MONETT,
Mo., April 29, 2024 /PRNewswire/ -- Jack
Henry & Associates, Inc.® (Nasdaq: JKHY) announced
today that deconversion revenue for the fiscal third quarter, ended
March 31, 2024 was $0.8 million. Based on these results,
deconversion revenue estimates remain 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 Henry™ (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.
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SOURCE Jack Henry &
Associates, Inc.