Revenue for the quarter increased 7%, gross profit increased 9%, and net income increased 10% compared to the second quarter of fiscal 2015. The six months ended
For the quarter ended
For the six months ended
According to
Operating Results
License revenue for the second quarter increased to
For the first six months of fiscal 2016, license revenue increased to
Cost of sales for the second quarter increased 6% to
Year to date costs of sales through
Gross margin on license revenue for the second quarter of fiscal 2016 was 21% compared to 37% for the same quarter of fiscal 2015. Support and service gross margin was 43% in the second quarter of fiscal 2016, matching the 43% in the second quarter of fiscal 2015. Hardware gross margin increased for the second quarter to 34% from 31% for the same quarter last year.
For the first six months, gross margin on license revenue was 70%, versus 28% for the same period ending
Operating expenses increased 12% compared to the second quarter of fiscal 2015. Operating expenses in the prior year quarter were lower due mainly to the gain on sale of the TeleWeb suite of products in the prior year quarter, resulting in the increase this year. Selling and marketing expenses stayed at 7% of total revenue in the current year second quarter, totaling
Operating expenses increased 8% to
Operating income increased 6% to
For the six month period ending
For the second quarter of fiscal 2016, the bank systems and services segment revenue increased 1% to $241.0 million with a gross margin of 41% from $239.5 million with a gross margin of 41% in the same quarter last year. The credit union systems and services segment revenue increased 28% to $91.8 million with a gross margin of 49% for the second quarter of fiscal 2016 from $71.8 million and a gross margin of 45% in the same period a year ago.
Bank systems and services segment revenue for the six month period increased 1% to
Balance Sheet and Cash Flow Review
At
Cash provided by operations totaled
Six Months Ended |
|||||||
2015 |
2014 |
||||||
Net income |
$ |
110,714 |
$ |
99,969 |
|||
Non-cash expenses |
73,773 |
50,151 |
|||||
Change in receivables |
98,487 |
76,151 |
|||||
Change in deferred revenue |
(92,911) |
(78,332) |
|||||
Change in other assets and liabilities |
(43,084) |
(21,041) |
|||||
Net cash provided by operating activities |
$ |
146,979 |
$ |
126,898 |
Cash used in investing activities for the first six months of fiscal 2016 totaled
Financing activities used cash of
According to
About
Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company's financial results, are included in its
Condensed Consolidated Statements of Income (Unaudited) |
||||||||||||||||
(In Thousands, Except Per Share Data) |
Three Months Ended |
% Change |
Six Months Ended |
% Change |
||||||||||||
2015 |
2014 |
2015 |
2014 |
|||||||||||||
REVENUE |
||||||||||||||||
License |
$ |
634 |
$ |
491 |
29% |
$ |
2,237 |
$ |
994 |
125% |
||||||
Support and service |
320,219 |
296,905 |
8% |
627,966 |
585,121 |
7% |
||||||||||
Hardware |
12,019 |
13,898 |
(14)% |
24,287 |
26,652 |
(9)% |
||||||||||
Total |
332,872 |
311,294 |
7% |
654,490 |
612,767 |
7% |
||||||||||
COST OF SALES |
||||||||||||||||
Cost of license |
498 |
308 |
62% |
680 |
717 |
(5)% |
||||||||||
Cost of support and service |
181,989 |
170,377 |
7% |
356,703 |
335,467 |
6% |
||||||||||
Cost of hardware |
7,958 |
9,574 |
(17)% |
16,726 |
18,959 |
(12)% |
||||||||||
Total |
190,445 |
180,259 |
6% |
374,109 |
355,143 |
5% |
||||||||||
GROSS PROFIT |
142,427 |
131,035 |
9% |
280,381 |
257,624 |
9% |
||||||||||
Gross Profit Margin |
43% |
42% |
43% |
42% |
||||||||||||
OPERATING EXPENSES |
||||||||||||||||
Selling and marketing |
22,231 |
22,175 |
—% |
43,982 |
43,838 |
—% |
||||||||||
Research and development |
18,862 |
17,681 |
7% |
37,416 |
34,472 |
9% |
||||||||||
General and administrative |
16,547 |
11,514 |
44% |
33,659 |
28,025 |
20% |
||||||||||
Total |
57,640 |
51,370 |
12% |
115,057 |
106,335 |
8% |
||||||||||
OPERATING INCOME |
84,787 |
79,665 |
6% |
165,324 |
151,289 |
9% |
||||||||||
INTEREST INCOME (EXPENSE) |
||||||||||||||||
Interest income |
91 |
28 |
225% |
204 |
85 |
140% |
||||||||||
Interest expense |
(276) |
(337) |
(18)% |
(496) |
(603) |
(18)% |
||||||||||
Total |
(185) |
(309) |
(40)% |
(292) |
(518) |
(44)% |
||||||||||
INCOME BEFORE INCOME TAXES |
84,602 |
79,356 |
7% |
165,032 |
150,771 |
9% |
||||||||||
PROVISION FOR INCOME TAXES |
25,254 |
25,474 |
(1)% |
54,318 |
50,802 |
7% |
||||||||||
NET INCOME |
$ |
59,348 |
$ |
53,882 |
10% |
$ |
110,714 |
$ |
99,969 |
11% |
||||||
Diluted net income per share |
$ |
0.74 |
$ |
0.66 |
$ |
1.38 |
$ |
1.22 |
||||||||
Diluted weighted average shares outstanding |
79,770 |
81,634 |
80,252 |
82,112 |
||||||||||||
Consolidated Balance Sheet Highlights (Unaudited) |
||||||||||||||||
(In Thousands) |
|
% Change |
||||||||||||||
2015 |
2014 |
|||||||||||||||
Cash and cash equivalents |
$ |
55,126 |
$ |
49,332 |
12% |
|||||||||||
Receivables |
147,091 |
147,890 |
(1)% |
|||||||||||||
Total assets |
1,708,865 |
1,620,971 |
5% |
|||||||||||||
Accounts payable and accrued expenses |
$ |
80,122 |
$ |
71,771 |
12% |
|||||||||||
Current and long term debt |
100,323 |
78,811 |
27% |
|||||||||||||
Deferred revenue |
440,145 |
413,081 |
7% |
|||||||||||||
Stockholders' Equity |
912,474 |
922,062 |
(1)% |
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