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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 15, 2017
JACK HENRY & ASSOCIATES, INC.
(Exact name of Registrant as specified in its Charter)
Delaware
0-14112
43-1128385
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)

663 Highway 60, P.O. Box 807, Monett, MO 65708
(Address of Principle Executive Offices) (Zip Code)

417-235-6652
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a.-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]






Item 2.02
Results of Operations and Financial Condition.
On August 15, 2017, Jack Henry & Associates, Inc. issued a press release announcing fiscal 2017 fourth quarter and fiscal year results, the text of which is attached hereto as Exhibit 99.1.

Item 9.01
Financial Statements and Exhibits.
(d)    Exhibits    
99.1 Press release dated August 15, 2017.





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
JACK HENRY & ASSOCIATES, INC.
 
 
 
(Registrant)
 
 
 
 
Date:
August 15, 2017
 
/s/ Kevin D. Williams
 
 
 
Kevin D. Williams
 
 
 
Chief Financial Officer and Treasurer



Exhibit
JKHY Fiscal 2017 Revenue Increases 6%
August 15, 2017


Jack Henry & Associates, Inc.
Analyst & IR Contact:
Kevin D. Williams
 663 Highway 60, P.O. Box 807
 
Chief Financial Officer
 Monett, MO 65708
 
(417) 235-6652

FOR IMMEDIATE RELEASE

JACK HENRY & ASSOCIATES ENDS FISCAL 2017
WITH 6% INCREASE IN REVENUE
Monett, MO, August 15, 2017 - Jack Henry & Associates, Inc. (NASDAQ: JKHY), a leading provider of technology solutions and payment processing services primarily for the financial services industry, today announced fourth quarter and full year fiscal 2017 results.
Revenue for the quarter ended June 30, 2017 increased to $383.8 million, a 5% increase over the fourth quarter of fiscal 2016. Gross profit also increased 2% to $164.4 million. Net income decreased 23% to $64.7 million, or $0.83 per diluted share, due to the gain on the sale of Alogent recognized in the fourth quarter of fiscal 2016, coupled with lower deconversion fees in the fourth quarter of fiscal 2017 compared to the same period of the prior year.
Revenue for the year ended June 30, 2017 increased 6% over the year ended June 30, 2016 to $1,431.1 million, with a gross profit increase of 5% to $612.1 million. Net income totaled $245.8 million, a decrease of 1% over the prior year-to-date period, with diluted earnings per share of $3.14. The decrease in net income was due to the gain on the sale of Alogent in the prior year.
According to David Foss, President and CEO, “As we wrap up our FY'17, we are pleased to report another year of record revenue and operating income.  Our combined sales organization ended their year ahead of plan and our sales pipeline is very strong which should position us well for next year.  Additionally, we are pleased that both our employee engagement and customer satisfaction scores continue to be very solid as we enter FY'18.” 
Operating Results
Revenue, cost of sales, and gross profit results for the quarter and year ended June 30, 2017 were as follows:
Revenue, Cost of Sales, and Gross Profit (Unaudited)
 
 
 
 
 
 
 
 
 
(In Thousands)
Three Months Ended
June 30,
% Change
 
Year Ended
June 30,
% Change
 
2017

 
2016

 
 
2017

 
2016

 
Revenue
 
 
 
 
 
 
 
 
 
License
$
326

 
$
511

(36
)%
 
$
2,385

 
$
3,041

(22
)%
Percentage of Total Revenue
<1%

 
<1%

 
 
<1%

 
<1%

 
Support and Service
371,008

 
353,364

5
 %
 
1,384,338

 
1,300,978

6
 %
Percentage of Total Revenue
97
%
 
96
%
 
 
97
%
 
96
%
 
Hardware
12,435

 
13,095

(5
)%
 
44,394

 
50,627

(12
)%
Percentage of Total Revenue
3
%
 
4
%
 
 
3
%
 
4
%
 
Total Revenue
383,769

 
366,970

5
 %
 
1,431,117

 
1,354,646

6
 %
 
 
 
 
 
 
 
 
 
 
Cost of Sales
 
 
 
 
 
 
 
 
 
Cost of License
139

 
325

(57
)%
 
730

 
1,197

(39
)%
Cost of Support and Service
210,138

 
195,878

7
 %
 
786,143

 
737,108

7
 %
Cost of Hardware
9,121

 
9,067

1
 %
 
32,161

 
35,346

(9
)%
Total Cost of Sales
219,398

 
205,270

7
 %
 
819,034

 
773,651

6
 %
 
 
 
 
 
 
 
 
 
 
Gross Profit
 
 
 
 
 
 
 
 
 
License Gross Profit
187

 
186

1
 %
 
1,655

 
1,844

(10
)%
License Gross Profit Margin
57
%
 
36
%
 
 
69
%
 
61
%
 
Support and Service Gross Profit
160,870

 
157,486

2
 %
 
598,195

 
563,870

6
 %
Support and Service Gross Profit Margin
43
%
 
45
%
 
 
43
%
 
43
%
 
Hardware Gross Profit
3,314

 
4,028

(18
)%
 
12,233

 
15,281

(20
)%
Hardware Gross Profit Margin
27
%
 
31
%
 
 
28
%
 
30
%
 
Total Gross Profit
$
164,371

 
$
161,700

2
 %
 
$
612,083

 
$
580,995

5
 %
Gross Profit Margin
43
%
 
44
%
 
 
43
%
 
43
%
 

Page 1
JKHY Fiscal 2017 Revenue Increases 6%
August 15, 2017


•
Fourth quarter fiscal 2016 included revenue of $6.1 million from Alogent, which was sold near the end of that quarter. In addition, deconversion fees in the fourth quarter of fiscal 2017 decreased $8.9 million compared to the fourth quarter of the prior year. Excluding Alogent revenue and costs from the prior year, and deconversion fees from both periods, revenue increased 9% and gross profit increased 10%.
•
The twelve months ended June 30, 2016 included revenue of $28.4 million from Alogent. Deconversion fees for fiscal 2017 increased $1.9 million. Excluding the Alogent headwind, and deconversion fees from both periods, revenue increased 8% and gross profit increased 9% over the twelve months ended June 30, 2016.
•
For the fourth quarter of fiscal 2017, the bank systems and services segment revenue increased 2% to $277.4 million, with a gross margin of 40%, from $272.7 million, with a gross margin of 43%, in the same quarter last year. Excluding Alogent from the fourth quarter of fiscal 2016, bank systems and services segment revenue increased 4% for the quarter.  The credit union systems and services segment revenue increased 13% to $106.4 million, with a gross margin of 50%, for the fourth quarter of fiscal 2017 from $94.3 million, with a gross margin of 47%, in the same period a year ago. The increased revenue in the credit union segment was mainly due to an increase in bundled services revenue caused by an increase in terminations of pending products and service obligations on certain contracts allowing for earlier recognition of revenue on our bundled arrangements.
•
For the twelve months ended June 30, 2017, bank systems and services segment revenue increased 6% to $1,055.8 million, with a gross margin of 41%, from $996.7 million, with a gross margin of 41%, for the same twelve months of fiscal 2016. Excluding Alogent revenue from the prior year period, bank systems and services revenue increased 9%. Credit union systems and services segment revenue increased 5% to $375.4 million, with a gross margin of 49%, for the year-to-date period, compared to revenue of $358.0 million, with a gross margin of 48%, for the twelve months ended June 30, 2016.
Operating Expenses and Operating Income
Operating income decreased 15% to $98.9 million, or 26% of fourth quarter fiscal 2017 revenue, compared to $116.5 million, or 32% of revenue in the fourth quarter of fiscal 2016. The decrease in operating income was due to the gain on the sale of Alogent recognized in the fourth quarter of fiscal 2016, coupled with lower deconversion fees in the fourth quarter of fiscal 2017. Full year operating income increased 2% to $367.7 million, which was 26% of year-to-date revenue, compared to $361.7 million, or 27% of revenue in the twelve months ended June 30, 2016.
(Unaudited, In Thousands)
Three Months Ended
June 30,
% Change
 
Year Ended
June 30,
% Change
 
2017

 
2016

 
 
2017

 
2016

 
Selling and Marketing
$
25,696

 
$
23,365

10
 %
 
$
93,297

 
$
90,079

4
 %
Percentage of Total Revenue
7
%
 
6
%
 
 
7
%
 
7
%
 
Research and Development
23,340

 
23,964

(3
)%
 
84,753

 
81,234

4
 %
Percentage of Total Revenue
6
%
 
7
%
 
 
6
%
 
6
%
 
General and Administrative
17,407

 
17,357

—
 %
 
69,601

 
67,514

3
 %
Percentage of Total Revenue
5
%
 
5
%
 
 
5
%
 
5
%
 
Gain on disposal of a business
(1,020
)
 
(19,491
)
(95
)%
 
(3,270
)
 
(19,491
)
(83
)%
Total Operating Expenses
65,423

 
45,195

45
 %
 
244,381

 
219,336

11
 %
Operating Income
$
98,948

 
$
116,505

(15
)%
 
$
367,702

 
$
361,659

2
 %
Operating Margin
26
%
 
32
%
 
 
26
%
 
27
%
 
•
Selling and marketing expenses for the fourth quarter of fiscal 2017 and for the full fiscal year increased over the prior year due mainly to increased commission expense. For the fiscal year, selling and marketing expense remained at a consistent percentage of total revenue.
•
Research and development expense for the fourth quarter decreased mainly due to lower losses related to asset sales compared to the prior year quarter. The increase in research and development costs in the year ended June 30, 2017 was primarily due to a 4% increase in headcount, but these costs remained consistent with the prior year as a percentage of total revenue.
•
General and administrative expenses increased for both the quarter and year ended June 30, 2017 primarily due to an increase in headcount, but were a consistent percentage of revenue in each period.
•
In the fourth quarter of fiscal 2017, we sold our Regulatory Filing products to Fed Reporter. In the fourth quarter of fiscal 2016, we sold our Alogent business ("Alogent") to Antelope Acquisition Co., an affiliate of Battery Ventures.
Net Income
Fourth quarter net income decreased 23% to $64.7 million, or $0.83 per diluted share, compared to $84.3 million, or $1.06 per diluted share, in the fourth quarter of fiscal 2016. The decrease is due to the gain on the sale of Alogent recognized in the fourth quarter of fiscal 2016, coupled with an $8.9 million decrease in deconversion fees in the fourth quarter of fiscal 2017 compared to the same quarter of the prior year.

Page 2
JKHY Fiscal 2017 Revenue Increases 6%
August 15, 2017


Net income for the year ended June 30, 2017 decreased 1% to $245.8 million, or $3.14 per diluted share, compared to $248.9 million or $3.12 per diluted share in fiscal 2016.
(Unaudited, In Thousands,
Except Per Share Data)
Three Months Ended
June 30,
% Change
 
Year Ended
June 30,
% Change
 
2017

 
2016

 
 
2017

 
2016

 
Income Before Income Taxes
$
98,594

 
$
116,106

(15
)%
 
$
366,954

 
$
360,536

2
 %
Provision for Income Taxes
33,903

 
31,836

6
 %
 
121,161

 
111,669

9
 %
Net Income
$
64,691

 
$
84,270

(23
)%
 
$
245,793

 
$
248,867

(1
)%
Diluted earnings per share
$
0.83

 
$
1.06

(22
)%
 
$
3.14

 
$
3.12

1
 %
•
Provision for income taxes increased in the fourth quarter, with an effective tax rate at 34.4% of income before income taxes, compared to 27.4% for the same quarter of the prior year. The increase in the effective tax rate was due primarily to a significant difference in the book versus tax basis in Alogent stock sold in the fourth quarter of fiscal 2016, causing a decrease in that quarter's effective tax rate.
•
For the fiscal year, the effective tax rate increased to 33.0% of income before income taxes from 31.0% for the year ending June 30, 2016, with the increase again being due mainly to the effect of the Alogent sale on the prior year's effective tax rate.
•
The adoption of ASU 2016-09 (Improvements to Employee Share-Based Payment Accounting) resulted in an increase in diluted earnings per share of $0.03 for the year ended June 30, 2017.
Effects of Alogent and Deconversion Fees
The table below shows our results for the fourth quarter and fiscal year excluding the impact of Alogent operations and the gain on the sale of Alogent from fiscal 2016 and deconversion fees from each year.
 
Three Months Ended June 30, 2017
 
Three Months Ended June 30, 2016
 
 
 
As Reported
Early Term Fees
ProForma
 
As Reported
Alogent Activity & Gain
Early Term Fees
ProForma
Change
% Change
Revenue
$
383,769

$
6,093

$
377,676

 
$
366,970

$
6,089

$
14,958

$
345,923

$
31,753

9
%
Operating Income
98,948

6,093

92,855

 
116,505

19,946

14,958

81,601

11,254

14
%
Income Before Income Taxes
98,594

6,093

92,501

 
116,106

19,946

14,958

81,202

11,299

14
%
Provision for Income Taxes
33,903

2,193

31,710

 
31,836

1,317

5,385

25,134

6,576

26
%
Net Income
$
64,691

$
3,900

$
60,791

 
$
84,270

$
18,629

$
9,573

$
56,068

$
4,723

8
%
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share
$
0.83

$
0.05

$
0.78

 
$
1.06

$
0.24

$
0.12

$
0.71

$
0.07

10
%
Diluted weighted average shares outstanding
78,064

78,064

78,064

 
79,261

79,261

79,261

79,261



 
 
 
 
 
 
 
 
 
 
 
 
Year Ended June 30, 2017
 
Year Ended June 30, 2016
 
 
 
As Reported
Early Term Fees
ProForma
 
As Reported
Alogent Activity & Gain
Early Term Fees
ProForma
Change
% Change
Revenue
$
1,431,117

$
39,516

$
1,391,601

 
$
1,354,646

$
28,422

$
37,589

$
1,288,635

$
102,966

8
%
Operating Income
367,702

39,516

328,186

 
361,659

21,836

37,589

302,234

25,952

9
%
Income Before Income Taxes
366,954

39,516

327,438

 
360,536

21,836

37,589

301,111

26,327

9
%
Provision for Income Taxes
121,161

14,226

106,935

 
111,669

1,998

13,532

96,139

10,796

11
%
Net Income
$
245,793

$
25,290

$
220,503

 
$
248,867

$
19,838

$
24,057

$
204,972

$
15,531

8
%
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share
$
3.14

$
0.32

$
2.82

 
$
3.12

$
0.25

$
0.30

$
2.57

$
0.25

10
%
Diluted weighted average shares outstanding
78,255

78,255

78,255

 
79,734

79,734

79,734

79,734

 
 
According to Kevin Williams, CFO, "We thought it was important to provide our operating results on a true apples-to-apples comparison without all the noise created by the divestiture of Alogent in the prior year and the early term fees from both fiscal years. The divestiture created revenue headwinds during the year and had a significant one time gain on the sale and the early term fees

Page 3
JKHY Fiscal 2017 Revenue Increases 6%
August 15, 2017


are primarily caused by mergers and acquisitions of our customers, which we have no control over. Therefore, it makes sense to remove both of these to provide a clear picture of our operations."

Balance Sheet and Cash Flow Review
•
At June 30, 2017, cash and cash equivalents increased to $114.8 million from $70.3 million at June 30, 2016.
•
Trade receivables totaled $276.9 million at June 30, 2017 compared to $253.9 million at June 30, 2016.
•
Current and long-term debt totaled $50.0 million at June 30, 2017, an increase from $0.2 million a year ago.
•
Total deferred revenue decreased to $511.4 million at June 30, 2017, compared to $521.1 million a year ago.
•
Stockholders' equity increased to $1,032.1 million at June 30, 2017, compared to $996.2 million a year ago.
Cash provided by operations totaled $357.3 million in fiscal 2017 compared to $366.4 million last year. The following table summarizes net cash (in thousands) from operating activities:
(Unaudited, In Thousands)
Year Ended June 30,
 
2017
 
2016
Net income
$
245,793

 
$
248,867

Depreciation
49,677

 
50,571

Amortization
90,109

 
79,077

Other non-cash expenses
46,840

 
31,356

Change in receivables
(22,499
)
 
(13,735
)
Change in deferred revenue
(8,800
)
 
4,364

Change in other assets and liabilities
(43,798
)
 
(34,078
)
Net cash provided by operating activities
$
357,322

 
$
366,422

Cash used in investing activities for fiscal 2017 totaled $141.6 million, compared to $136.0 million for the same period in fiscal 2016 and included the following:
(Unaudited, In Thousands)
Year Ended June 30,
 
2017
 
2016
Payment for acquisitions, net of cash acquired
$
—

 
$
(8,275
)
Capital expenditures
(41,947
)
 
(56,325
)
Proceeds from the sale of businesses
5,632

 
34,030

Proceeds from the sale of assets
968

 
2,844

Internal use software
(16,608
)
 
(11,826
)
Computer software developed
(89,631
)
 
(96,411
)
Net cash from investing activities
$
(141,586
)
 
$
(135,963
)
•
The $41.9 million in capital expenditures was mainly for the purchase of computer equipment.
Financing activities used cash of $171.3 million in fiscal 2017 and $308.5 million in fiscal 2016.
(Unaudited, In Thousands)
Year Ended June 30,
 
2017
 
2016
Borrowings on credit facilities
$
80,000

 
$
100,000

Repayments on credit facilities
(30,200
)
 
(152,500
)
Purchase of treasury stock
(130,140
)
 
(175,662
)
Dividends paid
(91,707
)
 
(84,118
)
Net cash from issuance of stock and tax related to stock-based compensation
766

 
3,818

Net cash from financing activities
$
(171,281
)
 
$
(308,462
)

Quarterly Conference Call
The company will hold a conference call on August 16, 2017; at 7:45 a.m. Central Time and investors are invited to listen at www.jackhenry.com.

Page 4
JKHY Fiscal 2017 Revenue Increases 6%
August 15, 2017


About Jack Henry & Associates
Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its solutions serve more than 9,000 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking® supports banks ranging from community banks to multi-billion dollar institutions with information processing solutions.  Symitar® is the leading provider of information processing solutions for credit unions of all sizes. ProfitStars® provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs.  Additional information is available at www.jackhenry.com.
Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information.


Page 5
JKHY Fiscal 2017 Revenue Increases 6%
August 15, 2017


Condensed Consolidated Statements of Income (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
(In Thousands, Except Per Share Data)
Three Months Ended June 30,
 
% Change
 
Year Ended June 30,
 
% Change
 
2017
 
2016
 
 
 
2017
 
2016
 
 
REVENUE
 
 
 
 
 
 
 
 
 
 
 
License
$
326

 
$
511

 
(36
)%
 
$
2,385

 
$
3,041

 
(22
)%
Support and service
371,008

 
353,364

 
5
 %
 
1,384,338

 
1,300,978

 
6
 %
Hardware
12,435

 
13,095

 
(5
)%
 
44,394

 
50,627

 
(12
)%
Total
383,769

 
366,970

 
5
 %
 
1,431,117

 
1,354,646

 
6
 %
COST OF SALES
 
 
 
 
 
 
 
 
 
 
 
Cost of license
139

 
325

 
(57
)%
 
730

 
1,197

 
(39
)%
Cost of support and service
210,138

 
195,878

 
7
 %
 
786,143

 
737,108

 
7
 %
Cost of hardware
9,121

 
9,067

 
1
 %
 
32,161

 
35,346

 
(9
)%
Total
219,398

 
205,270

 
7
 %
 
819,034

 
773,651

 
6
 %
GROSS PROFIT
164,371

 
161,700

 
2
 %
 
612,083

 
580,995

 
5
 %
Gross Profit Margin
43
%
 
44
%
 
 
 
43
%
 
43
%
 
 
OPERATING EXPENSES
 
 
 
 
 
 
 
 
 
 
 
Selling and marketing
25,696

 
23,365

 
10
 %
 
93,297

 
90,079

 
4
 %
Research and development
23,340

 
23,964

 
(3
)%
 
84,753

 
81,234

 
4
 %
General and administrative
17,407

 
17,357

 
—
 %
 
69,601

 
67,514

 
3
 %
Gain on disposal of a business
(1,020
)
 
(19,491
)
 
(95
)%
 
(3,270
)
 
(19,491
)
 
(83
)%
Total
65,423

 
45,195

 
45
 %
 
244,381

 
219,336

 
11
 %
OPERATING INCOME
98,948

 
116,505

 
(15
)%
 
367,702

 
361,659

 
2
 %
INTEREST INCOME (EXPENSE)
 
 
 
 
 
 
 
 
 
 
 
Interest income
38

 
49

 
(22
)%
 
248

 
307

 
(19
)%
Interest expense
(392
)
 
(448
)
 
(13
)%
 
(996
)
 
(1,430
)
 
(30
)%
Total
(354
)
 
(399
)
 
(11
)%
 
(748
)
 
(1,123
)
 
(33
)%
INCOME BEFORE INCOME TAXES
98,594

 
116,106

 
(15
)%
 
366,954

 
360,536

 
2
 %
PROVISION FOR INCOME TAXES
33,903

 
31,836

 
6
 %
 
121,161

 
111,669

 
9
 %
NET INCOME
$
64,691

 
$
84,270

 
(23
)%
 
$
245,793

 
$
248,867

 
(1
)%
Diluted net income per share
$
0.83

 
$
1.06

 
 
 
$
3.14

 
$
3.12

 
 
Diluted weighted average shares outstanding
78,064

 
79,261

 
 
 
78,255

 
79,734

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Balance Sheet Highlights (Unaudited)
 
 
 
 
 
 
 
 
 
 
(In Thousands)
 
 
 
 
 
 
June 30,
 
% Change
 
 
 
 
 
 
 
2017
 
2016
 
 
Cash and cash equivalents
 
 
 
 
 
 
$
114,765

 
$
70,310

 
63
 %
Receivables
 
 
 
 
 
 
276,923

 
253,923

 
9
 %
Total assets
 
 
 
 
 
 
1,908,945

 
1,815,512

 
5
 %
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
 
 
 
 
 
 
$
88,415

 
$
100,007

 
(12
)%
Current and long-term debt
 
 
 
 
 
 
50,000

 
200

 
24,900
 %
Deferred revenue
 
 
 
 
 
 
511,384

 
521,054

 
(2
)%
Stockholders' equity
 
 
 
 
 
 
1,032,051

 
996,210

 
4
 %


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