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): October 30, 2023
(Exact name of Registrant as specified in its Charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Offices) (Zip Code)
(Registrant’s telephone number, including area code)
Not Applicable
(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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Ticker symbol(s) | Name of each exchange on which registered | ||||||
| Common Stock, $0.01 par value | JKHY | Nasdaq Global Select Market | ||||||
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 October 30, 2023, Jack Henry & Associates, Inc. issued a press release announcing its deconversion revenue for the fiscal first quarter ended September 30, 2023, the text of which is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
Exhibits
Exhibit No. Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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: | October 30, 2023 | /s/ Mimi L. Carsley | |||||||||
| Mimi L. Carsley | |||||||||||
| Chief Financial Officer and Treasurer | |||||||||||
| Company: | Jack Henry & Associates, Inc. | Analyst Contact: | Vance Sherard, CFA | |||||||||||
| 663 Highway 60, P.O. Box 807 | Vice President, Investor Relations | |||||||||||||
| Monett, MO 65708 | (417) 235-6652 | |||||||||||||
| Press Contact: | Mark Folk | |||||||||||||
| Director of Corporate Communications | ||||||||||||||
| (704) 890-5323 | ||||||||||||||
FOR IMMEDIATE RELEASE
JACK HENRY & ASSOCIATES ANNOUNCES
FIRST QUARTER 2024 DECONVERSION REVENUE RESULTS
MONETT, MO, October 30, 2023 — Jack Henry & Associates, Inc.® (NASDAQ: JKHY) announced today that deconversion revenue for the fiscal first quarter, ended September 30, 2023 was $4.1 million. Based on these first quarter results, deconversion revenue is estimated at $16 million for full year fiscal 2024 guidance. For more information about how guidance will be further updated for deconversion revenue estimates, please see Jack Henry’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 3, 2023.
The majority of deconversion revenue is generated when one of Jack Henry’s customers agrees to be acquired by another financial institution, resulting in the termination of the customer’s contract with Jack Henry. In these circumstances, Jack Henry’s recognition of deconversion revenue is driven by factors outside Jack Henry’s control, and this revenue does not represent the true operations of Jack Henry’s ongoing business of providing services to customers. As a result, Jack Henry excludes deconversion revenue from non-GAAP revenue reported in its quarterly and annual earnings releases.
Statements made in this press release that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, those discussed in Jack Henry’s Securities and Exchange Commission filings, including Jack Henry’s most recent reports on Form 10-K and Form 10-Q, particularly under the heading Risk Factors. Any forward-looking statement made in this current report speaks only as of the date of the current report, and Jack Henry’s expressly disclaims any obligation to publicly update or revise any forward-looking statement, whether because of new information, future events or otherwise.
About Jack Henry & Associates, Inc.®
Jack HenryTM (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a
vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 47 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 7,500 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.