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Jack Henry & Associates, Inc.® (Nasdaq: JKHY) is a prominent financial technology company that has been empowering financial institutions for over 47 years. Known for its commitment to openness, collaboration, and user-centric solutions, Jack Henry provides core processing and complementary services to nearly 7,500 clients, including banks and credit unions, primarily in the United States. The company's robust suite of products and services includes core banking platforms like SilverLake, CIF 20/20, and Core Director, as well as credit union platforms such as Episys and Cruise.
Jack Henry's integrated computer systems support in-house and outsourced data processing, covering crucial aspects like deposit, loan, and general ledger transactions. The company's offerings extend to business intelligence and management solutions, internet banking, EFT solutions, risk management, item and document imaging, payment processing solutions, and professional services.
Recent achievements highlight Jack Henry's continuous innovation. The company's digital banking platform Banno recently integrated with Bits of Stock, allowing community financial institutions to offer stock rewards to customers. This integration enhances Jack Henry's ecosystem of over 950 fintechs, bringing modern financial products to approximately 7,500 financial institutions.
In fiscal second quarter 2024, Jack Henry reported deconversion revenue of $4.9 million, with full-year guidance maintaining estimates at $16 million. Deconversion revenue, typically arising from customer acquisitions by other institutions, is not reflective of Jack Henry's core operations but is significant for financial reporting.
Notable partnerships include Legacy Bank & Trust, which doubled its asset size by leveraging Jack Henry's scalable hosted core processing solution, and United Bank, which selected Jack Henry to modernize operations and improve customer experience through tools like the Banno Digital Platform™ and LoanVantage®. Additionally, the successful merger of UniWyo Credit Union and Reliant Federal Credit Union was facilitated by Jack Henry's seamless data conversion and integration capabilities, showcasing the company's ability to support significant transformation projects.
As an S&P 500 company, Jack Henry remains dedicated to helping clients innovate, differentiate, and compete effectively in the evolving financial landscape. The company's people-inspired innovation and personal service continue to reduce barriers to financial health, fostering strong connections between financial institutions and the communities they serve. For more information, visit the official website at www.jackhenry.com.
CommonWealth Central Credit Union has selected Jack Henry (Nasdaq: JKHY) to modernize its technology infrastructure and support future growth. The credit union, which has grown from 10 members and $104 in assets in 1958 to nearly 40,000 members and $632 million in assets today, chose Jack Henry for its open approach and commitment to technology modernization. The partnership aims to help CommonWealth facilitate innovation, modernize operations, and enhance member service to better compete with larger financial institutions. The new platform will provide improved functionality, flexibility, and third-party integration capabilities, enabling the credit union to develop new products and services while improving operational efficiencies.
Jack Henry & Associates (NASDAQ: JKHY) has announced that its Board of Directors has declared a regular quarterly cash dividend of $0.55 per share. The dividend will be paid on December 23, 2024, to stockholders of record as of December 2, 2024. The dividend applies to the company's common stock with a par value of $0.01 per share.
Jack Henry (Nasdaq: JKHY) announced that First Bank of Alabama has selected their technology solutions to modernize its operations and enhance customer experience. The Talladega-based community bank, established in 1848, focuses on serving rural markets with both commercial and retail banking services. Through two significant acquisitions in the past seven years, the bank has grown from $400 million in assets and three branches to over $1.1 billion in assets and 13 branches.
Jack Henry (Nasdaq: JKHY) announces upcoming conference presentations by President & CEO Greg Adelson and CFO & Treasurer Mimi Carsley. Adelson will present at three major events: the RBC Capital Markets Conference (Nov. 20), Stephens Annual Investment Conference (Nov. 21), and UBS Global Technology & AI Conference (Dec. 4). Carsley is scheduled for the KBW Fintech Conference (Nov. 14) and Nasdaq 51st Investor Conference (Dec. 10).
All presentations will be available via live webcast, with replays accessible on ir.jackhenry.com after the events.
Jack Henry & Associates reported strong Q1 FY2025 results with GAAP revenue increasing 5.2% to $600.98 million and GAAP operating income rising 14.0%. The company's EPS grew to $1.63 from $1.39 year-over-year. Services and support revenue increased 4.2%, while processing revenue grew 6.6%. The company maintained its full-year fiscal 2025 guidance with revenue projected between $2,369-$2,391 million and EPS between $5.78-$5.87. Cash and cash equivalents stood at $43 million, with debt reduced to $140 million from $245 million year-over-year.
Jack Henry (JKHY) announced its first Developer Conference (Devcon) scheduled for November 20, 2024, in Fort Worth, Texas. The event aims to gather developers and leaders from fintechs, financial institutions, and technology companies who are building on Jack Henry's developer platform. The conference will focus on technical aspects, including APIs and tools, while providing networking opportunities.
The initiative aligns with Jack Henry's technology modernization strategy, centered on developing a single, modern, open-banking platform. The company has already integrated more than 1,000 fintechs into its ecosystem. According to their 2024 Benchmark Study, over 90% of financial institutions plan to embed third-party technology into digital banking experiences.
Jack Henry & Associates (JKHY) reported deconversion revenue of $3.7 million for the fiscal first quarter ended September 30, 2024. The company maintains its full-year fiscal 2025 deconversion revenue guidance at $16 million. Deconversion revenue primarily occurs when Jack Henry's customers are acquired by other financial institutions, leading to contract termination. The company excludes this revenue from non-GAAP reporting as it doesn't reflect core business operations.
Jack Henry (Nasdaq: JKHY) announces that five financial institutions using its web hosting and design services have won 2024 WebAwards. Hocking Valley Bank secured Best Bank Website award, marking the fifth consecutive year a Jack Henry client has won a 'Best of' category. The bank reported a 19% increase in first-time visitors, 30% growth in online banking transactions, and $20 million year-over-year loan growth. Armed Forces Bank, Mid American Credit Union, Shore United Bank, and Freedom First Credit Union also received various excellence awards in the Web Marketing Association's 18th annual competition.
PortX has joined the Jack Henry Vendor Integration Program (VIP), enabling integration of its Fintech Hub with SilverLake System and Symitar. Through jXchange and SymXchange interfaces, PortX will provide banks and credit unions with streamlined access to core data and business rules. The integration offers pre-built connectors for third-party fintech applications, helping financial institutions reduce costs, simplify vendor management, and accelerate time-to-market for new solutions.
Jack Henry & Associates (NASDAQ: JKHY) has announced its upcoming first quarter 2025 earnings conference call schedule. The company will release its Q1 2025 earnings after market close on November 5, 2024, followed by a live webcast on November 6, 2024 at 7:45 a.m. Central time. The webcast will be accessible via www.jackhenry.com, with dial-in options available at 833-630-0605 (US) and +1 412-317-1830 (international).
Additionally, the company will separately release its Q1 2025 deconversion revenue results after market close on October 28, 2024, prior to the full quarterly earnings announcement.
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