MONETT, Mo., Feb. 8, 2021 /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 second quarter of fiscal 2021 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 solid quarter of revenue growth. We continue to see very strong demand for Jack Henry technology solutions in the markets we serve. Despite the ongoing impacts of the pandemic, our sales teams had a strong quarter and the sales pipeline is now very robust which bodes well for the remainder of our sales year."
GAAP Results for the Quarter and Year to Date
Revenue for the quarter ended December 31, 2020 increased to $422.4 million, which is 1% growth over the second quarter of fiscal 2020 and includes increased outsourcing and processing revenues, partially offset by a decrease in deconversion fee revenue. The overall growth in revenue for the quarter was more than offset by an increase in costs primarily related to our card processing platform and higher personnel costs partially offset by travel expense savings as a result of COVID-19 travel limitations (see "COVID-19 Impact and Response" section below) and a gain on disposal of assets, net, resulting in operating income of $93.6 million compared to $93.7 million in the second quarter of fiscal 2020. Net income remained consistent at $72.0 million, or $0.94 per diluted share, compared to the second quarter of fiscal 2020.
For the six months ended December 31, 2020, revenue increased to $874.2 million, which is 2% growth over the six months ended December 31, 2019 and includes increased outsourcing and processing revenues, partially offset by a decrease in deconversion fee revenue. The overall growth in revenue for the year-to-date period was more than offset by an increase in costs primarily related to our card processing platform and higher personnel costs partially offset by travel expense savings as a result of COVID-19 travel limitations, a gain on disposal of assets, net, and lower professional fees, resulting in operating income of $211.2 million compared to $211.9 million in the prior year-to-date period. Net income increased 1% to $163.2 million, or $2.13 per diluted share, compared to the six months ended December 31, 2019 due to the above factors and a decrease in effective tax rate from the prior fiscal year-to-date period.
Non-GAAP Results for the Quarter and Year to Date
For the quarter ended December 31, 2020, non-GAAP adjusted revenue increased 2% to $420.2 million due to the above factors, excluding the effect of the change in deconversion fees and revenue in the prior year second quarter from our current year second quarter divestiture. Non-GAAP adjusted operating income increased 4% to $89.7 million, compared to the prior fiscal year quarter due to the above factors, excluding the effect of the change in deconversion fees and related costs, the gain on disposal of assets, net, and operating income in the prior year second quarter from our current fiscal year second quarter divestiture (see Non-GAAP Impact of Deconversion Fees, Gain on Disposal of Assets, and Operating Income from Divestitures on page 4).
For the six months ended December 31, 2020, non-GAAP adjusted revenue increased 4% to $866.1 million due to the above factors, excluding the effect of the change in deconversion fees and revenue in the prior year-to-date period from our current year-to-date period divestiture. Non-GAAP adjusted operating income increased 6% to $202.0 million compared to the six months ended December 31, 2019 due to the above factors, excluding the effect of the change in deconversion fees and related costs, the gain on disposal of assets, net, and operating income in the prior year-to-date period from our current fiscal year-to-date period divestiture (see Non-GAAP Impact of Deconversion Fees, Gain on Disposal of Assets, and Operating Income from Divestitures on page 4).
Operating Results
Revenue, operating expenses, operating income, and net income for the three and six months ended December 31, 2020, as compared to the three and six months ended December 31, 2019, were as follows:
Revenue (Unaudited) | |||||||||||||||||||
(In Thousands) | Three Months EndedDecember 31, | % Change | Six Months EndedDecember 31, | % Change | |||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||
Revenue | |||||||||||||||||||
Services and Support | $ | 250,873 | $ | 255,204 | (2) | % | $ | 531,870 | $ | 534,012 | — | % | |||||||
Percentage of Total Revenue | 59 | % | 61 | % | 61 | % | 62 | % | |||||||||||
Processing | 171,488 | 163,915 | 5 | % | 342,291 | 323,112 | 6 | % | |||||||||||
Percentage of Total Revenue | 41 | % | 39 | % | 39 | % | 38 | % | |||||||||||
Total Revenue | $ | 422,361 | $ | 419,119 | 1 | % | $ | 874,161 | $ | 857,124 | 2 | % |
Operating Expenses and Operating Income
(Unaudited, In Thousands) | Three Months EndedDecember 31, | % Change | Six Months EndedDecember 31, | % Change | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Cost of Revenue | $ | 257,782 | $ | 249,267 | 3 | % | $ | 520,711 | $ | 495,058 | 5 | % | ||||||||
Percentage of Total Revenue | 61 | % | 59 | % | 60 | % | 58 | % | ||||||||||||
Research and Development | 26,780 | 27,187 | (1) | % | 52,837 | 51,778 | 2 | % | ||||||||||||
Percentage of Total Revenue | 6 | % | 6 | % | 6 | % | 6 | % | ||||||||||||
Selling, General, and Administrative | 44,167 | 48,961 | (10) | % | 89,393 | 98,396 | (9) | % | ||||||||||||
Percentage of Total Revenue | 10 | % | 12 | % | 10 | % | 11 | % | ||||||||||||
Total Operating Expenses | 328,729 | 325,415 | 1 | % | 662,941 | 645,232 | 3 | % | ||||||||||||
Operating Income | $ | 93,632 | $ | 93,704 | — | % | $ | 211,220 | $ | 211,892 | — | % | ||||||||
Operating Margin | 22 | % | 22 | % | 24 | % | 25 | % |
Net Income
(Unaudited, In Thousands, Except Per Share Data) | Three Months EndedDecember 31, | % Change | Six Months EndedDecember 31, | % Change | |||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||
Income Before Income Taxes | $ | 93,567 | $ | 93,894 | — | % | $ | 211,105 | $ | 212,433 | (1) | % | |||||||
Provision for Income Taxes | 21,585 | 21,796 | (1) | % | 47,907 | 50,965 | (6) | % | |||||||||||
Net Income | $ | 71,982 | $ | 72,098 | — | % | $ | 163,198 | $ | 161,468 | 1 | % | |||||||
Diluted earnings per share | $ | 0.94 | $ | 0.94 | 1 | % | $ | 2.13 | $ | 2.10 | 2 | % |
According to Kevin Williams, CFO and Treasurer, "Revenue from our private cloud, card processing and digital offerings continue to grow nicely compared to the prior year. Revenue headwinds in our services and support line of revenue are primarily due to the significant decreases in deconversion fees, hardware revenue due to the continued shift of our existing customers moving to our private cloud, and pass through revenue related to billable travel and moving our Banking and ProfitStars Education Conference to a virtual event this year compared to the prior year. Operating margins were in line with expectations for all the operating segments with continued headwinds on the payments segment as we remain on schedule of the migration to the new processing platform. I would like to thank all of our associates for their hard work to continue providing the highest level of care and support for our customers in these unprecedented times."
Non-GAAP Impact of Deconversion Fees, Gain on Disposal of Assets, and Operating Income from Divestitures
The table below shows our revenue and operating income (in thousands) for the three and six months ended December 31, 2020 compared to the three and six months ended December 31, 2019, excluding the impacts of deconversion fees, the gain on disposal of assets, net, and operating income from divestitures.
(Unaudited, In Thousands) | Three Months Ended December 31, | % Change | Six Months Ended December 31, | % Change | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
Reported Revenue (GAAP) | $ | 422,361 | $ | 419,119 | 1 | % | $ | 874,161 | $ | 857,124 | 2 | % | |||||||||
Adjustments: | |||||||||||||||||||||
Deconversion fees | (2,155) | (7,717) | (8,037) | (22,603) | |||||||||||||||||
Revenue from Divestitures | — | (1,168) | — | (1,168) | |||||||||||||||||
Non-GAAP Adjusted Revenue | $ | 420,206 | $ | 410,234 | 2 | % | $ | 866,124 | $ | 833,353 | 4 | % | |||||||||
Reported Operating Income (GAAP) | $ | 93,632 | $ | 93,704 | — | % | $ | 211,220 | $ | 211,892 | — | % | |||||||||
Adjustments: | |||||||||||||||||||||
Deconversion fees | (1,919) | (6,800) | (7,138) | (20,449) | |||||||||||||||||
Operating income from divestitures | — | (277) | — | (277) | |||||||||||||||||
Gain on disposal of assets, net | (2,040) | — | (2,040) | — | |||||||||||||||||
Non-GAAP Adjusted Operating Income | $ | 89,673 | $ | 86,627 | 4 | % | $ | 202,042 | $ | 191,166 | 6 | % |
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 December 31, 2020 | ||||||||||||||||||
Core | Payments | Complementary | Corporate and Other | Total | |||||||||||||||
Revenue | $ | 134,948 | $ | 155,182 | $ | 121,408 | $ | 10,823 | $ | 422,361 | |||||||||
Deconversion Fees | (882) | (674) | (509) | (90) | (2,155) | ||||||||||||||
Non-GAAP Adjusted Revenue | 134,066 | 154,508 | 120,899 | 10,733 | 420,206 | ||||||||||||||
Cost of Revenue | 58,519 | 86,455 | 52,407 | 60,401 | 257,782 | ||||||||||||||
Non-GAAP Adjustments | (108) | (24) | (73) | (8) | (213) | ||||||||||||||
Non-GAAP Adjusted Cost of Revenue | 58,411 | 86,431 | 52,334 | 60,393 | 257,569 | ||||||||||||||
Non- GAAP Adjusted Segment Income | $ | 75,655 | $ | 68,077 | $ | 68,565 | $ | (49,660) | |||||||||||
Research and Development | 26,780 | ||||||||||||||||||
Selling, General, and Administrative | 44,167 | ||||||||||||||||||
Other Non-GAAP Adjustments | 2,017 | ||||||||||||||||||
Non-GAAP Total Adjusted Operating Expenses | 330,533 | ||||||||||||||||||
Non-GAAP Adjusted Operating Income | $ | 89,673 | |||||||||||||||||
(Unaudited, In Thousands) | Three Months Ended December 31, 2019 | ||||||||||||||||||
Core | Payments | Complementary | Corporate and Other | Total | |||||||||||||||
Revenue | $ | 133,523 | $ | 152,045 | $ | 118,329 | $ | 15,222 | $ | 419,119 | |||||||||
Deconversion Fees | (3,516) | (2,066) | (2,100) | (35) | (7,717) | ||||||||||||||
Revenue from divestitures | (1,168) | — | — | — | (1,168) | ||||||||||||||
Non-GAAP Adjusted Revenue | 128,839 | 149,979 | 116,229 | 15,187 | 410,234 | ||||||||||||||
Cost of Revenue | 58,377 | 79,266 | 50,885 | 60,739 | 249,267 | ||||||||||||||
Non-GAAP Adjustments | (1,097) | (56) | (257) | (4) | (1,414) | ||||||||||||||
Non-GAAP Adjusted Cost of Revenue | 57,280 | 79,210 | 50,628 | 60,735 | 247,853 | ||||||||||||||
Non- GAAP Adjusted Segment Income | $ | 71,559 | $ | 70,769 | $ | 65,601 | $ | (45,548) | |||||||||||
Research and Development | 27,187 | ||||||||||||||||||
Selling, General, and Administrative | 48,961 | ||||||||||||||||||
Other Non-GAAP Adjustments | (394) | ||||||||||||||||||
Non-GAAP Total Adjusted Operating Expenses | 323,607 | ||||||||||||||||||
Non-GAAP Adjusted Operating Income | $ | 86,627 | |||||||||||||||||
(Unaudited, In Thousands) | Six Months Ended December 31, 2020 | ||||||||||||||||||
Core | Payments | Complementary | Corporate and Other | Total | |||||||||||||||
Revenue | $ | 288,103 | $ | 311,915 | $ | 251,762 | $ | 22,381 | $ | 874,161 | |||||||||
Deconversion Fees | (2,934) | (2,521) | (2,509) | (73) | (8,037) | ||||||||||||||
Non-GAAP Adjusted Revenue | 285,169 | 309,394 | 249,253 | 22,308 | 866,124 | ||||||||||||||
Cost of Revenue | 122,410 | 172,783 | 104,431 | 121,087 | 520,711 | ||||||||||||||
Non-GAAP Adjustments | (265) | (85) | (253) | (46) | (649) | ||||||||||||||
Non-GAAP Adjusted Cost of Revenue | 122,145 | 172,698 | 104,178 | 121,041 | 520,062 | ||||||||||||||
Non- GAAP Adjusted Segment Income | $ | 163,024 | $ | 136,696 | $ | 145,075 | $ | (98,733) | |||||||||||
Research and Development | 52,837 | ||||||||||||||||||
Selling, General, and Administrative | 89,393 | ||||||||||||||||||
Other Non-GAAP Adjustments | 1,790 | ||||||||||||||||||
Non-GAAP Total Adjusted Operating Expenses | 664,082 | ||||||||||||||||||
Non-GAAP Adjusted Operating Income | $ | 202,042 | |||||||||||||||||
(Unaudited, In Thousands) | Six Months Ended December 31, 2019 | ||||||||||||||||||
Core | Payments | Complementary | Corporate and Other | Total | |||||||||||||||
Revenue | $ | 284,790 | $ | 301,791 | $ | 240,154 | $ | 30,389 | $ | 857,124 | |||||||||
Deconversion Fees | (10,615) | (7,036) | (4,902) | (50) | (22,603) | ||||||||||||||
Revenue from divestitures | (1,168) | — | — | — | (1,168) | ||||||||||||||
Non-GAAP Adjusted Revenue | 273,007 | 294,755 | 235,252 | 30,339 | 833,353 | ||||||||||||||
Cost of Revenue | 118,999 | 155,890 | 100,242 | 119,927 | 495,058 | ||||||||||||||
Non-GAAP Adjustments | (1,839) | (154) | (652) | (6) | (2,651) | ||||||||||||||
Non-GAAP Adjusted Cost of Revenue | 117,160 | 155,736 | 99,590 | 119,921 | 492,407 | ||||||||||||||
Non- GAAP Adjusted Segment Income | $ | 155,847 | $ | 139,019 | $ | 135,662 | $ | (89,582) | |||||||||||
Research and Development | 51,778 | ||||||||||||||||||
Selling, General, and Administrative | 98,396 | ||||||||||||||||||
Other Non-GAAP Adjustments | (394) | ||||||||||||||||||
Non-GAAP Total Adjusted Operating Expenses | 642,187 | ||||||||||||||||||
Non-GAAP Adjusted Operating Income | $ | 191,166 |
Balance Sheet and Cash Flow Review
Cash provided by operations totaled $194.0 million for the six months ended December 31, 2020 compared to $215.0 million for the same period last fiscal year. The following table summarizes net cash from operating activities:
(Unaudited, In Thousands) | Six Months Ended December 31, | ||||||
2020 | 2019 | ||||||
Net income | $ | 163,198 | $ | 161,468 | |||
Depreciation | 26,652 | 25,364 | |||||
Amortization | 61,164 | 58,873 | |||||
Change in deferred income taxes | 8,651 | 4,134 | |||||
Other non-cash expenses | 7,733 | 6,895 | |||||
Change in receivables | 87,518 | 106,782 | |||||
Change in deferred revenue | (126,134) | (117,489) | |||||
Change in other assets and liabilities | (34,798) | (31,014) | |||||
Net cash provided by operating activities | $ | 193,984 | $ | 215,013 |
Cash used in investing activities for the six months ended December 31, 2020 totaled $82.5 million, compared to $125.4 million for the same period last fiscal year and included the following:
(Unaudited, In Thousands) | Six Months Ended December 31, | ||||||
2020 | 2019 | ||||||
Payment for acquisitions, net of cash acquired | $ | — | $ | (30,376) | |||
Capital expenditures | (9,543) | (30,758) | |||||
Proceeds from dispositions | 6,157 | 326 | |||||
Purchased software | (4,254) | (5,551) | |||||
Computer software developed | (62,804) | (57,886) | |||||
Purchase of investments | (12,100) | (1,150) | |||||
Net cash from investing activities | $ | (82,544) | $ | (125,395) |
Financing activities used cash of $177.0 million in the six months ended December 31, 2020 and $110.7 million in the same period last fiscal year and included the following:
(Unaudited, In Thousands) | Six Months Ended December 31, | ||||||
2020 | 2019 | ||||||
Repayments on financing leases | (57) | — | |||||
Purchase of treasury stock | (109,899) | (51,210) | |||||
Dividends paid | (65,516) | (61,502) | |||||
Net cash from issuance of stock and tax related to stock-based compensation | (1,551) | 1,979 | |||||
Net cash from financing activities | $ | (177,023) | $ | (110,733) | |||
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 include 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 in the prior year of current year divestitures, and gain on disposal of assets, net, all of 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 the non-GAAP financial measures to related GAAP measures are included.
*Revenue from deconversion fees and divestitures are the main components of reconciling fiscal year 2021 GAAP to non-GAAP guidance.
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 July 1, 2021, and our internal task force will continue to evaluate recommending further extensions. Based on guidance from the U.S. Department of Homeland Security'sCybersecurity and Infrastructure Security Agency, the Company was designated as essential critical infrastructure because of our support of the financial services industry. As of February 1, 2021, the majority of our employees were continuing to work 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 July 1, 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 completed the migrations of our core customers and are on track for the revised schedule for non-core customers by March 31, 2021. 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 (PPP) 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 have seen delays in certain product installations due to COVID-19 with the associated revenue pushed from the current period to future periods. These headwinds may continue to impact our license, hardware, installation and pass-through revenues throughout fiscal 2021. 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 first six months of fiscal 2021, 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 and effectiveness of vaccine and treatment developments; the speed of economic recovery; the potential impact to our customers, vendors, and employees; and how the potential impact might affect future customer services, processing and installation-related 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 February 9, 2021; 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 8,500 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 of Income (Unaudited) | |||||||||||||||||||||
(In Thousands, Except Per Share Data) | Three Months Ended December 31, | % Change | Six Months Ended December 31, | % Change | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
REVENUE | $ | 422,361 | $ | 419,119 | 1 | % | $ | 874,161 | $ | 857,124 | 2 | % | |||||||||
EXPENSES | |||||||||||||||||||||
Cost of Revenue | 257,782 | 249,267 | 3 | % | 520,711 | 495,058 | 5 | % | |||||||||||||
Research and Development | 26,780 | 27,187 | (1) | % | 52,837 | 51,778 | 2 | % | |||||||||||||
Selling, General, and Administrative | 44,167 | 48,961 | (10) | % | 89,393 | 98,396 | (9) | % | |||||||||||||
Total Expenses | 328,729 | 325,415 | 1 | % | 662,941 | 645,232 | 3 | % | |||||||||||||
OPERATING INCOME | 93,632 | 93,704 | — | % | 211,220 | 211,892 | — | % | |||||||||||||
INTEREST INCOME (EXPENSE) | |||||||||||||||||||||
Interest income | 52 | 346 | (85) | % | 120 | 853 | (86) | % | |||||||||||||
Interest expense | (117) | (156) | (25) | % | (235) | (312) | (25) | % | |||||||||||||
Total | (65) | 190 | (134) | % | (115) | 541 | (121) | % | |||||||||||||
INCOME BEFORE INCOME TAXES | 93,567 | 93,894 | — | % | 211,105 | 212,433 | (1) | % | |||||||||||||
PROVISION FOR INCOME TAXES | 21,585 | 21,796 | (1) | % | 47,907 | 50,965 | (6) | % | |||||||||||||
NET INCOME | $ | 71,982 | $ | 72,098 | — | % | $ | 163,198 | $ | 161,468 | 1 | % | |||||||||
Diluted net income per share | $ | 0.94 | $ | 0.94 | $ | 2.13 | $ | 2.10 | |||||||||||||
Diluted weighted average shares outstanding | 76,280 | 76,935 | 76,496 | 77,001 | |||||||||||||||||
Consolidated Balance Sheet Highlights (Unaudited) | |||||||||||||||||||||
(In Thousands) | December 31, | % Change | |||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||
Cash and cash equivalents | $ | 147,762 | $ | 72,513 | 104 | % | |||||||||||||||
Receivables | 212,934 | 204,703 | 4 | % | |||||||||||||||||
Total assets | 2,286,709 | 2,187,439 | 5 | % | |||||||||||||||||
Accounts payable and accrued expenses | $ | 157,447 | $ | 127,053 | 24 | % | |||||||||||||||
Current and long-term debt | 266 | — | N/A | ||||||||||||||||||
Deferred revenue | 262,883 | 277,004 | (5) | % | |||||||||||||||||
Stockholders' equity | 1,545,179 | 1,486,746 | 4 | % | |||||||||||||||||
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SOURCE Jack Henry & Associates, Inc.