Business
Jack Henry & Associates, Inc. Reports First Quarter Fiscal 2021 Results
MONETT, Mo., Nov. 4, 2020 /PRNewswire/ -- First quarter summary: GAAP revenue increased 3% and operating income decreased 1% for the quarter compared to the
About this update from Jack Henry & Associates, Inc.
[{"type":"text","content":"MONETT, Mo., Nov. 4, 2020 /PRNewswire/ -- \nFirst quarter summary: GAAP revenue increased 3% and operating income decreased 1% for the quarter compared to the prior-year quarter. Non-GAAP adjusted revenue increased 5% and adjusted operating income increased 7% for the quarter compared to the prior-year quarter. GAAP EPS was $1.19 per diluted share for the quarter, compared to $1.16 in the prior-year quarter. Cash at September 30, 2020 was $195.3 million, an increase of 102% compared to September 30, 2019. Debt related to the revolving credit line and other lines of credit was zero for the quarters ended September 30, 2020 and 2019.Full-year fiscal 2021 guidance: GAAP revenue $1,760 million to $1,770 million (assumes deconversion fee decrease of $33 million) GAAP EPS $3.75 to $3.80 Non-GAAP revenue growth 6.0% to 6.5% 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 first quarter of fiscal 2021 and discusses its continued response to the novel coronavirus (COVID-19) pandemic.\nAccording to David Foss, President and CEO, \"We are very pleased to report another quarter of record revenue and an overall strong performance for the first quarter of our new fiscal year. Our teams continue to perform admirably given the obvious challenges of conducting business in the midst of the ongoing pandemic. As I've said before, the resiliency of our business model and the extraordinary commitment of our associates has enabled us to continue to deliver solid results for our clients and our shareholders.\"\nGAAP Results for the Quarter\nRevenue for the quarter ended September 30, 2020 increased to $451.8 million, which is 3% growth over the first quarter of fiscal 2020 and includes increased processing and services and support revenue, partially offset by a decrease in product delivery and services revenue, primarily caused by lower deconversion fees. The overall growth in revenue 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), resulting in operating income of $117.6 million, a 1% decrease ...