Revenue from Contracts with Customers (Tables)

6 Months Ended

Dec. 31, 2018

Revenue from Contracts with Customers [Abstract]

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenue

We disaggregate our revenue by region, type of performance obligation, timing of revenue recognition, and segment as follows:

	Three Months Ended December 31,				Six Months Ended December 31,
	2018		2017		2018		2017
			As Adjusted				As Adjusted
	(Dollars in Thousands)
Revenue by region:
United States	$	41,525	$	35,949	$	80,753	$	89,027
Europe	46,471		34,121		75,417		60,539
Other (1)	52,427		35,460		98,422		82,451
	$	140,423	$	105,530	$	254,592	$	232,017
Revenue by type of performance obligation:
Term licenses	$	93,368	$	56,975	$	157,123	$	135,865
Maintenance	41,038		40,729		84,077		80,993
Professional services and other	6,017		7,826		13,392		15,159
	$	140,423	$	105,530	$	254,592	$	232,017
Revenue by segment:
Subscription and software	$	134,406	$	97,704	$	241,200	$	216,858
Services and other	6,017		7,826		13,392		15,159
	$	140,423	$	105,530	$	254,592	$	232,017

____________________________________________

(1) Other consists primarily of Asia Pacific, Canada, Latin America and the Middle East.

Contract with Customer, Asset and Liability [Table Text Block]

Our contract assets (liabilities) were as follows as of December 31, 2018 and June 30, 2018:

	December 31, 2018			June 30, 2018
				As Adjusted
	(Dollars in Thousands)
Contract assets	$	687,716		$	645,000
Deferred revenue	(41,312		)	(27,504		)
	$	646,404		$	617,496

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

Transaction Price Allocated to Remaining Performance Obligations

The following table includes the aggregate amount of the transaction price allocated as of December 31, 2018 to the performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period:

	Year Ended June 30,
	2019		2020		2021		2022		2023		Thereafter
	(Dollars in Thousands)
License	$	30,126	$	32,680	$	27,050	$	9,425	$	2,423	$	1,585
Maintenance	82,016		139,991		103,811		68,173		40,263		20,891
Services and other	37,763		7,082		1,408		941		598		196

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

Impact to Prior Period Information

The following table presents the effect of the adoption of Topic 606 on select consolidated statements of operations line items for the three and six months ended December 31, 2017:

	Three Months Ended December 31, 2017
	As Previously Reported		Adjustments			As Adjusted
	(Dollars in Thousands, Except per Share Data)
Consolidated Statements of Operations:
License revenue	$	—	$	56,975		$	56,975
Maintenance revenue	—		40,729			40,729
Subscription and software revenue	117,658		(117,658		)	—
Services and other revenue	7,244		582			7,826
Gross profit	112,813		(19,372		)	93,441
Selling and marketing expense	24,380		(452		)	23,928
General and administrative expense	14,178		5,440			19,618
Income from operations	54,465		(24,360		)	30,105
Interest income	40		6,199			6,239
Provision for (benefit from) income taxes	14,928		(112,115		)	(97,187		)
Net income	$	38,078	$	93,954		$	132,032
Net income per common share:
Basic	$	0.53				$	1.83
Diluted	$	0.52				$	1.81
Weighted average shares outstanding:
Basic	72,342					72,342
Diluted	73,036					73,036

	Six Months Ended December 31, 2017
	As Previously Reported		Adjustments			As Adjusted
	(Dollars in Thousands, Except per Share Data)
Consolidated Statements of Operations:
License revenue	$	—	$	135,865		$	135,865
Maintenance revenue	—		80,993			80,993
Subscription and software revenue	233,414		(233,414		)	—
Services and other revenue	14,269		890			15,159
Gross profit	222,862		(15,666		)	207,196
Selling and marketing expense	47,951		(507		)	47,444
General and administrative expense	27,854		6,801			34,655
Income from operations	107,778		(21,960		)	85,818
Interest income	181		12,364			12,545
Provision for (benefit from) income taxes	31,805		(109,315		)	(77,510		)
Net income	$	72,833	$	99,719		$	172,552
Net income per common share:
Basic	$	1.00				$	2.37
Diluted	$	0.99				$	2.35
Weighted average shares outstanding:
Basic	72,683					72,683
Diluted	73,333					73,333

The following table presents the effect of the adoption of Topic 606 on select consolidated balance sheet line items as of June 30, 2018:

	June 30, 2018
	As Previously Reported		Adjustments			As Adjusted
	(Dollars in Thousands)
Consolidated Balance Sheets:
ASSETS
Current contract assets	$	—	$	304,378		$	304,378
Contract costs	—		20,500			20,500
Accounts receivable, net	21,910		19,900			41,810
Non-current contract assets	—		340,622			340,622
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current deferred revenue	286,845		(271,695		)	15,150
Non-current deferred revenue	28,259		(15,905		)	12,354
Deferred income taxes	—		214,125			214,125
Other non-current liabilities	18,492		(1,424		)	17,068
Retained earnings	$	305,208	$	760,299		$	1,065,507

The adoption of Topic 606 had no impact on our total cash flows or net cash provided by operating activities. The impacts of adoption resulted in offsetting shifts in cash flows throughout the components of net income and various changes in working capital balances. The following table presents the effect of the adoption of Topic 606 on select consolidated statement of cash flows line items for the six months ended December 31, 2017:

	Six Months Ended December 31, 2017
	As Previously Reported			Adjustments			As Adjusted
	(Dollars in Thousands)
Consolidated Statements of Cash Flows:
Cash flows from operating activities:
Net income	$	72,833		$	99,719		$	172,552
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	4,296			(95,077		)	(90,781		)
Changes in assets and liabilities:
Contract assets	—			(40,927		)	(40,927		)
Contract costs	—			(59		)	(59		)
Accounts receivable	3,656			(3,989		)	(333		)
Deferred revenue	(41,586		)	40,333			(1,253		)
Net cash provided by operating activities	$	54,762		$	—		$	54,762