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

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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.

 

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SOURCE Jack Henry & Associates, Inc.

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FULTON FINANCIAL CORPORATION APPOINTS DAVID S. SCHULZ TO BOARD OF DIRECTORS

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LANCASTER, Pa., July 21, 2026 /PRNewswire/ — Fulton Financial Corporation (NASDAQ: FULT) (“Fulton”) today announced the appointment of David S. Schulz as a member of its board of directors (the “Board”) for a term commencing September 14, 2026 and expiring at Fulton’s 2027 annual meeting of shareholders.

“We’re excited to welcome Dave to Fulton’s board of directors,” said Curt Myers, Fulton Chairman, CEO, and President. “Dave brings extensive financial leadership experience gained through more than a decade of service with publicly traded companies. His expertise in finance, strategic planning, risk, and mergers and acquisitions will provide valuable perspective as we continue to execute our growth strategy and create long-term value for our shareholders, customers and communities.”

With the addition of Schulz, Fulton’s Board will have 11 members, and he will serve on the Audit and Risk committees. Schulz has also been appointed to the board of directors of Fulton’s banking subsidiary, Fulton Bank, N.A.

Schulz served as Senior Vice President and Chief Financial Officer of Wesco International, Inc. (“Wesco”) from 2016 to June 2020, Executive Vice President and Chief Financial Officer of Wesco from June 2020 to February 2026 and as Executive Vice President and Special Advisor to the CEO of Wesco from February 2026 until his retirement on May 31, 2026. 

Prior to joining Wesco, Schulz served as Senior Vice President and Chief Operating Officer of Armstrong Flooring, Inc. and was previously Senior Vice President and Chief Financial Officer of Armstrong World Industries, Inc. and Vice President of Finance of the Armstrong Building Products division.

Before joining Armstrong World Industries in 2011, he held various financial leadership roles with Procter & Gamble and The J.M. Smucker Company. He was also an officer in the United States Marine Corps.

In 2025, Schulz joined the board of Sterling Infrastructure, Inc., and he was appointed as chair of the audit committee in 2026. He also serves on the company’s compensation and talent development committee.

ABOUT FULTON FINANCIAL CORPORATION

Fulton, a $34 billion Lancaster, Pa.-based financial holding company, has more than 3,400 employees and operates more than 215 financial centers in Pennsylvania, New Jersey, Maryland, Delaware and Virginia through Fulton Bank, N.A. Additional information on Fulton can be found at https://investor.fultonbank.com.

Contact: Steve Trapnell
717-291-2739

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SOURCE Fulton Financial Corporation

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Octavio Marquez Elected to MSA Safety Board of Directors

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PITTSBURGH, July 21, 2026 /PRNewswire/ — The Board of Directors of MSA Safety Inc. (NYSE: MSA), a global leader in the development of advanced industrial safety technology products and solutions, today announced that Octavio Marquez, president and chief executive officer of Diebold Nixdorf, has been elected to the company’s Board of Directors. His election was part of the MSA Board’s regular succession plans.

“We are very pleased to have the opportunity to add Octavio to the MSA Board,” said Robert A. Bruggeworth, MSA chairman. “He brings a broad range of executive leadership experience, including strategy development, capital allocation, business transformation and serving international markets, which will serve MSA well.”

“Octavio’s perspectives will be an asset to me and our entire Executive Leadership Team,” said Steven C. Blanco, MSA president and CEO. “It is a pleasure to welcome Octavio to MSA, and I look forward to working with him.”

Mr. Marquez joined Diebold Nixdorf in 2014 and has held senior leadership roles across the company’s Global Banking organization and its Americas region, including as executive vice president of Global Banking and senior vice president of the Americas. Before joining Diebold Nixdorf, Mr. Marquez held leadership positions at Dell EMC, Hewlett Packard Enterprise, IBM and NCR.

Diebold Nixdorf automates, digitizes and transforms the way people bank and shop. As a partner to the majority of the world’s top 100 financial institutions and top 25 global retailers, its integrated solutions connect digital and physical channels conveniently, securely and efficiently for millions of customers every day. Headquartered in North Canton, Ohio, Diebold Nixdorf employs approximately 20,000 employees globally, supporting more than 100 countries.

Mr. Marquez holds a degree in business and finance from Universidad Iberoamericana and has completed executive education programs at MIT Sloan, The Wharton School and The University of Texas at Austin.

About MSA Safety

MSA Safety Incorporated (NYSE: MSA) is the global leader in advanced industrial safety technology products and solutions. Driven by its singular mission of safety, the company has been at the forefront of safety innovation since 1914, protecting workers and facility infrastructure around the world across a broad range of diverse end markets while creating sustainable value for shareholders. With 2025 revenues of $1.9 billion, MSA Safety is headquartered in Cranberry Township, Pennsylvania, and employs a team of approximately 5,300 associates across its more than 40 international locations. For more information, please visit www.MSASafety.com.

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SOURCE MSA Safety

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BlueFolder Field Service Software Launches New AI-Powered Features to Transform How Teams Work

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New AI capabilities instantly surface customer insights and transform technician notes into actionable summaries to help field service teams work faster, stay aligned, and deliver better service

AUBURN, Ala., July 21, 2026 /PRNewswire/ — BlueFolder field service software recently announced the launch of two powerful new AI features: AI-Powered Customer Summaries and AI-Powered Field Notes Summarization. Together, these capabilities are designed to eliminate the time-consuming, manual work of reviewing fragmented customer records and lengthy technician notes—giving field service teams instant clarity to respond faster, make smarter decisions, and deliver exceptional service.

BlueFolder expands it’s field service and work order management suite with two exciting new AI field service features.

Built directly into the BlueFolder platform, both features leverage artificial intelligence to automatically compile and summarize complex, unstructured data into clear, easy-to-read overviews. The result: technicians, dispatchers, and managers always have the context they need, right when they need it.

AI-Powered Customer Summaries

As field service organizations grow, customer information becomes increasingly scattered across emails, service request logs, and communication histories. BlueFolder’s AI Customer Summary feature addresses this challenge head-on by consolidating those interactions into a single, actionable snapshot.

Instead of manually digging through multiple records before a service call or customer interaction, teams can now access a real-time summary highlighting key concerns, past service activity, and recent updates. The feature goes beyond basic summarization and surfaces critical business insights such as equipment past due for maintenance, approaching warranty expirations, and proactive revenue opportunities, empowering teams to recommend follow-ups or upgrades directly from the customer record.

Built-in traceability links each summary back to its original source communications, so users can validate insights with confidence, ensuring both speed and accuracy in every customer interaction.

AI-Powered Field Notes Summarization

In many service organizations, technicians log updates across multiple visits, often resulting in long, fragmented notes that are difficult to review at a glance. BlueFolder’s AI Field Notes Summarization feature solves this by automatically condensing multiple technician entries into a structured summary that highlights key milestones, actions taken, and next steps.

Rather than scrolling through pages of updates, managers and dispatchers can immediately understand job status and determine what needs to happen next, improving alignment between field and office teams, accelerating decision-making, and reducing miscommunication. The feature is especially valuable for complex or multi-day jobs, where clear continuity and smooth technician handoffs are critical to delivering consistent service. It’s another featuring making BlueFolder’s work order management software capabilities stronger every day.

“History is one of the most powerful tools a service team has — the problem is it’s usually buried. BlueFolder’s new AI features fix that. Your team walks into every interaction already knowing the customer, knowing the equipment, and exactly where things stand. That changes the entire experience,” says John Shaw, VP, Technology, Service Operations.

AI as a Core Part of the BlueFolder Platform

The launch of these two features reflects BlueFolder’s broader commitment to embedding AI throughout its field service management software as an integrated layer of intelligence that makes every workflow smarter. Rather than requiring teams to change how they work, BlueFolder’s AI capabilities are designed to surface the right information at the right moment automatically, within the tools that technicians, dispatchers, and managers already use every day.

“AI is transforming what’s possible in field service, and BlueFolder is answering that call. These features are the result of deep platform expertise and a clear vision for where the industry is headed. We’re embedding intelligence throughout the platform because we know it makes our customers more competitive, more efficient, and better positioned to grow,” says Stephen Myslicki, Group President of Field Services.

Availability

Both AI-Powered Customer Summaries and AI-Powered Field Notes Summarization are available now to BlueFolder customers as optional, easy-to-enable features within the platform. They are part of BlueFolder’s growing suite of AI-driven capabilities designed to help field service organizations operate more efficiently and scale with confidence.

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SOURCE BlueFolder

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