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

Published

1 year ago

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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.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/jack-henry–associates-inc-reports-first-quarter-fiscal-2025-results-302296898.html

SOURCE Jack Henry & Associates, Inc.

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Toronto firm fined $5,000 for unauthorized use of professional engineer’s seal

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May 6, 2026

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TORONTO, May 6, 2026 /CNW/ – The Ontario Court of Justice has fined a Toronto firm $5,000 for applying a facsimile of a professional engineer’s seal to an engineering report without the engineer’s knowledge or consent.

In June 2023, 11951076 Canada Inc., operating as Studio Four, affixed an engineer’s seal to an engineering report and submitted it to the City of Hamilton in connection with a residential building project. The engineer whose seal was used did not authorize the use of the seal.

A complaint was made to Professional Engineers Ontario (PEO), which investigated and laid charges under the Professional Engineers Act (PEA).

On April 24, 2026, Studio Four pleaded guilty to one count of breaching section 40(3)(b) of the PEA. The firm’s two directors, Salim Afroz and Ashweek Chhabra, also pleaded guilty to breaching section 40(5) of the Act in connection with this conduct.

Studio Four was ordered to pay a $5,000 fine. The two directors each received suspended sentences.

As the regulator of professional engineering in Ontario, PEO reminds the public that the unauthorized use or forgery of a professional engineer’s seal on construction or design drawings is a quasi-criminal offence under the PEA. Such conduct may also result in criminal charges under the Criminal Code of Canada.

PEO administers the Professional Engineers Act to serve and protect the public interest by licensing Ontario’s more than 98,000 professional engineers and engineering firms. Professional engineers can be identified by the “P.Eng.” designation following their names.

Members of the public can verify a professional engineer or engineering firm by searching PEO’s public directories at peo.on.ca/directory. Concerns about unlicensed individuals or unauthorized firms may be reported through PEO’s enforcement hotline at 416-840-1444, 1-800-339-3716 ext. 1444, or enforcement@peo.on.ca.

SOURCE Professional Engineers Ontario

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Tell a Friend, Save on Travel! EF World Journeys Launches Cross-Brand Referral Program That Rewards Travelers to Inspire the People in Their Lives to Tour the Globe

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May 6, 2026

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New benefit allows travelers to unlock savings on future trips by introducing friends and family to EF Go Ahead Tours, EF Ultimate Break, and EF Adventures

CAMBRIDGE, Mass., May 6, 2026 /PRNewswire/ — EF World Journeys, a leader in guided, experiential travel for adults from Gen Z to Baby Boomers, today announced the launch of a new referral program, a travel rewards benefit that can be redeemed across EF Go Ahead Tours, EF Ultimate Break, and EF Adventures.

Under the new program, travelers will receive $100 in travel credit for every friend who books a trip using their referral, with every fifth referral earning you $500 and no cap on total rewards earned. In short, the more friends or family who book from your referral, the more you save on your next trip.

Each year, guided trips across EF World Journeys’ portfolio bring travelers together through shared experiences that extend far beyond the journey itself. Many of those travelers continue to engage with the people they meet on tour, often exchanging photos, stories, and future travel inspiration well after returning home. The new referral program builds on the natural desire to share those experiences, offering travelers easy ways to connect and invite friends, family members, and fellow adventurers to experience a guided group tour for themselves.

“At EF, we’ve always believed that one of the most powerful parts of travel is the connections and communities we create along the way,” said Heidi Durflinger, CEO of EF World Journeys USA. “This referral program makes that even easier, giving our travelers a way to bring friends and family into the experience while continuing to grow a global community of people who choose to explore the world together.”

How it works: Give $100. Get $100.

Refer a friend: Any traveler who has taken a trip with or is currently booked on tour  with EF Go Ahead Tours, EF Ultimate Break, or EF Adventures can now share a personal referral link via email, text, social media, or their respective EF World Journeys mobile app. Friends must be new to EF World Journeys, 18 or older, and have a valid email address to qualify.Both travelers earn $100: When the referred traveler books, both receive $100 in travel credit. Rewards are issued 60 days after booking confirmation, and referrals must book within six months.Earn $500 on every fifth referral: Referring travelers receive $500 for every fifth successful referral. There is no limit to how many referrals can be made, and rewards NEVER expire.

To celebrate the launch of the new referral program, EF Go Ahead Tours is offering an additional limited-time incentive. For the month of May 2026, travelers who refer a friend that books an EF Go Ahead Tours trip will receive an extra $100 referral reward on top of the standard program credit. The promotional bonus applies exclusively to EF Go Ahead Tours bookings and is available for a limited time.

One program. Three brands. Built for every kind of traveler.

EF World Journeys’ referral benefits are available when booking across its entire portfolio of guided, experiential travel companies, allowing travelers to earn and share rewards regardless of which tour operator they or their friends or family choose.

EF Go Ahead Tours offers curated guided travel for adults of all ages, including multi-generational travel groups and private or customized group tours.EF Ultimate Break serves travelers ages 18–35 with social, immersive itineraries.EF Adventures provides hiking, biking, and multi-adventure trips for active adults with a focus on lifelong learning, wellness and community.

Because the referral program spans all three tour operators at EF World Journeys, credits can move naturally within families and friend networks whose travel styles differ.

For example, a traveler who just had a life-changing trip on EF Go Ahead Tours’ A Week in Greece can refer her college-aged daughter to EF Ultimate Break’s Europe’s Icons: London, Paris & Rome and both receive $100 towards their next tour. She can then refer her basketball coach who is a hiking enthusiast to EF Adventure’s Italy Hiking: The Dolomites — and earn again.

This cross brand traveler benefit ensures that no matter how or where someone chooses to book travel across EF Go Ahead Tours, EF Ultimate Break, or EF Adventures – the rewards follow.

For EF Go Ahead Tours, please visit: https://www.goaheadtours.com/about/referrals
For EF Ultimate Break, please visit: https://www.efultimatebreak.com/traveling-with-us/refer-a-friend
For EF Adventures, please visit: https://www.efadventures.com/about/referrals-program

About EF World Journeys
EF World Journeys  is a leader in guided, experiential travel. We connect cultures, communities, and people through guided, group travel with leading tour operator brands like EF Ultimate Break (adults 18-35), EF Go Ahead Tours (adults 35+), and our newest brand, EF Adventures, focused on adventure tours for the active traveler in you. EF World Journeys is part of EF Education First. For over 60 years, EF has planned guided tours with a focus on education and cultural immersion. EF offers travelers 24/7 global support, affordable payment plans, and supports tours in more than 400 destinations worldwide. Since 1965, EF has been committed to opening the world through education. At EF World Journeys, we do just that, helping people of all ages experience the magic of travel, connecting travelers with new places, cultures, and, best of all, a diverse community of people excited to explore the world.

About EF Go Ahead Tours
EF Go Ahead Tours offers more than 200 guided trips across six continents. Each carefully planned, expertly led tour makes it easy for curious travelers of all ages to get to the heart of a destination. With a maximum group size well below the industry average, each trip has the perfect balance of planned sightseeing and free time to explore.

EF Go Ahead Tours is a tour operator brand within EF World Journeys, one of North America’s leading guided, experiential travel companies.

Join EF Go Ahead Tours’ affiliate program, supported by AWIN and earn commissions on booked tours.

About EF Ultimate Break
EF Ultimate Break is the best way to experience the world for anyone 18-35. With over 175 trips, we handle logistics for everything that makes travel a great experience from accommodations to flights to amazing tour directors to memory-making excursions. Our affordable interest-free payment plans make international travel possible for every traveler. EF Ultimate Break is part of EF World Journeys, a leader in guided, experiential travel with tour operator brands that also include EF Go Ahead Tours (adults 35+) and EF Adventures (all ages, 14+ with adult supervision). 

Are you an influencer or creator who wants to lead tours with your growing audience? Earn commissions on each booking by joining our influencer-hosted tour program. 

Media partners can now participate in EF Ultimate Break’s affiliate marketing program and earn commissions for tour bookings. Click here to learn more.

About EF Adventures
EF Adventures is an education-based adventure travel company offering 40+ guided tours across 25 countries and 5 continents. Launched in September 2024 as part of the EF World Journeys family of experiential travel brands, EF Adventures builds on more than 30 years of EF’s global expertise in educational and cultural immersion.

Each small-group tour blends active exploration with authentic learning, inviting travelers to engage with local traditions, communities, and ecosystems through guided experiences like hiking, biking, and multi-adventure activities such as kayaking, yoga, ziplining, and more. Designed for varied fitness levels and age groups, the EF Adventures experience combines adventure-based activity with hands-on cultural discovery that transforms how people see the world.

EF Adventures invites publishers and creators to become part of its growing affiliate network. Earn competitive commissions on confirmed bookings by referring travelers to efadventures.com. Learn more and apply here.

View original content to download multimedia:https://www.prnewswire.com/news-releases/tell-a-friend-save-on-travel-ef-world-journeys-launches-cross-brand-referral-program-that-rewards-travelers-to-inspire-the-people-in-their-lives-to-tour-the-globe-302761895.html

SOURCE EF World Journeys

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NEO Battery Partners with Highest-Ranking ROK Army’s Capital Defense Command for Defense Drone & Robotics Batteries

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May 6, 2026

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Defense technology partnership with Republic of Korea (“ROK) Army’s Capital Defense Command (“CDC”), one of the highest-ranking command units responsible for securing the Presidential Office, the capital and key national infrastructureFocuses on battery supply and integration within CDC defense drone and robotics units, featuring specialized drone training and technical battery advisoryLeverages the CDC’s decision-making authority to accelerate the adoption of Korea-made battery technology across broader national defense and military units

TORONTO, May 6, 2026 /CNW/ – NEO Battery Materials Ltd. (“NEO” or the “Company”) (TSXV: NBM) (OTC: NBMFF), a low-cost, silicon-enhanced battery developer that enables longer-running, rapid-charging batteries for drones, robotics, and physical AI, is pleased to announce it has entered into a significant defense partnership agreement (the “Agreement”) with the Republic of Korea (“ROK”) Army’s Capital Defense Command (CDC) – a direct reporting unit to the President of South Korea and the Joint Chiefs of Staff. Stationed in Seoul and known as the “Shield Unit”, the CDC is one of the highest-ranking national command units, responsible for protecting the Presidential Office (Blue House), the capital and key national infrastructure.

This partnership represents a strategic expansion into a higher command level within the ROK Army, operating directly under the Army Headquarters with significant decision-making and procurement authority. The Agreement builds on NEO’s momentum in its Korean Defense Integration Strategy (see previously announced partnerships with the 12th Infantry Division dated April 1, 2026, and the Capital Mechanized Infantry Division dated April 22, 2026), and serves as a critical milestone due to the CDC’s ability to advocate for the prompt implementation of non-Chinese battery solutions that meet stringent security clearance and performance requirements.

The Agreement will focus on the supply and deployment of high-performance, defense batteries within the CDC’s drone and robotics units to enhance operational runtime and energy efficiency. Furthermore along with Korean drone partners, NEO will provide specialized drone training and technical battery advisory to support CDC’s personnel, all of whom are required to be certified in drone operations. This Agreement followed a successful live demonstration of NEO’s high-energy drone batteries held at the CDC’s parade ground on April 30, 2026.

Lieutenant General Changjoon Eo, Commander of the Capital Defense Command, expressed, “The CDC was highly impressed with the drone flight time performance exhibited by NEO’s high-performance batteries compared to commercial Chinese products. As the ROK Army and its units initiate the transition towards a Korea-made supply chain, NEO Battery will act as an integral partner for the CDC and its sub-units to ensure traceability and performance for defense batteries in our drone and robotics platforms.”

“Securing this partnership with a high-ranking command unit such as the CDC further validates the effectiveness of NEO’s battery technology,” stated Spencer Huh, President & CEO of NEO. “As the CDC is a heavy consumer of drone technology and requires high-performance, non-Chinese components to ensure national security, NEO’s in-country presence, along with our robust performance data and wide technology offering, aptly positions us to meet stringent scopes of work for the highest levels of the ROK military.”

About the ROK Army’s Capital Defense Command
Operating under the name “Shield Unit” or Chungjeongdae, the ROK Army’s Capital Defense Command is one of the highest-ranking, corps-level military organizations within the Republic of Korea’s Armed Forces and Operations Command. The CDC is primarily responsible for defending the Presidential Office, the capital, the Ministry of National Defense facilities, major government buildings, and key national infrastructure. The Command exercises several subordinate units, including the 1st Security Group, the 1st Air Defense Brigade, the CDC Military Police Group, and the 52nd and 56th Infantry Divisions.

About NEO Battery Materials Ltd.
NEO Battery Materials is a Canadian-South Korean battery technology company focused on developing and producing silicon-enhanced lithium-ion batteries in drones, robotics, physical AI, electric vehicles, and energy storage systems. With a patent-protected, low-cost silicon manufacturing process, NEO Battery enables longer-running and ultra-fast charging properties and provides end-to-end battery solutions from materials selection, cell architecture, and process optimization. The Company aims to be a globally-leading producer of high-performance lithium-ion batteries and materials, building a secure, robust battery supply chain for Western manufacturers. For more information, please visit the Company’s website at: https://www.neobatterymaterials.com/.

On Behalf of the Board of Directors
Spencer Huh
Director, President, and CEO

This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified notably by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: volatile stock prices; the general global markets and economic conditions; the possibility of write-downs and impairments; the risk associated with the research and development of battery-related technologies; the risk associated with the effectiveness and feasibility of battery material, electrode, and cell technologies that have not yet been tested or proven on commercial scale or under real-world operating conditions; the risks associated with battery-related manufacturing process scale-up, including maintaining consistent material, component, and cell quality, production yields, and process reproducibility at a pilot, semi-commercial, or commercial scale; the risks associated with compatibility of existing battery chemistries, formulations, components, or designs; unforeseen risks associated with entering into and maintaining collaborations, joint ventures, partnerships, or commercial contracts with battery cell manufacturers, original equipment manufacturers, and various companies in the global battery and downstream end-user supply chain; the risks associated with the failure to develop and produce commercially viable battery-related products or that technical goals may not be achieved within expected timelines or budgets under a joint development or collaboration; the risks associated with the Company’s technologies and products not meeting performance requirements or customer specifications; the risks that prototype and pilot-scale products do not advance into commercially produced products or translate into commercial orders; the risk associated with battery components and cell purchase orders and offtake supply that may not be fulfilled in full, on time, or at all as actual revenue realization depends on delivery schedules, achievement of technical milestones, and customer acceptance and validation; the risk associated with losing official vendor registration or status with existing customers; counterparty risk upon delivery of prototype and commercial products; the risks associated with constructing, completing, securing, and financing pilot, semi-commercial, and commercial battery materials, components, and cell manufacturing facilities including the Canadian and South Korean facilities; the risks associated with potential delays or increased costs with site preparation, equipment procurement and installation, and facility commissioning; the risks associated with integrating silicon anode material production, electrode manufacturing, and cell assembly within a single operational cluster or the Company’s business portfolio; the risks associated with supply chain disruptions or cost fluctuations in raw materials, processing chemicals, and additive prices, impacting production costs and commercial viability; the risks associated with uninsurable risks arising during the course of research, development and production; competition faced by the Company in securing experienced personnel, contracts and sales, and financing; access to adequate infrastructure and resources to support battery materials, components, and cell research and development activities; the risks associated with changes in the technology regulatory regime governing the Company; the risks associated with the timely execution of the Company’s strategies and business plans; the risks associated with the lithium-ion battery industry and end-users’ demand and adoption of the Company’s silicon anode technology and battery products; market adoption and integration challenges, including the difficulty of incorporating silicon anodes and silicon battery products within battery manufacturers and OEMs’ systems; the risks associated with the various environmental and political regulations the Company is subject to; risks related to regulatory and permitting delays; the reliance on key personnel; liquidity risks; the risk of litigation; risk management; and other risk factors as identified in the Company’s recent Financial Statements and MD&A and in recent securities filings for the Company which are available on www.sedarplus.ca. Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued R&D and commercialization activities, no material adverse change in precursor, raw material, equipment, and relevant cost prices, development and commercialization plans to proceed in accordance with plans and such plans to achieve their stated expected outcomes, receipt of required regulatory approvals, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company’s business, operations, research and development, and commercialization plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this presentation, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE NEO Battery Materials Ltd.

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