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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.
On January 20, 2021, Jack Henry & Associates (NASDAQ: JKHY) announced an increase in the adoption of its EMV contactless cards by financial institutions in response to the COVID-19 pandemic. These cards offer a secure, efficient, and touch-free transaction option, appealing to consumer demand. Notable clients like Commonwealth Bank & Trust Co. and Goldenwest Federal Credit Union have transitioned to Jack Henry for their card programs. A.T. Kearney estimates that 56% of all cards will be contactless by the end of 2022, highlighting a significant market shift towards this technology.
Jack Henry & Associates (NASDAQ: JKHY) has enhanced its AlertCenter solution, now integrating seamlessly with SilverLake Teller Capture, to strengthen check fraud protection amid rising payment scams. The company reported a 35% increase in deposit hold recommendations and an 11% rise in transaction denies due to fraud during 2020. The integration allows banks to detect fraud effectively while improving customer service with quicker transaction times. Citizens National Bank experienced operational efficiency improvements post-integration, which minimized fraud losses and enhanced customer satisfaction.
Jack Henry & Associates (NASDAQ: JKHY) has enhanced its Paycheck Protection Program (PPP) loan solution with a borrower-friendly digital interface to facilitate loan applications and documentation. This new feature is strategically timed with an additional $284 billion in PPP funding aimed at supporting small businesses affected by the pandemic. The upgraded solution streamlines data processing, offering built-in fraud controls. In the previous year, Jack Henry assisted over 400 banks, facilitating 70,000 loan applications totaling $6.5 billion.
Jack Henry & Associates (NASDAQ: JKHY) has announced that 150 banks and credit unions have transitioned their IT infrastructure to its Gladiator Hosted Network Solutions (HNS) within its private cloud. This shift allows financial institutions to focus on strategic initiatives while enhancing cybersecurity, compliance, and disaster recovery. FirstBank's CIO highlighted the benefits during the pandemic, facilitating operations during remote work. Innovations Credit Union also chose HNS for improved business continuity after Hurricane Michael. Jack Henry continues to support financial institutions in adopting cloud banking for operational efficiency.
Jack Henry & Associates (NASDAQ: JKHY) announced that Texans Credit Union has selected its Episys core in a private cloud environment to enhance member services and operational efficiency. The credit union aims to reduce the number of staff needed for core maintenance from 7-12, allowing them to focus on improving workflows and customization. Texans looks forward to leveraging Jack Henry's technology for better member experiences and data-driven decisions. This partnership highlights the growing importance of technology in enhancing member service capabilities in the financial services sector.
Jack Henry & Associates (NASDAQ: JKHY) announced that 800 financial institutions have migrated to its advanced JHA Card Processing Solutions™ platform. In addition, 137 new debit and credit clients have transitioned to this service. The CPS platform offers a comprehensive solution for processing needs, enhancing fraud mitigation, and providing modern tools for banks and credit unions. FirstBank praised its partnership with Jack Henry for reducing fraud losses by over 50% year-over-year. Jack Henry continues to innovate, ensuring clients can adapt to evolving payment expectations in the financial services industry.
Jack Henry & Associates (NASDAQ: JKHY) announced that Georgia United Credit Union has transitioned its Episys core platform to Jack Henry's private cloud environment. This $1.6 billion-asset credit union aims to enhance oversight, efficiency, and stability through this move. Over 60% of Jack Henry's core credit union customers have adopted the private cloud due to its security and data resiliency, allowing credit unions to focus on IT differentiation. The migration supports rapid technological advancement and positions Georgia United for continued growth.
Jack Henry & Associates declared a regular quarterly cash dividend of $.43 per share. This dividend will be payable on December 22, 2020, to stockholders of record by December 2, 2020. As of November 12, 2020, there were 76,317,581 shares outstanding. The company, known for its technology solutions in the financial services sector, serves approximately 8,700 clients across three divisions, supporting various financial institutions with innovative digital solutions.
Jack Henry & Associates (NASDAQ: JKHY) has partnered with Fidelity Bank & Trust to enhance its technology infrastructure using Jack Henry's core, deposit, and lending solutions. Fidelity, which boasts nearly $1.5 billion in assets, sought a modernized system for operational efficiency and competitive growth. The migration to Jack Henry's SilverLake System in a private cloud environment has integrated previously siloed systems, improving processes and service delivery. Jack Henry provided crucial support during a recent natural disaster, reaffirming their commitment to customer service and technology advancement.
Jack Henry & Associates (JKHY) reported a 3% increase in GAAP revenue to $451.8 million for Q1 fiscal 2021, with GAAP EPS rising to $1.19. Non-GAAP revenue grew by 5%, and adjusted operating income rose by 7%. Cash increased by 102% year-over-year, totaling $195.3 million, with no debt reported. Full-year fiscal 2021 guidance anticipates GAAP revenue between $1,760 million and $1,770 million. Despite challenges from the COVID-19 pandemic, the company demonstrated resilience through strong operational performance and a focus on technological solutions in the financial services sector.
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