MONETT, Mo., Aug. 18, 2020 /PRNewswire/ --
Jack Henry & Associates, Inc. (NASDAQ: JKHY), a leading provider of technology solutions and payment processing services primarily for the financial services industry, today announces results for the fourth quarter of fiscal 2020 and discusses its continued response to the novel coronavirus (COVID-19) pandemic.
According to David Foss, President and CEO, "We are very pleased to report another quarter of record revenue to finish off a very solid year of financial performance for our company. Despite the challenges associated with conducting business in the midst of a global pandemic, our sales teams persevered and set a monthly sales record in June and a quarterly sales record in our fiscal fourth quarter. At the same time, our operations teams continued to deliver new solutions and outstanding customer service for our clients. Even in the current business environment, the resiliency of our business model and the ongoing commitment of our associates have put us in a position to continue to successfully execute as we look forward to the new fiscal year."
GAAP Results for the Quarter and Year
Revenue for the quarter ended June 30, 2020 increased to $410.5 million, which is 4% growth over the fourth quarter of fiscal 2019. Operating income decreased 3% to $76.8 million and net income increased 1% to $61.3 million, or $0.80 per diluted share, compared to the fourth quarter of fiscal 2019. The decrease in operating income for the quarter was primarily due to a slower growth rate of processing revenue as a result of headwinds related to the impact of COVID-19 (see "COVID-19 Impact and Response" section below). The net income increase was primarily driven by the decrease in effective tax rate compared to the prior-year quarter.
For the fiscal year ended June 30, 2020, revenue increased to $1,697.1 million, which is 9% growth over the fiscal year ended June 30, 2019. Operating income increased 10% over the prior fiscal year to $380.6 million. Net income totaled $296.7 million, or $3.86 per diluted share, an increase of 9% compared to the fiscal year ended June 30, 2019. The increase in operating income was driven by organic growth in both our services and support and processing lines of revenue and higher deconversion fees during the fiscal year over the prior fiscal year. The increase in net income is primarily attributable to the growth in both our lines of revenue and higher deconversion fees discussed above, partially offset by the increase in effective tax rate compared to the prior fiscal year.
Non-GAAP Results for the Quarter and Year
For the quarter ended June 30, 2020, adjusted revenue increased 4% to $399.8 million and adjusted operating income decreased 2% to $71.3 million, compared to the prior-year quarter.
For the fiscal year ended June 30, 2020, adjusted revenue increased 7% to $1,634.2 million and adjusted operating income increased 5% to $335.7 million compared to the fiscal year ended June 30, 2019 (see Non-GAAP Impact of Deconversion Fees, Acquisition, and Disposals on page 4).
Operating Results
Revenue, operating expenses, operating income, and net income for the three months and fiscal year ended June 30, 2020, as compared to the three months and fiscal year ended June 30, 2019, were as follows:
Revenue (Unaudited) | |||||||||||||||||||
(In Thousands) | Three Months Ended | % | Year Ended | % | |||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||
Revenue | |||||||||||||||||||
Services and Support | $ | 247,235 | $ | 240,476 | 3 | % | $ | 1,051,451 | $ | 958,489 | 10 | % | |||||||
Percentage of Total Revenue | 60 | % | 61 | % | 62 | % | 62 | % | |||||||||||
Processing | 163,302 | 153,033 | 7 | % | 645,616 | 594,202 | 9 | % | |||||||||||
Percentage of Total Revenue | 40 | % | 39 | % | 38 | % | 38 | % | |||||||||||
Total Revenue | $ | 410,537 | $ | 393,509 | 4 | % | $ | 1,697,067 | $ | 1,552,691 | 9 | % |
Operating Expenses and Operating Income | ||||||||||||||||||||
(Unaudited, In Thousands) | Three Months Ended | % | Year Ended | % | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Cost of Revenue | $ | 254,835 | $ | 240,040 | 6 | % | $ | 1,008,464 | $ | 923,030 | 9 | % | ||||||||
Percentage of Total Revenue | 62 | % | 61 | % | 59 | % | 59 | % | ||||||||||||
Research and Development | 29,902 | 24,920 | 20 | % | 109,988 | 96,378 | 14 | % | ||||||||||||
Percentage of Total Revenue | 7 | % | 6 | % | 6 | % | 6 | % | ||||||||||||
Selling, General, and Administrative | 49,002 | 49,131 | ? | % | 197,988 | 185,998 | 6 | % | ||||||||||||
Percentage of Total Revenue | 12 | % | 12 | % | 12 | % | 12 | % | ||||||||||||
Total Operating Expenses | 333,739 | 314,091 | 6 | % | 1,316,440 | 1,205,406 | 9 | % | ||||||||||||
Operating Income | $ | 76,798 | $ | 79,418 | (3) | % | $ | 380,627 | $ | 347,285 | 10 | % | ||||||||
Operating Margin | 19 | % | 20 | % | 22 | % | 22 | % |
Net Income | |||||||||||||||||||
(Unaudited, In Thousands, | Three Months Ended | % | Year Ended | % | |||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||
Income Before Income Taxes | $ | 76,673 | $ | 79,189 | (3) | % | $ | 381,076 | $ | 347,235 | 10 | % | |||||||
Provision for Income Taxes | 15,328 | 18,196 | (16) | % | 84,408 | 75,350 | 12 | % | |||||||||||
Net Income | $ | 61,345 | $ | 60,993 | 1 | % | $ | 296,668 | $ | 271,885 | 9 | % | |||||||
Diluted earnings per share | $ | 0.80 | $ | 0.79 | 1 | % | $ | 3.86 | $ | 3.52 | 10 | % |
According to Kevin Williams, CFO and Treasurer, "Our private cloud offerings, transactional processing and digital continue to drive revenue growth for both the quarter and fiscal year. We continue to have headwinds on revenue from decreased license and hardware sales as almost every new core customer selects our cloud offering along with the continued shift of our existing customers migrating from on-premise to our private cloud. The three primary reported operating segments showed nice revenue growth for the quarter on both a GAAP and Non-GAAP basis considering some headwinds caused by COVID-19, especially in our payments segment. Operating margins in our payments segment continue to be impacted by the additional costs related to the migration of our debit card customers to the new processing platform, while margins in core and complementary segments were steady for both the quarter and fiscal year. I would like to express my gratitude to all of our associates for taking extremely good care of themselves and our customers during these unusual times, they have and continue to perform at incredibly high levels."
Non-GAAP Impact of Deconversion Fees, Acquisition, and Disposals
The table below shows our revenue and operating income (in thousands) for the three months and fiscal year ended June 30, 2020 compared to the three months and fiscal year ended June 30, 2019, excluding the impacts of deconversion fees, the fiscal 2020 acquisition and the loss on disposal of certain assets, net.
(Unaudited, In Thousands) | Three Months Ended June 30, | % | Year Ended June 30, | % | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
Reported Revenue (GAAP) | $ | 410,537 | $ | 393,509 | 4 | % | $ | 1,697,067 | $ | 1,552,691 | 9 | % | |||||||||
Adjustments: | |||||||||||||||||||||
Deconversion fees | (8,530) | (7,685) | (53,914) | (30,230) | |||||||||||||||||
Revenue from fiscal 2020 acquisition | (2,182) | ? | (8,969) | ? | |||||||||||||||||
Non-GAAP Adjusted Revenue | $ | 399,825 | $ | 385,824 | 4 | % | $ | 1,634,184 | $ | 1,522,461 | 7 | % | |||||||||
. | |||||||||||||||||||||
Reported Operating Income (GAAP) | $ | 76,798 | $ | 79,418 | (3) | % | $ | 380,627 | $ | 347,285 | 10 | % | |||||||||
Adjustments: | |||||||||||||||||||||
Deconversion fees | (6,925) | (6,529) | (48,885) | (28,038) | |||||||||||||||||
Operating (income)/ loss from fiscal 2020 acquisition | (175) | ? | (872) | ? | |||||||||||||||||
Loss on disposal of certain assets, net* | 1,631 | ? | 4,788 | ? | |||||||||||||||||
Non-GAAP Adjusted Operating Income | $ | 71,329 | $ | 72,889 | (2) | % | $ | 335,658 | $ | 319,247 | 5 | % |
*For the quarter, the loss includes the write-off of a portion of the Payments Hub development. This occurred as part of a technology directional change in an effort to accelerate bringing customers live on The Clearing House's Real-Time Payments Network (RTP). For the year, this includes the write-off of the Company's investments in Enterprise Risk Mitigation Solution and Payments Hub, partially offset by the gain on the sale of the Company's Houston, TX facility.
The tables below show the segment break-out of revenue and cost of revenue for each period presented, as adjusted for the items above, and include a reconciliation to non-GAAP adjusted operating income presented above.
(Unaudited, In Thousands) | Three Months Ended June 30, 2020 | ||||||||||||||||||
Core | Payments | Complementary | Corporate | Total | |||||||||||||||
Revenue | $ | 141,462 | $ | 145,542 | $ | 114,007 | $ | 9,526 | $ | 410,537 | |||||||||
Deconversion Fees | (4,356) | (1,933) | (2,135) | (106) | (8,530) | ||||||||||||||
Revenue from fiscal 2020 acquisition | ? | ? | (2,182) | ? | (2,182) | ||||||||||||||
Non-GAAP Adjusted Revenue | 137,106 | 143,609 | 109,690 | 9,420 | 399,825 | ||||||||||||||
Cost of Revenue | 62,189 | 83,013 | 48,193 | 61,440 | 254,835 | ||||||||||||||
Non-GAAP Adjustments | (920) | (147) | (1,328) | (57) | (2,452) | ||||||||||||||
Non-GAAP Adjusted Cost of Revenue | 61,269 | 82,866 | 46,865 | 61,383 | 252,383 | ||||||||||||||
Non- GAAP Adjusted Segment Income | $ | 75,837 | $ | 60,743 | $ | 62,825 | $ | (51,963) | |||||||||||
Research and Development | 29,902 | ||||||||||||||||||
Selling, General, and Administrative | 49,002 | ||||||||||||||||||
Other Non-GAAP Adjustments | (2,791) | ||||||||||||||||||
Non-GAAP Total Adjusted Operating Expenses | 328,496 | ||||||||||||||||||
Non-GAAP Adjusted Operating Income | $ | 71,329 | |||||||||||||||||
(Unaudited, In Thousands) | Three Months Ended June 30, 2019 | ||||||||||||||||||
Core | Payments | Complementary | Corporate | Total | |||||||||||||||
Revenue | $ | 136,544 | $ | 141,624 | $ | 104,584 | $ | 10,757 | $ | 393,509 | |||||||||
Deconversion Fees | (4,158) | (2,070) | (1,451) | (6) | (7,685) | ||||||||||||||
Non-GAAP Adjusted Revenue | 132,386 | 139,554 | 103,133 | 10,751 | 385,824 | ||||||||||||||
Cost of Revenue | 60,508 | 73,755 | 44,007 | 61,770 | 240,040 | ||||||||||||||
Non-GAAP Adjustments | (958) | (32) | (165) | (1) | (1,156) | ||||||||||||||
Non-GAAP Adjusted Cost of Revenue | 59,550 | 73,723 | 43,842 | 61,769 | 238,884 | ||||||||||||||
Non- GAAP Adjusted Segment Income | $ | 72,836 | $ | 65,831 | $ | 59,291 | $ | (51,018) | |||||||||||
Research and Development | 24,920 | ||||||||||||||||||
Selling, General, and Administrative | 49,131 | ||||||||||||||||||
Non-GAAP Total Adjusted Operating Expenses | 312,935 | ||||||||||||||||||
Non-GAAP Adjusted Operating Income | $ | 72,889 | |||||||||||||||||
(Unaudited, In Thousands) | Year Ended June 30, 2020 | ||||||||||||||||||
Core | Payments | Complementary | Corporate | Total | |||||||||||||||
Revenue | $ | 582,166 | $ | 597,693 | $ | 463,349 | $ | 53,859 | $ | 1,697,067 | |||||||||
Deconversion Fees | (25,927) | (15,411) | (12,145) | (431) | (53,914) | ||||||||||||||
Revenue from fiscal 2020 acquisition | ? | ? | (8,969) | ? | (8,969) | ||||||||||||||
Non-GAAP Adjusted Revenue | 556,239 | 582,282 | 442,235 | 53,428 | 1,634,184 | ||||||||||||||
Cost of Revenue | 252,878 | 319,739 | 191,577 | 244,270 | 1,008,464 | ||||||||||||||
Non-GAAP Adjustments | (2,383) | (381) | (5,087) | (258) | (8,109) | ||||||||||||||
Non-GAAP Adjusted Cost of Revenue | 250,495 | 319,358 | 186,490 | 244,012 | 1,000,355 | ||||||||||||||
Non- GAAP Adjusted Segment Income | $ | 305,744 | $ | 262,924 | $ | 255,745 | $ | (190,584) | |||||||||||
Research and Development | 109,988 | ||||||||||||||||||
Selling, General, and Administrative | 197,988 | ||||||||||||||||||
Other Non-GAAP Adjustments | (9,805) | ||||||||||||||||||
Non-GAAP Total Adjusted Operating Expenses | 1,298,526 | ||||||||||||||||||
Non-GAAP Adjusted Operating Income | $ | 335,658 | |||||||||||||||||
(Unaudited, In Thousands) | Year Ended June 30, 2019 | ||||||||||||||||||
Core | Payments | Complementary | Corporate | Total | |||||||||||||||
Revenue | $ | 536,032 | $ | 549,330 | $ | 415,601 | $ | 51,728 | $ | 1,552,691 | |||||||||
Deconversion Fees | (14,907) | (8,603) | (6,672) | (48) | (30,230) | ||||||||||||||
Non-GAAP Adjusted Revenue | 521,125 | 540,727 | 408,929 | 51,680 | 1,522,461 | ||||||||||||||
Cost of Revenue | 243,989 | 273,261 | 175,737 | 230,043 | 923,030 | ||||||||||||||
Non-GAAP Adjustments | (1,288) | (139) | (620) | (145) | (2,192) | ||||||||||||||
Non-GAAP Adjusted Cost of Revenue | 242,701 | 273,122 | 175,117 | 229,898 | 920,838 | ||||||||||||||
Non- GAAP Adjusted Segment Income | $ | 278,424 | $ | 267,605 | $ | 233,812 | $ | (178,218) | |||||||||||
Research and Development | 96,378 | ||||||||||||||||||
Selling, General, and Administrative | 185,998 | ||||||||||||||||||
Non-GAAP Total Adjusted Operating Expenses | 1,203,214 | ||||||||||||||||||
Non-GAAP Adjusted Operating Income | $ | 319,247 |
Balance Sheet and Cash Flow Review
Cash provided by operations totaled $510.5 million for the year ended June 30, 2020 compared to $431.1 million for the same period last year. The following table summarizes net cash (in thousands) from operating activities:
(Unaudited, In Thousands) | Year Ended June 30, | ||||||
2020 | 2019 | ||||||
Net income | $ | 296,668 | $ | 271,885 | |||
Depreciation | 52,206 | 47,378 | |||||
Amortization | 119,599 | 113,255 | |||||
Change in deferred income taxes | 24,581 | 7,604 | |||||
Other non-cash expenses | 21,618 | 12,750 | |||||
Change in receivables | 10,540 | (11,777) | |||||
Change in deferred revenue | (4,871) | 23,656 | |||||
Change in other assets and liabilities | (9,809) | (33,623) | |||||
Net cash provided by operating activities | $ | 510,532 | $ | 431,128 |
Cash used in investing activities for the year ended June 30, 2020 totaled $197.9 million, compared to $190.6 million for the same period last year and included the following:
(Unaudited, In Thousands) | Year Ended June 30, | ||||||
2020 | 2019 | ||||||
Payment for acquisitions, net of cash acquired | $ | (30,376) | $ | (19,981) | |||
Capital expenditures | (53,538) | (53,598) | |||||
Proceeds from the sale of assets | 11,130 | 127 | |||||
Customer contracts acquired | ? | (20) | |||||
Purchased software | (6,710) | (6,049) | |||||
Computer software developed | (117,262) | (111,114) | |||||
Purchase of investments | (1,150) | ? | |||||
Net cash from investing activities | $ | (197,906) | $ | (190,635) |
Financing activities used cash of $192.9 million in the year ended June 30, 2020 and $178.3 million in the same period last year and included the following:
(Unaudited, In Thousands) | Year Ended June 30, | ||||||
2020 | 2019 | ||||||
Borrowings on credit facilities | $ | 55,000 | $ | 35,000 | |||
Repayments on credit facilities and financing leases | (55,033) | (35,000) | |||||
Purchase of treasury stock | (71,549) | (54,864) | |||||
Dividends paid | (127,421) | (118,745) | |||||
Net cash from issuance of stock and tax related to stock-based compensation | 6,094 | (4,696) | |||||
Net cash from financing activities | $ | (192,909) | $ | (178,305) |
Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting in the United States. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, we have provided certain non-GAAP financial measures, including adjusted revenue, adjusted operating income, adjusted segment income, adjusted cost of revenue, and adjusted operating expenses.
We believe non-GAAP financial measures help investors better understand the underlying fundamentals and true operations of our business. The non-GAAP financial measures presented eliminate one-time deconversion fees, contributions of the current fiscal year acquisition, and the one-time disposals of certain assets, all items which management believes are not indicative of the Company's operating performance. Such adjustments give investors further insight into our performance. For these reasons, management also uses these non-GAAP financial measures in its assessment and management of the Company's performance.
Any non-GAAP financial measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP measures. Reconciliations of these non-GAAP financial measures to related GAAP measures are included.
COVID-19 Impact and Response
In March 2020, the World Health Organization declared the outbreak of a novel coronavirus ("COVID-19") as a pandemic and the President of the United States declared the outbreak as a national emergency. As COVID-19 has rapidly spread, federal, state and local governments have responded by imposing varying degrees of restrictions, including widespread "stay-at-home" orders, social distancing requirements, travel limitations, quarantines, and forced closures or limitations on operations of non-essential businesses. Such restrictions have resulted in significant economic disruptions and uncertainty.
The health, safety, and well-being of our employees and customers is of paramount importance to us. In March 2020, we established an internal task force composed of executive officers and other members of management to frequently assess updates to the COVID-19 situation and recommend Company actions. We offered remote working as a recommended option to employees whose job duties allow them to work off-site. This recommended remote working option is currently extended until at least January 4, 2021, and our internal task force will continue to evaluate recommending further extensions. Based on guidance from the U.S. Department of Homeland Security's Cybersecurity and Infrastructure Security Agency, the Company was designated as essential critical infrastructure because of our support of the financial services industry. As of August 13, 2020, the majority of our employees were working remotely. Our internal task force considers federal, state and local guidance, as well as employee-specific and facility-specific factors, when recommending Company actions. At such time that our internal task force recommends that our remote employees begin to return to our facilities, we have prepared procedures to assist with a safe, gradual and deliberate approach, including a return-to-office training, enhanced sanitation procedures and face mask requirements, which are currently being utilized by our employees who are required to be on site to perform their required job functions.
We have suspended all non-essential business travel until at least January 4, 2021, and our internal task force will continue to evaluate the need for further extensions. We have put additional safety precautions into place for travel that is essential. We have also updated the health benefits available to our employees by waiving out-of-pocket expenses related to testing and treatment of COVID-19. Despite the move to a principally remote workforce, we honored our 2020 summer internship program through virtual methods.
Customers
We are working closely with our customers who are scheduled for on-site visits to ensure their needs are met while taking necessary safety precautions when our employees are required to be at a customer site. Delays of customer system installations due to COVID-19 have been limited, and we have developed processes to handle remote installations when available. We expect these processes to provide flexibility and value both during and after the COVID-19 pandemic. However, we have experienced delays related to continuing customer migrations to our new card processing platform. We are on track to meet the revised schedule to complete migrations of our core customers by September 30, 2020, and non-core customers by March 31, 2021, to the new platform. We continue to work with our customers to support them during this difficult time, and, to that end, have waived certain late fees in connection with our products and services. We have also enhanced our lending service offerings to support the Paycheck Protection Program that was introduced by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020. Even though a substantial portion of our workforce has worked remotely during the outbreak and business travel has been curtailed, we have not yet experienced significant disruption to our operations. We believe our technological capabilities are well positioned to allow our employees to work remotely for the foreseeable future without materially impacting our business.
Financial impact
We saw a decrease of card processing transaction volumes late in the third quarter of fiscal 2020 and into the early portion of the fourth quarter due to COVID-19, which slowed the rate of growth of our processing revenue for those periods versus a year ago. In addition, installations have been delayed and the associated revenue pushed from the current period to future periods. These headwinds may also impact our processing and installation revenues moving into fiscal 2021. Although transaction levels have since returned to more normal levels, the recurrence of lower-than-normal card processing transaction rates is uncertain and will depend upon when requirements for business closures and other restrictions are normalized and how quickly economic recovery occurs. Despite the changes and restrictions caused by COVID-19, the overall financial and operational impact on our business has been limited and our liquidity, balance sheet, and business trends remain strong. We experienced positive operating cash flows during the fourth quarter, and we do not expect that to change in the near term. However, we are unable to accurately predict the future impact of COVID-19 due to a number of uncertainties, including further government actions, the duration, severity and recurrence of the outbreak, the speed of economic recovery and the potential impact to our customers, vendors, and employees, as well as how the potential impact might affect future customer services, processing revenue, and processes and efficiencies within the Company directly or indirectly impacting financial results. We will continue to monitor COVID-19 and its possible impact on the Company and to take steps necessary to protect the health and safety of our employees and customers.
Quarterly Conference Call
The Company will hold a conference call on August 19, 2020; at 7:45 a.m. Central Time and investors are invited to listen at www.jackhenry.com.
About Jack Henry & Associates, Inc.®
Jack Henry (NASDAQ: JKHY) is a leading provider of technology solutions primarily for the financial services industry. We are an S&P 500 company that serves approximately 8,700 clients nationwide through three divisions: Jack Henry Banking® supports banks ranging from community banks to multi-billion-dollar institutions; Symitar® provides industry-leading solutions to credit unions of all sizes; and ProfitStars® offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. With a heritage that has been dedicated to openness, partnership, and user centricity for more than 40 years, we are well-positioned as a driving market force in future-ready digital solutions and payment processing services. We empower our clients and consumers with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go. Are you future ready? Additional information is available at www.jackhenry.com.
Statements made in this news 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 the Company's Securities and Exchange Commission filings, including the Company'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 news release speaks only as of the date of the news release, and the Company expressly disclaims any obligation to publicly update or revise any forward-looking statement, whether because of new information, future events or otherwise.
Condensed Consolidated Statements | |||||||||||||||||||||
(In Thousands, Except Per Share Data) | Three Months Ended June 30, | % | Year Ended June 30, | % | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
REVENUE | $ | 410,537 | $ | 393,509 | 4 | % | $ | 1,697,067 | $ | 1,552,691 | 9 | % | |||||||||
EXPENSES | |||||||||||||||||||||
Cost of Revenue | 254,835 | 240,040 | 6 | % | 1,008,464 | 923,030 | 9 | % | |||||||||||||
Research and Development | 29,902 | 24,920 | 20 | % | 109,988 | 96,378 | 14 | % | |||||||||||||
Selling, General, and Administrative | 49,002 | 49,131 | ? | % | 197,988 | 185,998 | 6 | % | |||||||||||||
Total Expenses | 333,739 | 314,091 | 6 | % | 1,316,440 | 1,205,406 | 9 | % | |||||||||||||
OPERATING INCOME | 76,798 | 79,418 | (3) | % | 380,627 | 347,285 | 10 | % | |||||||||||||
INTEREST INCOME (EXPENSE) | |||||||||||||||||||||
Interest income | 86 | 178 | (52) | % | 1,137 | 876 | 30 | % | |||||||||||||
Interest expense | (211) | (407) | (48) | % | (688) | (926) | (26) | % | |||||||||||||
Total | (125) | (229) | (45) | % | 449 | (50) | (998) | % | |||||||||||||
INCOME BEFORE INCOME TAXES | 76,673 | 79,189 | (3) | % | 381,076 | 347,235 | 10 | % | |||||||||||||
PROVISION FOR INCOME TAXES | 15,328 | 18,196 | (16) | % | 84,408 | 75,350 | 12 | % | |||||||||||||
NET INCOME | $ | 61,345 | $ | 60,993 | 1 | % | $ | 296,668 | $ | 271,885 | 9 | % | |||||||||
Diluted net income per share | $ | 0.80 | $ | 0.79 | $ | 3.86 | $ | 3.52 | |||||||||||||
Diluted weighted average shares | 76,849 | 77,157 | 76,934 | 77,347 | |||||||||||||||||
Consolidated Balance Sheet Highlights | |||||||||||||||||||||
(In Thousands) | June 30, | % | |||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||
Cash and cash equivalents | $ | 213,345 | $ | 93,628 | 128 | % | |||||||||||||||
Receivables | 300,945 | 310,080 | (3) | % | |||||||||||||||||
Total assets | 2,428,474 | 2,184,829 | 11 | % | |||||||||||||||||
Accounts payable and accrued expenses | $ | 176,569 | $ | 130,210 | 36 | % | |||||||||||||||
Current and long-term debt | 323 | ? | N/A | ||||||||||||||||||
Deferred revenue | 389,622 | 394,306 | (1) | % | |||||||||||||||||
Stockholders' equity | 1,549,688 | 1,429,013 | 8 | % | |||||||||||||||||
SOURCE Jack Henry & Associates, Inc.
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