Jack Henry & Associates (JKHY) FY2023 results: revenue $2.1 billion, up 6.9% on the year

Jack Henry & Associates Inc. (JKHY) reported revenue of $2.1 billion for fiscal 2023, the year ended 30 June 2023, up 6.9% on the year before. Net income was $367 million, up 1.0%, and diluted earnings per share $5.02. The figures are the company's own, from the 10-K it filed with the SEC on 24 August 2023.

Revenue

$2.1 billion

+6.9% on the year

FY2016FY2023

Operating margin

23.1%

24.4% a year earlier

FY2016FY2023

Net income

$367 million

+1.0% on the year

FY2016FY2023

Diluted EPS

$5.02

+1.6% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,078	1,943	1,758	+6.9%
Cost of revenue	1,219	1,129	1,063	+8.0%
Gross profit	859	814	695	+5.4%
Gross margin	41.3%	41.9%	39.5%
Research and development	143	121	109	+17.6%
Selling, general and administrative	235	218	187	+7.8%
Operating income	481	475	399	+1.3%
Operating margin	23.1%	24.4%	22.7%
Interest expense	15.1	2.4	1.1	+532.3%
Pre-tax income	475	472	398	+0.5%
Income tax	108	109	86.3	-1.3%
Effective tax rate	22.7%	23.2%	21.7%
Net income	367	363	311	+1.0%
Net margin	17.6%	18.7%	17.7%
Diluted EPS	$5.02	$4.94	$4.12	+1.6%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	382	505	462	-24.4%
Capital expenditure	39.2	34.7	23.0	+13.0%
Free cash flow	342	470	439	-27.1%
Free cash flow margin	16.5%	24.2%	25.0%
Cash from investing	-410	-196	-162
Cash from financing	-8.4	-310	-462
Depreciation	48.7	50.8	52.5	-4.1%
Share-based compensation	28.6	24.8	20.7	+15.5%
Buybacks	25.0	194	432	-87.1%
Dividends paid	147	139	134	+5.9%
Dividend per share	$2.02	$1.90	$1.78	+6.3%
Diluted shares, weighted	73m	73m	76m	-0.5%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,609	1,382	1,319	+16.4%
Debt	275	115	100	+139.1%
Operating lease liabilities	40.5	40.8	49.4	-0.7%
Finance lease liabilities	n/a	n/a	0.1
Other liabilities	850	918	867	-7.4%
Total liabilities and equity	2,774	2,456	2,336	+13.0%
Fixed assets	206	212	252	-2.9%
Goodwill	805	687	687	+17.1%
Cash and equivalents	12.2	48.8	51.0	-74.9%
Receivables	361	348	307	+3.8%
Other assets	1,390	1,160	1,039	+19.9%
Total assets	2,774	2,456	2,336	+13.0%

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