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Basis of Presentation (Tables)

6 Months Ended

Dec. 31, 2019

Basis of Presentation

Schedule of computation of basic and diluted earnings per share

​

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31,

​

Six Months Ended December 31,

​

2018

2019

2018

2019

Net income available to common stockholders

​

$

19,107

​

$

20,986

​

$

28,509

​

$

41,729

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average shares outstanding—basic

​

18,085

​

18,312

​

18,088

​

18,285

Dilutive effect of equity awards

​

539

​

370

​

591

​

498

Weighted average shares outstanding—diluted

​

18,624

​

18,682

​

18,679

​

18,783

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic earnings per share

​

$

1.06

​

$

1.15

​

$

1.58

​

$

2.28

Diluted earnings per share

​

$

1.03

​

$

1.12

​

$

1.53

​

$

2.22

​

​

​

​

​

​

​

​

​

​

​

​

​

Shares excluded from diluted earnings per share due to their anti-dilutive effect

​

​

126

​

​

94

​

​

81

​

​

85

​

Summary of fair values of financial assets and liabilities

The fair values of our financial assets and liabilities are categorized as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2019

​

December 31, 2019

​

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Insurance company contracts

$

—

$

35,899

$

—

$

35,889

$

—

​

$

38,625

$

—

$

38,625

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contingent consideration

​

$

—

​

$

—

​

$

16,577

​

$

16,577

​

$

—

​

$

—

​

$

16,671

​

$

16,671

Schedule of contract assets and contract liabilities

​

The table below shows the balance of our contract assets and liabilities as of June 30, 2019 and December 31, 2019, including the change between the periods (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30,

December 31,

​

​

​

Contract Assets:

​

2019

​

2019

​

Change

​

% Change

Unbilled revenue

​

$

19,287

​

$

31,985

​

$

12,698

66

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contract Liabilities:

​

​

​

​

Advances from customers

​

$

43,227

​

$

32,640

​

$

(10,587)

​

(24)

%

Deferred revenue—current

​

33,641

​

30,171

​

(3,470)

​

(10)

%

Deferred revenue—long-term

​

9,506

​

8,351

​

(1,155)

​

(12)

%

Schedule of components of operating lease expense

The components of operating lease expense were as follows (in thousands):

​

​	​	​	​	​	​	​
​	​	Three Months Ended		​	Six Months Ended
​		December 31, 2019			December 31, 2019
Operating lease cost	​	$	2,597	​	$	5,246
Variable lease cost		​	176	​	​	314
Short-term lease cost		​	186	​	​	395
​	​	$	2,959	​	$	5,955

Schedule of supplemental balance sheet assets and liabilities related to operating leases

Supplemental balance sheet assets and liabilities related to operating leases were as follows (in thousands):

​

​	​	​	​	​	​
​		Balance Sheet Category		December 31, 2019
Operating lease ROU assets, net		Other assets	​	$	26,897
​	​	​	​	​	​
Operating lease liabilities, current portion		Other accrued expenses and current liabilities	​	$	8,159
Operating lease liabilities, long-term		Other long-term liabilities	​		19,084
Total operating lease liabilities			​	$	27,243
​	​	​	​	​	​
Weighted average remaining lease term			​		4.5 years
Weighted average discount rate			​		4.4%

Schedule of supplemental cash flow information related to operating leases

Supplemental cash flow information related to operating leases was as follows (in thousands):

​

​	​	​	​	​	​	​
​	​	Three Months Ended		​	Six Months Ended
​		December 31, 2019			December 31, 2019
Cash paid for operating lease liabilities	​	$	2,625	​	$	5,198
ROU assets obtained in exchange for new lease obligations	​	​	165	​		1,479

Schedule of maturities of operating lease liabilities

Maturities of operating lease liabilities under ASC 842 (defined below) at December 31, 2019 were as follows (in thousands):

​

​	​	​	​
​		December 31, 2019
Less than one year	​	$	9,109
1 – 2 years	​		7,024
2 – 3 years	​		4,499
3 – 4 years	​		3,301
4 – 5 years	​		2,539
Thereafter	​		3,594
​	​		30,066
Less: Imputed interest	​		(2,823)
Total lease liabilities	​	$	27,243

​

Maturities of minimum operating lease liabilities under non-cancelable leases under ASC 840 (defined below) at June 30, 2019 were as follows (in thousands):

​

​	​	​	​
​		June 30, 2019
Less than one year	​	$	9,802
1 – 2 years	​		8,082
2 – 3 years	​		5,473
3 – 4 years	​		3,397
4 – 5 years	​		2,954
Thereafter	​		4,583
Total lease liabilities	​	$	34,291

Schedule of cumulative effect of the changes made to consolidated condensed balance sheet for the adoption of the new lease standard

The cumulative effect of the changes made to our July 1, 2019 consolidated condensed balance sheet for the adoption of the new lease standard was as follows (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	Balance at		​	Effect of Adoption		​	Balance at
Balance Sheet		June 30, 2019			of ASC 842			July 1, 2019
Assets		​	​		​			​
Other assets	​	$	56,518	​	$	30,066	​	$	86,584
Liabilities	​		​	​		​	​		​
Other accrued expenses and current liabilities	​	$	112,956	​	$	8,324	​	$	121,280
Other long-term liabilities	​		65,398	​		21,742	​		87,140

​

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