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Jack Henry & Associates, Inc. Reports First Quarter Fiscal 2025 Results

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First quarter summary:

GAAP revenue increased 5.2% and GAAP operating income increased 14.0% for the fiscal three months ended September 30, 2024, compared to the prior fiscal year quarter.Non-GAAP adjusted revenue increased 5.3% and non-GAAP adjusted operating income increased 1.6% for the fiscal three months ended September 30, 2024, compared to the prior fiscal year quarter.1GAAP EPS was $1.63 per diluted share for the fiscal three months ended September 30, 2024, compared to $1.39 per diluted share in the prior fiscal year quarter.Cash and cash equivalents were $43 million at September 30, 2024, and $31 million at September 30, 2023.Debt outstanding related to credit facilities was $140 million at September 30, 2024, and $245 million at September 30, 2023.

Full year fiscal 2025 guidance:2

Current

GAAP

Low

High

Revenue

$2,369

$2,391

Operating margin3

23.0 %

23.2 %

EPS

$5.78

$5.87

Non-GAAP4

Adjusted revenue

$2,353

$2,375

Adjusted operating margin

22.7 %

22.8 %

 

 

MONETT, Mo., Nov. 5, 2024 /PRNewswire/ — Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading financial technology provider, today announced results for fiscal first quarter ended September 30, 2024.

According to Greg Adelson, President and CEO, “We are pleased to report another quarter of solid financial performance, which was slightly better than the outlook provided in August for FY Q1. Our sales team maintained positive momentum in the quarter with a new record sales attainment for Q1 and increased our sales pipeline to an all-time high. We had an outstanding Jack Henry Connect conference last month in Phoenix, where we strengthened relationships with clients and prospects and demonstrated our execution over the past year. We are energized and remain focused on our key differentiators: culture, service, and innovation.”

1 See tables below on page 4 reconciling non-GAAP financial measures to GAAP.
2 The full fiscal year guidance assumes no acquisitions or dispositions are made during fiscal year 2025.
3Operating margin is calculated by dividing operating income by revenue.
4 See tables below on page 7 reconciling fiscal year 2025 GAAP to non-GAAP guidance.
5See table below on page 12 reconciling net income to non-GAAP EBITDA.

Operating Results

Revenue, operating expenses, operating income, and net income for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, were as follows:

Revenue

(Unaudited, In Thousands)

Three Months Ended

September 30,

%
Change

2024

2023

Revenue

Services and Support

$     356,679

$      342,205

4.2 %

Percentage of Total Revenue

59.3 %

59.9 %

Processing

244,303

229,163

6.6 %

Percentage of Total Revenue

40.7 %

40.1 %

REVENUE

$     600,982

$        571,368

5.2 %

 

Services and support revenue increased for the three months ended September 30, 2024, primarily driven by growth in data processing and hosting revenue of 12.6%, partially offset by a decrease in license and hardware revenue of 35.9%. Processing revenue increased for the three months ended September 30, 2024, primarily driven by growth in card revenue of 5.1% and transaction and digital revenue of 10.9%. Other drivers were increases in payment processing and remote capture and ACH revenues.For the three months ended September 30, 2024, core segment revenue increased 4.9%, payments segment revenue increased 6.3%, complementary segment revenue increased 6.4%, and corporate and other segment revenue decreased 10.2%. For the three months ended September 30, 2024, core segment non-GAAP adjusted revenue increased 5.2%, payments segment non-GAAP adjusted revenue increased 5.9%, complementary segment non-GAAP adjusted revenue increased 7.1%, and corporate and other non-GAAP adjusted segment revenue decreased 10.3% (see revenue lines of segment break-out tables on pages 5 and 6 below for a reconciliation of segment non-GAAP adjusted revenue to GAAP segment revenue).

 

Operating Expenses and Operating Income

(Unaudited, In Thousands)

Three Months Ended

September 30,

%
Change

2024

2023

Cost of Revenue

$     343,432

$      323,002

6.3 %

Percentage of Total Revenue6

57.1 %

56.5 %

Research and Development

39,686

36,892

7.6 %

Percentage of Total Revenue6

6.6 %

6.5 %

Selling, General, and Administrative

66,588

78,774

(15.5) %

Percentage of Total Revenue6

11.1 %

13.8 %

OPERATING EXPENSES

449,706

438,668

2.5 %

OPERATING INCOME

$       151,276

$        132,700

14.0 %

Operating Margin6

25.2 %

23.2 %

 

Cost of revenue increased for the three months ended September 30, 2024, primarily due to higher direct costs generally consistent with increases in the related lines of revenue, higher personnel costs including benefits expenses from an increase in employee headcount in the trailing twelve months, higher internal licenses and fees from increased deployments and prices, and a rise in amortization from capital development projects placed into service in the trailing twelve months.Research and development expense increased for the three months ended September 30, 2024, primarily due to higher personnel costs (net of capitalization) including benefits expenses from an increase in employee headcount in the trailing twelve months.Selling, general, and administrative expense decreased for the three months ended September 30, 2024, primarily due to the decrease in non-recurring costs when compared to the prior fiscal year quarter.

Net Income

(Unaudited, In Thousands,

Except Per Share Data)

Three Months Ended

September 30,

%
Change

2024

2023

Income Before Income Taxes

$         156,798

$          133,248

17.7 %

Provision for Income Taxes

37,607

31,569

19.1 %

NET INCOME

$            119,191

$            101,679

17.2 %

Diluted earnings per share

$                 1.63

$                 1.39

17.1 %

 

Effective tax rates for the three months ended September 30, 2024, and 2023, were 24.0% and 23.7%, respectively.

 

According to Mimi Carsley, CFO and Treasurer, “For the first quarter of the fiscal year, revenue and operating margins were aligned with our plan and expectations and we continue to expect stronger performance in the second half of our fiscal year. Our private cloud revenue grew over 11% and processing services continued to drive strong revenue growth at over 6%, each contributing to our overall revenue expansion of over 5% and operating income increase of 2% on a non-GAAP basis.”

6Operating margin is calculated by dividing operating income by revenue. Operating margin plus operating expense components as a percentage of total revenue may not equal 100% due to rounding.

Impact of Non-GAAP Adjustments

The tables below show our revenue, operating income, and net income for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, excluding the impacts of deconversions and the VEDIP program expense.*

(Unaudited, In Thousands)

Three Months Ended
September 30,

%
Change

2024

2023

GAAP Revenue**

$       600,982

$          571,368

5.2 %

Adjustments:

Deconversion revenue

(3,697)

(4,136)

NON-GAAP ADJUSTED REVENUE**

$        597,285

$         567,232

5.3 %

GAAP Operating Income

$          151,276

$          132,700

14.0 %

Adjustments:

Operating income from deconversions

(3,495)

(3,755)

VEDIP program expense*

16,443

NON-GAAP ADJUSTED OPERATING INCOME

$          147,781

$         145,388

1.6 %

Non-GAAP Adjusted Operating Margin***

24.7 %

25.6 %

GAAP Net Income

$            119,191

$           101,679

17.2 %

Adjustments:

Net income from deconversions

(3,495)

(3,755)

VEDIP program expense*

16,443

Tax impact of adjustments****

839

(3,045)

NON-GAAP ADJUSTED NET INCOME

$         116,535

$            111,322

4.7 %

*The VEDIP program expense for the fiscal three months ended September 30, 2024, was related to a Company voluntary separation program offered to certain eligible employees beginning in July 2023.

**GAAP revenue is comprised of services and support and processing revenues (see page 2). Reducing services and support revenue by deconversion revenue for the three months ended September 30, 2024, and 2023 which was $3,697 for the current fiscal year quarter and $4,136 for the prior fiscal year quarter, results in non-GAAP adjusted services and support revenue growth of 4.4% quarter over quarter. There were no non-GAAP adjustments to processing revenue for the three months ended September 30, 2024, or 2023.

***Non-GAAP adjusted operating margin is calculated by dividing non-GAAP adjusted operating income by non-GAAP adjusted revenue.

****The tax impact of adjustments is calculated using a tax rate of 24% for the three months ended September 30, 2024, and 2023. The tax rate for non-GAAP adjustment items takes a broad look at our recurring tax adjustments and applies them to non-GAAP revenue that does not have its own specific tax impacts.

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.

Three Months Ended September 30, 2024

(Unaudited, In Thousands)

Core

Payments

Complementary

Corporate
and Other

Total

GAAP REVENUE

$ 195,624

$    211,923

$                  171,702

$       21,733

$ 600,982

Non-GAAP adjustments*

(1,287)

(1,914)

(473)

(23)

(3,697)

NON-GAAP ADJUSTED REVENUE

194,337

210,009

171,229

21,710

597,285

GAAP COST OF REVENUE

81,420

113,020

65,967

83,025

343,432

Non-GAAP adjustments*

(37)

(18)

(60)

(115)

NON-GAAP ADJUSTED COST OF REVENUE

81,383

113,002

65,907

83,025

343,317

GAAP SEGMENT INCOME

$   114,204

$   98,903

$                105,735

$    (61,292)

Segment Income Margin**

58.4 %

46.7 %

61.6 %

(282.0) %

NON-GAAP ADJUSTED SEGMENT INCOME

$   112,954

$    97,007

$                105,322

$     (61,315)

Non-GAAP Adjusted Segment Income Margin**

58.1 %

46.2 %

61.5 %

(282.4) %

Research and Development

39,686

Selling, General, and Administrative

66,588

Non-GAAP adjustments unassigned to a segment***

(87)

NON-GAAP TOTAL ADJUSTED OPERATING EXPENSES

449,504

NON-GAAP ADJUSTED OPERATING INCOME

$    147,781

*Revenue non-GAAP adjustments for all segments were deconversion revenue. Cost of revenue non-GAAP adjustments for all segments were deconversion costs.

**Segment income margin is calculated by dividing segment income by revenue for each segment. Non-GAAP adjusted segment income margin is calculated by dividing non-GAAP adjusted segment income by non-GAAP adjusted revenue for each segment.

***Non-GAAP adjustments unassigned to a segment were selling, general, and administrative deconversion costs.

 

Three Months Ended September 30, 2023

(Unaudited, In Thousands)

Core

Payments

Complementary

Corporate
and Other

Total

GAAP REVENUE

$  186,439

$  199,358

$                 161,366

$     24,205

$    571,368

Non-GAAP adjustments*

(1,665)

(1,006)

(1,451)

(14)

(4,136)

NON-GAAP ADJUSTED REVENUE

184,774

198,352

159,915

24,191

567,232

GAAP COST OF REVENUE

75,927

108,826

60,957

77,292

323,002

Non-GAAP adjustments*

(103)

(47)

(119)

(1)

(270)

NON-GAAP ADJUSTED COST OF REVENUE

75,824

108,779

60,838

77,291

322,732

GAAP SEGMENT INCOME

$     110,512

$    90,532

$               100,409

$   (53,087)

Segment Income Margin

59.3 %

45.4 %

62.2 %

(219.3) %

NON-GAAP ADJUSTED SEGMENT INCOME

$  108,950

$    89,573

$                 99,077

$    (53,100)

Non-GAAP Adjusted Segment Income Margin

59.0 %

45.2 %

62.0 %

(219.5) %

Research and Development

36,892

Selling, General, and Administrative

78,774

Non-GAAP adjustments unassigned to a segment** ***

(16,554)

NON-GAAP TOTAL ADJUSTED OPERATING EXPENSES

421,844

NON-GAAP ADJUSTED OPERATING INCOME

$    145,388

*Revenue non-GAAP adjustments for all segments were deconversion revenues. Cost of revenue non-GAAP adjustments for all segments were deconversion costs.

**Non-GAAP adjustments unassigned to a segment were selling, general, and administrative deconversion costs of $(111) and VEDIP program expense of $(16,443).

***The VEDIP program expense for the fiscal three months ended September 30, 2023, was related to a Company voluntary separation program offered to certain eligible employees beginning in July 2023.

The table below shows our GAAP to non-GAAP guidance for the fiscal year ending June 30, 2025. Fiscal year 2025 non-GAAP guidance excludes the impacts of deconversion revenue and related operating expenses and assumes no acquisitions or dispositions are made during the fiscal year.

GAAP to Non-GAAP GUIDANCE (In Millions, except per share data)

Annual FY25

Low

High

GAAP REVENUE

$  2,369

$   2,391

     Growth

6.9 %

7.9 %

Deconversions*

$         16

$         16

NON-GAAP ADJUSTED REVENUE**

$  2,353

$  2,375

     Non-GAAP Adjusted Growth

7.0 %

8.0 %

GAAP OPERATING EXPENSES

$   1,823

$   1,836

     Growth

5.6 %

6.4 %

Deconversion costs*

$          3

$          3

NON-GAAP ADJUSTED OPERATING EXPENSES**

$   1,820

$   1,833

     Non-GAAP Adjusted Growth

6.7 %

7.4 %

GAAP OPERATING INCOME

$     546

$     555

     Growth

11.6 %

13.3 %

GAAP OPERATING MARGIN

23.0 %

23.2 %

NON-GAAP ADJUSTED OPERATING INCOME**

$     533

$     542

     Non-GAAP Adjusted Growth

8.2 %

9.9 %

NON-GAAP ADJUSTED OPERATING MARGIN

22.7 %

22.8 %

GAAP EPS***

$     5.78

$     5.87

     Growth

10.6 %

12.3 %

Non-GAAP EPS***

$    5.65

$    5.74

Growth

7.3 %

9.0 %

*Deconversion revenue and related operating expenses are based on actual results for the three months ended September 30, 2024, and estimates for the remainder of fiscal year 2025, based on the lowest actual recent historical results. See the Company’s Form 8-K filed with the Securities and Exchange Commission on October 28, 2024.

**GAAP to Non-GAAP revenue, operating expenses, and operating income may not foot due to rounding.

***The GAAP to Non-GAAP EPS reconciliation table is below on page 13.

Balance Sheet and Cash Flow Review

 

Cash and cash equivalents were $43 million at September 30, 2024, and $31 million at September 30, 2023.Trade receivables were $307 million at September 30, 2024, compared to $289 million at September 30, 2023.The Company had $140 million of borrowings at September 30, 2024 compared to $245 million of borrowings at September 30, 2023.Deferred revenue decreased to $320 million at September 30, 2024, compared to $333 million at September 30, 2023.Stockholders’ equity increased to $1,925 million at September 30, 2024, compared to $1,660 million at September 30, 2023.

 

*See table below for Net Cash Provided by Operating Activities and on page 12 for Return on Average Shareholders’ Equity. Tables reconciling the non-GAAP measures Free Cash Flow and Return on Invested Capital (ROIC) to GAAP measures are also on page 12. See the Use of Non-GAAP Financial Information section below for the definitions of Free Cash Flow and ROIC.

The following table summarizes net cash from operating activities:

(Unaudited, In Thousands)

Three Months Ended September 30,

2024

2023

Net income

$                          119,191

$                         101,679

Depreciation

11,273

12,052

Amortization

39,221

37,183

Change in deferred income taxes

(4,087)

(10,178)

Other non-cash expenses

6,678

7,037

Change in receivables

26,373

72,519

Change in deferred revenue

(69,358)

(66,322)

Change in other assets and liabilities*

(12,395)

3,169

NET CASH FROM OPERATING ACTIVITIES

$                       116,896

$                         157,139

*For the year ended September 30, 2024, includes the change in income taxes of $38,576, the change in accrued expenses of $(23,067), and the change in prepaid expenses, prepaid cost of product and other of $(18,788). For the year ended September 30, 2023, includes the change in income taxes of $39,044, the change in prepaid expenses, prepaid cost of product and other of $(17,356), and the change in accrued expenses of $(17,285).

The following table summarizes net cash from investing activities:

(Unaudited, In Thousands)

Three Months Ended September 30,

2024

2023

Capital expenditures

(12,801)

(7,612)

Proceeds from dispositions

852

Purchased software

(2,676)

(2,280)

Computer software developed

(42,259)

(41,486)

Purchase of investments

(2,000)

Proceeds from investments

1,000

NET CASH FROM INVESTING ACTIVITIES

$                      (58,736)

$                       (50,526)

The following table summarizes net cash from financing activities:

(Unaudited, In Thousands)

Three Months Ended September 30,

2024

2023

Borrowings on credit facilities

$                      75,000

$                     135,000

Repayments on credit facilities and financing leases

(85,000)

(165,000)

Purchase of treasury stock

(20,000)

Dividends paid

(40,104)

(37,863)

Net cash from issuance of stock and tax related to stock-based compensation

(3,128)

474

NET CASH FROM FINANCING ACTIVITIES

$                    (53,232)

$                     (87,389)

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, adjusted operating expenses, adjusted operating margin, adjusted segment income margin, non-GAAP earnings before interest, taxes, depreciation, and amortization (non-GAAP EBITDA), free cash flow, return on invested capital (ROIC), non-GAAP adjusted net income, and non-GAAP earnings per share (EPS).

We believe non-GAAP financial measures help investors better understand the underlying fundamentals and true operations of our business. Adjusted revenue, adjusted operating income, adjusted operating margin, adjusted  segment income, adjusted segment income margin, adjusted cost of revenue, adjusted operating expenses, adjusted net income, and non-GAAP EPS eliminate one-time deconversion revenue and associated costs and the effects of the VEDIP program expense, which management believes are not indicative of the Company’s operating performance. Such adjustments give investors further insight into our performance. Non-GAAP EBITDA is defined as net income attributable to the Company before the effect of interest expense, taxes, depreciation, and amortization, adjusted for net income before the effect of interest expense, taxes, depreciation, and amortization attributable to eliminated one-time deconversions and the VEDIP program expense. Free cash flow is defined as net cash from operating activities, less capitalized expenditures, internal use software, and capitalized software, plus proceeds from the sale of assets. ROIC is defined as net income divided by average invested capital, which is the average of beginning and ending long-term debt and stockholders’ equity for a given period. Management believes that non-GAAP EBITDA is an important measure of the Company’s overall operating performance and excludes certain costs and other transactions that management deems one time or non-operational in nature; free cash flow is useful to measure the funds generated in a given period that are available for debt service requirements and strategic capital decisions; and ROIC is a measure of the Company’s allocation efficiency and effectiveness of its invested capital. For these reasons, management also uses these non-GAAP financial measures in its assessment and management of the Company’s performance.

Non-GAAP financial measures used by the Company may not be comparable to similarly titled non-GAAP measures used by other companies. Non-GAAP financial measures have no standardized meaning prescribed by GAAP and therefore, are unlikely to be comparable with calculations of similar measures for other companies.

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.

Quarterly Conference Call

The Company will hold a conference call on November 6, 2024, at 7:45 a.m. Central Time, and investors are invited to listen at www.jackhenry.com. A webcast replay will be available approximately one hour after the event at ir.jackhenry.com/corporate-events-and-presentations and will remain available for one year.

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 48 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.

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
September 30,

%
Change

2024

2023

REVENUE

$         600,982

$            571,368

5.2 %

Cost of Revenue

343,432

323,002

6.3 %

Research and Development

39,686

36,892

7.6 %

Selling, General, and Administrative

66,588

78,774

(15.5) %

EXPENSES

449,706

438,668

2.5 %

OPERATING INCOME

151,276

132,700

14.0 %

Interest income

8,347

4,745

75.9 %

Interest expense

(2,825)

(4,197)

(32.7) %

Interest Income (Expense), net

5,522

548

907.7 %

INCOME BEFORE INCOME TAXES

156,798

133,248

17.7 %

Provision for Income Taxes

37,607

31,569

19.1 %

NET INCOME

$             119,191

$             101,679

17.2 %

Diluted net income per share

$                 1.63

$                   1.39

Diluted weighted average shares outstanding

73,078

73,014

Consolidated Balance Sheet Highlights (Unaudited)

(In Thousands)

September 30,

%
Change

2024

2023

Cash and cash equivalents

$             43,212

$              31,467

37.3 %

Receivables

306,660

288,733

6.2 %

Total assets

2,928,511

2,734,223

7.1 %

Accounts payable and accrued expenses

$            231,713

$          208,909

10.9 %

Current and long-term debt

140,000

245,000

(42.9) %

Deferred revenue

319,574

333,407

(4.1) %

Stockholders’ equity

1,925,028

1,659,948

16.0 %

 

Calculation of Non-GAAP Earnings Before Income Taxes, Depreciation and Amortization (Non-GAAP EBITDA)

Three Months Ended
September 30,

%
Change

(in thousands)

2024

2023

Net income

$             119,191

$             101,679

Net interest

(5,522)

(548)

Taxes

37,607

31,569

Depreciation and amortization

50,494

49,235

Less: Net income before interest expense, taxes, depreciation and

amortization attributable to eliminated one-time adjustments*

(3,495)

12,688

NON-GAAP EBITDA

$          198,275

$           194,623

1.9 %

*The fiscal first quarter 2025 adjustments for net income before interest expense, taxes, depreciation and amortization were for deconversions. The fiscal first quarter 2024 adjustments were for deconversions and the VEDIP program expense and were $(3,755) and $16,443, respectively.

 

Calculation of Free Cash Flow (Non-GAAP)

Three Months Ended
September 30,

(in thousands)

2024

2023

Net cash from operating activities

$           116,896

$             157,139

Capitalized expenditures

(12,801)

(7,612)

Internal use software

(2,676)

(2,280)

Proceeds from sale of assets

852

Capitalized software

(42,259)

(41,486)

FREE CASH FLOW

$            59,160

$           106,613

Calculation of the Return on Average Shareholders’ Equity

September 30,

(in thousands)

2024

2023

Net income (trailing four quarters)

$         399,328

$            361,776

Average stockholder’s equity (period beginning and ending balances)

1,792,488

1,560,543

RETURN ON AVERAGE SHAREHOLDERS’ EQUITY

22.3 %

23.2 %

Calculation of Return on Invested Capital (ROIC) (Non-GAAP)

September 30,

(in thousands)

2024

2023

Net income (trailing four quarters)

$         399,328

$            361,776

Average stockholder’s equity (period beginning and ending balances)

1,792,488

1,560,543

Average current maturities of long-term debt and financing leases

(period beginning and ending balances)

45,000

21

Average long-term debt (period beginning and ending balances)

147,500

245,000

Average invested capital

$      1,984,988

$        1,805,564

ROIC

20.1 %

20.0 %

 

GAAP to Non-GAAP EPS Reconciliation Table

FY25 Guidance

GAAP EPS

$5.78-$5.87

Excluded Activity, net of Tax:

Deconversion*

$0.13

Non-GAAP EPS

$5.65-$5.74

*We are not aware of any other discreet adjustments at this time. Deconversion revenue and related operating expenses are based on actual results for fiscal first quarter 2025 and estimates for the remainder of fiscal year 2025, based on the lowest actual recent historical results. See the Company’s Form 8-K filed with the Securities and Exchange Commission on October 28, 2024.

 

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SOURCE Jack Henry & Associates, Inc.

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Technology

Bridging the digital divide with AI: How Bossjob is Reshaping Recruitment Across Borders

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MANILA, Philippines, Nov. 27, 2024 /PRNewswire/ — Artificial intelligence (AI) is proving to be one of the most transformative technological revolutions since the advent of the internet. Unlike paradigm shifts in technology of the past, the present AI boom is largely driven by existing software instead of new innovations, with AI practitioners seeking to seamlessly integrating AI into existing applications to immediately unlock industrial and commercial value for the user.

At the core of AI adoption lies a decentralized approach, which encourages users and developers to create tailored solutions based on specific needs, thus fostering a self-sustaining ecosystem. In the recruitment field, Bossjob is pioneering yet another new application of AI, this time into job descriptions.

On November 27, Bossjob, a global AI-driven recruitment platform, unveiled its AI translation feature with the goal of ensuring all jobs, in whichever language they are posted, are easily understandable by the jobseeker in their native language.

“In the field of recruitment, globalization in the marketplace for talent faces a primary challenge: language differences between different operating regions, especially for one as fragmented and diverse as South East Asia. As a global AI recruitment platform, Bossjob is consistantly looking out for ways to bridge essential but difficult divides like these.” stated Quak Kiat How, CFO of Bossjob.

Globalization Requires Overcoming the Digital Divide

As global economic integration and technological innovation advance, more businesses are venturing into international markets. In 2024, numerous Chinese enterprises embarked on the vessel of global expansion, while native globalized companies continue accelerating their international efforts.

However, these disparities in access to information, internet technologies, and innovation capabilities between countries, regions, industries, companies, and communities have exacerbated the digital divide, leading to further polarization of wealth and opportunities. These gaps reflect not just technological limitations but also deep-rooted socioeconomic challenges, underscoring the pressing need for inclusive solutions.

Cultural differences such as language, religion, values, and business practices further complicate overseas expansion. Many HR professionals have reported that existing recruitment platforms primarily focus on matching resumes with job descriptions on a single dimension, overlooking critical variables such as language nuances and the implicit requirements within job postings.

Kiat highlighted that traditional model of recruitment platforms no longer meet the demands of a new generation, and the recruitment industry is poised for a transformative shift in service models.

AI: Redefining Recruitment Efficiency and Experience

At its core, recruitment addresses the need for matching people with jobs. Precision and efficiency are the cornerstones of value for both businesses and job seekers. With the application of AI, the recruitment process is being reimagined, introducing profound changes to hiring and job-hunting practices.

Kiat believes that, the traditional cycle of resume submissions and screenings may soon become obsolete. By allowing AI access to more comprehensive data, platforms can generate multidimensional profiles reflecting a candidate’s skills, career history, and potential, eliminating the need for manual resume creation. Similarly, AI-generated job and candidate models can streamline initial screenings, allowing recruiters and applicants to engage directly at advanced stages of the hiring process.

Bossjob is leveraging AI to continually enhance its services. For instance, the newly launched AI translation tool eliminates language barriers in recruitment, enabling seamless communication and efficient processes. The platform’s real-time, precise translations prevent delays and miscommunication, particularly for remote roles. Users can easily toggle between translated and original job descriptions for clarity.

Beyond translation, Bossjob has introduced AI-powered resume analysis, enabling HR teams to evaluate candidates’ compatibility with company cultures using big data insights. These tools have simplified workflows and significantly improved matching efficiency.

Exploring New Frontiers with AI

Bossjob’s AI-driven innovations extend beyond traditional recruitment, addressing emerging domains like Web3 and remote work. Official data reveals a tenfold increase in daily active users on the platform’s Web3 job listings, with employer activity rising by 20% since January. This trend underscores the untapped market potential unlocked by AI-powered solutions.

Since its inception, Bossjob has pioneered AI applications in recruitment through its “Mobile + Direct Chat + AI Scenario-based Features” (MDD) model. This approach integrates real-time messaging into recruitment workflows, leveraging advanced algorithms and big data to recommend highly compatible candidates to employers and personalized job matches to seekers. This precision matching reduces hiring costs for businesses while accelerating job seekers’ success rates.

Committed to continuous innovation, Bossjob has significantly invested in R&D to enhance its AI capabilities, building robust user trust and product credibility. Looking ahead, the platform plans to roll out additional features, including AI-simulated interviews, to meet diverse global recruitment needs.

Kiat stated, “We hope to continuously upgrade AI features and build an AI ecosystem that offers more efficient and intelligent recruitment services for companies while providing job seekers with more convenient and effective job search assistance, driving the global talent market’s growth.”

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SOURCE Bossjob

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GLOBAL AND NATIONAL TRACKER FOR CHILD ONLINE SAFETY ANNOUNCED

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Global Cybersecurity Forum and DQ Institute Agreed to Launch the Child Protection in Cyberspace (CPC) Index in 2025

SINGAPORE, Nov. 27, 2024 /PRNewswire/ — The unveiling of the Child Protection in Cyberspace (CPC) Index at the Global Cybersecurity Forum (GCF) marks a groundbreaking milestone in the global effort to safeguard children online, announced by the Global Cybersecurity Forum Institute and the DQ Institute. This announcement took place during the Child Protection in Cyberspace (CPC) Summit at the GCF Annual Meeting on October 2-3, 2024, co-organized by the Global Cybersecurity Forum Institute, the International Telecommunication Union (ITU), UNICEF, WeProtect Global Alliance, and the DQ Institute. The CPC initiative, instated by the Crown Prince and Prime Minister of Saudi Arabia, Mohammed bin Salman, underscores a global commitment to promoting the digital well-being of children worldwide.

Dr. Yuhyun Park, Founder of the DQ Institute, emphasized that the launch of the CPC Index represents the first tangible action following last week’s 2024 UN General Assembly agreement on the Pact for the Future backed by the Global Digital Compact, which highlighted the importance of child protection in cyberspace.

“The CPC Index will serve as an important tracking and monitoring tool to measure the global progress of the CPC commitment towards creating safer digital spaces for children, in alignment with the 2024 UNGA global agreement,” said Dr. Park during an interview at the forum. “This tool is designed to empower countries by offering a comprehensive insight on their current status in child online safety and helping them design targeted national strategies and actions to enhance their national CPC Index performance.”

As a flagship program of the CPC initiative, the CPC Index offers a comprehensive 360-degree framework to evaluate and enhance efforts to ensure child safety online, engaging all stakeholders, including governments, ICT industries, schools, families, and children at the national level.

Backed by seven years of research and data from 100 countries, the CPC Index offers a global tool to assess ecosystems, foster cooperation, and help nations mitigate cyber-risks to protect children online worldwide.

Key features of the CPC Index include:

Global Benchmarks and Data Insights: Combines international benchmarks to provide a clear roadmap for tracking cyber-risks and assessing children’s digital citizenship levels.Holistic Analysis: Covers government policies and regulations, school education, family involvement, and tech industry accountability.Top Digital Citizenship Programs: Highlights the world’s top digital citizenship programs, offering actionable recommendations for policy and education leaders.

Dr. Park underscored the initiative’s global scope, calling it a testament to collaboration across public and private sectors. The CPC Index aggregates international standards and measures, offering nations a roadmap to advance from current challenges to a safer digital future.

“Globally, over 70 percent of children have encountered at least one cyber-risk,” said Dr. Park, referencing the DQ Institute’s Child Online Safety Index. “With the rise of artificial intelligence, this number could shift dramatically as new risks, like AI-generated deepfakes and fake news, emerge.”

While acknowledging AI’s potential to address certain risks, Dr. Park warned of its capacity to exacerbate challenges, emphasizing the urgency for proactive measures: “The goal is clear: to reduce the 70 percent figure by at least 15% by 2030.”

The CPC Index, Dr. Park emphasized, is a critical step toward protecting children in an increasingly AI-powered world. “Real change happens through implementation, and the CPC Index is poised to guide nations in ensuring the digital safety of the next generation.”

“An important step is a mandatory digital citizenship education in primary schools, which is a tipping point for long-term online safety for children,” she added, urging governments to prioritize early digital literacy education.

About DQ Institute:

The DQ Institute (DQI) is an international think-tank dedicated to setting global standards for digital intelligence and ensuring the safety, empowerment, and well-being of individuals, organizations, and nations in the digital age. DQ framework is recognized as the global standard for digital literacy, skills, and readiness (IEEE 3527.1-2020). DQI operates as a 501(c)(3) organization in the United States and as a not-for-profit organization in Singapore. For more information, visit DQ Institute’s website: https://www.dqinstitute.org 

Media Contact:
Eris Seah
DQ Institute
partnership@dqinstitute.org
+65 9396 9200

 

SOURCE DQ Institute

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Automotive Radar Sensors Market to Grow by USD 6.51 Billion (2024-2028), High-Frequency Radar Sensors Drive Growth, Report on How AI Redefines Market Landscape – Technavio

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NEW YORK, Nov. 26, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global automotive radar sensors market size is estimated to grow by USD 6.51 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 14.01%  during the forecast period. Availability of high-frequency radar sensors is driving market growth, with a trend towards increased accuracy in perceiving environment through sensor fusion technique. However, concerns associated with cybersecurity risks poses a challenge.Key market players include Acconeer AB, AISIN CORP., Arbe Robotics Ltd, AU Inc, Autoliv Inc., Banner Engineering Corp., DENSO Corp., Faurecia SE, Infineon Technologies AG, Tsien UK Ltd, MediaTek Inc., NXP Semiconductors NV, Renesas Electronics Corp., Robert Bosch GmbH, Rohde and Schwarz GmbH and Co. KG, S.m.s Smart Microwave Sensors GmbH, Schaeffler AG, Texas Instruments Inc., Valeo SA, Vayyar Imaging Ltd., and Eravant.

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Automotive Radar Sensors Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 14.01%

Market growth 2024-2028

USD 6.51 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

13.39

Regional analysis

Europe, North America, APAC, South America, and Middle East and Africa

Performing market contribution

Europe at 31%

Key countries

US, China, Japan, Germany, and UK

Key companies profiled

Acconeer AB, AISIN CORP., Arbe Robotics Ltd, AU Inc, Autoliv Inc., Banner Engineering Corp., DENSO Corp., Faurecia SE, Infineon Technologies AG, Tsien UK Ltd, MediaTek Inc., NXP Semiconductors NV, Renesas Electronics Corp., Robert Bosch GmbH, Rohde and Schwarz GmbH and Co. KG, S.m.s Smart Microwave Sensors GmbH, Schaeffler AG, Texas Instruments Inc., Valeo SA, Vayyar Imaging Ltd., and Eravant

Market Driver

The Automotive Radar Sensors market is experiencing significant growth due to the increasing demand for advanced safety features in both passenger and commercial vehicles. Radar sensors, including short-range and long-range, are crucial components of Advanced Driver-Assistance Systems (ADAS) and Autonomous Driving (AD) systems. Optical imaging, video, ultrasonic, infrared, LIDAR, and ultrasound are alternative technologies, but radar sensors offer superior detection capabilities and range. ADAS applications include Intelligent Park Assist, Lane Change Assistance, and Collision Prevention. Long-range radar sensors operate at 24 GHz, 77-GHz, and 79GHz frequencies, enabling high-resolution tracking and detection of objects at greater distances. Short-range radar sensors are used for parking assistance and collision mitigation. The autonomous car market is a major driver of the radar sensor industry, with companies like Tesla, Waymo, and NVIDIA investing heavily in this technology. Radar sensors are also used in security and surveillance, industrial applications, traffic monitoring, and infrastructure development. The future of the automotive radar sensor market lies in technology innovation, electrification, and mobility solutions. 

Modern vehicles incorporate numerous electronic systems, including radar, ultrasound, LIDAR, and cameras, to enhance Advanced Driver Assistance Systems (ADAS) features. Strict regulations and OEM differentiation drive the increasing demand for automotive radar sensors. However, these systems operate independently, limiting their effective and realistic functionality. Overcoming the shortcomings of each sensor type requires integration and information exchange among them, which is currently lacking. Thus, the market for automotive radar sensors continues to grow, addressing safety and regulatory requirements. 

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Market Challenges

The Automotive Radar Sensors market is experiencing significant growth due to the increasing demand for advanced safety features in both passenger and commercial vehicles. Traditional sensors like Optical imaging, Video, Ultrasonic, and Infrared are being supplemented by newer technologies such as LIDAR, Short range radar, Mid range radar, and Long range radar. Automakers are integrating these sensors into Advanced Driver Assistance Systems (ADAS) and Autonomous Driving (AD) systems, including Intelligent Park Assist, Lane change assistance, and Collision prevention. Automotive radar sensors operate at various frequencies, including 24 GHz, and offer long-range detection capabilities. SAE-Level 3 automation and autonomous driving are driving the market, with technologies like DRIVE PILOT leading the way. The industry is also being influenced by trends such as Industry 4.0, electrification, and mobility. However, challenges remain, including the need for innovative packaging concepts and cutting-edge production processes for high-frequency components. The market is also impacted by competition from other sensors like cameras and ultrasound, as well as Moisture sensors and other technologies. The autonomous car market, consumer electronic devices, and infrastructure development are also key factors influencing the market. Long-range radar sensors, operating at 77-GHz and 79GHz frequencies, offer high-resolution tracking and detection capabilities, making them essential for collision mitigation (CM) and parking assistance (PA) systems. The market is expected to continue growing, driven by the increasing demand for safety features and the development of autonomous cars.Radar sensors in the automotive industry transmit signals between vehicles and roadside infrastructure, making them susceptible to eavesdropping attacks by malicious actors. These attacks can compromise vehicle privacy and expose sensitive information, such as location data, driving patterns, and vehicle telemetry. Cybercriminals may also launch denial-of-service (DoS) attacks against radar sensors or their communication networks, impairing sensor performance and disrupting safety-critical functions. Additionally, radar sensor systems are vulnerable to malware and ransomware attacks, which can inject malicious software into electronic control units (ECUs) or networked components, potentially causing significant harm to vehicle operations. It is essential for automotive companies to prioritize cybersecurity measures to protect against these threats and ensure the safe and reliable operation of radar sensors in vehicles.

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Segment Overview 

This automotive radar sensors market report extensively covers market segmentation by 

Type 1.1 Medium-range1.2 Long-range1.3 Short-rangeApplication 2.1 FCW2.2 AEBS2.3 ACC2.4 BCD and othersGeography 3.1 Europe3.2 North America3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Medium-range-  The Automotive Radar Sensors Market is driven by the increasing adoption of advanced collision avoidance and prevention systems in both passenger and commercial vehicles. These systems utilize radar sensors to detect and alert drivers when their vehicle is approaching another at an unsafe distance. The systems offer various warning mechanisms, including alarm sounds, warning lights, or vibrations. The US National Highway Traffic Safety Administration (NHTSA) and New Car Assessment Programme (NCAP) in the EU, Japan, Korea, and China have mandated or encouraged the use of these systems in heavy vehicles and trucks. Tests have shown significant positive results in reducing crashes caused by driver distraction and other factors. Furthermore, these sensors are part of the bundled Advanced Driver-Assistance Systems (ADAS) offering, making them a standard fitment in the future. The global Automotive Radar Sensors Market is expected to grow significantly during the forecast period due to these factors.

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Research Analysis

The Automotive Radar Sensors market is a rapidly growing segment in the automotive industry, driven by the increasing demand for advanced safety features and autonomous driving technologies. Radar sensors use radio waves to detect objects and measure their distance, velocity, and size. They offer several advantages over other sensing technologies such as optical imaging, video, ultrasonic, and infrared. Radar sensors come in various ranges, including short, mid, and long-range, catering to different applications in Advanced Driver Assistance Systems (ADAS) and Autonomous Driving (AD) systems. These systems enhance automation and mobility, providing features like lane change assistance, collision prevention, and safety enhancements. Industry 4.0 and electrification are also influencing the market, as radar sensors play a crucial role in optimizing vehicle performance and ensuring safety in these advanced technologies. With the increasing number of registered cars and the growing focus on mobility solutions, the Automotive Radar Sensors market is poised for significant growth in the coming years. Technology innovation continues to drive the market, with high-frequency components and advanced signal processing algorithms enabling improved accuracy and reliability. The market is expected to expand across passenger vehicles and commercial vehicles, catering to the diverse needs of the automotive industry.

Market Research Overview

Automotive Radar Sensors are an essential component of Advanced Driver-Assistance Systems (ADAS) and Autonomous Driving (AD) systems in modern vehicles. These sensors use radio waves to detect objects in the vehicle’s surroundings, providing real-time information on range, velocity, and angle. Unlike Optical imaging, Video, Ultrasonic, Infrared, and LIDAR sensors, Automotive Radar Sensors operate using radio waves in various frequency bands, including Short Range Radar (SRR), Mid Range Radar (MRR), and Long Range Radar (LRR). Radar sensors play a crucial role in various ADAS features, such as Lane Change Assistance, Collision Prevention, and Automation. They come in different frequency bands, with 24 GHz being commonly used for short-range applications, and 77-GHz and 79GHz frequencies for long-range detection. The Automotive Radar Sensors market is growing rapidly due to the increasing demand for safety features in passenger cars and commercial vehicles. The market is also driven by the trend towards autonomous driving and Industry 4.0, which requires high-resolution tracking and detection capabilities. The market for Automotive Radar Sensors is expected to grow significantly in the coming years, driven by the increasing number of registered cars, the adoption of SAE-Level 3 and higher automation, and the expanding use cases in areas such as security and surveillance, industrial applications, and traffic monitoring. The development of Automotive Radar Sensors involves cutting-edge production processes and innovative packaging concepts to ensure high-frequency components perform optimally. The market is also witnessing technology innovation in areas such as electrification, mobility, and safety features, making radar sensors an essential component of the future of transportation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeMedium-rangeLong-rangeShort-rangeApplicationFCWAEBSACCBCD And OthersGeographyEuropeNorth AmericaAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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