Growing credit union benefits from open, scalable platform to support expansion throughout the state of Wyoming MONETT, Mo., April 25, 2024 /PRNewswire/ -- UniWyo Credit Union's strong relationship with Jack Henry™ (Nasdaq: JKHY) enabled it to successfully complete its merger with Reliant Federal Credit Union. UniWyo Credit Union and Reliant Federal Credit Union merged in the third quarter of 2023, collaborating on the shared mission of bettering people's lives and putting people first. The newly merged cr ...

MONETT, Mo., April 24, 2024 /PRNewswire/ -- Jack Henry & Associates, Inc.® (NASDAQ: JKHY) announced today that it will host a live webcast of its third quarter 2024 earnings conference call on May 8, 2024. The press release announcing third quarter 2024 earnings will be issued after market close on May 7, 2024. The live Webcast, which will begin at 7:45 a.m. Central (8:45 a.m. Eastern), can be accessed on the Jack Henry Web site at www.jackhenry.com. Please log on 10 minutes prior to the beginning of the ca ...

Jack Henry (JKHY) continues to experience strong customer momentum on the back of its robust technology solutions, which remain its growth drivers. Its shares have gained 2.5% in the year-to-date period, outperforming the industry’s decline of 8.1%.This is evident from the latest move of United Bank, which recently selected Jack Henry as its technology provider.This collaboration will enable United Bank to utilize Jack Henry's LoanVantage and Banno Digital Platform to enhance its lending and Community Devel ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ________________ Commission file number 0-14112 JACK HENRY & ASSOCIATES, INC. (Exact name of registrant as specified in its charter) Delaware 43-112838 ...

Jack Henry & Associates, Inc. (NASDAQ:JKHY) Q2 2024 Earnings Call Transcript February 7, 2024 8:45 AM ET Company Participants Vance Sherard - Vice President Investor Relations David Foss - Chairman & Chief Executive Officer Greg Adelson - President & Chief Operating Officer Mimi Carsley - Chief Financial Officer & Treasurer Conference Call Participants John Davis - Raymond James Nik Cremo - UBS Jason Kupferberg - BofA David Togut - Evercore ISI Vasu Govil - KBW Kartik Mehta - Northcoast Research Cris Kenned ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ________________ Commission file number 0-14112 JACK HENRY & ASSOCIATES, INC. (Exact name of registrant as specified in its charter) Delaware 43-11283 ...

Jack Henry & Associates, Inc. (NASDAQ:JKHY) Q1 2024 Earnings Conference Call November 8, 2023 8:45 AM ET Company Participants Vance Sherard - Vice President Investor Relations David Foss - Chairman & Chief Executive Officer Greg Adelson - President & Chief Operating Officer Mimi Carsley - Chief Financial Officer & Treasurer Conference Call Participants Tyler DuPont - Bank of America David Togut - Evercore ISI Vasu Govil - KBW Kartik Mehta - Northcoast Research John Davis - Raymond James Dominick Gabriele - ...

Part I [Business](index=5&type=section&id=ITEM%201.%20BUSINESS) The company provides technology solutions and payment processing services primarily to US financial institutions - The company provides technology solutions to over **7,500 financial institutions** and diverse corporate entities[13](index=13&type=chunk) Customer Base Overview | Customer Type | Number Served | Asset Range (Banks) | | :--- | :--- | :--- | | Core Banks | 940 | Up to $50 billion | | Core Credit Unions | Over 710 | All sizes | | Non-Core Customers | Nearly 5,880 | All sizes and charters | - The company's fundamental business strategy is to generate **organic revenue and earnings growth**, augmented by strategic acquisitions and a long-term technology modernization strategy[30](index=30&type=chunk)[33](index=33&type=chunk) - In fiscal year 2023, the company **acquired Payrailz, LLC**, a provider of cloud-native digital payment capabilities, to enhance its technology modernization strategy[32](index=32&type=chunk) Research and Development Expenses (in millions) | Fiscal Year | R&D Expense | Capitalized Software | | :--- | :--- | :--- | | 2023 | $142.7 | $166.1 | | 2022 | $121.4 | $148.2 | | 2021 | $109.0 | $128.3 | - The company's primary competitors for core solutions include **Fidelity National Information Services, Inc. (FIS), Fiserv, Inc., and Finastra**[61](index=61&type=chunk) - As of June 30, 2023, the company had approximately **7,120 full-time and part-time employees**[73](index=73&type=chunk) [Risk Factors](index=15&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company faces operational, business, and regulatory risks including data security, competition, and industry consolidation - **Data security breaches**, system failures, or other cyber incidents could damage the company's reputation and business[85](index=85&type=chunk) - The company's business is subject to risks from failures of its technological infrastructure or outsourcing facilities, which could lead to **service interruptions and loss of customers**[88](index=88&type=chunk) - **Intense competition** from a variety of vendors could lead to decreased demand or price reductions, potentially lowering margins and income[92](index=92&type=chunk) - The financial services industry is subject to extensive and complex government regulation, and failure to comply could **increase costs and impose constraints on operations**[97](index=97&type=chunk) - **Consolidation and failures of financial institutions** are expected to continue, reducing the number of current and potential customers[104](index=104&type=chunk) - The company's growth may be affected if it is unable to find or **successfully integrate suitable acquisitions**[105](index=105&type=chunk)[106](index=106&type=chunk) [Unresolved Staff Comments](index=21&type=section&id=ITEM%201B.%20UNRESOLVED%20STAFF%20COMMENTS) The company reports no unresolved staff comments from the SEC - None[114](index=114&type=chunk) [Properties](index=21&type=section&id=ITEM%202.%20PROPERTIES) The company owns and leases significant office space across the US and operates five aircraft to service customers - The company owns approximately **802,000 square feet** of office space and leases approximately **477,000 square feet**[115](index=115&type=chunk) [Legal Proceedings](index=21&type=section&id=ITEM%203.%20LEGAL%20PROCEEDINGS) The company is involved in routine legal proceedings that are not expected to have a material adverse effect - Management does not expect current lawsuits to have a **material adverse effect** on the company's consolidated financial statements[117](index=117&type=chunk) [Mine Safety Disclosures](index=21&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This section is not applicable to the company - None[118](index=118&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=22&type=section&id=ITEM%205.%20MARKET%20FOR%20REGISTRANT'S%20COMMON%20EQUITY,%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) The company's stock (JKHY) trades on Nasdaq, with a history of dividends and no recent share repurchases - The company's common stock is traded on the Nasdaq Global Select Market under the symbol **'JKHY'**[120](index=120&type=chunk) - The company has **paid quarterly dividends every quarter since fiscal 1991**[120](index=120&type=chunk) Issuer Purchases of Equity Securities (Quarter Ended June 30, 2023) | Period | Total Number of Shares Purchased | Average Price of Share | Maximum Number of Shares that May Yet Be Purchased Under the Plans | | :--- | :--- | :--- | :--- | | April 1 - April 30, 2023 | — | $ — | 3,796,265 | | May 1 - May 31, 2023 | — | $ — | 3,796,265 | | June 1 - June 30, 2023 | — | $ — | 3,796,265 | | **Total** | **—** | **$ —** | **3,796,265** | 5-Year Cumulative Total Return Comparison | Year | JKHY | S&P 500 | S&P Composite 1500 Software & Services | | :--- | :--- | :--- | :--- | | 2018 | 100.00 | 100.00 | 100.00 | | 2019 | 103.86 | 110.42 | 120.01 | | 2020 | 144.24 | 118.70 | 153.51 | | 2021 | 129.62 | 167.13 | 204.88 | | 2022 | 144.28 | 149.39 | 171.21 | | 2023 | 135.69 | 178.66 | 222.19 | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=23&type=section&id=ITEM%207.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) FY2023 revenue grew 7% to $2.08 billion, with net income up 1%, impacted by acquisition costs and tax law changes [Results of Operations (FY2023 vs FY2022)](index=24&type=section&id=7.1%20Results%20of%20Operations) FY2023 revenue rose 7% to $2.08 billion, driven by services and processing, while net income grew 1% to $366.6 million Fiscal 2023 vs. 2022 Performance Summary (in thousands, except per share data) | Metric | FY 2023 | FY 2022 | % Change | | :--- | :--- | :--- | :--- | | Total Revenue | $2,077,702 | $1,942,884 | 7% | | Operating Income | $480,688 | $474,619 | 1% | | Net Income | $366,646 | $362,916 | 1% | | Diluted EPS | $5.02 | $4.94 | 2% | - Excluding deconversion fees and revenue from the newly acquired Payrailz, the company's **revenue grew by 8%** ($147.8 million)[138](index=138&type=chunk) Revenue Breakdown (in thousands) | Revenue Stream | FY 2023 | FY 2022 | % Change | | :--- | :--- | :--- | :--- | | Services and support | $1,214,701 | $1,156,365 | 5% | | Processing | $863,001 | $786,519 | 10% | Operating Expenses Breakdown (in thousands) | Expense Category | FY 2023 | FY 2022 | % Change | | :--- | :--- | :--- | :--- | | Cost of Revenue | $1,219,062 | $1,128,614 | 8% | | Research and Development | $142,678 | $121,355 | 18% | | Selling, General, and Administrative | $235,274 | $218,296 | 8% | [Reportable Segment Discussion](index=27&type=section&id=7.2%20Reportable%20Segment%20Discussion) All four segments reported revenue growth, led by Corporate and Other (23%) and supported by solid gains in Payments and Complementary Segment Revenue and Cost of Revenue (FY 2023 vs. 2022, in thousands) | Segment | Revenue (2023) | Revenue % Change | Cost of Revenue (2023) | Cost of Revenue % Change | | :--- | :--- | :--- | :--- | :--- | | Core | $656,164 | 5% | $283,531 | 8% | | Payments | $767,339 | 7% | $423,474 | 10% | | Complementary | $583,893 | 7% | $239,044 | 6% | | Corporate and Other | $70,306 | 23% | $273,013 | 7% | - During fiscal 2023, the **Remit product was transferred** from the Complementary segment to the Payments segment, leading to reclassification of prior year data for comparability[157](index=157&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=7.3%20Liquidity%20and%20Capital%20Resources) Cash decreased due to the Payrailz acquisition and lower operating cash flow, funded by increased debt facilities - Cash and cash equivalents decreased to **$12.2 million** at June 30, 2023, from $48.8 million at June 30, 2022[165](index=165&type=chunk) - Net cash provided by operating activities **decreased by 24% to $381.6 million** in FY2023, largely due to increased cash income tax payments related to IRC Section 174 law changes[165](index=165&type=chunk)[301](index=301&type=chunk) - The company used **$229.6 million for the acquisition of Payrailz** and $166.1 million for capitalized software development[166](index=166&type=chunk) - In August 2022, the company entered into a new five-year, **$600 million unsecured credit agreement**, and in May 2023, it entered into a **$180 million term loan agreement**[176](index=176&type=chunk)[178](index=178&type=chunk) [Critical Accounting Estimates](index=31&type=section&id=7.4%20Critical%20Accounting%20Estimates) Management applies significant judgment to estimates for revenue recognition, software capitalization, and acquisition accounting - Significant judgment is required for **revenue recognition**, including identifying performance obligations and estimating variable consideration in long-term customer contracts[184](index=184&type=chunk)[185](index=185&type=chunk) - **Capitalization of software development costs** involves significant judgment in determining when technological feasibility is met and estimating useful lives for amortization[191](index=191&type=chunk) - **Purchase accounting for acquisitions** requires estimates for the fair values of assets and liabilities acquired, which impacts the amount of goodwill recorded[195](index=195&type=chunk)[196](index=196&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=ITEM%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risks are credit risk and interest rate risk on its $275 million of variable-rate debt - The company is exposed to interest rate risk on its **$275 million of outstanding variable-rate debt** as of June 30, 2023[198](index=198&type=chunk) - A hypothetical **1% increase in the borrowing rate** would increase the company's annual interest expense by **$2.75 million**[198](index=198&type=chunk) [Financial Statements and Supplementary Data](index=34&type=section&id=ITEM%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This section presents the audited consolidated financial statements, auditor's report, and management's report on internal controls [Auditor and Management Reports](index=35&type=section&id=8.1%20Auditor%20and%20Management%20Reports) The independent auditor issued an unqualified opinion, identifying revenue recognition as a critical audit matter - The independent auditor, PricewaterhouseCoopers LLP, issued an **unqualified opinion** on the financial statements and internal controls[206](index=206&type=chunk) - The audit identified **Revenue Recognition as a Critical Audit Matter** due to the significant judgment required by management[214](index=214&type=chunk)[215](index=215&type=chunk) - Management concluded that the company's **internal control over financial reporting was effective** as of June 30, 2023[220](index=220&type=chunk) [Consolidated Financial Statements](index=38&type=section&id=8.2%20Consolidated%20Financial%20Statements) The financial statements show revenue growth, an expanded balance sheet from acquisitions, and reduced cash from operations Consolidated Statements of Income (in thousands) | | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | **REVENUE** | **$2,077,702** | **$1,942,884** | **$1,758,225** | | OPERATING INCOME | $480,688 | $474,619 | $398,719 | | INCOME BEFORE INCOME TAXES | $474,574 | $472,267 | $397,725 | | **NET INCOME** | **$366,646** | **$362,916** | **$311,469** | | Diluted earnings per share | $5.02 | $4.94 | $4.12 | Consolidated Balance Sheets (in thousands) | | June 30, 2023 | June 30, 2022 | | :--- | :--- | :--- | | Total current assets | $627,962 | $613,524 | | **Total assets** | **$2,773,826** | **$2,455,564** | | Total current liabilities | $523,759 | $543,830 | | Total long-term liabilities | $641,557 | $530,111 | | **Total liabilities** | **$1,165,316** | **$1,073,941** | | **Total stockholders' equity** | **$1,608,510** | **$1,381,623** | Consolidated Statements of Cash Flows (in thousands) | | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Net cash from operating activities | $381,559 | $504,631 | $462,129 | | Net cash from investing activities | ($409,673) | ($196,344) | ($162,250) | | Net cash from financing activities | ($8,430) | ($310,492) | ($462,232) | | **NET CHANGE IN CASH** | **($36,544)** | **($2,205)** | **($162,353)** | [Notes to Consolidated Financial Statements](index=42&type=section&id=8.3%20Notes%20to%20Consolidated%20Financial%20Statements) The notes detail revenue disaggregation, acquisition accounting for Payrailz, debt structure, and subsequent events - As of June 30, 2023, the estimated revenue expected to be recognized in the future from remaining performance obligations is **$5.9 billion**[267](index=267&type=chunk) - The acquisition of Payrailz on August 31, 2022, had a final purchase price of **$230.2 million**, resulting in **$117.3 million of goodwill** allocated to the Payments segment[323](index=323&type=chunk)[326](index=326&type=chunk) - Total outstanding debt as of June 30, 2023, was **$275 million**, consisting of $95 million from a revolving credit facility and $180 million from a term loan[293](index=293&type=chunk)[294](index=294&type=chunk)[296](index=296&type=chunk) - Subsequent to year-end, the Board declared a cash dividend of $0.52 per share and initiated a voluntary separation program with an expected cost of **$17-18 million**[340](index=340&type=chunk)[341](index=341&type=chunk) [Controls and Procedures](index=61&type=section&id=ITEM%209A.%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2023 - The CEO and CFO concluded that the company's **disclosure controls and procedures are effective** to provide reasonable assurance that required information is reported in a timely manner[344](index=344&type=chunk) - There were **no material changes** in the company's internal control over financial reporting during the fourth quarter of fiscal 2023[346](index=346&type=chunk) Part III [Directors, Executive Officers, Corporate Governance, Compensation, and Principal Accountant Fees](index=62&type=section&id=ITEMS%2010,%2011,%2012,%2013%20AND%2014) Required information on directors, compensation, and governance is incorporated by reference from the company's proxy statement - Information required by Items 10, 11, 12, 13, and 14 is omitted from this report and will be **incorporated by reference** from the Company's Proxy Statement for its 2023 Annual Meeting of Stockholders[350](index=350&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=63&type=section&id=ITEM%2015.%20EXHIBITS%20AND%20FINANCIAL%20STATEMENT%20SCHEDULES) This section lists all financial statements, schedules, and exhibits filed with the Form 10-K report - This section lists all financial statements, schedules, and exhibits filed with the Form 10-K, including various agreements, compensation plans, and required CEO/CFO certifications[357](index=357&type=chunk)[359](index=359&type=chunk)[361](index=361&type=chunk) [Form 10-K Summary](index=67&type=section&id=ITEM%2016.%20FORM%2010-K%20SUMMARY) The company has elected not to provide a Form 10-K summary - None[367](index=367&type=chunk)

Jack Henry & Associates, Inc. (NASDAQ:JKHY) Q4 2023 Earnings Conference Call August 16, 2023 8:45 AM ET Company Participants Vance Sherard - VP of IR David Foss - Chairman and CEO Mimi Carsley - CFO and Treasurer Gregory Adelson - President and COO Conference Call Participants Peter Heckmann - D.A. Davidson Nik Cremo - Credit Suisse Rayna Kumar - UBS Dan Perlin - RBC Capital Vasu Govil - KBW Jason Kupferberg - Bank of America John Davis - Raymond James Dominick Gabriele - Oppenheimer Cristopher Kennedy - Wi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ________________ Commission file number 0-14112 JACK HENRY & ASSOCIATES, INC. (Exact name of registrant as specified in its charter) Delaware 43-112838 ...