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Jack Henry & Associates, Inc. reported positive financial results for the third quarter of fiscal 2024, with increases in revenue and operating income compared to the prior year. The company also provided updated guidance for the full fiscal year, showcasing growth in revenue and operating margin. CEO David Foss highlighted the strong sales performance and innovative solutions offered to financial institutions. The company's cash position improved, while debt decreased, contributing to a favorable balance sheet. Overall, Jack Henry & Associates, Inc. demonstrated solid performance and strategic positioning in the financial technology sector.
Jack Henry (Nasdaq: JKHY) announced that New Peoples Bank is utilizing their technology to enhance customer experiences and drive growth. The bank, with $800 million in assets and 17 branches across multiple states, has invested in Jack Henry's core processing solution and Banno Digital Platform to streamline operations, optimize services, and deliver a seamless experience. This strategic move aims to position the bank for scalability and continued community support.
Jack Henry & Associates, Inc. announced $0.8 million in deconversion revenue for the fiscal third quarter of 2024, with full-year guidance at $16 million. Deconversion revenue is excluded from non-GAAP revenue due to factors beyond the company's control.
Jack Henry's 2024 Strategy Benchmark revealed that community and regional financial institutions are prioritizing growing deposits and enhancing operational efficiency due to rising deposit costs. The survey highlighted the importance of technology investments in areas such as fraud detection, digital banking, and data analytics. Key findings include plans to expand services for small businesses, enhance lending solutions, add payment services, and embed fintech into digital banking experiences.
