,970 | 333,186 | 332,872 | 321,618 | 333,713 | 309,709 | 311,294 | 301,474 | 1,354,646 | 1,256,190 | 1,173,173 |
COST OF SALES | |||||||||||
Cost of license | 325 | 193 | 498 | 181 | 185 | 285 | 308 | 409 | 1,197 | 1,187 | 908 |
Cost of support and service | 195,878 | 184,527 | 181,989 | 174,714 | 176,826 | 168,457 | 170,377 | 165,090 | 737,108 | 680,750 | 634,756 |
Cost of hardware | 9,067 | 9,553 | 7,958 | 8,768 | 10,288 | 9,152 | 9,574 | 9,385 | 35,346 | 38,399 | 43,708 |
Total cost of sales | 205,270 | 194,273 | 190,445 | 183,663 | 187,299 | 177,894 | 180,259 | 174,884 | 773,651 | 720,336 | 679,372 |
GROSS PROFIT | 161,700 | 138,913 | 142,427 | 137,955 | 146,414 | 131,815 | 131,035 | 126,590 | 580,995 | 535,854 | 493,801 |
OPERATING EXPENSES | |||||||||||
Selling and marketing | 23,365 | 22,732 | 22,231 | 21,751 | 23,492 | 21,674 | 22,175 | 21,663 | 90,079 | 89,004 | 85,443 |
Research and development | 23,964 | 19,854 | 18,862 | 18,554 | 19,501 | 17,522 | 17,681 | 16,791 | 81,234 | 71,495 | 66,748 |
General and administrative | 17,357 | 16,497 | 16,547 | 17,113 | 14,049 | 15,417 | 18,388 | 16,510 | 67,514 | 64,364 | 53,312 |
Gain on disposal of a business | (19,491) | 0 | 0 | 0 | 0 | 0 | (6,874) | 0 | (19,491) | (6,874) | 0 |
Total operating expenses | 45,195 | 59,083 | 57,640 | 57,418 | 57,042 | 54,613 | 51,370 | 54,964 | 219,336 | 217,989 | 205,503 |
OPERATING INCOME | 116,505 | 79,830 | 84,787 | 80,537 | 89,372 | 77,202 | 79,665 | 71,626 | 361,659 | 317,865 | 288,298 |
INTEREST INCOME (EXPENSE) | |||||||||||
Interest income | 49 | 54 | 91 | 113 | 51 | 33 | 28 | 57 | 307 | 169 | 377 |
Interest expense | (448) | (486) | (276) | (220) | (322) | (669) | (337) | (266) | (1,430) | (1,594) | (1,105) |
Total interest income (expense) | (399) | (432) | (185) | (107) | (271) | (636) | (309) | (209) | (1,123) | (1,425) | (728) |
INCOME BEFORE INCOME TAXES | 116,106 | 79,398 | 84,602 | 80,430 | 89,101 | 76,566 | 79,356 | 71,417 | 360,536 | 316,440 | 287,570 |
PROVISION FOR INCOME TAXES | 31,836 | 25,515 | 25,254 | 29,064 | 28,562 | 25,854 | 25,474 | 25,329 | 111,669 | 105,219 | 100,855 |
NET INCOME | $ 84,270 | $ 53,883 | $ 59,348 | $ 51,366 | $ 60,539 | $ 50,712 | $ 53,882 | $ 46,088 | $ 248,867 | $ 211,221 | $ 186,715 |
Earnings Per Share | |||||||||||
Basic earnings per share | $ 1.07 | $ 0.68 | $ 0.75 | $ 0.64 | $ 0.75 | $ 0.63 | $ 0.66 | $ 0.56 | $ 3.13 | $ 2.60 | $ 2.20 |
Basic weighted average shares outstanding | 78,841 | 78,805 | 79,473 | 80,545 | 80,904 | 80,880 | 81,432 | 82,195 | 79,416 | 81,353 | 84,866 |
Diluted earnings per share | $ 1.06 | $ 0.68 | $ 0.74 | $ 0.64 | $ 0.75 | $ 0.63 | $ 0.66 | $ 0.56 | $ 3.12 | $ 2.59 | $ 2.19 |
Diluted weighted average shares outstanding | 79,261 | 79,167 | 79,770 | 80,735 | 81,086 | 81,094 | 81,634 | 82,589 | 79,734 | 81,601 | 85,396 |
CONSOLIDATED BALANCE SHEETS PARENTHETICAL - $ / shares |
Jun. 30, 2016 |
Jun. 30, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 1.00 | $ 1.00 |
Preferred stock, authorized shares | 500,000 | 500,000 |
Preferred stock, issued shares | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 250,000,000 | 250,000,000 |
Common stock, issued shares | 102,903,971 | 102,695,214 |
Treasury Stock, Shares | 24,208,517 | 21,842,632 |
Nature of Operations and Summary of Significant Accounting Policies (Text Block) |
12 Months Ended |
---|---|
Jun. 30, 2016 | |
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies [Text Block] | NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DESCRIPTION OF THE COMPANY Jack Henry & Associates, Inc. and subsidiaries (“JHA” or the “Company”) is a provider of integrated computer systems and services that has developed and acquired a number of banking and credit union software systems. The Company's revenues are predominately earned by marketing those systems to financial institutions nationwide together with computer equipment (hardware), by providing the conversion and software implementation services for financial institutions to utilize JHA software systems, and by providing other related services. JHA also provides continuing support and services to customers using in-house or outsourced systems. CONSOLIDATION The consolidated financial statements include the accounts of JHA and all of its subsidiaries, which are wholly-owned, and all intercompany accounts and transactions have been eliminated. PRIOR PERIOD RECLASSIFICATION Certain amounts included within the consolidated statements of income and the consolidated statement of cash flows for the year ended June 30, 2015 have been reclassified to separately disclose the gain on disposal of businesses and proceeds from the sale of businesses. This adjustment resulted in disclosures on disposal of a business as a separate line to the consolidated statements of income and increased general and administrative operating expense by $6,874 for June 30, 2015. This new line only included gains on the sales of businesses. All other gains and losses on assets are still included in the line items to which they relate. There was no change in total operating expenses. The adjustment also resulted in a separate line on the consolidated statements of cash flows for proceeds from the sale of businesses and decreased proceeds from sale of assets by $8,135 for June 30, 2015. There was no change to net cash from investing activities or total cash flows. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. REVENUE RECOGNITION The Company derives revenue from the following sources: license arrangements, support and service fees (non-software) and hardware sales. There are no rights of return, condition of acceptance or price protection in the Company’s sales contracts. License Arrangements: For software license agreements, the Company recognizes revenue when persuasive evidence of an arrangement exists, delivery of the product or service has occurred, the fee is fixed or determinable and collection is probable. For arrangements where the fee is not fixed or determinable, revenue is deferred until payments become due. The Company’s software license agreements generally include multiple products and services or “elements.” Generally, none of these elements are deemed to be essential to the functionality of the other elements. For multiple element arrangements, which contain software elements and non-software elements, we allocate revenue to the software deliverables and the non-software deliverables as a group based on the relative selling prices of all of the deliverables in the arrangement. For our non-software deliverables, we allocate the arrangement consideration based on the relative selling price of the deliverables using estimated selling price ("ESP"). For our software elements, we use vendor-specific objective evidence ("VSOE") for this allocation when it can be established and ESP when VSOE cannot be established. The selling price for each element is based upon the following selling price hierarchy: VSOE if available, third party evidence ("TPE") if VSOE is not available, or ESP if neither VSOE or TPE are available. Generally, we are not able to determine TPE because our go-to-market strategy differs from that of our peers and our offerings contain a significant level of differentiation such that the comparable pricing of products with similar functionality cannot be obtained. ESP is determined after considering both market conditions (such as the sale of similar products in the market place) and entity-specific factors (such as pricing practices and the specifics of each transaction). For our non-software deliverables, a delivered item is accounted for as a separate unit of accounting if the delivered item has standalone value and if the customer has a general right of return relative to the delivered item, delivery or performance of the undelivered item is probable and substantially within our control. For our software licenses and related services, including the software elements of multiple-element software and non-software arrangements, U.S. GAAP generally require revenue earned on software arrangements involving multiple elements to be allocated to each element based on vendor-specific objective evidence (“VSOE”) of fair value. VSOE of fair value is determined for implementation services based on a rate per hour for stand-alone professional services and the estimated hours for the bundled implementation, if the hours can be reasonably estimated. VSOE of fair value is determined for post-contract support ("PCS") based upon the price charged when sold separately. For a majority of the elements within our software arrangements, we have determined that VSOE cannot be established; therefore, revenue on our software arrangements is generally deferred until the only remaining element is post-contract support ("PCS"). At that point, the entire arrangement fee is recognized ratably over the remaining PCS period, assuming that all other criteria for revenue recognition have been met. The amounts deferred are included in the balance sheet as deferred revenue and recognized as Bundled Products & Services revenue within Support & Service revenue in the consolidated statements of income. For arrangements that include specified upgrades, such upgrades are accounted for as a separate element of the arrangement. For those specified upgrades for which VSOE of fair value cannot be determined, revenue related to the software elements within the arrangement is deferred until such specified upgrades have been delivered. Total revenue recognized ratably related to our Bundled Products & Services was $94,391, $62,888, and $60,685 for the years ended June 30, 2016, 2015, and 2014, respectively. Support and Service Fee Revenue (Non-software): Maintenance support revenue contracted for outside of a license arrangement is recognized pro-rata over the contract period, typically one year. Outsourced data processing and ATM, debit card, and other transaction processing services revenue is recognized in the month the transactions are processed or the services are rendered. Hardware Revenue: Hardware revenue is recognized upon delivery to the customer, when title and risk of loss are transferred. In most cases, we do not stock in inventory the hardware products we sell, but arrange for third-party suppliers to drop-ship the products to our customers on our behalf. The revenue related to these hardware sales is recorded gross. The Company also remarkets maintenance contracts on hardware to our customers. Hardware maintenance revenue is recognized ratably over the agreement period. Revenue-based taxes collected from customers and remitted to governmental authorities are presented on a net basis (i.e. excluded from revenues). DEFERRED COSTS Costs for certain software and hardware maintenance contracts with third parties, which are prepaid, are recognized ratably over the life of the maintenance contract, generally one to five years, with the related revenue amortized from deferred revenues. Direct and incremental costs associated with arrangements subject to Accounting Standards Codification ("ASC") 985-605 (for which VSOE of fair value cannot be established) are deferred until the only remaining element in the revenue arrangement is PCS at which point the costs are recognized ratably over the remaining PCS period with the related revenue. Deferred direct and incremental costs associated with arrangements not subject to ASC 985-605 consist primarily of certain up-front costs incurred in connection with our software hosting arrangements and are recognized ratably over the contract period which typically ranges from 5-7 years. These costs include commissions, costs of third-party licenses and the direct costs of our implementation services, consisting of payroll and other fringe benefits. DEFERRED REVENUES Deferred revenues consist primarily of prepaid annual software support fees, deferred bundled software arrangements revenue, and prepaid hardware maintenance fees. Deferred bundled software arrangements revenue and hardware maintenance contracts may be recognized over multiple years; therefore, the related deferred revenue and maintenance are classified as current or non-current in accordance with the terms of the contract. Software and hardware deposits received are also reflected as deferred revenues. The vast majority of our maintenance (PCS) renews annually and runs from July 1 to June 30. Renewal billings are submitted to customers each June and the Company has the right to bill at that date; therefore we include those billings as gross in deferred revenue and as a receivable on our balance sheet at the end of each fiscal year. COMPUTER SOFTWARE DEVELOPMENT The Company capitalizes new product development costs incurred for software to be sold from the point at which technological feasibility has been established through the point at which the product is ready for general availability. Software development costs that are capitalized are evaluated on a product-by-product basis annually and are assigned an estimated economic life based on the type of product, market characteristics, and maturity of the market for that particular product. These costs are amortized based on current and estimated future revenue from the product or on a straight-line basis, whichever yields greater amortization expense. All of this amortization expense is included within Cost of support and service. The Company capitalizes development costs for internal use software beginning at the start of application development. Amortization begins on the date the software is placed in service and the amortization period is based on estimated useful life. CASH EQUIVALENTS The Company considers all highly liquid investments with maturities of three months or less at the time of acquisition to be cash equivalents. ACCOUNTS RECEIVABLE Receivables are recorded at the time of billing. A reasonable estimate the realizability of customer receivables is made through the establishment of an allowance for doubtful accounts, which is estimated based on a combination of write-off history, aging analysis, and any specifically known collection issues. PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Intangible assets consist of goodwill, customer relationships, computer software, and trade names acquired in business acquisitions in addition to internally developed computer software. The amounts are amortized, with the exception of those with an indefinite life (such as goodwill), over an estimated economic benefit period, generally three to twenty years. The Company reviews its long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances have indicated that the carrying amount of its assets might not be recoverable. The Company evaluates goodwill and other indefinite-lived intangible assets for impairment of value on an annual basis as of January 1 and between annual tests if events or changes in circumstances indicate that the asset might be impaired. COMPREHENSIVE INCOME Comprehensive income for each of the years ending June 30, 2016, 2015, and 2014 equals the Company’s net income. REPORTABLE SEGMENT INFORMATION In accordance with U.S. GAAP, the Company's operations are classified as two reportable segments: bank systems and services and credit union systems and services (see Note 13). Revenue by type of product and service is presented on the face of the consolidated statements of income. Substantially all the Company’s revenues are derived from operations and assets located within the United States of America. COMMON STOCK The Board of Directors has authorized the Company to repurchase shares of its common stock. Under this authorization, the Company may finance its share repurchases with available cash reserves or short-term borrowings on its existing credit facilities. The share repurchase program does not include specific price targets or timetables and may be suspended at any time. At June 30, 2016, there were 24,209 shares in treasury stock and the Company had the remaining authority to repurchase up to 5,782 additional shares. The total cost of treasury shares at June 30, 2016 is $876,134. During fiscal 2016, the Company repurchased 2,366 treasury shares for $175,662. At June 30, 2015, there were 21,843 shares in treasury stock and the Company had authority to repurchase up to 8,148 additional shares. Dividends declared per share were $1.06, $0.94, and $0.84 for the years ended June 30, 2016, 2015, and 2014, respectively. EARNINGS PER SHARE Per share information is based on the weighted average number of common shares outstanding during the year. Stock options have been included in the calculation of income per diluted share to the extent they are dilutive. The difference between basic and diluted weighted average shares outstanding is the dilutive effect of outstanding stock options and restricted stock (see Note 10). INCOME TAXES Deferred tax liabilities and assets are recognized for the tax effects of differences between the financial statement and tax bases of assets and liabilities. A valuation allowance would be established to reduce deferred tax assets if it is more likely than not that a deferred tax asset will not be realized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based upon the technical merits of the position. The tax benefit recognized in the financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Also, interest and penalties expense are recognized on the full amount of deferred benefits for uncertain tax positions. Our policy is to include interest and penalties related to unrecognized tax benefits in income tax expense. RECENT ACCOUNTING PRONOUNCEMENTS The Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers in May 2014. The new standard will supersede much of the existing authoritative literature for revenue recognition. In August 2015, the FASB also issued ASU No. 2015-14 which deferred the effective date of the new standard by one year. The standard and related amendments will be effective for the Company for its annual reporting period beginning July 1, 2018, including interim periods within that reporting period. Along with the deferral of the effective date, ASU No. 2015-14 allows early application as of the original effective date. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect as of the beginning of the period of adoption. In March 2016, the FASB issued ASU No. 2016-08, which addresses principal versus agent considerations under the new revenue standard. ASU No. 2016-10 and ASU No. 2016-12 issued in April and May 2016 also address specific aspects of the new standard. The Company is currently evaluating the newly issued guidance, including which transition approach will be applied and the estimated impact it will have on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This ASU requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability (same treatment as debt discounts). ASU No. 2015-03 will be effective for the Company in its fiscal year ended June 30, 2017. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company currently classifies debt issuance costs as an asset, and will adopt these changes beginning July 1, 2016. ASU No. 2015-17 was issued by the FASB in November 2015 as part of the Simplification Initiative. This ASU eliminates the requirement to separate deferred income tax liabilities and assets into non-current and current amounts. ASU No. 2015-17 is effective for the Company for its annual reporting period beginning July 1, 2017 and early adoption is permitted. In the third quarter of fiscal 2016, management elected to early adopt and all deferred income tax assets and liabilities are reported as non-current. At March 31, 2016, the current portion of our deferred income tax liability was $7,034. Prior periods were not retrospectively adjusted. The FASB issued ASU No. 2016-02, Leases, in February 2016. This ASU aims to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and requiring disclosure of key information regarding leasing arrangements. ASU No. 2016-02 will be effective for Jack Henry's annual reporting period beginning July 1, 2019 and early adoption is permitted. The Company is currently assessing the impact this new standard will have on our consolidated financial statements. The FASB issued Accounting Standards Update (“ASU”) No. 2016-09, Improvements to Employee Share-Based Payment Accounting in March 2016. The new standard will simplify several aspects of the accounting for share-based payment transactions, including reporting of excess tax benefits and shortfalls, application of forfeiture rates, statutory minimum withholding considerations, and classification within the statement of cash flows. ASU No. 2016-09 is effective for the Company’s annual reporting period beginning July 1, 2017 and early adoption is permitted. The Company is currently evaluating the newly issued guidance, including the estimated impact it will have on our consolidated financial statements. The Company currently anticipates the changes will be adopted in the first quarter of the annual reporting period beginning July 1, 2016. |
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Fair Value Disclosures [Text Block] | FAIR VALUE OF FINANCIAL INSTRUMENTS For cash equivalents, amounts receivable or payable and short-term borrowings, fair values approximate carrying value, based on the short-term nature of the assets and liabilities. The fair value of long term debt also approximates carrying value as estimated using discounted cash flows based on the Company’s current incremental borrowing rates. The Company's estimates of the fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets, and requires that observable inputs be used in the valuations when available. The three levels of the hierarchy are as follows: Level 1: inputs to the valuation are quoted prices in an active market for identical assets Level 2: inputs to the valuation include quoted prices for similar assets in active markets that are observable either directly or indirectly Level 3: valuation is based on significant inputs that are unobservable in the market and the Company's own estimates of assumptions that we believe market participants would use in pricing the asset Fair value of financial assets, included in cash and cash equivalents, and financial liabilities is as follows:
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Property, Plant and Equipment Disclosure [Text Block] | PROPERTY AND EQUIPMENT The classification of property and equipment, together with their estimated useful lives is as follows:
(1) Lesser of lease term or estimated useful life Property and equipment included $651 and $1,343 that was in accrued liabilities at June 30, 2016 and 2015, respectively. Also, the Company acquired $4,344 of computer equipment through capital leases for the year ended June 30, 2015. There were no acquisitions through capital leases in fiscal 2016. These amounts were excluded from capital expenditures on the statements of cash flows. |
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Other Assets Disclosure [Text Block] | OTHER ASSETS Goodwill The carrying amount of goodwill for the years ended June 30, 2016 and 2015, by reportable segments, is as follows:
The Goodwill acquired during the year was a result of our purchase of Bayside Business Solutions, Inc. The goodwill of $6,099 arising from this acquisition consists largely of the growth potential, synergies and economies of scale expected from combining the operations of the Company with those of Bayside Business Solutions, together with the value of Bayside Business Solutions’ assembled workforce. Goodwill from this acquisition has been allocated to our banking segment. During the year the Company sold its Alogent business (Alogent) to Antelope Acquisition Co., an affiliate of Battery Ventures. Alogent was included in our banking segment. Goodwill allocated to the carrying amount of the net assets sold was calculated based on the relative fair values of the business disposed and the portion of the reporting unit that was retained. Other Intangible Assets Information regarding other identifiable intangible assets is as follows:
Customer relationships have lives ranging from 5 to 20 years. Computer software includes cost of software to be sold, leased, or marketed of $108,991 and costs of internal-use software of $113,124 at June 30, 2016. Computer software includes the unamortized cost of commercial software products developed or acquired by the Company, which are capitalized and amortized over useful lives ranging from 5 to 10 years. Amortization expense for computer software totaled $54,810, $43,798, and $37,720 for the fiscal years ended June 30, 2016, 2015, and 2014, respectively. There were no material impairments in any of the fiscal years presented. Our other intangible assets have useful lives ranging from 3 to 20 years. Amortization expense for all intangible assets was $79,077, $64,841, and $54,836 for the fiscal years ended June 30, 2016, 2015, and 2014, respectively. The estimated aggregate future amortization expense for each of the next five years for all intangible assets remaining as of June 30, 2016, is as follows:
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Debt and Capital Leases Disclosures [Text Block] | DEBT The Company’s outstanding long and short term debt is as follows:
The following table summarizes the annual principal payments required as of June 30, 2016:
Capital leases The Company has entered into various capital lease obligations for the use of certain computer equipment. The Company currently has short term capital lease obligations totaling $200 at June 30, 2016. Included in property and equipment are assets under capital leases totaling $2,329, which have accumulated depreciation totaling $898. Revolving credit facility The revolving credit facility provides for borrowings of up to $300,000, which may be increased by the Company at any time until maturity to $600,000. The credit facility bears interest at a variable rate equal to (a) a rate based on LIBOR or (b) an alternate base rate (the highest of (i) the Prime Rate for such day, (ii) the sum of the Federal Funds Effective Rate for such day plus 0.50% and (iii) the Eurocurrency Rate for a one month Interest Period on such day for dollars plus 1.0%), plus an applicable percentage in each case determined by the Company's leverage ratio. The credit facility is guaranteed by certain subsidiaries of the Company. The credit facility is subject to various financial covenants that require the Company to maintain certain financial ratios as defined in the agreement. As of June 30, 2016, the Company was in compliance with all such covenants. The revolving loan terminates February 20, 2020 and at June 30, 2016 there was no outstanding balance. Other lines of credit The Company renewed an unsecured bank credit line on March 3, 2014 which provides for funding of up to $5,000 and bears interest at the prime rate less 1%. The credit line was renewed through April 30, 2017. At June 30, 2016, no amount was outstanding. Interest The Company paid interest of $1,320, $1,111, and $620 during the years ended June 30, 2016, 2015, and 2014, respectively. |
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Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES Litigation We are subject to various routine legal proceedings and claims, including the following: In 2013 a patent infringement lawsuit entitled DataTreasury Corporation v. Jack Henry & Associates, Inc. et. al. was filed against the Company, several subsidiaries and a number of customer financial institutions in the US District Court for the Eastern District of Texas. The complaint seeks damages, interest, injunctive relief, and attorneys' fees for the alleged infringement of two patents, as well as trebling of damage awards for alleged willful infringement. We believe we have strong defenses and have defended the lawsuit vigorously. A part of that defense has been the filing of challenges to the validity of plaintiff's patents in post-grant proceedings at the Patent Trial and Appeal Board ("PTAB") of the U.S. Patent and Trademark Office. On April 29 and July 8, and September 1 2015, the PTAB issued decisions holding that all relevant claims of the plaintiff's patents are unpatentable and invalid. DataTreasury has appealed the PTAB decisions to the U.S. Court of Appeals for the Federal Circuit. At this stage, we cannot make a reasonable estimate of possible loss or range of loss, if any, arising from this lawsuit. Property and Equipment The Company had no material commitments at June 30, 2016 to purchase property and equipment. There were $13,089 material commitments at June 30, 2015, mainly related to the purchase of aircraft. Leases The Company leases certain property under operating leases which expire over the next 14 years, but certain of the leases contain options to extend the lease term. All lease payments are based on the lapse of time but include, in some cases, payments for operating expenses and property taxes. There are no purchase options on real estate leases at this time. Certain leases on real estate are subject to annual escalations for increases in operating expenses and property taxes. As of June 30, 2016, net future minimum lease payments are as follows:
Rent expense was $10,167, $9,547, and $8,609 in 2016, 2015, and 2014 respectively. |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | INCOME TAXES The provision for income taxes from continuing operations consists of the following:
The tax effects of temporary differences related to deferred taxes shown on the balance sheets were:
The following analysis reconciles the statutory federal income tax rate to the effective income tax rates reflected above:
As of June 30, 2016, we have $6,048 of gross net operating loss (“NOL”) carryforwards pertaining to the acquisition of Goldleaf Financial Solutions, Inc., which are expected to be utilized after the application of IRC Section 382. Separately, as of June 30, 2016, we have state NOL carryforwards with a tax-effected value of $1,470. The federal and state losses have varying expiration dates, ranging from 2016 to 2035. Based on state tax rules which restrict our utilization of these losses, we believe it is more likely than not that $608 of these losses will expire unutilized. Accordingly, a valuation allowance of $608 and $650 has been recorded against these assets as of June 30, 2016 and 2015, respectively. The Company paid income taxes of $90,307, $61,885, and $83,014 in 2016, 2015, and 2014 respectively. At June 30, 2016, the Company had $7,421 of gross unrecognized tax benefits, $5,986 of which, if recognized, would affect our effective tax rate. At June 30, 2015, the Company had $7,104 of unrecognized tax benefits, $5,193 of which, if recognized, would affect our effective tax rate. We had accrued interest and penalties of $1,178 and $1,120 related to uncertain tax positions at June 30, 2016 and 2015, respectively. The income tax provision included interest expense and penalties (or benefits) on unrecognized tax benefits of $47, $(155), and $582 in the years ending June 30, 2016, 2015, and 2014, respectively. A reconciliation of the unrecognized tax benefits for the years ended June 30, 2016 and 2015 follows:
During the period ended June 30, 2016, the Internal Revenue Service commenced an examination of the Company’s U.S. federal income tax returns for fiscal years ended June 30, 2014 and 2015. The examination is ongoing. At this time, it is anticipated that the examination will not result in a material change to the Company’s financial statements. The U.S. federal and state income tax returns for June 30, 2013 and all subsequent years remain subject to examination as of June 30, 2016 under statute of limitations rules. We anticipate that potential changes due to lapsing statutes of limitations and examination closures could reduce the unrecognized tax benefits balance by $1,500 - $3,000 within twelve months of June 30, 2016. |
Industry and Supplier Concentrations (Text Block) |
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Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | INDUSTRY AND SUPPLIER CONCENTRATIONS The Company sells its products to banks, credit unions, and financial institutions throughout the United States and generally does not require collateral. All billings to customers are due 30 days from date of billing. Reserves (which are insignificant at June 30, 2016, 2015, and 2014) are maintained for potential credit losses. In addition, the Company purchases most of its computer hardware and related maintenance for resale in relation to installation of JHA software systems from two suppliers. There are a limited number of hardware suppliers for these required items. If these relationships were terminated, it could have a negative impact on the operations of the Company. |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK-BASED COMPENSATION Our pre-tax operating income for the years ended June 30, 2016, 2015, and 2014 includes $10,720, $10,112, and $10,091 of equity-based compensation costs, respectively, of which $9,712, $9,251, and $9,335 relates to the restricted stock plans, respectively. The income tax benefits from stock option exercises and restricted stock vests totaled $1,051, $4,343, and $3,420 for the years ended June 30, 2016, 2015, and 2014, respectively. 2005 NSOP and 1996 SOP The Company previously issued options to employees under the 1996 Stock Option Plan (“1996 SOP”) and to outside directors under the 2005 Non-Qualified Stock Option Plan (“2005 NSOP”). The 1996 SOP was adopted by the Company on October 29, 1996, for its employees. Terms and vesting periods of the options were determined by the Compensation Committee of the Board of Directors when granted and for options outstanding include vesting periods up to four years. Shares of common stock were reserved for issuance under this plan at the time of each grant, which must be at or above fair market value of the stock at the grant date. The options terminate 30 days after termination of employment, 3 months after retirement, one year after death or 10 years after the date of grant. The plan terminated by its terms on October 29, 2006. No options previously granted under the 1996 SOP remain outstanding and vested at June 30, 2016. The 2005 NSOP was adopted by the Company on September 23, 2005, for its outside directors. Generally, options are exercisable beginning 6 months after grant at an exercise price equal to the fair market value of the stock at the grant date. For individuals who have served less than four continuous years, 25% of all options will vest after one year of service, 50% shall vest after two years, and 75% shall vest after three years of service on the Board. The options terminate upon surrender of the option, upon the expiration of one year following notification of a deceased optionee, or 10 years after grant. 700 shares of common stock have been reserved for issuance under this plan with a maximum of 100 for each director. A summary of option plan activity under the plan is as follows:
There were no options granted during any period presented. Compensation cost related to outstanding options has now been fully recognized. The weighted average remaining contractual term on options currently exercisable as of June 30, 2016 was 2.57 years. The total intrinsic value of options exercised was $3,011, $1,044, and $704 for the fiscal years ended June 30, 2016, 2015, and 2014, respectively. Restricted Stock Plan and 2015 Equity Incentive Plan The Restricted Stock Plan was adopted by the Company on November 1, 2005, for its employees. The plan expired on November 1, 2015. Up to 3,000 shares of common stock were available for issuance under the plan. The 2015 Equity Incentive Plan was adopted by the company on November 10, 2015 for its employees. Up to 3,000 shares of common stock are available for issuance under the 2015 Equity Incentive Plan. Upon issuance, shares of restricted stock are subject to forfeiture and to restrictions which limit the sale or transfer of the shares during the restriction period. The restrictions will be lifted over periods ranging from 3 years to 7 years from grant date. The following table summarizes non-vested share awards activity:
The non-vested share awards do not participate in dividends during the restriction period. As a result, the weighted-average fair value of the non-vested share awards was based on the fair market value of the Company’s equity shares on the grant date, less the present value of the expected future dividends to be declared during the restriction period, consistent with the methodology for calculating compensation expense on such awards. At June 30, 2016, there was $913 of compensation expense that has yet to be recognized related to non-vested restricted stock share awards, which will be recognized over a weighted-average period of 0.69 years. An amendment to the Restricted Stock Plan was adopted by the Company on August 20, 2010. Unit awards were made to employees remaining in continuous employment throughout the performance period and vary based on the Company’s percentile ranking in Total Shareholder Return (“TSR”) over the performance period compared to a peer group of companies. TSR is defined as the change in the stock price through the performance period plus dividends per share paid during the performance period, all divided by the stock price at the beginning of the performance period. It is the intention of the Company to settle the unit awards in shares of the Company’s stock. Certain Restricted Stock Unit awards are not tied to performance goals, and for such awards, vesting occurs over a period of 1 to 3 years. The following table summarizes non-vested unit awards as of June 30, 2016, as well as activity for the year then ended:
The Company utilized a Monte Carlo pricing model customized to the specific provisions of the Company’s plan design to value unit awards subject to performance targets on the grant dates. The weighted average assumptions used in this model to estimate fair value at the grant dates are as follows:
For the year ended June 30, 2016, 118 unit awards were granted and measured using the above assumptions. The remaining 12 unit awards granted are not subject to performance targets, and therefore the estimated fair value at measurement date is valued in the same manner as restricted stock award grants. At June 30, 2016, there was $9,822 of compensation expense that has yet to be recognized related to non-vested restricted stock unit awards, which will be recognized over a weighted-average period of 1.09 years. The fair value of restricted shares at vest date totaled $8,677, $20,275, and $16,070 for the years ended June 30, 2016, 2015, and 2014, respectively. |
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Earnings Per Share [Text Block] | EARNINGS PER SHARE The following table reflects the reconciliation between basic and diluted earnings per share.
Per share information is based on the weighted average number of common shares outstanding for each of the fiscal years. Stock options and restricted stock have been included in the calculation of earnings per share to the extent they are dilutive. The two-class method for computing EPS has not been applied because no outstanding awards participate in dividends. There were no anti-dilutive stock options and restricted stock excluded for fiscal 2016, no shares excluded for fiscal 2015, and 24 shares excluded for fiscal 2014. |
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Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | EMPLOYEE BENEFIT PLANS The Company established an employee stock purchase plan in 2006. The plan allows the majority of employees the opportunity to directly purchase shares of the Company at a 15% discount. The plan does not meet the criteria as a non-compensatory plan. As a result, the Company records the total dollar value of the stock discount given to employees under the plan as expense. Total expense recorded by the Company under the plan for the year ended June 30, 2016, 2015 and 2014 was $1,008, $861 and $756, respectively. The Company has a defined contribution plan for its employees: the 401(k) Retirement Savings Plan (the “Plan”). The Plan is subject to the Employee Retirement Income Security Act of 1975 (“ERISA”) as amended. Under the Plan, the Company matches 100% of full time employee contributions up to 5% of compensation subject to a maximum of $5 per year. In order to receive matching contributions, employees must be 18 years of age and be employed for at least six months. The Company has the option of making a discretionary contribution; however, none has been made for any of the three most recent fiscal years. The total matching contributions for the Plan were $16,794, $15,378, and $13,617 for fiscal 2016, 2015 and 2014, respectively. |
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Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||||||||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | BUSINESS ACQUISITION Bayside Business Solutions, Inc. Effective July 1, 2015, the Company acquired all of the equity interests of Bayside Business Solutions, an Alabama-based company that provides technology solutions and payment processing services primarily for the financial services industry, for $10,000 paid in cash. This acquisition was funded using existing operating cash. The acquisition of Bayside Business Solutions expanded the Company’s presence in commercial lending within the industry. Management has completed a purchase price allocation of Bayside Business Solutions and its assessment of the fair value of acquired assets and liabilities assumed. The recognized amounts of identifiable assets acquired and liabilities assumed, based upon their fair values as of July 1, 2015 are set forth below:
The goodwill of $6,099 arising from this acquisition consists largely of the growth potential, synergies and economies of scale expected from combining the operations of the Company with those of Bayside Business Solutions, together with the value of Bayside Business Solutions’ assembled workforce. Goodwill from this acquisition has been allocated to our Banking Systems and Services segment. The goodwill is not expected to be deductible for income tax purposes. Identifiable intangible assets from this acquisition consist of customer relationships of $3,402, $659 of computer software and other intangible assets of $944. The weighted average amortization period for acquired customer relationships, acquired computer software, and other intangible assets is 15 years, 5 years, and 20 years, respectively. Current assets were inclusive of cash acquired of $1,725. The fair value of current assets acquired included accounts receivable of $178. The gross amount of receivables was $178, none of which was expected to be uncollectible. During fiscal year 2016, the Company incurred $55 in costs related to the acquisition of Bayside Business Solutions. These costs included fees for legal, valuation and other fees. These costs were included within general and administrative expenses. The results of Bayside Business Solutions’ operations included in the Company’s consolidated statement of income for the twelve months ended June 30, 2016 included revenue of $4,273 and after-tax net income of $303. The accompanying consolidated statements of income for the fiscal year ended June 30, 2016 do not include any revenues and expenses related to this acquisition prior to the acquisition date. The impact of this acquisition was considered immaterial to both the current and prior periods of our consolidated financial statements and pro forma financial information has not been provided. Banno, LLC Effective March 1, 2014, the Company acquired all of the equity interests of Banno, an Iowa-based company that provides Web and transaction marketing services with a focus on the mobile medium, for $27,910 paid in cash. This acquisition was funded using existing operating cash. The acquisition of Banno expanded the Company’s presence in online and mobile technologies within the industry. During fiscal year 2014, the Company incurred $30 in costs related to the acquisition of Banno. These costs included fees for legal, valuation and other fees. These costs were included within general and administrative expenses. The results of Banno's operations included in the Company's consolidated statements of income for the year ended June 30, 2016 included revenue of $6,393 and after-tax net loss of $1,289. For the year ended June 30, 2015, our consolidated statements of income included revenue of $4,175 and after-tax net loss of $1,784 attributable to Banno. The results of Banno’s operations included in the Company’s consolidated statement of operations from the acquisition date to June 30, 2014 included revenue of $848 and after-tax net loss of $1,121. The accompanying consolidated statements of income for the twelve month period ended June 30, 2016 do not include any revenues and expenses related to this acquisition prior to the acquisition date. The impact of this acquisition was considered immaterial to both the current and prior periods of our consolidated financial statements and pro forma financial information has not been provided. |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | REPORTABLE SEGMENT INFORMATION The Company is a provider of integrated computer systems that perform data processing (available for in-house installations or outsourced services) for banks and credit unions. The Company’s operations are classified into two reportable segments: bank systems and services (“Bank”) and credit union systems and services (“Credit Union”). The Company evaluates the performance of its segments and allocates resources to them based on various factors, including prospects for growth, return on investment, and return on revenue.
The Company has not disclosed any additional asset information by segment, as the information is not produced internally and its preparation is impracticable. |
Subsequent Events (Text Block) |
12 Months Ended |
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Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS Dividends On August 19, 2016, the Company's Board of Directors declared a cash dividend of $0.28 per share on its common stock, payable on September 27, 2016 to shareholders of record on September 7, 2016. |
Quarterly Financial Information (Text Block) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information | QUARTERLY FINANCIAL INFORMATION (unaudited)
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Nature of Operations and Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
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Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Consolidation | CONSOLIDATION The consolidated financial statements include the accounts of JHA and all of its subsidiaries, which are wholly-owned, and all intercompany accounts and transactions have been eliminated. |
Use of Estimates | USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition | REVENUE RECOGNITION The Company derives revenue from the following sources: license arrangements, support and service fees (non-software) and hardware sales. There are no rights of return, condition of acceptance or price protection in the Company’s sales contracts. License Arrangements: For software license agreements, the Company recognizes revenue when persuasive evidence of an arrangement exists, delivery of the product or service has occurred, the fee is fixed or determinable and collection is probable. For arrangements where the fee is not fixed or determinable, revenue is deferred until payments become due. The Company’s software license agreements generally include multiple products and services or “elements.” Generally, none of these elements are deemed to be essential to the functionality of the other elements. For multiple element arrangements, which contain software elements and non-software elements, we allocate revenue to the software deliverables and the non-software deliverables as a group based on the relative selling prices of all of the deliverables in the arrangement. For our non-software deliverables, we allocate the arrangement consideration based on the relative selling price of the deliverables using estimated selling price ("ESP"). For our software elements, we use vendor-specific objective evidence ("VSOE") for this allocation when it can be established and ESP when VSOE cannot be established. The selling price for each element is based upon the following selling price hierarchy: VSOE if available, third party evidence ("TPE") if VSOE is not available, or ESP if neither VSOE or TPE are available. Generally, we are not able to determine TPE because our go-to-market strategy differs from that of our peers and our offerings contain a significant level of differentiation such that the comparable pricing of products with similar functionality cannot be obtained. ESP is determined after considering both market conditions (such as the sale of similar products in the market place) and entity-specific factors (such as pricing practices and the specifics of each transaction). For our non-software deliverables, a delivered item is accounted for as a separate unit of accounting if the delivered item has standalone value and if the customer has a general right of return relative to the delivered item, delivery or performance of the undelivered item is probable and substantially within our control. For our software licenses and related services, including the software elements of multiple-element software and non-software arrangements, U.S. GAAP generally require revenue earned on software arrangements involving multiple elements to be allocated to each element based on vendor-specific objective evidence (“VSOE”) of fair value. VSOE of fair value is determined for implementation services based on a rate per hour for stand-alone professional services and the estimated hours for the bundled implementation, if the hours can be reasonably estimated. VSOE of fair value is determined for post-contract support ("PCS") based upon the price charged when sold separately. For a majority of the elements within our software arrangements, we have determined that VSOE cannot be established; therefore, revenue on our software arrangements is generally deferred until the only remaining element is post-contract support ("PCS"). At that point, the entire arrangement fee is recognized ratably over the remaining PCS period, assuming that all other criteria for revenue recognition have been met. The amounts deferred are included in the balance sheet as deferred revenue and recognized as Bundled Products & Services revenue within Support & Service revenue in the consolidated statements of income. For arrangements that include specified upgrades, such upgrades are accounted for as a separate element of the arrangement. For those specified upgrades for which VSOE of fair value cannot be determined, revenue related to the software elements within the arrangement is deferred until such specified upgrades have been delivered. Total revenue recognized ratably related to our Bundled Products & Services was $94,391, $62,888, and $60,685 for the years ended June 30, 2016, 2015, and 2014, respectively. Support and Service Fee Revenue (Non-software): Maintenance support revenue contracted for outside of a license arrangement is recognized pro-rata over the contract period, typically one year. Outsourced data processing and ATM, debit card, and other transaction processing services revenue is recognized in the month the transactions are processed or the services are rendered. Hardware Revenue: Hardware revenue is recognized upon delivery to the customer, when title and risk of loss are transferred. In most cases, we do not stock in inventory the hardware products we sell, but arrange for third-party suppliers to drop-ship the products to our customers on our behalf. The revenue related to these hardware sales is recorded gross. The Company also remarkets maintenance contracts on hardware to our customers. Hardware maintenance revenue is recognized ratably over the agreement period. Revenue-based taxes collected from customers and remitted to governmental authorities are presented on a net basis (i.e. excluded from revenues). |
Deferred Costs | DEFERRED COSTS Costs for certain software and hardware maintenance contracts with third parties, which are prepaid, are recognized ratably over the life of the maintenance contract, generally one to five years, with the related revenue amortized from deferred revenues. Direct and incremental costs associated with arrangements subject to Accounting Standards Codification ("ASC") 985-605 (for which VSOE of fair value cannot be established) are deferred until the only remaining element in the revenue arrangement is PCS at which point the costs are recognized ratably over the remaining PCS period with the related revenue. Deferred direct and incremental costs associated with arrangements not subject to ASC 985-605 consist primarily of certain up-front costs incurred in connection with our software hosting arrangements and are recognized ratably over the contract period which typically ranges from 5-7 years. These costs include commissions, costs of third-party licenses and the direct costs of our implementation services, consisting of payroll and other fringe benefits. |
Deferred Revenues | DEFERRED REVENUES Deferred revenues consist primarily of prepaid annual software support fees, deferred bundled software arrangements revenue, and prepaid hardware maintenance fees. Deferred bundled software arrangements revenue and hardware maintenance contracts may be recognized over multiple years; therefore, the related deferred revenue and maintenance are classified as current or non-current in accordance with the terms of the contract. Software and hardware deposits received are also reflected as deferred revenues. The vast majority of our maintenance (PCS) renews annually and runs from July 1 to June 30. Renewal billings are submitted to customers each June and the Company has the right to bill at that date; therefore we include those billings as gross in deferred revenue and as a receivable on our balance sheet at the end of each fiscal year. |
Computer Software Development | COMPUTER SOFTWARE DEVELOPMENT The Company capitalizes new product development costs incurred for software to be sold from the point at which technological feasibility has been established through the point at which the product is ready for general availability. Software development costs that are capitalized are evaluated on a product-by-product basis annually and are assigned an estimated economic life based on the type of product, market characteristics, and maturity of the market for that particular product. These costs are amortized based on current and estimated future revenue from the product or on a straight-line basis, whichever yields greater amortization expense. All of this amortization expense is included within Cost of support and service. |
Internal Use Software | The Company capitalizes development costs for internal use software beginning at the start of application development. Amortization begins on the date the software is placed in service and the amortization period is based on estimated useful life. |
Cash Equivalents | CASH EQUIVALENTS The Company considers all highly liquid investments with maturities of three months or less at the time of acquisition to be cash equivalents. |
Accounts Receivable | ACCOUNTS RECEIVABLE Receivables are recorded at the time of billing. A reasonable estimate the realizability of customer receivables is made through the establishment of an allowance for doubtful accounts, which is estimated based on a combination of write-off history, aging analysis, and any specifically known collection issues. |
Property and Equipment | PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. |
Intangible Assets | Intangible assets consist of goodwill, customer relationships, computer software, and trade names acquired in business acquisitions in addition to internally developed computer software. The amounts are amortized, with the exception of those with an indefinite life (such as goodwill), over an estimated economic benefit period, generally three to twenty years. The Company reviews its long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances have indicated that the carrying amount of its assets might not be recoverable. The Company evaluates goodwill and other indefinite-lived intangible assets for impairment of value on an annual basis as of January 1 and between annual tests if events or changes in circumstances indicate that the asset might be impaired. |
Reportable Segment Information | REPORTABLE SEGMENT INFORMATION In accordance with U.S. GAAP, the Company's operations are classified as two reportable segments: bank systems and services and credit union systems and services (see Note 13). Revenue by type of product and service is presented on the face of the consolidated statements of income. Substantially all the Company’s revenues are derived from operations and assets located within the United States of America. |
Common Stock | COMMON STOCK The Board of Directors has authorized the Company to repurchase shares of its common stock. Under this authorization, the Company may finance its share repurchases with available cash reserves or short-term borrowings on its existing credit facilities. The share repurchase program does not include specific price targets or timetables and may be suspended at any time. |
Earnings Per Share | EARNINGS PER SHARE Per share information is based on the weighted average number of common shares outstanding during the year. Stock options have been included in the calculation of income per diluted share to the extent they are dilutive. The difference between basic and diluted weighted average shares outstanding is the dilutive effect of outstanding stock options and restricted stock (see Note 10). |
Income Taxes | INCOME TAXES Deferred tax liabilities and assets are recognized for the tax effects of differences between the financial statement and tax bases of assets and liabilities. A valuation allowance would be established to reduce deferred tax assets if it is more likely than not that a deferred tax asset will not be realized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based upon the technical merits of the position. The tax benefit recognized in the financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Also, interest and penalties expense are recognized on the full amount of deferred benefits for uncertain tax positions. Our policy is to include interest and penalties related to unrecognized tax benefits in income tax expense. |
Fair Value of Financial Instruments (Policies) |
12 Months Ended |
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Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | For cash equivalents, amounts receivable or payable and short-term borrowings, fair values approximate carrying value, based on the short-term nature of the assets and liabilities. The fair value of long term debt also approximates carrying value as estimated using discounted cash flows based on the Company’s current incremental borrowing rates. The Company's estimates of the fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets, and requires that observable inputs be used in the valuations when available. The three levels of the hierarchy are as follows: Level 1: inputs to the valuation are quoted prices in an active market for identical assets Level 2: inputs to the valuation include quoted prices for similar assets in active markets that are observable either directly or indirectly Level 3: valuation is based on significant inputs that are unobservable in the market and the Company's own estimates of assumptions that we believe market participants would use in pricing the asset |
Fair Value of Financial Instruments (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair value of financial assets, included in cash and cash equivalents, and financial liabilities is as follows:
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Property and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment [Table Text Block] | The classification of property and equipment, together with their estimated useful lives is as follows:
(1) Lesser of lease term or estimated useful life |
Other Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | The carrying amount of goodwill for the years ended June 30, 2016 and 2015, by reportable segments, is as follows:
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Schedule of Intangible Assets [Table Text Block] | Information regarding other identifiable intangible assets is as follows:
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated aggregate future amortization expense for each of the next five years for all intangible assets remaining as of June 30, 2016, is as follows:
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | The Company’s outstanding long and short term debt is as follows:
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Schedule of Short-term Debt [Table Text Block] |
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Schedule of Maturities of Long-term Debt [Table Text Block] | The following table summarizes the annual principal payments required as of June 30, 2016:
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Commitments and Contingencies Lease Commitments (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of June 30, 2016, net future minimum lease payments are as follows:
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Income Taxes Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes from continuing operations consists of the following:
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences related to deferred taxes shown on the balance sheets were:
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following analysis reconciles the statutory federal income tax rate to the effective income tax rates reflected above:
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Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] | A reconciliation of the unrecognized tax benefits for the years ended June 30, 2016 and 2015 follows:
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Stock Based Compensation (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of option plan activity under the plan is as follows:
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Schedule of Nonvested Restricted Stock Activity [Table Text Block] | The following table summarizes non-vested share awards activity:
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Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The following table summarizes non-vested unit awards as of June 30, 2016, as well as activity for the year then ended:
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ScheduleOfShareBasedPaymentAwardRSUValuationAssumptionsTableTextBlock [Table Text Block] | The weighted average assumptions used in this model to estimate fair value at the grant dates are as follows:
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Earnings Per Share (Tables) |
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Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table reflects the reconciliation between basic and diluted earnings per share.
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Business Acquisitions (Tables) |
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Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The recognized amounts of identifiable assets acquired and liabilities assumed, based upon their fair values as of July 1, 2015 are set forth below:
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Business Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] |
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Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] |
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Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
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Quarterly Financial Information (Tables) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] |
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Nature of Operations and Summary of Significant Accounting Policies Prior Period Reclassification (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2014 |
|
Accounting Changes and Error Corrections [Abstract] | |||||||||||
Gain on disposal of a business | $ 19,491 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 6,874 | $ 0 | $ 19,491 | $ 6,874 | $ 0 |
Proceeds from the sale of businesses | $ 34,030 | $ 8,135 | $ 0 |
Bundled Products & Services (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2014 |
|
Deferred Revenue Disclosure [Abstract] | |||
Bundled Products & Services ratable revenue | $ 94,391 | $ 62,888 | $ 60,685 |
Treasury Stock (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2014 |
|
Equity [Abstract] | |||
Treasury Stock, Shares | 24,208,517 | 21,842,632 | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 5,782,000 | 8,148,000 | |
Treasury Stock, Value | $ 876,134 | $ 700,472 | |
Treasury Stock, Shares, Acquired | 2,366,000 | ||
Payments for Repurchase of Common Stock | $ 175,662 | $ 122,691 | $ 175,699 |
Dividends Paid Per Share (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2014 |
|
Equity [Abstract] | |||
Dividends declared per share | $ 1.06 | $ 0.94 | $ 0.84 |
Nature of Operations and Summary of Significant Accounting Policies Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Jun. 30, 2015 |
---|---|---|
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Deferred income tax liability | $ 0 | $ 7,034 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Deferred income tax liability | $ 7,034 |
Other Assets Goodwill (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 550,366 | |
Goodwill, ending balance | 552,853 | $ 550,366 |
Banking Systems and Services [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 420,795 | 423,190 |
Goodwill, acquired during the year | 6,099 | 0 |
Goodwill, written off related to sale | (3,612) | (2,395) |
Goodwill, ending balance | 423,282 | 420,795 |
Credit Union Systems and Services [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 129,571 | 129,571 |
Goodwill, acquired during the year | 0 | 0 |
Goodwill, ending balance | 129,571 | $ 129,571 |
Business Acquisition, Bayside Business Solutions [Member] | Banking Systems and Services [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, acquired during the year | $ 6,099 |
Other Assets Future Amortization Expense (Details) $ in Thousands |
Jun. 30, 2016
USD ($)
|
---|---|
2017 | $ 77,391 |
2018 | 65,971 |
2019 | 53,685 |
2020 | 38,104 |
2021 | 20,814 |
Computer Software, Intangible Asset [Member] | |
2017 | 53,326 |
2018 | 46,062 |
2019 | 37,781 |
2020 | 27,091 |
2021 | 11,742 |
Customer Relationships [Member] | |
2017 | 13,097 |
2018 | 12,509 |
2019 | 12,244 |
2020 | 10,074 |
2021 | 8,430 |
Other Intangible Assets [Member] | |
2017 | 10,968 |
2018 | 7,400 |
2019 | 3,660 |
2020 | 939 |
2021 | $ 642 |
Long Term (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Jun. 30, 2015 |
---|---|---|
LONG TERM DEBT | ||
Capital leases | $ 0 | $ 816 |
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 0 | 50,816 |
Less current maturities | 0 | 714 |
Debt, net of current maturities | $ 0 | $ 50,102 |
Short Term (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Jun. 30, 2015 |
---|---|---|
Short-term Debt [Abstract] | ||
Capital leases | $ 200 | $ 1,881 |
Current maturities of long-term debt | 0 | 714 |
Notes payable and current maturities of long term debt | $ 200 | $ 2,595 |
Debt Maturity (Details) $ in Thousands |
Jun. 30, 2016
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
2017 | $ 200 |
Annual Principal Payments | $ 200 |
Commitments and Contingencies Litigation (Details) |
1 Months Ended |
---|---|
May 31, 2013
patent
| |
DataTreasury Corporation Lawsuit [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Patents Allegedly Infringed, Number | 2 |
Commitments and Contingencies Long Term Commitments (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Commitments and Contingencies Disclosure [Abstract] | ||
Material Commitments to Purchase Property and Equipment | $ 0 | $ 13,089 |
Commitments and Contingencies Lease Commitments (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2014 |
|
2017 | $ 9,515 | ||
2018 | 8,519 | ||
2019 | 5,967 | ||
2020 | 4,865 | ||
2021 | 3,587 | ||
Thereafter | 16,921 | ||
Future Lease Payments | 49,374 | ||
Operating Leases, Rent Expense, Net | $ 10,167 | $ 9,547 | $ 8,609 |
Maximum [Member] | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 14 years |
Provision For Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2014 |
|
Income Tax Disclosure [Abstract] | |||||||||||
Current Federal | $ 66,574 | $ 70,555 | $ 77,937 | ||||||||
Current State | 7,571 | 5,221 | 10,166 | ||||||||
Deferred Federal | 34,355 | 28,018 | 10,636 | ||||||||
Deferred State | 3,169 | 1,425 | 2,116 | ||||||||
PROVISION FOR INCOME TAXES | $ 31,836 | $ 25,515 | $ 25,254 | $ 29,064 | $ 28,562 | $ 25,854 | $ 25,474 | $ 25,329 | $ 111,669 | $ 105,219 | $ 100,855 |
Deferred Tax Liability (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Jun. 30, 2015 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Contract and service revenues and costs | $ 69,597 | $ 68,503 |
Expense reserves (bad debts, insurance, franchise tax and vacation) | 14,770 | 14,612 |
Net operating loss carryforwards | 3,543 | 3,682 |
Other, net | 2,090 | 1,493 |
Total gross deferred tax assets | 90,000 | 88,290 |
Valuation allowance | (608) | (650) |
Net deferred tax assets | 89,392 | 87,640 |
Accelerated tax depreciation | (40,857) | (32,331) |
Accelerated tax amortization | (160,719) | (142,776) |
Contract and service revenues and costs | (76,417) | (69,790) |
Deferred Tax Liabilities, Gross | 277,993 | 244,897 |
Total gross deferred liabilities | $ (188,601) | $ (157,257) |
Effective Tax Rate Reconciliation (Details) |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2016
Rate
|
Jun. 30, 2015
Rate
|
Jun. 30, 2014
Rate
|
|
Income Tax Disclosure [Abstract] | |||
Computed expected tax expense | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax benefits | 1.90% | 1.40% | 2.80% |
Research and development credit | (2.50%) | (1.50%) | (0.80%) |
Domestic production activities deduction | (1.90%) | (2.00%) | (2.20%) |
Sale of subsidiary stock | (1.70%) | 0.00% | 0.00% |
Other reconciling items (net) | 0.20% | 0.40% | 0.30% |
Effective Income Tax Rate Continuing Operations, percent | 31.00% | 33.30% | 35.10% |
Income Taxes Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2014 |
|
Operating Loss Carryforwards, Expiration Date | 2016 to 2035 | ||
Deferred Tax Assets, Valuation Allowance | $ 608 | $ 650 | |
Income Taxes Paid | 90,307 | 61,885 | $ 83,014 |
Unrecognized Tax Benefits | 7,421 | 7,104 | 7,834 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 5,986 | 5,193 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1,178 | 1,120 | |
Income Tax penalties and interest expense (or benefits) included in income tax provision | 47 | $ (155) | $ 582 |
Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards | 6,048 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards | 1,470 | ||
Minimum [Member] | |||
Expiration of statutes of limitations impact on UTB balance | 1,500 | ||
Maximum [Member] | |||
Expiration of statutes of limitations impact on UTB balance | $ 3,000 |
Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized Tax Benefits, period start | $ 7,104 | $ 7,834 |
Additions for current year tax positions | 1,581 | 1,351 |
Reductions for current year tax positions | (56) | (56) |
Additions for prior year tax positions | 507 | 483 |
Reductions for prior year tax positions | (38) | (998) |
Reductions related to expirations of statute of limitations | (1,677) | (1,510) |
Unrecognized Tax Benefits, period end | $ 7,421 | $ 7,104 |
Industry and Supplier Concentrations Concentration Risk (Details) |
12 Months Ended |
---|---|
Jun. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk, Customer | The Company sells its products to banks, credit unions, and financial institutions throughout the United States and generally does not require collateral. All billings to customers are due 30 days from date of billing. Reserves (which are insignificant at June 30, 2016, 2015, and 2014) are maintained for potential credit losses. |
Concentration Risk, Supplier | In addition, the Company purchases most of its computer hardware and related maintenance for resale in relation to installation of JHA software systems from two suppliers. There are a limited number of hardware suppliers for these required items. If these relationships were terminated, it could have a negative impact on the operations of the Company. |
Restricted Stock Share Awards (Details) - Restricted Stock [Member] - $ / shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding, period start, number of shares | 72 | 138 | 252 |
Granted, number of shares | 22 | 12 | 30 |
Vested, number of shares | (24) | (71) | (143) |
Forfeited, number of shares | (12) | (7) | (1) |
Outstanding, period end, number of shares | 58 | 72 | 138 |
Outstanding, period start, weighted average grant date fair value | $ 34.28 | $ 33.56 | $ 25.92 |
Granted, weighted average grant date fair value | 66.31 | 57.77 | 54.13 |
Vested, weighted average grant date fair value | 43.45 | 35.69 | 24.41 |
Forfeited, weighted average grant date fair value | 23.82 | 46.39 | 22.17 |
Outstanding, period end, weighted average grant date fair value | $ 44.95 | $ 34.28 | $ 33.56 |
RSU Measurement Date Assumptions (Details) - Restricted Stock Units (RSUs) [Member] |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2014 |
|
RSU grant date weighted average fair value assumptions | |||
Volatility | 15.60% | 17.80% | 21.60% |
Risk free interest rate | 1.06% | 1.06% | 0.91% |
Dividend yield | 1.50% | 1.50% | 1.60% |
Stock Beta | 0.741 | 0.765 | 0.837 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2014 |
|
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||
Net Income | $ 84,270 | $ 53,883 | $ 59,348 | $ 51,366 | $ 60,539 | $ 50,712 | $ 53,882 | $ 46,088 | $ 248,867 | $ 211,221 | $ 186,715 |
Common share information: | |||||||||||
Basic weighted average shares outstanding | 78,841 | 78,805 | 79,473 | 80,545 | 80,904 | 80,880 | 81,432 | 82,195 | 79,416 | 81,353 | 84,866 |
Dilutive effect of stock options and restricted stock | 318 | 248 | 530 | ||||||||
Diluted weighted average shares outstanding | 79,261 | 79,167 | 79,770 | 80,735 | 81,086 | 81,094 | 81,634 | 82,589 | 79,734 | 81,601 | 85,396 |
Basic earnings per share | $ 1.07 | $ 0.68 | $ 0.75 | $ 0.64 | $ 0.75 | $ 0.63 | $ 0.66 | $ 0.56 | $ 3.13 | $ 2.60 | $ 2.20 |
Diluted earnings per share | $ 1.06 | $ 0.68 | $ 0.74 | $ 0.64 | $ 0.75 | $ 0.63 | $ 0.66 | $ 0.56 | $ 3.12 | $ 2.59 | $ 2.19 |
Antidilutive stock options and restricted stock excluded from computation of earnings per share | 0 | 0 | 24 |
Employee Benefits Plans Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2014 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Employee Stock Purchase Plan, Discount Percent | 15.00% | ||
Employee Stock Purchase Plan, Expense | $ 1,008 | $ 861 | $ 756 |
Employee Benefits Plans (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2016
USD ($)
Rate
|
Jun. 30, 2015
USD ($)
|
Jun. 30, 2014
USD ($)
|
|
Compensation and Retirement Disclosure [Abstract] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | Rate | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | Rate | 5.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 5 | ||
Defined Contribution Plan, Age Requirement | 18 | ||
Defined Contribution Plan, Employment Length Requirement | 6 months | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | ||
Defined contribution plan matching contributions | $ 16,794 | $ 15,378 | $ 13,617 |
Business Segment Information Narrative (Details) |
12 Months Ended |
---|---|
Jun. 30, 2016
segment
| |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 2 |
Business Segment Information Reconciliation of Operating Profit by Segment to Consolidated (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2014 |
|
REVENUE | |||||||||||
License | $ 511 | $ 292 | $ 634 | $ 1,604 | $ 1,072 | $ 569 | $ 491 | $ 503 | $ 3,041 | $ 2,635 | $ 2,184 |
Support and service | 353,364 | 319,649 | 320,219 | 307,746 | 318,635 | 296,896 | 296,905 | 288,216 | 1,300,978 | 1,200,652 | 1,112,331 |
Hardware | 13,095 | 13,245 | 12,019 | 12,268 | 14,006 | 12,244 | 13,898 | 12,755 | 50,627 | 52,903 | 58,658 |
Total revenue | 366,970 | 333,186 | 332,872 | 321,618 | 333,713 | 309,709 | 311,294 | 301,474 | 1,354,646 | 1,256,190 | 1,173,173 |
COST OF SALES | |||||||||||
Cost of license | 325 | 193 | 498 | 181 | 185 | 285 | 308 | 409 | 1,197 | 1,187 | 908 |
Cost of support and service | 195,878 | 184,527 | 181,989 | 174,714 | 176,826 | 168,457 | 170,377 | 165,090 | 737,108 | 680,750 | 634,756 |
Cost of hardware | 9,067 | 9,553 | 7,958 | 8,768 | 10,288 | 9,152 | 9,574 | 9,385 | 35,346 | 38,399 | 43,708 |
Total cost of sales | 205,270 | 194,273 | 190,445 | 183,663 | 187,299 | 177,894 | 180,259 | 174,884 | 773,651 | 720,336 | 679,372 |
GROSS PROFIT | 161,700 | 138,913 | 142,427 | 137,955 | 146,414 | 131,815 | 131,035 | 126,590 | 580,995 | 535,854 | 493,801 |
Total operating expenses | 45,195 | 59,083 | 57,640 | 57,418 | 57,042 | 54,613 | 51,370 | 54,964 | 219,336 | 217,989 | 205,503 |
Total interest income (expense) | (399) | (432) | (185) | (107) | (271) | (636) | (309) | (209) | (1,123) | (1,425) | (728) |
INCOME BEFORE INCOME TAXES | $ 116,106 | $ 79,398 | $ 84,602 | $ 80,430 | $ 89,101 | $ 76,566 | $ 79,356 | $ 71,417 | 360,536 | 316,440 | 287,570 |
Banking Systems and Services [Member] | |||||||||||
REVENUE | |||||||||||
License | 2,536 | 1,727 | 1,514 | ||||||||
Support and service | 960,738 | 922,545 | 853,500 | ||||||||
Hardware | 33,394 | 38,457 | 42,657 | ||||||||
Total revenue | 996,668 | 962,729 | 897,671 | ||||||||
COST OF SALES | |||||||||||
Cost of license | 1,058 | 832 | 555 | ||||||||
Cost of support and service | 564,851 | 533,407 | 492,777 | ||||||||
Cost of hardware | 23,159 | 27,831 | 31,866 | ||||||||
Total cost of sales | 589,068 | 562,070 | 525,198 | ||||||||
GROSS PROFIT | 407,600 | 400,659 | 372,473 | ||||||||
Credit Union Systems and Services [Member] | |||||||||||
REVENUE | |||||||||||
License | 505 | 908 | 670 | ||||||||
Support and service | 340,240 | 278,107 | 258,831 | ||||||||
Hardware | 17,233 | 14,446 | 16,001 | ||||||||
Total revenue | 357,978 | 293,461 | 275,502 | ||||||||
COST OF SALES | |||||||||||
Cost of license | 139 | 355 | 353 | ||||||||
Cost of support and service | 172,257 | 147,343 | 141,979 | ||||||||
Cost of hardware | 12,187 | 10,568 | 11,842 | ||||||||
Total cost of sales | 184,583 | 158,266 | 154,174 | ||||||||
GROSS PROFIT | $ 173,395 | $ 135,195 | $ 121,328 |
Business Segment Information Reconciliation of Other Significant Reconciling Items from Segments to Consolidated (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2014 |
|
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation expense | $ 50,571 | $ 54,155 | $ 52,935 |
Amortization expense | 79,077 | 64,841 | 54,836 |
Capital expenditures | 56,325 | 54,409 | 33,185 |
Banking Systems and Services [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation expense | 47,076 | 50,154 | 48,382 |
Amortization expense | 58,914 | 47,502 | 39,152 |
Capital expenditures | 54,529 | 53,730 | 32,736 |
Credit Union Systems and Services [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation expense | 3,495 | 4,001 | 4,553 |
Amortization expense | 20,163 | 17,339 | 15,684 |
Capital expenditures | $ 1,796 | $ 679 | $ 449 |
Business Segment Information Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Jun. 30, 2015 |
---|---|---|
Segment Reporting, Asset Reconciling Items | ||
Property and equipment, net | $ 298,564 | $ 296,332 |
Intangible assets, net | 914,759 | 898,149 |
Banking Systems and Services [Member] | ||
Segment Reporting, Asset Reconciling Items | ||
Property and equipment, net | 269,020 | 263,231 |
Intangible assets, net | 682,229 | 664,231 |
Credit Union Systems and Services [Member] | ||
Segment Reporting, Asset Reconciling Items | ||
Property and equipment, net | 29,544 | 33,101 |
Intangible assets, net | $ 232,530 | $ 233,918 |
Subsequent Events (Details) - $ / shares |
12 Months Ended | |||
---|---|---|---|---|
Aug. 19, 2016 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2014 |
|
Subsequent Events | ||||
Dividends declared per share | $ 1.06 | $ 0.94 | $ 0.84 | |
Dividend declared | ||||
Subsequent Events | ||||
Dividend declared date | Aug. 19, 2016 | |||
Dividends declared per share | $ 0.28 | |||
Dividend payable date | Sep. 27, 2016 | |||
Dividend record date | Sep. 07, 2016 |
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2014 |
|
REVENUE | |||||||||||
License | $ 511 | $ 292 | $ 634 | $ 1,604 | $ 1,072 | $ 569 | $ 491 | $ 503 | $ 3,041 | $ 2,635 | $ 2,184 |
Support and service | 353,364 | 319,649 | 320,219 | 307,746 | 318,635 | 296,896 | 296,905 | 288,216 | 1,300,978 | 1,200,652 | 1,112,331 |
Hardware | 13,095 | 13,245 | 12,019 | 12,268 | 14,006 | 12,244 | 13,898 | 12,755 | 50,627 | 52,903 | 58,658 |
Total revenue | 366,970 | 333,186 | 332,872 | 321,618 | 333,713 | 309,709 | 311,294 | 301,474 | 1,354,646 | 1,256,190 | 1,173,173 |
COST OF SALES | |||||||||||
Cost of license | 325 | 193 | 498 | 181 | 185 | 285 | 308 | 409 | 1,197 | 1,187 | 908 |
Cost of support and service | 195,878 | 184,527 | 181,989 | 174,714 | 176,826 | 168,457 | 170,377 | 165,090 | 737,108 | 680,750 | 634,756 |
Cost of hardware | 9,067 | 9,553 | 7,958 | 8,768 | 10,288 | 9,152 | 9,574 | 9,385 | 35,346 | 38,399 | 43,708 |
Total cost of sales | 205,270 | 194,273 | 190,445 | 183,663 | 187,299 | 177,894 | 180,259 | 174,884 | 773,651 | 720,336 | 679,372 |
GROSS PROFIT | 161,700 | 138,913 | 142,427 | 137,955 | 146,414 | 131,815 | 131,035 | 126,590 | 580,995 | 535,854 | 493,801 |
OPERATING EXPENSES | |||||||||||
Selling and marketing | 23,365 | 22,732 | 22,231 | 21,751 | 23,492 | 21,674 | 22,175 | 21,663 | 90,079 | 89,004 | 85,443 |
Research and development | 23,964 | 19,854 | 18,862 | 18,554 | 19,501 | 17,522 | 17,681 | 16,791 | 81,234 | 71,495 | 66,748 |
General and administrative | 17,357 | 16,497 | 16,547 | 17,113 | 14,049 | 15,417 | 18,388 | 16,510 | 67,514 | 64,364 | 53,312 |
Gain on disposal of a business | (19,491) | 0 | 0 | 0 | 0 | 0 | (6,874) | 0 | (19,491) | (6,874) | 0 |
Total operating expenses | 45,195 | 59,083 | 57,640 | 57,418 | 57,042 | 54,613 | 51,370 | 54,964 | 219,336 | 217,989 | 205,503 |
OPERATING INCOME | 116,505 | 79,830 | 84,787 | 80,537 | 89,372 | 77,202 | 79,665 | 71,626 | 361,659 | 317,865 | 288,298 |
INTEREST INCOME (EXPENSE) | |||||||||||
Interest income | 49 | 54 | 91 | 113 | 51 | 33 | 28 | 57 | 307 | 169 | 377 |
Interest expense | (448) | (486) | (276) | (220) | (322) | (669) | (337) | (266) | (1,430) | (1,594) | (1,105) |
Total interest income (expense) | (399) | (432) | (185) | (107) | (271) | (636) | (309) | (209) | (1,123) | (1,425) | (728) |
INCOME BEFORE INCOME TAXES | 116,106 | 79,398 | 84,602 | 80,430 | 89,101 | 76,566 | 79,356 | 71,417 | 360,536 | 316,440 | 287,570 |
PROVISION FOR INCOME TAXES | 31,836 | 25,515 | 25,254 | 29,064 | 28,562 | 25,854 | 25,474 | 25,329 | 111,669 | 105,219 | 100,855 |
NET INCOME | $ 84,270 | $ 53,883 | $ 59,348 | $ 51,366 | $ 60,539 | $ 50,712 | $ 53,882 | $ 46,088 | $ 248,867 | $ 211,221 | $ 186,715 |
Basic earnings per share | $ 1.07 | $ 0.68 | $ 0.75 | $ 0.64 | $ 0.75 | $ 0.63 | $ 0.66 | $ 0.56 | $ 3.13 | $ 2.60 | $ 2.20 |
Basic weighted average shares outstanding | 78,841 | 78,805 | 79,473 | 80,545 | 80,904 | 80,880 | 81,432 | 82,195 | 79,416 | 81,353 | 84,866 |
Diluted earnings per share | $ 1.06 | $ 0.68 | $ 0.74 | $ 0.64 | $ 0.75 | $ 0.63 | $ 0.66 | $ 0.56 | $ 3.12 | $ 2.59 | $ 2.19 |
Diluted weighted average shares outstanding | 79,261 | 79,167 | 79,770 | 80,735 | 81,086 | 81,094 | 81,634 | 82,589 | 79,734 | 81,601 | 85,396 |
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