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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.
Jack Henry & Associates (Nasdaq: JKHY) has announced its participation in two upcoming investor conferences. CEO David Foss and CFO Mimi Carsley will present at the Credit Suisse 26th Annual Technology Conference on November 29, 2022, at 1:40 p.m. Eastern time. Additionally, Foss will speak at the Nasdaq 47th Investor Conference in London on December 6, 2022, at 8:30 a.m. Eastern time. Live webcasts will be available for both events, and replays can be accessed on Jack Henry's Investor Relations website following the presentations.
Jack Henry & Associates (NASDAQ: JKHY) has declared a regular quarterly cash dividend of $.49 per share, payable on December 22, 2022. This dividend is for stockholders of record as of December 1, 2022. As of November 10, 2022, the company had 72,950,545 shares of common stock outstanding. The firm continues to emphasize its commitment to delivering financial technology solutions that enhance connections between financial institutions and their clients.
Jack Henry (NASDAQ: JKHY) and Cornerstone Bank reported a remarkable 180% increase in loan production over two years, attributed to Jack Henry's digital loan-origination platform. Cornerstone Bank, a $1.5-billion asset institution formed from local banks, has streamlined its lending processes, reducing approval times from 14 to 8 business days. The technology has improved both internal efficiency and customer satisfaction, showcasing Jack Henry's impact on financial institutions' growth and competitive positioning.
Jack Henry & Associates reported strong financial results for Q1 FY2023, with GAAP revenue increasing by 8% year-over-year to $529.2 million and operating income up 5% to $140.7 million. GAAP EPS was $1.46, compared to $1.38 in Q1 FY2022. The company’s guidance for FY2023 projects revenue between $2,092 million and $2,099 million, with a GAAP EPS forecast of $4.90 to $4.94. However, cash decreased from $44.3 million last year to $32 million, and debt rose significantly to $245 million.
On November 3, 2022, Jack Henry & Associates (Nasdaq: JKHY) announced participation in two upcoming investor conferences. CEO David Foss will present at the RBC Capital Markets Global Technology Conference on November 16 at 10 a.m. ET, with a live webcast available. Additionally, he will present at the Stephens Annual Investment Conference on November 17 at 3 p.m. ET. Replays of both events will be accessible on Jack Henry's Investor Relations website. This engagement highlights the company's commitment to transparency and investor relations.
Jack Henry (NASDAQ: JKHY) has partnered with The Maries County Bank to enhance its digital customer experience and support community growth. The bank, which has $571 million in assets, aims to modernize its services through Jack Henry’s technology solutions, including the Banno Digital Platform. This collaboration will streamline processes and integrate access to over 850 third-party fintechs, enabling the bank to offer a wider range of products. The initiative supports the bank's commitment to maintaining its role in the community while improving customer satisfaction.
Jack Henry & Associates (Nasdaq: JKHY) will host a live Webcast of its first quarter fiscal year 2023 earnings call on November 9, 2022, following the release of earnings post-market on November 8, 2022. The earnings call will start at 7:45 a.m. Central and can be accessed via the company's website. Jack Henry is a financial technology leader serving approximately 8,000 clients, focusing on innovation and integration with fintech partners. The company emphasizes a commitment to user-centric solutions in the evolving financial landscape.
Jack Henry (Nasdaq: JKHY) has launched a standalone person-to-person (P2P) payments solution via its Payrailz Digital Payments Platform. This innovative open-loop service allows users to send money using just a mobile number or email, enabling transactions without the need for the sender and receiver to be on the same network. Key features include fraud mitigation, real-time payments, and the ability to credit funds to various accounts. The solution aims to enhance digital banking capabilities for financial institutions and meet growing customer demand for flexible payment options.
Jack Henry (NASDAQ: JKHY) celebrated International Credit Union Day by highlighting its recent participation in CU Build's annual build-a-thon, attended by 56 professionals from 21 credit unions. The event focused on innovation, fostering collaboration to create solutions for industry challenges. Team Play Less won for their 'Save More' solution, enhancing member experience. Senior leaders praised the initiative's impact on technology and skills development, with a goal to strengthen credit unions' financial futures. Jack Henry continues to support such initiatives, emphasizing user-centric innovation and collaboration.
Jack Henry has expanded its partnership with Mastercard to help community and regional financial institutions provide accountholders with a unified view of their financial data. This collaboration enables secure, API-based data access, allowing users to manage accounts from various providers on a single platform. The initiative aims to combat financial fragmentation, a pressing issue affecting 70% of Americans, according to the Financial Health Network. The services will be available to over 700 institutions, enhancing their digital banking capabilities.
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