Technology
Jack Henry & Associates, Inc. Reports First Quarter Fiscal 2025 Results
Published
3 weeks agoon
By
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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NASHIK, India, Nov. 27, 2024 /PRNewswire/ — PDRL, a leader in drone technology solutions, is thrilled to announce its partnership with Digital Quantum, a global technology consulting firm specializing in digital transformation. This strategic collaboration is set to enhance the capabilities of PDRL’s AeroMegh GeoAI platform, delivering next-generation digital solutions to a wider audience in the rapidly expanding drone industry.
About Indian GIS Industry 2024
The Indian Geographic Information System (GIS) industry in 2024 is experiencing substantial growth, fuelled by advancements in digital transformation and the increased adoption of drone and satellite technologies across sectors like agriculture, urban planning, infrastructure, and disaster management. Government initiatives, including the Digital India program, Smart Cities Mission, and the Geospatial Data Policy, have strengthened the GIS ecosystem, encouraging both innovation and cross-sector adoption of GIS-driven solutions. As cloud-based, AI-driven, and real-time GIS solutions become more prominent, the industry is evolving to support accurate, on-demand data and dynamic decision-making. Partnerships, such as that of PDRL and Digital Quantum, are pivotal in driving this growth by bringing advanced technology and streamlined data capabilities to the forefront.
About AeroMegh, A GeoAI Platform
AeroMegh combines pioneering AI and GIS technologies to enhance drone operations, geospatial intelligence, and data analytics. Its capabilities include comprehensive GIS features for data processing, importing, and workflow integration through APIs, allowing users to efficiently manage geospatial data and generate actionable insights. The platform’s AI-powered features deliver advanced image and video analytics, automating processes such as object detection and annotation to streamline aerial data analysis. AeroMegh also supports LiDAR integration and photogrammetry for high-precision mapping and 3D modeling, enabling applications in agriculture, construction, and urban planning. Collaboration features, including role-based access and real-time interaction, ensure seamless teamwork and data sharing, making it ideal for industries seeking unified solutions for drone missions and geospatial intelligence.
Driving Digital Transformation with AeroMegh GeoAI
Digital Quantum, renowned for its expertise in technology integration and digital transformation, enables organizations to adopt innovative, experience-led solutions for enhanced operational efficiency and growth. Through this partnership, AeroMegh GeoAI, a comprehensive platform for drone operations, data processing, and analytics will leverage Digital Quantum’s customer-centric design and advanced digital solutions. Together, they aim to streamline drone operations and data analytics across diverse industries such as agriculture, infrastructure, mining and more.
Digital Quantum’s unique approach combines design thinking with advanced technologies to deliver scalable, customer-centered solutions that will empower AeroMegh GeoAI to meet the evolving needs of India’s booming GIS industry. By utilizing Digital Quantum’s capabilities, AeroMegh GeoAI is set to expand its reach, enabling organizations to fully harness the potential of drone technology for accurate, data-driven decision-making.
Meeting the Needs of India’s Evolving GIS Landscape
In an era where GIS technology is reshaping industries, this partnership will enable AeroMegh GeoAI to evolve continuously, aligning with the dynamic demands of the GIS and drone technology sectors in India. With PDRL and Digital Quantum working together, the AeroMegh GeoAI ecosystem is poised to provide accessible, impactful digital transformation for businesses across sectors.
Anil Chandaliya, CEO, PDRL: “Our partnership with Digital Quantum comes at a pivotal moment in India’s GIS industry, where digital transformation and drone technology are rapidly converging. Together, we aim to drive innovation in AeroMegh GeoAI, empowering industries with groundbreaking capabilities.”
Amitabh Shukla, CEO, Digital Quantum: “We are excited to partner with PDRL and support AeroMegh GeoAI in advancing India’s GIS landscape. Our expertise in digital innovation and customer-focused solutions aligns perfectly with PDRL’s vision, and we look forward to redefining the drone technology landscape together.”
By joining forces, PDRL and Digital Quantum are poised to reshape the GIS and drone technology landscape, positioning AeroMegh GeoAI at the forefront of digital transformation and empowering industries across India to embrace a future of data-driven innovation and precision.
About PDRL:
Established in 2018, PDRL has swiftly risen as a dominant force in the Drone Technology, commanding a market share exceeding 50%. With three patents secured and three more in the pipeline, PDRL is committed to pioneering advancements that Create More Time to Live.
Central to PDRL’s mission is the development of cutting-edge drone technologies that streamline operations, boost efficiencies, and create more time to live.
At the heart of PDRL’s innovation is AeroMegh, a revolutionary drone SaaS solution integrating flight management, data capture, processing, and analytics. AeroMegh consists of: AeroGCS: Ensures seamless flight operations, AeroMegh GeoAI platform: Delivers precise photogrammetry solutions and provides advanced GeoAI data analytics. Together, these products empower users with actionable insights, simplifying drone operations and enhancing overall efficiency.
PDRL remains steadfast in its commitment to sustainability and responsible innovation. By leveraging eco-friendly drone solutions, PDRL aims to mitigate carbon footprints and promote environmentally conscious practices across various sectors.
Through continuous research and development, strategic partnerships, and unwavering customer focus, PDRL envisions leadership in the market and also a future defined by efficiency, sustainability, and enduring societal impact.
Contact Details:
marketing@pdrl.in | +91-7770013322
Photo: https://mma.prnewswire.com/media/2567466/PDRL_Partners_with_Digital_Quantum.jpg
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Technology
Science Meets Romance: Chemical Engineer Caryn Davis is Flipping the Script and Helping People Find Their Ultimate Chemistry
Published
2 minutes agoon
November 27, 2024By
Caryn Davis, founder of Exquisite Elite Matchmaking, blends science, expertise, and a personal touch to help busy professionals find lasting love and connection.
HOUSTON, Nov. 26, 2024 /PRNewswire/ — In a world where the complexities of love often rival the intricacies of science, one woman is bringing precision and expertise to the realm of relationships. Caryn Davis, a chemical engineer turned Certified Science-Based Dating Coach and Matchmaker, is using her personal experiences to redefine modern dating.
As the founder of Exquisite Elite Matchmaking, Davis blends her certified training, of what keeps couples together and what breaks them a part, along with a personal touch to help busy professionals find meaningful, long-term relationships. Drawing from her background in chemical engineering and an MBA, she uniquely combines logic and intuition to match clients based on physical attraction (i.e., no blind dates), compatibility, shared values, and relationship goals. Davis relates to her clients in the dating world because she knows what it feels like to be single, married, and divorced. Recognizing the challenges professionals face in finding genuine connections amidst hectic schedules, she decided to create a solution in a stress-free and relaxing manner. That solution became Exquisite Elite Matchmaking, a bespoke service that caters to men from their late 20s to mid 60s primarily in Texas (plans to expand in other states in the future) and offers date coaching to women nationwide.
Empowering BUSY Professionals Through Connection
Beyond the personal impact of her work, Davis is committed to helping BUSY professionals build meaningful relationships. Her approach focuses on addressing the unique challenges they face in dating, ensuring they find partners who complement their goals and values. Davis emphasizes that dating is an opportunity for individuals to grow, connect, and build a foundation for lasting happiness. She acknowledges that while BUSY professionals often excel in their careers, they may struggle to prioritize love, and she helps them bridge that gap with tailored strategies and guidance.
She understands her client’s needs, so she can find partners who genuinely complement them. Her holistic process includes personalized assessments, coaching sessions, and image consultations. As a licensed cosmetologist, she ensures her male and female clients present themselves in their best light. Although her background is in a STEM profession, her clientele have various professional backgrounds, approximately 40% STEM Professionals and 60% Business, Non-Profits, Education, Entrepreneurship, etc.
Exquisite Elite Matchmaking: A Cut Above the Rest
Exquisite Elite Matchmaking is more than just a matchmaking service; it’s a transformative experience. Davis takes pride in tailoring her services to each client’s unique needs, offering:
Personalized Matches: Based on physical attraction, compatibility, values, and goals.Date Coaching: Strategies to improve communication, self-growth, and connection.Image Consulting: Style tips to make lasting impressions.
This approach has earned Davis a reputation as a leader in modern matchmaking, providing a fresh, results-driven perspective on relationships.
Looking to the Future
As the holiday season approaches, Davis is dedicated to helping clients embrace love as a priority. Her matchmaking process inspires hope for those seeking genuine, lasting relationships by providing practical tools and a personalized approach. Drawing from her background as a chemical engineer, Davis applies her problem-solving mindset to help individuals find happiness in their personal lives. Her unique formula for success continues to pave the way for meaningful connections and enduring relationships.
For media inquiries, or to schedule an interview with Caryn Davis—please contact Innovating Marketing Group at info@innovatingmarketinggroup.com or call 346-980-9062.
About Exquisite Elite Matchmaking
Caryn Davis is the founder of Exquisite Elite Matchmaking, a Certified Science-Based Dating Coach, and Matchmaker. With a background in chemical engineering and an MBA, Davis blends her professional expertise with personal experience to help clients find meaningful relationships. Her work for her clients emphasizes compatibility and personal growth.
Press Contact:
LaToya F Hurley
3469809062
http://www.InnovatingMarketingGroup.com
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SOURCE Exquisite Elite Matchmaking
Technology
JOYY Reports Net Profit of US$60.6 Million, Share Buybacks Surpass US$117.8 Million in Q3
Published
2 minutes agoon
November 27, 2024By
SINGAPORE, Nov. 26, 2024 /PRNewswire/ — JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company”), a global leading technology company, announced its unaudited financial results for the third quarter of 2024.
For the third quarter, JOYY’s revenue reached US$558.7 million, while the Company’s core business segment, BIGO, generated revenues of US$496.0 million. JOYY’s GAAP and non-GAAP operating income[1] were US$16.4 million and US$34.9 million, respectively, up by 623.5% and 16.4% on a quarterly basis. JOYY recorded a net profit and non-GAAP net profit[1] of US$60.6 million and US$61.2 million, for a GAAP and non-GAAP net margin[1] of 10.8% and 10.9%, respectively. BIGO’s GAAP and non-GAAP operating income[1] reached US$62.7 million and US$72.9 million, respectively, marking sequential increases of 8.2% and 5.0%. The Company sustained its positive operating cash flows, generating US$61.1 million in the third quarter.
During the third quarter, JOYY actively advanced shareholder returns by buying back an additional US$117.8 million worth of its shares. During the first three quarters of 2024, the Company has repurchased 7.31 million of its ADSs for a total of US$243.7 million, demonstrating confidence in the company’s long-term prospects.
Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, “We continued to execute effectively on our strategic priorities during the third quarter, cultivating our global social and content ecosystem, and enhancing our global operational capabilities and efficiencies, which yielded solid results. Our group’s GAAP and non-GAAP operating income were US$16.4 million and US$34.9 million, respectively, up by 623.5% and 16.4% on a quarterly basis. During the third quarter, we continued to cultivate long-term initiatives that will further diversify our revenue streams. Our Group non-livestreaming revenue grew by 13.1% to US$119.2 million quarter over quarter, contributing 21.3% of total revenues. Looking ahead, we remain focused on enhancing user experiences through product innovation, further diversifying our revenue streams, and advancing operational excellence across our global footprint. Supported by our strong cash flow and healthy financial position, we are well-positioned to deliver sustainable, profitable growth and create enduring value for our shareholders.”
Third Quarter 2024 Financial Highlights
Net revenues in the third quarter of 2024 were US$558.7 million.Net income attributable to controlling interest of JOYY was US$60.6 million in the third quarter.Non-GAAP net income[1] attributable to controlling interest and common shareholders of JOYY was US$61.2 million in the third quarter.
Third Quarter 2024 Business Highlights
In the third quarter, Bigo Live sharpened its operational strategy by prioritizing advertising investments and operational resources toward developed countries and premium users, and simultaneously enhanced its content quality and social experiences to drive long-term user monetization potential. This targeted approach yielded strong results in core developed countries, where MAUs grew 3.4% year over year and 3.7% quarter over quarter, and paying users increased 9.1% year over year. Bigo Live also achieved encouraging momentum in the Middle East, where its revenue increased 5.6% sequentially.
To further enhance its global content and social ecosystem, Bigo Live implemented a series of upgrades to boost the creation, quality, and distribution of content on its platform. For example, Bigo Live fine-tuned its content recommendation algorithms to better facilitate content sharing within same-language regions and expand cross-regional content flow between highly interactive markets. These enhancements streamlined its cross-regional content delivery and better served users’ growing appetite for global content and social connections.
In the last quarter, Bigo Live successfully hosted the third season of “BIGO’s Most Talented”, featuring categories in Music, Dance and Beauty Pageantry. The event attracted outstanding creators from around the world. Building on previous seasons, the third season introduced a more rounded judging system incorporating key audience engagement metrics. This allowed a seamless merger of interactive livestreaming elements with traditional talent show elements. The event resonated strongly with viewers, amassing an impressive 5.79 million audience votes. Bigo Live also strengthened bonds with its business partners and user community through a series of mid-year galas across Saudi Arabia, Vietnam, Thailand, and the Philippines. These gatherings brought together the cornerstone members of Bigo Live’s ecosystem – top creators, users and partners – to celebrate their achievements and vital contributions to the platform’s progress in the first half of the year.
Bigo Live also further developed its social engagement features, prioritizing improvements to Real Match and messaging functionality. These upgrades drove deeper user connections and more efficient follow conversions. Notably, Real Match’s average DAU penetration rate increased significantly to 23.4%, while the number of direct chat messages rose by 15.9% from the previous quarter. Bigo Live also achieved a 4.3% rise in average new follows per user. By directing traffic to premium hosts and upgrading interactive features, Bigo Live boosted creator participation and user engagement in multi-guest rooms. Bigo Live achieved a 3.9% sequential increase in the penetration rate of streamers in multi-guest rooms, alongside a 3.6% sequential increase in the overall rate of users going live as guest speakers.
Likee remains rooted in the Middle East and European markets, where it continues to build momentum and enhance monetization across both livestreaming and advertising. As a result, Likee’s advertising revenue grew 33.4% year over year in the third quarter, and Likee maintained its profitability.
During the quarter, Likee elevated its user experience across its core markets through enhanced content quality, interactivity, and community engagement. A standout community-building initiative was its August music festival tour across five European cities, which brought together Likee’s top creators, including music bloggers and dance groups, alongside established performers and celebrities. This unique event delivered an unprecedented interactive experience for the Likee community. In September, Likee served as the official media partner for Phygital Games 2024, providing eight days of livestreaming coverage to immerse users in the competitive prowess of top athletes in digital football, basketball, laser shooting, and simulated dance. Likee’s expanded premium content offerings and content diversity drove a 12.3% quarter-over-quarter increase in users’ video time spent.
In the third quarter, Hago’s targeted incentive strategy across different paying user segments drove improved monetization metrics. This strategy resulted in positive momentum in both its paying users and ARPPU, with its revenue growing 6.1% quarter over quarter. Hago maintained a positive operating cash flow in the third quarter, and its operating losses further narrowed. Hago’s social engagement metrics also remained strong, with average time spent in social channels increasing 2.5% quarter over quarter to 105.8 minutes, and next-day retention rates showing sustained improvement.
[1]. For details of the non-GAAP measures, including the reconciliations of GAAP measures to non-GAAP measures, please refer to the press release titled “JOYY Reports Third Quarter 2024 Unaudited Financial Results” issued by the Company on November 27, 2024.
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SOURCE JOYY Inc.
PDRL Partners with Digital Quantum to Accelerate AeroMegh GeoAI’s Digital Transformation in Drone Technology
Science Meets Romance: Chemical Engineer Caryn Davis is Flipping the Script and Helping People Find Their Ultimate Chemistry
JOYY Reports Net Profit of US$60.6 Million, Share Buybacks Surpass US$117.8 Million in Q3
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