Jack Henry & Associates Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Jack Henry & Associates Inc. reported stable net income and revenue growth for the first half of fiscal year 2024 compared to the prior year.</b>

AI Summary

JACK HENRY & ASSOCIATES INC (JKHY) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. Total revenue for the six months ended December 31, 2023, was $1,851 million. Total revenue for the six months ended December 31, 2022, was $1,658 million. Net income for the six months ended December 31, 2023, was $326 million. Net income for the six months ended December 31, 2022, was $326 million. Total assets as of December 31, 2023, were $3,661 million.

Why It Matters

For investors and stakeholders tracking JACK HENRY & ASSOCIATES INC, this filing contains several important signals. The company's consistent revenue and net income figures suggest a stable operational performance and market position. The filing provides detailed financial data, allowing investors to assess the company's financial health and growth trajectory.

Risk Assessment

Risk Level: low — JACK HENRY & ASSOCIATES INC shows low risk based on this filing. The company's financial performance appears stable with consistent revenue and net income, indicating low immediate risk.

Analyst Insight

Monitor future filings for trends in revenue growth and net income to assess long-term performance.

Financial Highlights

revenue

1,851

total Assets

3,661

net Income

326

revenue Growth

11.7%

Revenue Breakdown

Key Numbers

• 1,851 — Total Revenue (6 months ended 2023-12-31) (USD Millions)
• 1,658 — Total Revenue (6 months ended 2022-12-31) (USD Millions)
• 3,661 — Total Assets (as of 2023-12-31) (USD Millions)
• 326 — Net Income (6 months ended 2023-12-31) (USD Millions)
• 326 — Net Income (6 months ended 2022-12-31) (USD Millions)

Key Players & Entities

• JACK HENRY & ASSOCIATES INC (company) — Filer
• 20231231 (date) — Conformed Period of Report
• 20240208 (date) — Filed as of date
• 7373 (industry_code) — Standard Industrial Classification
• DE (state) — State of Incorporation
• MO (state) — Business Address State
• 4172356652 (phone) — Business Phone
• 19920703 (date) — Date of Name Change

Forward-Looking Statements

• The significant reduction in noncurrent assets and liabilities suggests a strategic divestiture or reclassification of assets, potentially leading to a more streamlined balance sheet. (JACK HENRY & ASSOCIATES INC) — medium confidence, target: 2024-06-30

FAQ

Key Dates

• 2023-12-31: Fiscal Quarter End — Reporting period for the 10-Q filing.
• 2024-02-08: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $0.01 — ange on which registered Common Stock ($0.01 par value) JKHY Nasdaq Global Select

Filing Documents

• jkhy-20231231.htm (10-Q) — 997KB
• jkhy-20231231xex311.htm (EX-31.1) — 8KB
• jkhy-20231231xex312.htm (EX-31.2) — 8KB
• jkhy-20231231xex321.htm (EX-32.1) — 4KB
• jkhy-20231231xex322.htm (EX-32.2) — 4KB
• 0000779152-24-000018.txt (&nbsp;) — 5956KB
• jkhy-20231231.xsd (EX-101.SCH) — 35KB
• jkhy-20231231_cal.xml (EX-101.CAL) — 60KB
• jkhy-20231231_def.xml (EX-101.DEF) — 212KB
• jkhy-20231231_lab.xml (EX-101.LAB) — 606KB
• jkhy-20231231_pre.xml (EX-101.PRE) — 381KB
• jkhy-20231231_htm.xml (XML) — 814KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Condensed Consolidated Balance Sheets as of December 31, 2023, and June 30, 2023 (Unaudited) 4

ITEM 1. Condensed Consolidated Balance Sheets as of December 31, 2023, and June 30, 2023 (Unaudited) 4 Condensed Consolidated Statements of Income for the Three and Six Months Ended December 31, 2023 and 2022 (Unaudited) 5 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended December 31, 2023 and 2022 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2023 and 2022 (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8

Management's Discussion and Analysis of Financial Condition and Results of Operations 21

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures about Market Risk 29

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 29

Controls and Procedures 30

ITEM 4. Controls and Procedures 30

OTHER INFORMATION 30

PART II OTHER INFORMATION 30

Legal Proceedings 30

ITEM 1. Legal Proceedings 30

Unregistered Sales of Equity Securities and Use of Proceeds 30

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

Other Information 30

ITEM 5. Other Information 30

Exhibits 31

ITEM 6. Exhibits 31 Signatures 32 In this report, all references to "Jack Henry," the "Company," "we," "us," and "our," refer to Jack Henry & Associates, Inc., and its wholly owned subsidiaries.

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). Forward-looking statements may appear throughout this report, including without limitation, in Management's Discussion and Analysis of Financial Condition and Results of Operations. Forward-looking statements generally are identified by the words "believe," "project," "expect," "seek," "anticipate," "estimate," "future," "intend," "plan," "strategy," "predict," "likely," "should," "will," "would," "could," "can," "may," and similar expressions. Forward-looking statements are based only on management's current beliefs, expectations and assumptions regarding the future of the Company, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, those discussed in this Quarterly Report on Form 10-Q, those discussed in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023, in particular, those included in Item 1A, "Risk Factors" of such report, and those discussed in other documents we file with the Securities and Exchange Commission ("SEC"). Any forward-looking statement made in this report speaks only as of the date of this report, and the Company expressly disclaims any obligation to publicly update or revise any forward-loo

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM I. FINANCIAL STATEMENTS 3 Table of Contents JACK HENRY & ASSOCIATES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In Thousands, Except Share and Per Share Data) December 31, 2023 June 30, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 26,709 $ 12,243 Receivables, net 270,551 361,252 Income tax receivable — 7,523 Prepaid expenses and other 179,304 169,178 Deferred costs 77,703 77,766 Total current assets 554,267 627,962 PROPERTY AND EQUIPMENT, net 204,846 205,664 OTHER ASSETS: Non-current deferred costs 174,821 161,465 Computer software, net of amortization 581,756 565,714 Other non-current assets 353,248 322,698 Customer relationships, net of amortization 61,142 65,528 Other intangible assets, net of amortization 19,099 19,998 Goodwill 804,797 804,797 Total other assets 1,994,863 1,940,200 Total assets $ 2,753,976 $ 2,773,826 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 18,729 $ 19,156 Accrued expenses 174,084 172,629 Accrued income taxes 14,417 — Deferred revenues 196,794 331,974 Total current liabilities 404,024 523,759 LONG-TERM LIABILITIES: Non-current deferred revenues 72,406 67,755 Deferred income tax liability 227,899 244,431 Debt, net of current maturities 255,000 275,000 Other long-term liabilities 70,260 54,371 Total long-term liabilities 625,565 641,557 Total liabilities 1,029,589 1,165,316 STOCKHOLDERS' EQUITY Preferred stock - $ 1 par value; 500,000 shares authorized, none issued — — Common stock - $ 0.01 par value; 250,000,000 shares authorized; 104,181,060 shares issued at December 31, 2023; 104,088,784 shares issued at June 30, 2023 1,042 1,041 Additional paid-in capital 601,790 583,836 Retained earnings 2,973,673 2,855,751 Less treasury stock at cost 31,323,119 shares at December 31, 2023; 31,194,351 shares at June 30, 2023 ( 1,852,118 ) ( 1,832,118 ) Total stockholders' equity 1,724,38

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View this 10-Q filing on SEC EDGAR