Document



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 11-K

FOR ANNUAL REPORTS OF EMPLOYEE STOCK
PURCHASE, SAVINGS AND SIMILAR PLANS
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(MarkOne)
(X)ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2022
OR
( )TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to ________________

Commission file number 0-14112

A. Full title of the plan and address of the plan, if different from that of the issuer named below:

Jack Henry & Associates, Inc. 401(k) Retirement Savings Plan

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Jack Henry & Associates, Inc.
663 Highway 60, P.O. Box 807, Monett, MO 65708





REQUIRED INFORMATION

The following financial statements and schedules have been prepared in accordance with the financial reporting requirements of the Employee Retirement Income Security Act of 1974, as amended:
1.Statements of Net Assets Available for Plan Benefits as of December 31, 2022 and 2021.
2.Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2022.

EXHIBITS
23.1 Consent of Independent Registered Public Accounting Firm - Baker Tilly US, LLP

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

JACK HENRY & ASSOCIATES, INC.
401(K) RETIREMENT SAVINGS PLAN

By:   /s/ Mimi L. Carsley   
Mimi L. Carsley, Chief Financial Officer
Date: June 27, 2023


























Jack Henry & Associates, Inc. 401(k) Retirement Savings Plan
Financial Statements as of December 31, 2022 and 2021, and for the Year Ended December 31, 2022, Supplemental Schedule as of December 31, 2022, and Report of Independent Registered Public Accounting Firm








JACK HENRY & ASSOCIATES, INC.
401(k) RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS
Page
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM1
 
FINANCIAL STATEMENTS: 
 
Statements of Net Assets Available for Benefits as of December 31, 2022 and 20212
 
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 20223
 
Notes to Financial Statements4
 
SUPPLEMENTAL SCHEDULE: 
 
Form 5500, Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 202212


NOTE:    All other schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.





Report of Independent Registered Public Accounting Firm


To the Plan Administrator and Plan Participants of
Jack Henry & Associates, Inc. 401(k) Retirement Savings Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of Jack Henry & Associates, Inc. 401(k) Retirement Savings Plan (the Plan) as of December 31, 2022 and 2021, and the related statement of changes in net assets available for benefits for year ended December 31, 2022, and the related notes to the financial statements. In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2022 and 2021, and the changes in net assets available for benefits for the year ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2022, has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Baker Tilly US, LLP

We have served as the Plan's auditor since 2017.

Minneapolis, Minnesota
June 27, 2023
1


JACK HENRY & ASSOCIATES, INC.
401(k) RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2022 AND 2021
20222021
ASSETS:
  Investments at fair value (Note 3)$894,337,774 $1,069,774,827 
  Investment at contract value (Note 4)149,067,846 135,824,414 
  Company contributions receivable1,121,643 1,080,792 
  Participant contributions receivable— 160,042 
  Notes receivable from participants21,389,971 20,936,801 
NET ASSETS AVAILABLE FOR BENEFITS$1,065,917,234 $1,227,776,876 




































The accompanying notes are an integral part of these financial statements.
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JACK HENRY & ASSOCIATES, INC.
401(k) RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2022
ADDITIONS IN NET ASSETS ATTRIBUTED TO:
  Company contributions, net$28,808,567 
  Participant contributions55,458,155 
  Rollover accounts9,278,994 
  Net depreciation in fair value of investments(188,571,725)
  Dividends8,311,627 
  Interest2,543,039 
  Interest income on notes receivable from participants809,876 
    Total additions(83,361,467)
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
  Administrative expenses563,318 
  Distributions to participants or beneficiaries77,934,857 
    Total deductions78,498,175 
DECREASE IN NET ASSETS(161,859,642)
NET ASSETS AVAILABLE FOR BENEFITS - Beginning of year1,227,776,876 
NET ASSETS AVAILABLE FOR BENEFITS - End of year$1,065,917,234 





















The accompanying notes are an integral part of these financial statements.
3



JACK HENRY & ASSOCIATES, INC.
401(k) RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021 AND FOR THE YEAR ENDED DECEMBER 31, 2022
1.DESCRIPTION OF PLAN
The following description of the Jack Henry & Associates, Inc. 401(k) Retirement Savings Plan (the “Plan”) provides only general information. Participants should refer to the plan document for a more complete description of the Plan’s provisions.
General - The Plan is a defined contribution 401(k) plan benefiting Jack Henry & Associates, Inc. (the “Company”) employees. An eligible employee must have attained the age of 18 and completed 30 days of service to be a participant. Participants are eligible to receive safe harbor company matching contributions (“Safe Harbor Contributions”) after six months of service. Additionally, the Company may make a Company discretionary contribution to all eligible employees who meet the same minimum service requirement as the Safe Harbor Contributions, and the Company may also make an applicable qualified non-elective contribution (QNEC) to each non-highly compensated employee, actively employed on the last day of the Plan year, who has completed a year of service (1000 hours of service), if otherwise required under the Plan (such as in the event of "Top-Heavy Contributions"). The Company is the Plan Administrator and Prudential Bank and Trust, FSB (“Prudential” or “Plan Trustee”) holds and invests the Plan’s investments in accordance with the direction of the Plan Administrator and terms of the Plan document. The Plan is subject to the Employee Retirement Income Security Act of 1974, as amended (ERISA).
The Plan also provides participants the ability to directly invest in Jack Henry & Associates, Inc. common stock. Participants are provided the option of receiving a direct cash distribution of any dividends paid on such stock held in participant elective contribution accounts and, if they are 100% vested as of the dividend record date, the Company matches those contribution accounts. Dividends paid on Company stock are automatically reinvested, unless cash distribution was elected.
Contributions - The Plan provides for an automatic deferral of 4% of compensation for new participants, when no other election is made. In addition, all participants in the Plan who make no other election will have their deferral rate automatically increased 1% on the first day of each Plan year, up to a maximum of 12%. The Plan also allows post-tax “Roth” deferrals by participants. Participants may elect to defer applicable salary and compensation amounts into the Plan, up to the maximum contribution allowable under section 401(k) of the Internal Revenue Code (IRC). The total amount that a participant could elect to contribute to the Plan on a pre-tax basis in 2022 could not exceed $20,500. If a participant reached age 50 by December 31, 2022, the participant is also able to contribute an additional $6,500 “catch up” contribution to the Plan on a pre-tax basis.
The Plan provides a plan sponsor safe harbor match of 100% of participant contributions up to a maximum of 5% of the participant’s annual eligible compensation. In addition to the Company matching contributions, the Company may make other discretionary contributions, as well as Company QNEC contributions equal to a uniform percentage of each participant’s eligible compensation, which is determined each year by the Company. No Company discretionary or other QNEC contributions were made in 2022.
On November 19, 2020 the Plan was amended to increase the maximum percentage of compensation that may be contributed to the Plan for Plan participants subject to the Plan's eligible automatic contribution arrangement or the Plan's automatic escalation feature. Effective January 1,
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2021, automatic contribution and escalation amounts were increased from ten percent (10%) to fifteen percent (15%), occurring gradually, such that, effective as of January 1, 2021, the maximum percentage of compensation that may be contributed to the Plan under the eligible automatic contribution, or the automatic escalation feature, was increased to eleven percent (11%). Furthermore, the automatic contribution percentage shall increase by one (1) percentage point each January 1st, until the maximum percentage of compensation under the eligible automatic contribution arrangement, or the automatic escalation feature, is fifteen percent (15%) effective as of January 1, 2025. Additionally, this amendment also increased the initial percentage of compensation contributed to the Plan by participants who first become subject to the eligible automatic contribution arrangement after December 31, 2021, and before January 1, 2023, to four percent (4%) of compensation. Participants who first become subject to the eligible automatic contribution arrangement on or after January 1, 2023 shall have their eligible automatic contribution set to five percent (5%) of compensation.
Participant Accounts - Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contributions, Safe Harbor Contributions, Company QNEC or Top-Heavy Contributions, and/or allocations of Plan investment earnings, and charged with withdrawals and an allocation of Plan investment gains or losses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Investments - Participants direct the investment of their contributions and Company contributions into various investment options offered by the Plan. The Plan currently offers Jack Henry & Associates, Inc. common stock, mutual funds, pooled separate accounts, a collective trust and a guaranteed investment contract (GIC), as investment options for participants.
Vesting - Participants are vested immediately in their voluntary contributions, Safe Harbor Contributions, and the earnings on these contributions. Vesting in the Company non-elective contribution is based on years of service with an employee vesting 20% after two years of service and subsequently vesting 20% each year until becoming fully vested with six years of continuous service.
Notes Receivable from Participants - Participants may borrow, as defined in the Plan, from their fund accounts a minimum amount of $1,000 up to the lesser of (1) $50,000 less the amount of highest outstanding note balance in the previous 12 months or (2) 50% of their vested account balances. Note terms range from one to five years, unless the note is to be used to purchase the participant’s principal residence, in which case the term may extend beyond five years. The notes are secured by the balance in the participant’s account and bear interest at a rate as defined by the Plan (ranging from 3.25% to 7.50% as of December 31, 2022 and 2021). The notes have maturity dates ranging from 2023 to 2032 and 2022 to 2032 as of December 31, 2022 and 2021, respectively. Principal and interest are paid through payroll deductions.
Payment of Benefits - Upon termination of service due to death, disability, or retirement, a participant or beneficiary may elect to receive a lump-sum amount equal to the value of his or her account as soon as administratively feasible following the date on which a distribution is requested or is otherwise payable. A participant or beneficiary may also elect to receive the value of his or her account in installment payments or have the balance rolled over into an individual retirement account.
Forfeited Accounts - At December 31, 2022 and 2021, forfeited nonvested accounts totaled $9,812 and $4,607, respectively. These accounts are used first to reinstate participant account balances, then to offset Plan expenses. During the year ended December 31, 2022, $9,812 of forfeited amounts were used to reduce Company contributions. Forfeitures are restored when a participant is
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rehired and had previously forfeited any fund balance in the Company contribution account, including any applicable QNEC source.
2.SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting - The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).
Use of Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from those estimates.
Risk and Uncertainties - The Plan utilizes various investment instruments, including common stock, mutual funds, pooled separate accounts and a GIC. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements or participant account balances.
Investment Valuation and Income Recognition - Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company’s common stock is valued at the closing price reported on the Nasdaq Stock Market on the last business day of the Plan year. Shares of mutual funds are valued at the net asset value (NAV) of shares held by the Plan at year-end.
The units of pooled separate accounts are stated at fair value as determined by the issuer of the account based on the net asset value of the underlying investments, as a practical expedient. Individual participant accounts invested in the pooled separate accounts are maintained on a unit value basis. The collective trust fund is valued at the NAV of units of a collective trust. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. Contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The Plan’s GIC with Prudential is valued at contract value (see Note 4).
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net depreciation includes the Plan's gains and losses on investments bought or sold, as well as held during the year.
Notes Receivable from Participants - Notes receivable from participants are measured at their unpaid principal balance plus any accrued, but unpaid interest. Delinquent notes receivable are recorded as distributions, based on the terms of the Plan document.
Administrative Expenses - Certain expenses of maintaining the Plan are paid by the Plan, unless otherwise paid by the Company. Expenses that are paid by the Company are excluded from these financial statements. Fees related to the administration of notes receivable from participants and fees related to benefits paid to participants are charged directly to the participants account and are included in administrative expenses. Investment related expenses are included in net appreciation (depreciation) of fair value of investments.
Benefits Payable - Benefits are recorded when paid. As of December 31, 2022 and 2021, there were no distributions payable to Plan participants.
6


3.    FAIR VALUE MEASUREMENTS
Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures, provides a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value, as follows: Level 1, which refers to securities valued using unadjusted quoted prices from active markets for identical assets; Level 2, which refers to securities not traded on an active market but for which observable market inputs are readily available; and Level 3, which refers to securities valued based on significant unobservable inputs. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
Asset Valuation Techniques - Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2022 and 2021.
Shares of mutual funds of registered investment companies held are valued at quoted market prices that represent the net asset value of shares held at Plan year-end.
The Company’s common stock is valued at the closing price reported on the active market on which the securities are traded (Nasdaq Global Select) on the last business day of the Plan year.
Pooled separate accounts and the collective trust, which are measured at the net asset value of the underlying investments, as a practical expedient, have not been classified in the fair value hierarchy. The fair value amounts presented in the following table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statement of net assets available for benefits.
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The following tables, set forth by level within the fair value hierarchy, is a summary of the Plan’s investments measured at fair value on a recurring basis at December 31, 2022 and 2021:
December 31, 2022
Active Markets for Identical Assets (Level 1)Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total
Mutual funds of registered investment companies$359,444,301 $— $— $359,444,301 
Common stock - Jack Henry & Associates, Inc.154,926,721 — — 154,926,721 
Pooled separate accounts and collective trust, at net asset value as a practical expedient— — — 379,966,752 
Total investments at fair value$514,371,022 $— $— $894,337,774 
December 31, 2021
Active Markets for Identical Assets (Level 1)Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total
Mutual funds of registered investment companies$370,586,042 $— $— $370,586,042 
Common stock - Jack Henry & Associates, Inc.156,884,176 — — 156,884,176 
Pooled separate accounts, at net asset value as a practical expedient— — — 542,304,609 
Total investments at fair value$527,470,218 $— $— $1,069,774,827 

The valuation methods as described in Note 2 may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The Plan’s policy is to recognize transfers between levels at the end of the reporting period. For the years ended December 31, 2022 and 2021, there were no transfers between levels.
4.    INVESTMENT CONTRACT WITH INSURANCE COMPANY
The Plan has a fully benefit-responsive GIC with Prudential. Prudential maintains the contributions in a general account, which is credited with earnings and charged for participant withdrawals and administrative expenses. The GIC is included in the financial statements at contract value. Contract value represents contributions made under the contract, plus transfers to the fund and credited interest, less participant withdrawals, transfers out of the fund and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value.
Limitations on the Ability of the GIC to Transact at Contract Value - The GIC does not have any restrictions that impact the ability of the Plan to collect the full contract value. However, the GIC does
8


allow disbursements to be deferred over a period of time if the value of the disbursements exceeds 10% of the total beginning net assets of the guaranteed income fund pool in which the GIC belongs. Plan management believes that the occurrence of events that would cause the Plan to transact at less than contract value is not probable. Prudential may not terminate the contract at any amount less than the contract value.
Average Yields - Prudential is contractually obligated to pay the principal and specified interest rate that is guaranteed to the Plan. The crediting interest rate is based on a formula agreed upon with Prudential, but may not be less than 1.50%. Such interest rates are reviewed on a semi-annual basis for resetting. The crediting rate of the product will be established based on current economic and market conditions, the general interest rate environment, and both the expected and actual experience of a reference portfolio within the issuer’s general account. These rates are established without the use of a specific formula.
5.    EXEMPT PARTIES-IN-INTEREST TRANSACTIONS
Certain Plan investments are shares of pooled separate accounts and a guaranteed investment contract, managed by Prudential. Prudential is the Plan Trustee, as defined by the Plan, and these transactions qualify as exempt party-in-interest transactions. The Company also pays certain fees to Prudential on behalf of the Plan for trust and recordkeeping services.
At December 31, 2022 and 2021, the Plan held 882,472 and 939,482 shares, respectively, of common stock of the Company, the sponsoring employer, with a cost basis of $60,413,049 and $58,856,045, respectively. During the year ended December 31, 2022, the Plan received $1,743,182 in dividend income from these shares.
The Plan Sponsor has the right to vote the shares of the Company’s common stock held by the Plan.

6.    PLAN TERMINATION
Although it has not expressed an intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan, subject to the provisions of ERISA. In the event of plan termination, employees become 100% vested in any non-vested portion of their accounts.
7.    FEDERAL INCOME TAX STATUS
The Internal Revenue Service (IRS) has determined and informed Plan management by a letter dated October 24, 2017, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). Although the Plan has been amended since receiving the determination letter, the Plan Administrator believes that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the IRC and, therefore, believes that the Plan is qualified and that the related trust is tax-exempt. Therefore, no provision for income taxes has been included in the Plan’s financial statements.
GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the relevant taxing authority. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
9


8.    NET ASSET VALUE (NAV) PER SHARE
The following tables for December 31, 2022 and 2021, set forth a summary of the Plan’s investments with a reported NAV as a practical expedient.
Fair Value Estimated Using Net Asset Value per Share
December 31, 2022
InvestmentFair Value*Unfunded CommitmentRedemption FrequencyOther Redemption RestrictionsRedemption Notice Period
Pooled Separate Accounts:
Domestic Stock Funds (a)$255,921,487 NoneImmediateUp to 30 days if negative cash flowNone
Balanced Funds (b)39,273,915 NoneImmediateUp to 30 days if negative cash flowNone
Fixed Income Funds (c)53,705,461 NoneImmediateUp to 30 days if negative cash flowNone
Collective Trust Fund (d)31,065,889 NoneImmediateUp to 30 days if negative cash flowNone
Total$379,966,752 
Fair Value Estimated Using Net Asset Value per Share
December 31, 2021
InvestmentFair Value*Unfunded CommitmentRedemption FrequencyOther Redemption RestrictionsRedemption Notice Period
Pooled Separate Accounts:
Domestic Stock Funds (a)$390,186,692 NoneImmediateUp to 30 days if negative cash flowNone
Balanced Funds (b)14,666,455 NoneImmediateUp to 30 days if negative cash flowNone
Fixed Income Funds (c)87,347,314 NoneImmediateUp to 30 days if negative cash flowNone
Collective Trust Fund (d)50,104,148 NoneImmediateUp to 30 days if negative cash flowNone
Total$542,304,609 

*The fair values of the investments have been estimated using the net asset value of the investment.
(a)    Domestic stock fund strategies seek to replicate the movements of an index of a specific financial market, such as the Standards & Poors’ (S&P) 500 Index or Russell Midcap Value Index, regardless of market conditions.
10


(b) The balanced fund strategies seek to consistently outperform its benchmarks over full market cycles. These funds invest in a family of funds comprised of five distinct, multi-asset class, multi-manager investment portfolios, which offer a range of risk/return characteristics. The investment objectives of each of the five funds varies in keeping with the desired risk tolerance and associated asset allocation of the underlying portfolio.
(c)    The fixed income fund strategies seek to exceed the return of the Barclays Capital U.S. Aggregate Bond Index, consistent with preservation of capital by investing in a diversified portfolio of fixed income securities.
(d)    The collective trust fund seeks long-term capital growth from investments in common stocks or other equity securities

9.    CONCENTRATION OF MARKET RISK
As of December 31, 2022 and 2021, approximately 15% and 13%, respectively, of the Plan's net assets available for benefits were invested in the common stock of the Company. As of December 31, 2022 and 2021, the Plan held 882,472 shares and 939,482 shares, respectively, of the Company's common stock. The underlying value of the Company's common stock is dependent upon the performance of the Company and the market's evaluation of such performance.

As of December 31, 2022 and 2021, the Plan also had $389,233,906 and $615,747,675, respectively, invested in other funds that individually represented 10% or more of the Plan's net assets available for benefits. The aggregate of these funds represented 37% and 50% of the Plan's net assets available for benefits as of December 31, 2022 and 2021, respectively.


11


SUPPLEMENTAL SCHEDULE
JACK HENRY & ASSOCIATES, INC.
401(k) RETIREMENT SAVINGS PLAN
EIN: 43-1128385
Plan Number: 003
FORM 5500, SCHEDULE H, PART IV, LINE 4i -
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2022
(a)(b) Identify of Issue, Borrower, Lessor or Similar Party(c) Description of Investment(d) Cost Value**(e) Current Value
American Funds Europac Growth Fund R6Mutual Fund$82,772,598 
Fidelity 500 Index FundMutual Fund129,464,892 
Fidelity Mid Cap Index FundMutual Fund35,453,931 
Fidelity Total International Index FundMutual Fund49,123,447 
Fidelity Small Cap Index FundMutual Fund19,008,753 
Fidelity U.S. Bond Index FundMutual Fund33,020,788 
Blackrock Inflation Protect Bond FundMutual Fund6,333,319 
Calvert Balanced Fund R6Mutual Fund557,368 
Impax Sustainable Allocation Fund InstitutionalMutual Fund147,727 
JP Morgan Government Bond Fund R6Mutual Fund3,629,048 
JP Morgan US Sustainable Leaders Fund R6Mutual Fund489,798 
*Empower Mid Cap Growth / Artisan Partners FundPooled Separate Account24,236,780 
*Prudential Retirement T Rowe Price Large Cap Growth Fund IPooled Separate Account110,701,169 
*Prudential Retirement Cohen & Steers Realty Income FundPooled Separate Account3,589,651 
*Prudential Retirement Integrity Small Cap Value FundPooled Separate Account24,352,531 
*Prudential Retirement LSV Large Cap Value FundPooled Separate Account83,448,716 
*Prudential Retirement Robeco Boston Mid Cap Value FundPooled Separate Account33,829,420 
*Prudential Retirement Core Plus Bond/PGIM FundPooled Separate Account53,704,671 
*Prudential Retirement IFX Select Long-term Growth FundPooled Separate Account316,423 
*Prudential Retirement IFX Select Long-term Growth Fund (I)Pooled Separate Account645,182 
*Prudential Retirement IFX Select Long-term Balanced Fund (I)Pooled Separate Account205,352 
*Prudential Retirement IFX Select Long-term Conservative Fund (I)Pooled Separate Account528,829 
*Prudential Retirement IFX LT Income & Equity Fund (I)Pooled Separate Account5,400 
*Prudential Retirement Day One IFX Targeted Balance FundPooled Separate Account12,778,581 
*Prudential Retirement Loan AP FundPooled Separate Account790 
*Prudential Loomis Sayles Small Cap Growth FundCollective Trust Fund31,065,889 
  Mutual fund, pooled separate account and collective trust total739,411,053 
*Prudential Retirement Insurance and Annuity CompanyGuaranteed Income Fund149,067,846 
*Jack Henry & Associates, Inc.Common Stock154,926,721 
*ParticipantsParticipant loans (interest rates ranging from 3.25% to 7.50%; maturity dates ranging from 2022 to 2032)21,389,971 
TOTAL$1,064,795,591 
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* Represents a party-in-interest to the Plan
** Cost omitted for participant directed accounts
See accompanying report of independent registered public accounting firm.

13
Document

EXHIBIT 23.1



Consent of Independent Registered Public Accounting Firm



We consent to the incorporation by reference in the Registration Statement (No. 333-220169) on Form S-8 of Jack Henry & Associates, Inc. of our report dated June 27, 2023, with respect to the financial statements of the Jack Henry & Associates, Inc. 401(k) Retirement Savings Plan, which appears in this annual report on Form 11-K for the year ended December 31, 2022.


/s/ Baker Tilly US, LLP

Minneapolis, Minnesota
June 27, 2023