Jack Henry & Associates (JKHY) Q4 FY2023 earnings: revenue $535 million, up 10.8% on the year

Jack Henry & Associates Inc. (JKHY) reported revenue of $535 million for Q4 FY2023, the quarter ended 30 June 2023, up 10.8% on the same quarter a year earlier. Net income was $98 million, up 21.6% on the year, and diluted earnings per share $1.34. The figures are the company's own, from the 10-K it filed with the SEC on 24 August 2023.

Revenue

$535 million

+10.8% on the year · +5.1% on the quarter

Q1 FY2022Q4 FY2023

Operating margin

23.2%

21.5% a year earlier

Q1 FY2022Q4 FY2023

Net income

$98 million

+21.6% on the year · +19.9% on the quarter

Q1 FY2022Q4 FY2023

Diluted EPS

$1.34

+21.8% on the year · +19.6% on the quarter

Q1 FY2022Q4 FY2023

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2023	Q3 FY2023	Q4 FY2022	On the quarter	On the year
Revenue	535	509	483	+5.1%	+10.8%
Cost of revenue	309	307	287	+0.5%	+7.7%
Gross profit	226	201	196	+12.2%	+15.3%
Gross margin	42.2%	39.6%	40.6%
Research and development	38.5	34.6	34.0	+11.2%	+13.4%
Selling, general and administrative	63.1	58.2	58.1	+8.4%	+8.5%
Operating income	124	108	104	+14.6%	+19.7%
Operating margin	23.2%	21.3%	21.5%
Interest expense	5.4	4.7	1.0	+16.3%	+443.6%
Pre-tax income	124	106	103	+16.8%	+20.6%
Income tax	26.2	24.6	22.4	+6.6%	+17.0%
Effective tax rate	21.1%	23.2%	21.8%
Net income	97.8	81.5	80.4	+19.9%	+21.6%
Net margin	18.3%	16.0%	16.7%
Diluted EPS	$1.34	$1.12	$1.10	+19.6%	+21.8%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2023	Q3 FY2023	Q4 FY2022	On the quarter	On the year
Operating cash flow	175	16.3	203	+969.4%	-14.1%
Capital expenditure	11.9	9.9	6.3	+21.1%	+90.4%
Free cash flow	163	6.5	197	+2,417.2%	-17.5%
Free cash flow margin	30.4%	1.3%	40.8%
Cash from investing	-54.1	-54.4	-51.3
Cash from financing	-135	38.8	-143
Depreciation	12.0	12.0	12.4	+0.1%	-3.8%
Share-based compensation	7.2	6.9	5.5	+3.4%	+30.6%
Buybacks	0.0	25.0	0.0
Dividends paid	37.9	37.9	35.7	-0.0%	+6.2%
Dividend per share	n/a	$0.52	n/a
Diluted shares, weighted	73m	73m	73m	-0.1%	-0.6%
Shares outstanding at period end	73m	73m	73m	+0.1%	+0.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2023	Q3 FY2023	Q4 FY2022	On the quarter	On the year
Shareholders' equity	1,609	1,538	1,382	+4.6%	+16.4%
Debt	275	375	115	-26.7%	+139.1%
Operating lease liabilities	40.5	35.5	40.8	+13.9%	-0.7%
Other liabilities	850	659	918	+29.0%	-7.4%
Total liabilities and equity	2,774	2,608	2,456	+6.4%	+13.0%
Fixed assets	206	200	212	+2.9%	-2.9%
Goodwill	805	805	687	0.0%	+17.1%
Cash and equivalents	12.2	26.6	48.8	-53.9%	-74.9%
Receivables	361	238	348	+51.6%	+3.8%
Other assets	1,390	1,338	1,160	+3.9%	+19.9%
Total assets	2,774	2,608	2,456	+6.4%	+13.0%

Questions

What was Jack Henry & Associates' revenue in Q4 FY2023?

Jack Henry & Associates (JKHY) reported revenue of $535 million for Q4 FY2023, the quarter ended 30 June 2023, up 10.8% on the same quarter a year earlier.

How much did Jack Henry & Associates earn in Q4 FY2023?

Net income for Q4 FY2023 was $98 million, up 21.6% on the year, and diluted earnings per share $1.34.

When did Jack Henry & Associates report Q4 FY2023 results?

Jack Henry & Associates filed its 10-K for the year that ended with the quarter on 24 August 2023; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	494	478	483	529	505	509	535	571	546	539	560	601	574	585	615	645	619	636	644	702
Cost of revenue	283	282	287	298	305	307	309	323	321	328	327	343	333	341	344	349	351	364	370	376
Gross profit	211	196	196	231	201	201	226	248	225	210	233	258	241	245	271	296	268	272	274	326
Gross margin	43%	41%	41%	44%	40%	40%	42%	43%	41%	39%	42%	43%	42%	42%	44%	46%	43%	43%	43%	46%
R&D	29.9	30.7	34.0	33.0	36.6	34.6	38.5	36.9	35.5	36.0	39.9	39.7	41.1	39.4	42.6	39.3	42.2	45.1	49.8	45.8
SG&A	55.5	53.6	58.1	57.2	56.8	58.2	63.1	78.8	70.3	62.2	67.1	66.6	76.9	66.3	73.2	72.8	67.0	72.2	87.2	72.6
Operating income	126	112	104	141	107	108	124	133	119	112	126	151	123	139	156	184	159	155	137	207
Operating margin	25%	23%	21%	27%	21%	21%	23%	23%	22%	21%	22%	25%	21%	24%	25%	29%	26%	24%	21%	30%
Interest expense	0.4	0.7	1.0	1.6	3.4	4.7	5.4	4.2	3.9	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	125	111	103	139	105	106	124	133	120	114	130	157	127	142	160	190	164	159	140	211
Tax rate	24%	24%	22%	24%	23%	23%	21%	24%	24%	24%	22%	24%	23%	22%	20%	24%	24%	22%	20%	24%
Net income	95.7	84.7	80.4	107	80.8	81.5	97.8	102	92.0	87.1	101	119	97.8	111	128	144	125	123	111	160
Net margin	19%	18%	17%	20%	16%	16%	18%	18%	17%	16%	18%	20%	17%	19%	21%	22%	20%	19%	17%	23%
Diluted EPS	$1.30	$1.16	$1.10	$1.46	$1.10	$1.12	$1.34	$1.39	$1.26	$1.19	$1.38	$1.63	$1.34	$1.52	$1.75	$1.97	$1.72	$1.71	$1.57	$2.28
Operating cash flow	90.8	104	203	137	53.9	16.3	175	157	81.5	97.6	232	117	89.6	108	327	121	153	186	303	161
Capital expenditure	13.1	6.0	6.3	7.7	9.6	9.9	11.9	7.6	16.8	9.9	23.8	12.8	16.7	11.7	12.2	8.9	21.2	16.5	20.5	27.0
Free cash flow	77.7	98.0	197	129	44.2	6.5	163	150	64.7	87.7	208	104	73.0	96.1	315	112	131	170	282	134
Buybacks	194	-0.0	0.0	0.0	0.0	25.0	0.0	20.0	0.0	0.0	8.1	0.0	17.1	18.0	-0.0	62.0	63.2	159	164	70.9
Dividends paid	33.7	35.7	35.7	35.7	35.7	37.9	37.9	37.9	37.9	40.1	40.1	40.1	40.1	42.3	42.2	42.1	41.8	43.5	42.9	42.8
Shares outstanding	73m	73m	73m	73m	73m	73m	73m	73m	73m	73m	73m	73m	73m	73m	73m	72m	72m	71m	70m	70m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 30 June 2023, filed 24 August 2023: the filing.