Jack Henry & Associates (JKHY) FY2022 results: revenue $1.9 billion, up 10.5% on the year

Jack Henry & Associates Inc. (JKHY) reported revenue of $1.9 billion for fiscal 2022, the year ended 30 June 2022, up 10.5% on the year before. Net income was $363 million, up 16.5%, and diluted earnings per share $4.94. The figures are the company's own, from the 10-K it filed with the SEC on 25 August 2022.

Revenue

$1.9 billion

+10.5% on the year

FY2015FY2022

Operating margin

24.4%

22.7% a year earlier

FY2015FY2022

Net income

$363 million

+16.5% on the year

FY2015FY2022

Diluted EPS

$4.94

+19.9% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,943	1,758	1,697	+10.5%
Cost of revenue	1,129	1,063	1,008	+6.1%
Gross profit	814	695	689	+17.2%
Gross margin	41.9%	39.5%	40.6%
Research and development	121	109	110	+11.3%
Selling, general and administrative	218	187	198	+16.7%
Operating income	475	399	381	+19.0%
Operating margin	24.4%	22.7%	22.4%
Interest expense	2.4	1.1	0.7	+108.4%
Pre-tax income	472	398	381	+18.7%
Income tax	109	86.3	84.4	+26.8%
Effective tax rate	23.2%	21.7%	22.1%
Net income	363	311	297	+16.5%
Net margin	18.7%	17.7%	17.5%
Diluted EPS	$4.94	$4.12	$3.86	+19.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	505	462	511	+9.2%
Capital expenditure	34.7	23.0	53.5	+50.8%
Free cash flow	470	439	457	+7.0%
Free cash flow margin	24.2%	25.0%	26.9%
Cash from investing	-196	-162	-198
Cash from financing	-310	-462	-193
Depreciation	50.8	52.5	52.2	-3.3%
Share-based compensation	24.8	20.7	16.9	+19.4%
Buybacks	194	432	71.5	-55.1%
Dividends paid	139	134	127	+3.9%
Dividend per share	$1.90	$1.78	$1.66	+6.7%
Diluted shares, weighted	73m	76m	77m	-2.9%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,382	1,319	1,550	+4.7%
Debt	115	100	0.2	+14.9%
Operating lease liabilities	40.8	49.4	56.6	-17.4%
Finance lease liabilities	n/a	0.1	0.2
Other liabilities	918	867	822	+5.9%
Total liabilities and equity	2,456	2,336	2,428	+5.1%
Fixed assets	212	252	273	-16.1%
Goodwill	687	687	686	0.0%
Cash and equivalents	48.8	51.0	213	-4.3%
Receivables	348	307	301	+13.5%
Other assets	1,160	1,039	954	+11.6%
Total assets	2,456	2,336	2,428	+5.1%

10-K for the year ended 30 June 2022, filed 25 August 2022: the filing.