← Filings of TYL
Table 1 after “TABLE OF CONTENTS”
| | PAGE |
| PART I | |
| Item 1. | Business | 3 |
| Item 1A. | Risk Factors | 11 |
| Item 1B. | Unresolved Staff Comments | 17 |
| Item 2. | Properties | 17 |
| Item 3. | Legal Proceedings | 17 |
| Item 4. | Submission of Matters to a Vote of Security Holders | 17 |
First 8 of 26 rows. The download has all of them.
Table 2 after “The following table shows, for the calendar periods indicated, the high and low sales price per share of our common stock as reported on the”
| | High | Low | |
| 2016 | First Quarter | $172.50 | | $118.16 |
| Second Quarter | 168.19 | | 126.70 |
| Third Quarter | 175.77 | | 159.24 |
| Fourth Quarter | 172.24 | | 139.61 |
| 2017 | First Quarter | $166.86 | | $142.75 |
| Second Quarter | 178.09 | | 152.00 |
| Third Quarter | 182.49 | | 165.14 |
First 8 of 9 rows. The download has all of them.
| Number of securities tobe issued upon exerciseof outstanding options,warrants and rights as ofDecember 31, 2017 | Weighted averageexercise price of outstanding options,warrants and rights | | Number of securities remaining available forfuture issuance underequity compensationplans (excluding securities reflected in initial columnas of December 31, 2017) | |
| Plan Category | | | | | |
| Equity compensation plansapproved by securityshareholders: | | | | | |
| Stock option plan | 4,817,241 | | $107.91 | | 2,128,560 |
| Employee stock purchase plan | 12,052 | | 150.49 | | 796,834 |
| Equity compensation plans notapproved by securityshareholders | — | | — | | — |
| 4,829,293 | | $108.02 | | 2,925,394 |
Table 4 after “is as follows:”
| Period | Total number of shares repurchased | Additional number of shares authorized that may be repurchased | | Average price paid per share | | Maximum number of shares that may be repurchased under current authorization | | |
| Three months ended March 31 | 41,896 | | | | $147.30 | | 1,976,160 | |
| Three months ended June 30 | — | | — | | | — | | 1,976,160 |
| Three months ended September 30 | — | | — | | | — | | 1,976,160 |
| October 1 through October 31 | — | | — | | | — | | 1,976,160 |
| November 1 through November 30 | 2,600 | | — | | | 169.93 | | 1,973,560 |
| December 1 through December 31 | — | | — | | | — | | 1,973,560 |
| 44,496 | | — | | | $148.62 | | |
Table 5 after “. Each of the three measures of cumulative total return assumes reinvestment of dividends. The stock performance shown on the graph below is”
| Company / Index | 12/31/12 | 12/31/13 | 12/31/14 | 12/31/15 | 12/31/16 | 12/31/17 |
| Tyler Technologies, Inc. | 100 | 210.84 | 225.93 | 359.87 | 294.74 | 365.50 |
| S&P 500 Stock Index | 100 | 132.39 | 150.51 | 152.59 | 170.84 | 208.14 |
| S&P 600 Information Technology Index | 100 | 144.91 | 164.17 | 171.80 | 229.96 | 253.61 |
Table 6 after “(In thousands, except per share data)”
| FOR THE YEARS ENDED DECEMBER 31, | | | | | | | |
| 2017 (a) | 2016 (b) | | 2015 (c) | 2014 | 2013 | | |
| STATEMENT OF OPERATIONS DATA: | | | | | | | | |
| Revenues | $840,662 | | $756,043 | | $591,022 | | $493,101 | $416,643 |
| Cost and expenses: | | | | | | | | |
| Cost of revenues | 441,522 | | 400,692 | | 313,835 | | 259,730 | 223,440 |
| Selling, general and administrative expenses | 176,974 | | 167,161 | | 133,317 | | 108,260 | 98,289 |
| Research and development expense | 47,324 | | 43,154 | | 29,922 | | 25,743 | 23,269 |
First 8 of 24 rows. The download has all of them.
| Percentage of Total RevenuesYears Ended December 31, | | | | |
| 2017 | 2016 | | 2015 | |
| Revenues: | | | | | |
| Software licenses and royalties | 9.0% | | 9.8% | | 10.0% |
| Subscriptions | 20.6 | | 18.9 | | 18.9 |
| Software services | 22.3 | | 23.1 | | 23.7 |
| Maintenance | 43.0 | | 42.7 | | 41.6 |
| Appraisal services | 3.0 | | 3.5 | | 4.2 |
First 8 of 23 rows. The download has all of them.
Table 8 after “The following table sets forth a comparison of our software licenses and royalties revenue for the years ended December 31:”
| | Change | | | | |
| ($ in thousands) | 2017 | 2016 | | $% | | |
| ES | $67,840 | | $68,844 | | $(1,004) | (1)% |
| A&T | 7,854 | | 5,462 | | 2,392 | 44 |
| Total software licenses and royalties revenue | $75,694 | | $74,306 | | $1,388 | 2% |
Table 9 after “The following table sets forth a comparison of our subscriptions revenue for the years ended December 31:”
| | Change | | | | |
| ($ in thousands) | 2017 | 2016 | | $% | | |
| ES | $165,651 | | $135,516 | | $30,135 | 22% |
| A&T | 7,859 | | 7,188 | | 671 | 9 |
| Total subscriptions revenue | $173,510 | | $142,704 | | $30,806 | 22% |
Table 10 after “The following table sets forth a comparison of our software services revenue for the years ended December 31:”
| | Change | | | | |
| ($ in thousands) | 2017 | 2016 | | $% | | |
| ES | $167,934 | | $158,478 | | $9,456 | 6% |
| A&T | 19,215 | | 16,326 | | 2,889 | 18 |
| Total software services revenue | $187,149 | | $174,804 | | $12,345 | 7% |
Table 11 after “The following table sets forth a comparison of our maintenance revenue for the years ended December 31:”
| | Change | | | | |
| ($ in thousands) | 2017 | 2016 | | $% | | |
| ES | $339,951 | | $304,380 | | $35,571 | 12% |
| A&T | 21,618 | | 18,589 | | 3,029 | 16 |
| Total maintenance revenue | $361,569 | | $322,969 | | $38,600 | 12% |
Table 12 after “The following table sets forth a comparison of our appraisal services revenue for the years ended December 31:”
| | Change | | | | |
| ($ in thousands) | 2017 | 2016 | | $% | | |
| ES | $— | | $— | | $— | —% |
| A&T | 25,023 | | 26,287 | | (1,264) | (5) |
| Total appraisal services revenue | $25,023 | | $26,287 | | $(1,264) | (5)% |
Table 13 after “The following table sets forth a comparison of the key components of our cost of revenues for the years ended December 31:”
| | Change | | | | |
| ($ in thousands) | 2017 | 2016 | | $% | | |
| Software licenses and royalties | $3,321 | | $2,964 | | $357 | 12% |
| Acquired software | 21,686 | | 22,235 | | (549) | (2) |
| Software services, maintenance and subscriptions | 387,634 | | 348,939 | | 38,695 | 11 |
| Appraisal services | 16,286 | | 16,411 | | (125) | (1) |
| Hardware and other | 12,595 | | 10,143 | | 2,452 | 24 |
| Total cost of revenues | $441,522 | | $400,692 | | $40,830 | 10% |
Table 14 after “The following table sets forth a comparison of gross margin percentage by revenue type for the years ended December 31:”
| Gross margin percentage | 2017 | 2016 | | Change | |
| Software licenses, royalties and acquired software | 67.0% | | 66.1% | | 0.9% |
| Software services, maintenance and subscriptions | 46.3 | | 45.5 | | 0.8 |
| Appraisal services | 34.9 | | 37.6 | | (2.7) |
| Hardware and other | 28.9 | | 32.3 | | (3.4) |
| Overall gross margin | 47.5% | | 47.0% | | 0.5% |
Table 15 after “Selling, general and administrative (“SG&A”) expenses consist primarily of salaries, employee benefits, travel, share-based compensation exp”
| | Change | | | | |
| ($ in thousands) | 2017 | 2016 | | $% | | |
| Selling, general and administrative expenses | $176,974 | | $167,161 | | $9,813 | 6% |
Table 16 after “Research and development expense consists primarily of salaries, employee benefits and related overhead costs associated with new product de”
| | Change | | | | |
| ($ in thousands) | 2017 | 2016 | | $% | | |
| Research and development expense | $47,324 | | $43,154 | | $4,170 | 10% |
Table 17 after “Acquisition intangibles are comprised of the excess of the purchase price over the fair value of net tangible assets acquired that is alloca”
| | Change | | | | |
| ($ in thousands) | 2017 | 2016 | | $% | | |
| Amortization of customer and trade name intangibles | $13,912 | | $13,731 | | $181 | 1% |
Table 18 after “Estimated annual amortization expense relating to customer and trade name acquisition intangibles, excluding acquired software for which the”
| 2018 | $13,819 |
| 2019 | 12,534 |
| 2020 | 11,402 |
| 2021 | 11,282 |
| 2022 | 10,792 |
Table 19 after “The following table sets forth a comparison of other income (expense), net for the years ended December 31:”
| | Change | | | | |
| ($ in thousands) | 2017 | 2016 | | $% | | |
| Other income (expense), net | $698 | | $(1,998) | | $2,696 | N/M |
Table 20 after “The following table sets forth a comparison of our income tax provision for the years ended December 31:”
| | Change | | | | |
| ($ in thousands) | 2017 | 2016 | | $% | | |
| Income tax (benefit) provision | $(2,317) | | $19,450 | | $(21,767) | (112)% |
| Effective income tax rate | (1.4)% | | 15.0% | | | |
Table 21 after “The following table sets forth a comparison of our software licenses and royalties revenue for the years ended December 31:”
| | Change | | | | |
| ($ in thousands) | 2016 | 2015 | | $% | | |
| ES | $68,844 | | $54,376 | | $14,468 | 27% |
| A&T | 5,462 | | 4,632 | | 830 | 18 |
| Total software licenses and royalties revenue | $74,306 | | $59,008 | | $15,298 | 26% |
Table 22 after “The following table sets forth a comparison of our subscriptions revenue for the years ended December 31:”
| | Change | | | | |
| ($ in thousands) | 2016 | 2015 | | $% | | |
| ES | $135,516 | | $107,090 | | $28,426 | 27% |
| A&T | 7,188 | | 4,843 | | 2,345 | 48 |
| Total subscriptions revenue | $142,704 | | $111,933 | | $30,771 | 27% |
Table 23 after “The following table sets forth a comparison of our software services revenue for the years ended December 31:”
| | Change | | | | |
| ($ in thousands) | 2016 | 2015 | | $% | | |
| ES | $158,478 | | $129,068 | | $29,410 | 23% |
| A&T | 16,326 | | 10,784 | | 5,542 | 51 |
| Total software services revenue | $174,804 | | $139,852 | | $34,952 | 25% |
Table 24 after “The following table sets forth a comparison of our maintenance revenue for the years ended December 31:”
| | Change | | | | |
| ($ in thousands) | 2016 | 2015 | | $% | | |
| ES | $304,380 | | $227,586 | | $76,794 | 34% |
| A&T | 18,589 | | 17,951 | | 638 | 4 |
| Total maintenance revenue | $322,969 | | $245,537 | | $77,432 | 32% |
Table 25 after “The following table sets forth a comparison of our appraisal services revenue for the years ended December 31:”
| | Change | | | | |
| ($ in thousands) | 2016 | 2015 | | $% | | |
| ES | $— | | $— | | $— | —% |
| A&T | 26,287 | | 25,065 | | 1,222 | 5 |
| Total appraisal services revenue | $26,287 | | $25,065 | | $1,222 | 5% |
Table 26 after “The following table sets forth a comparison of the key components of our cost of revenues for the years ended December 31:”
| | Change | | | | |
| ($ in thousands) | 2016 | 2015 | | $% | | |
| Software licenses and royalties | $2,964 | | $1,632 | | $1,332 | 82% |
| Acquired software | 22,235 | | 4,440 | | 17,795 | N/M |
| Software services, maintenance and subscriptions | 348,939 | | 285,340 | | 63,599 | 22 |
| Appraisal services | 16,411 | | 15,922 | | 489 | 3 |
| Hardware and other | 10,143 | | 6,501 | | 3,642 | 56 |
| Total cost of revenues | $400,692 | | $313,835 | | $86,857 | 28% |
Table 27 after “The following table sets forth a comparison of gross margin percentage by revenue type for the years ended December 31:”
| Gross margin percentage | 2016 | 2015 | | Change | |
| Software licenses, royalties and acquired software | 66.1% | | 89.7% | | (23.6)% |
| Software services, maintenance and subscriptions | 45.5 | | 42.6 | | 2.9 |
| Appraisal services | 37.6 | | 36.5 | | 1.1 |
| Hardware and other | 32.3 | | 32.5 | | (0.2) |
| Overall gross margin | 47.0% | | 46.9% | | 0.1% |
Table 28 after “The following table sets forth a comparison of selling, general and administrative expenses for the years ended December 31:”
| | Change | | | | |
| ($ in thousands) | 2016 | 2015 | | $% | | |
| Selling, general and administrative expenses | $167,161 | | $133,317 | | $33,844 | 25% |
Table 29 after “The following table sets forth a comparison of our research and development expense for the years ended December 31:”
| | Change | | | | |
| ($ in thousands) | 2016 | 2015 | | $% | | |
| Research and development expense | $43,154 | | $29,922 | | $13,232 | 44% |
Table 30 after “The following table sets forth a comparison of amortization of customer and trade name intangibles for the years ended December 31:”
| | Change | | | | |
| ($ in thousands) | 2016 | 2015 | | $% | | |
| Amortization of customer and trade name intangibles | $13,731 | | $5,905 | | $7,826 | 133% |
Table 31 after “The following table sets forth a comparison of other (expense) income, net for the years ended December 31:”
| | Change | | | | |
| ($ in thousands) | 2016 | 2015 | | $% | | |
| Other (expense) income, net | $(1,998) | | $381 | | $(2,379) | N/M |
Table 32 after “The following table sets forth a comparison of our income tax provision for the years ended December 31:”
| | Change | | | | |
| ($ in thousands) | 2016 | 2015 | | $% | | |
| Income tax provision | $19,450 | | $43,555 | | $(24,105) | (55)% |
| Effective income tax rate | 15.0% | | 40.2% | | | |
Table 33 after “The following table sets forth a summary of cash flows for the years ended December 31:”
| ($ in thousands) | 2017 | 2016 | | 2015 | |
| Cash flows provided (used) by: | | | | | |
| Operating activities | $195,755 | | $191,859 | | $134,327 |
| Investing activities | (85,395) | | (50,720) | | (398,459) |
| Financing activities | 39,415 | | (138,075) | | 91,052 |
| Net increase (decrease) in cash and cash equivalents | $149,775 | | $3,064 | | $(173,080) |
Table 34 after “(in thousands):”
| 2018 | 2019 | | 2020 | 2021 | 2022 | | Thereafter | Total | | |
| Revolving line of credit | $— | | $— | | $— | | $— | | $— | $— | $— |
| Lease obligations | 5,428 | | 4,201 | | 3,644 | | 2,366 | | 812 | 499 | 16,950 |
| Total future payment obligations | $5,428 | | $4,201 | | $3,644 | | $2,366 | | $812 | $499 | $16,950 |
Table 35 after “The following documents are filed as part of this Annual Report:”
| (a) | (1) | | The financial statements are filed as part of this Annual Report. | |
| | | | Page |
| | Reports of Independent Registered Public Accounting Firm | | F-1 |
| | Consolidated Statements of Comprehensive Income for the years ended December 31, 2017, 2016 and 2015 | | F-3 |
| | Consolidated Balance Sheets as of December 31, 2017 and 2016 | | F-4 |
| | Consolidated Statements of Shareholders’ Equity for the years ended December 31, 2017, 2016 and 2015 | | F-5 |
| | Consolidated Statements of Cash Flows for the years ended December 31, 2017, 2016 and 2015 | | F-6 |
| | Notes to Consolidated Financial Statements | | F-7 |
First 8 of 12 rows. The download has all of them.
Table 36 after “The following documents are filed as part of this Annual Report:”
| ExhibitNumber | Description |
| 3.1 | Restated Certificate of Incorporation of Tyler Three, as amended through May 14, 1990, and Certificate of Designation of Series A Junior Participating Preferred Stock (filed as Exhibit 3.1 to our Form 10-Q for the quarter ended June 30, 1990, and incorporated by reference herein). |
| 3.2 | Certificate of Amendment to the Restated Certificate of Incorporation (filed as Exhibit 3.1 to our Form 8-K, dated February 19, 1998, and incorporated by reference herein). |
| 3.3 | Amended and Restated By-Laws of Tyler Corporation, dated October 20, 2015 (filed as Exhibit 3.3 to our Form 10-Q for the quarter ended September 30, 2015, and incorporated by reference herein). |
| 3.4 | Certificate of Amendment dated May 19, 1999 to the Restated Certificate of Incorporation (filed as Exhibit 3.4 to our Form 10-K for the year ended December 31, 2000, and incorporated by reference herein). |
| 4.1 | Specimen of Common Stock Certificate (filed as Exhibit 4.1 to our registration statement no. 33-33505 and incorporated by reference herein). |
| 4.2 | Credit Agreement dated November 16, 2015, among Tyler Technologies, Inc. and Wells Fargo Bank, N. A. as Administrative Agent and other lenders party hereto (filed as Exhibit 10.1 to our Form 8-K dated November 16, 2015, and incorporated by reference herein). |
| 4.3 | Agreement and Plan of Merger, dated as of September 30, 2015, by and among Tyler Technologies, Inc., Brinston Acquisition, LLC, New World Systems Corporation, and Larry D. Leinweber, as the Principal Shareholder identified therein and the Shareholders’ Representative identified therein. (filed as Exhibit 2.1 to our Form 8-K, dated October 1, 2015, and incorporated by reference herein). |
First 8 of 10 rows. The download has all of them.
| ExhibitNumber | Description |
| 10.4 | Employment and Non-Competition Agreement between Tyler Technologies, Inc. and Dustin R. Womble dated February 5, 2013 (filed as Exhibit 10.4 to our Form 10-K for the year ended December 31, 2012 and incorporated by reference herein). |
| 10.5 | Employment and Non-Competition Agreement between Tyler Technologies, Inc. and Brian K. Miller dated February 5, 2013 (filed as Exhibit 10.5 to our Form 10-K for the year ended December 31, 2012 and incorporated by reference herein). |
| 10.6 | Employment and Non-Competition Agreement between Tyler Technologies, Inc. and H. Lynn Moore dated February 5, 2013 (filed as Exhibit 10.6 to our Form 10-K for the year ended December 31, 2012 and incorporated by reference herein). |
| 10.7 | Employee Stock Purchase Plan (filed as Exhibit 10.1 to our registration statement 333-182318 dated June 25, 2012 and incorporated by reference herein). |
| *23 | Consent of Independent Registered Public Accounting Firm. |
| *31.1 | Rule 13a-14(a) Certification by Principal Executive Officer. |
| *31.2 | Rule 13a-14(a) Certification by Principal Financial Officer. |
First 8 of 15 rows. The download has all of them.
Table 38 after “Pursuant to the requirements of the Securities Exchange Act of 1934, the following persons on behalf of the registrant and in the capacities”
| Date: February 21, 2018 | By: | /s/ John S. Marr |
| | John S. Marr |
| | Chief Executive Officer and Chairman of the Board |
| | Director |
| | (principal executive officer) |
| Date: February 21, 2018 | By: | /s/ H. Lynn Moore |
| | H. Lynn Moore |
| | President and Director |
First 8 of 25 rows. The download has all of them.
Table 39 after “(In thousands, except per share amounts)”
| 2017 | 2016 | | 2015 | |
| Revenues: | | | | | |
| Software licenses and royalties | $75,694 | | $74,306 | | $59,008 |
| Subscriptions | 173,510 | | 142,704 | | 111,933 |
| Software services | 187,149 | | 174,804 | | 139,852 |
| Maintenance | 361,569 | | 322,969 | | 245,537 |
| Appraisal services | 25,023 | | 26,287 | | 25,065 |
| Hardware and other | 17,717 | | 14,973 | | 9,627 |
First 8 of 28 rows. The download has all of them.
Table 40 after “(In thousands, except par value and share amounts)”
| December 31, 2017 | December 31, 2016 | |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $185,926 | | $36,151 |
| Accounts receivable (less allowance for losses of $5,427 in 2017 and $3,396 in 2016) | 227,127 | | 200,334 |
| Short-term investments | 43,159 | | 20,273 |
| Prepaid expenses | 27,252 | | 21,039 |
| Income tax receivable | 11,339 | | 2,895 |
First 8 of 36 rows. The download has all of them.
Table 41 after “(In thousands)”
| Common Stock | AdditionalPaid-inCapital | | Accumulated OtherComprehensiveIncome (Loss) | RetainedEarnings | | Treasury Stock | | TotalShareholders'Equity | | | | |
| Shares | Amount | | | | Shares | | Amount | | | | | |
| Balance at December 31, 2014 | 48,148 | | $481 | | $201,389 | | | $(46) | | $261,150 | (14,679) | $(126,001) | $336,973 |
| Net income | — | | — | | — | | | — | | 64,869 | — | — | 64,869 |
| Issuance of shares pursuant to stock compensation plan | — | | — | | 4,332 | | | — | | — | 1,118 | 18,828 | 23,160 |
| Stock compensation | — | | — | | 20,182 | | | — | | — | — | — | 20,182 |
| Issuance of shares pursuant to employee stock purchase plan | — | | — | | 3,879 | | | — | | — | 43 | 792 | 4,671 |
| Federal income tax benefit related to exercise of stock options | — | | — | | 45,314 | | | — | | — | — | — | 45,314 |
First 8 of 23 rows. The download has all of them.
Table 42 after “(In thousands)”
| 2017 | 2016 | | 2015 | |
| Cash flows from operating activities: | | | | | |
| Net income | $163,945 | | $109,857 | | $64,869 |
| Adjustments to reconcile net income to cash provided by operations: | | | | | |
| Depreciation and amortization | 53,925 | | 50,301 | | 19,574 |
| Share-based compensation expense | 37,348 | | 29,747 | | 20,182 |
| Provision for losses - accounts receivable | 4,110 | | 4,484 | | 1,756 |
| Deferred income tax benefit | (29,865) | | (28,939) | | (7,956) |
First 8 of 34 rows. The download has all of them.
Table 43 after “The following table summarizes the changes in the allowances for doubtful accounts and sales adjustments:”
| Years Ended December 31, | | | | |
| 2017 | 2016 | | 2015 | |
| Balance at beginning of year | $3,396 | | $1,640 | | $1,725 |
| Provisions for losses - accounts receivable | 4,110 | | 4,484 | | 1,756 |
| Collection of accounts previously written off | — | | — | | 153 |
| Deductions for accounts charged off or credits issued | (2,079) | | (2,728) | | (1,994) |
| Balance at end of year | $5,427 | | $3,396 | | $1,640 |
Table 44 after “Property and equipment, net consists of the following at December 31:”
| UsefulLives(years) | 2017 | | 2016 | | |
| Land | — | | $9,958 | | | $9,958 |
| Building and leasehold improvements | 5-39 | | 116,214 | | | 94,924 |
| Computer equipment and purchased software | 3-5 | | 72,531 | | | 55,627 |
| Furniture and fixtures | 5 | | 24,834 | | | 19,897 |
| Transportation equipment | 5 | | 476 | | | 447 |
| | 224,013 | | | 180,853 | |
| Accumulated depreciation and amortization | | (71,698) | | | (56,585) | |
First 8 of 9 rows. The download has all of them.
Table 45 after “Other intangible assets and related accumulated amortization consists of the following at December 31:”
| 2017 | 2016 | |
| Gross carrying amount of acquisition intangibles: | | | |
| Customer related intangibles | $187,717 | | $186,231 |
| Acquired software | 179,466 | | 176,096 |
| Trade names | 11,435 | | 11,065 |
| Leases acquired | 3,694 | | 3,694 |
| 382,312 | | 377,086 |
| Accumulated amortization | (145,868) | | (109,827) |
First 8 of 9 rows. The download has all of them.
Table 46 after “The allocation of acquisition intangible assets is summarized in the following table:”
| December 31, 2017 | December 31, 2016 | | | | | | | | |
| GrossCarryingAmount | WeightedAverageAmortizationPeriod | | Accumulated Amortization | GrossCarryingAmount | WeightedAverageAmortizationPeriod | | Accumulated Amortization | | |
| Non-amortizable intangibles: | | | | | | | | | | |
| Goodwill | $657,987 | | — | | $— | | $650,237 | | — | $— |
| Amortizable intangibles: | | | | | | | | | | |
| Customer related intangibles | 187,717 | | 15 years | | 64,375 | | 186,231 | | 15 years | 51,491 |
| Acquired software | 179,466 | | 7 years | | 76,800 | | 176,096 | | 7 years | 55,115 |
| Trade names | 11,435 | | 11 years | | 3,768 | | 11,065 | | 12 years | 2,740 |
First 8 of 9 rows. The download has all of them.
Table 47 after “are as follows:”
| EnterpriseSoftware | Appraisal and Tax | | Total | |
| Balance as of 12/31/2015 | $647,109 | | $6,557 | | $653,666 |
| Goodwill acquired with acquisitions | 3,943 | | — | | 3,943 |
| Purchase price adjustments related to purchase of NWS | (7,372) | | — | | (7,372) |
| Balance as of 12/31/2016 | 643,680 | | 6,557 | | 650,237 |
| Goodwill acquired with acquisitions | 7,750 | | — | | 7,750 |
| Balance as of 12/31/2017 | $651,430 | | $6,557 | | $657,987 |
Table 48 after “Estimated annual amortization expense related to acquisition intangibles, including acquired software, for which the amortization expense is”
| 2018 | $35,278 |
| 2019 | 33,920 |
| 2020 | 32,495 |
| 2021 | 32,136 |
| 2022 | 28,665 |
Table 49 after “Accrued liabilities consist of the following at December 31:”
| 2017 | 2016 | |
| Accrued wages, bonuses and commissions | $43,688 | | $38,996 |
| Other accrued liabilities | 20,987 | | 16,993 |
| $64,675 | | $55,989 |
Table 50 after “The income tax (benefit) provision on income from operations consists of the following:”
| Years Ended December 31, | | | | |
| 2017 | 2016 | | 2015 | |
| Current: | | | | | |
| Federal | $22,882 | | $41,366 | | $44,841 |
| State | 4,666 | | 7,023 | | 6,670 |
| 27,548 | | 48,389 | | 51,511 |
| Deferred | (29,865) | | (28,939) | | (7,956) |
| $(2,317) | | $19,450 | | $43,555 |
Table 51 after “Reconciliation of the U.S. statutory income tax rate to our effective income tax expense rate for operations follows:”
| Years Ended December 31, | | | | |
| 2017 | 2016 | | 2015 | |
| Federal income tax expense at statutory rate | $56,570 | | $45,257 | | $37,949 |
| State income tax, net of federal income tax benefit | 4,824 | | 4,807 | | 3,715 |
| Domestic production activities deduction | (2,617) | | (3,947) | | (466) |
| Excess tax benefits related to stock option exercises | (40,624) | | (29,582) | | — |
| Tax Act adjustments | (21,625) | | — | | — |
| Tax credits | (3,578) | | — | | — |
First 8 of 11 rows. The download has all of them.
Table 52 after “The tax effects of the major items recorded as deferred tax assets and liabilities as of December 31 are:”
| 2017 | 2016 | |
| Deferred income tax assets: | | | |
| Operating expenses not currently deductible | $11,232 | | $18,721 |
| Stock option and other employee benefit plans | 15,932 | | 19,665 |
| Total deferred income tax assets | 27,164 | | 38,386 |
| Deferred income tax liabilities: | | | |
| Intangible assets | (60,189) | | (103,754) |
| Property and equipment | (5,699) | | (3,207) |
First 8 of 11 rows. The download has all of them.
Table 53 after “The following table details activity in our common stock:”
| Years Ended December 31, | | | | | | | | | |
| 2017 | 2016 | | 2015 | | | | | | |
| Shares | Amount | | Shares | Amount | Shares | | Amount | | |
| Stock option exercises | 1,113 | | $49,845 | | 827 | | $23,527 | | 1,118 | $23,160 |
| Purchases of common stock | (44) | | (6,613) | | (882) | | (112,699) | | (5) | (645) |
| Employee stock plan purchases | 51 | | 7,044 | | 47 | | 6,236 | | 43 | 4,671 |
| Shares issued for acquisitions | — | | — | | — | | — | | 2,149 | 364,333 |
Table 54 after “The following weighted average assumptions were used for options granted:”
| Years Ended December 31, | | | | |
| 2017 | 2016 | | 2015 | |
| Expected life (in years) | 6.0 | | 6.0 | | 6.0 |
| Expected volatility | 28.1% | | 29.3% | | 28.3% |
| Risk-free interest rate | 2.0% | | 1.8% | | 1.7% |
| Expected forfeiture rate | —% | | —% | | 1.7% |
Table 55 after “The following table summarizes share-based compensation expense related to share-based awards which is recorded in the statements of compreh”
| Years Ended December 31, | | | | |
| 2017 | 2016 | | 2015 | |
| Cost of software services, maintenance and subscriptions | $9,415 | | $6,548 | | $3,380 |
| Selling, general and administrative expenses | 27,933 | | 23,199 | | 16,802 |
| Total share-based compensation expenses | 37,348 | | 29,747 | | 20,182 |
| Tax benefit | (40,624) | | (30,059) | | (5,986) |
| Net (increase) decrease in net income | $(3,276) | | $(312) | | $14,196 |
Table 56 after “Options granted, exercised, forfeited and expired are summarized as follows:”
| Number ofShares | WeightedAverage ExercisePrice | | WeightedAverageRemainingContractual Life(Years) | AggregateIntrinsic Value | |
| Outstanding at December 31, 2014 | 5,537 | | $44.61 | | | |
| Granted | 747 | | 145.71 | | | |
| Exercised | (1,118) | | 20.71 | | | |
| Forfeited | (2) | | 19.61 | | | |
| Outstanding at December 31, 2015 | 5,164 | | 64.43 | | | |
| Granted | 846 | | 147.25 | | | |
| Exercised | (827) | | 28.43 | | | |
First 8 of 15 rows. The download has all of them.
Table 57 after “Other information pertaining to option activity was as follows during the twelve months ended December 31:”
| 2017 | 2016 | | 2015 | |
| Weighted average grant-date fair value of stock options granted | $55.56 | | $46.89 | | $45.17 |
| Total intrinsic value of stock options exercised | 137,699 | | 103,703 | | 149,542 |
Table 58 after “Basic earnings and diluted earnings per share data were computed as follows:”
| Years Ended December 31, | | | | |
| 2017 | 2016 | | 2015 | |
| Numerator for basic and diluted earnings per share: | | | | | |
| Net income | $163,945 | | $109,857 | | $64,869 |
| Denominator: | | | | | |
| Weighted-average basic common shares outstanding | 37,273 | | 36,448 | | 34,137 |
| Assumed conversion of dilutive securities: | | | | | |
| Stock options | 1,973 | | 2,513 | | 2,415 |
First 8 of 12 rows. The download has all of them.
Table 59 after “are as follows:”
| Years Ending December 31, | |
| 2018 | $5,428 |
| 2019 | 4,201 |
| 2020 | 3,644 |
| 2021 | 2,366 |
| 2022 | 812 |
| Thereafter | 499 |
| Total | $16,950 |
Table 60 after “December 31, 2017”
| EnterpriseSoftware | Appraisal and Tax | | Corporate | Totals | |
| Revenues | | | | | | |
| Software licenses and royalties | $67,840 | | $7,854 | | $— | $75,694 |
| Subscriptions | 165,651 | | 7,859 | | — | 173,510 |
| Software services | 167,934 | | 19,215 | | — | 187,149 |
| Maintenance | 339,951 | | 21,618 | | — | 361,569 |
| Appraisal services | — | | 25,023 | | — | 25,023 |
| Hardware and other | 13,094 | | 10 | | 4,613 | 17,717 |
First 8 of 14 rows. The download has all of them.
Table 61 after “December 31, 2016”
| EnterpriseSoftware | Appraisal and Tax | | Corporate | Totals | |
| Revenues | | | | | | |
| Software licenses and royalties | $68,844 | | $5,462 | | $— | $74,306 |
| Subscriptions | 135,516 | | 7,188 | | — | 142,704 |
| Software services | 158,478 | | 16,326 | | — | 174,804 |
| Maintenance | 304,380 | | 18,589 | | — | 322,969 |
| Appraisal services | — | | 26,287 | | — | 26,287 |
| Hardware and other | 11,942 | | 16 | | 3,015 | 14,973 |
First 8 of 14 rows. The download has all of them.
Table 62 after “December 31, 2015”
| EnterpriseSoftware | Appraisal and Tax | | Corporate | Totals | |
| Revenues | | | | | | |
| Software licenses and royalties | $54,376 | | $4,632 | | $— | $59,008 |
| Subscriptions | 107,090 | | 4,843 | | — | 111,933 |
| Software services | 129,068 | | 10,784 | | — | 139,852 |
| Maintenance | 227,586 | | 17,951 | | — | 245,537 |
| Appraisal services | — | | 25,065 | | — | 25,065 |
| Hardware and other | 6,935 | | 12 | | 2,680 | 9,627 |
First 8 of 14 rows. The download has all of them.
Table 63 after “December 31, 2015”
| Reconciliation of reportable segment operating | Years Ended December 31, | | | | |
| income to the Company's consolidated totals: | 2017 | 2016 | | 2015 | |
| Total segment operating income | $196,528 | | $167,271 | | $118,388 |
| Amortization of acquired software | (21,686) | | (22,235) | | (4,440) |
| Amortization of customer and trade name intangibles | (13,912) | | (13,731) | | (5,905) |
| Other income (expense), net | 698 | | (1,998) | | 381 |
| Income before income taxes | $161,628 | | $129,307 | | $108,424 |
| Quarters Ended | | | | | | | | | | | | |
| 2017 | 2016 | | | | | | | | | | | |
| Dec. 31 (a) | Sept. 30 | | June 30 | Mar. 31 | Dec. 31 | | Sept. 30 | June 30 | Mar. 31 | | | |
| Revenues | $217,851 | | $214,146 | | $209,123 | | $199,542 | | $193,281 | | $194,497 | $188,972 | $179,293 |
| Gross profit | 105,500 | | 103,429 | | 95,863 | | 94,348 | | 92,817 | | 93,480 | 86,936 | 82,118 |
| Income before income taxes | 45,173 | | 43,522 | | 36,974 | | 35,959 | | 35,119 | | 36,419 | 30,195 | 27,574 |
| Net income | 61,798 | | 38,263 | | 31,578 | | 32,306 | | 31,196 | | 35,430 | 25,007 | 18,224 |
| Earnings per diluted share | $1.56 | | $0.97 | | $0.81 | | $0.83 | | $0.80 | | $0.91 | $0.65 | $0.47 |
First 8 of 9 rows. The download has all of them.