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Jack Henry & Associates, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $600,982,000 from $571,368,000 in the same quarter the previous year. This increase is attributed to growth in data processing and hosting, card, and digital revenues.
Cost of revenue for the quarter was $343,432,000, representing 57% of total revenue, consistent with the same percentage in the previous year. The increase in cost is due to higher personnel costs and increased internal licenses and fees.
The company reported an operating income of $151,276,000 for the quarter, compared to $132,700,000 in the previous year, with the increase driven by revenue growth.
Interest income increased to $8,347,000 from $4,745,000, while interest expense decreased to $2,825,000 from $4,197,000, primarily due to changes in average outstanding balances.
Net income for the quarter was $119,191,000, up from $101,679,000 in the previous year. Basic earnings per share increased to $1.63 from $1.40.
Cash provided by operating activities was $116,896,000, while cash used in investing and financing activities was $58,736,000 and $53,232,000, respectively.
Jack Henry had a working capital of $634,503,000 as of September 30, 2024. The company continues to focus on expanding its cloud and processing services.
The filing also details various financial agreements, including a credit agreement allowing borrowings up to $600,000,000, which may be increased to $1,000,000,000.
Jack Henry does not anticipate significant changes to its current share repurchase program, with no shares repurchased during the quarter.
The company identified no material changes in its internal controls over financial reporting during the quarter.
Jack Henry continues to focus on providing technology solutions and payment processing services to community and regional financial institutions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Jack Henry & Associates Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.