$JKHY
JACK HENRY & ASSOCIATES INC

2016 Q4 Form 10-Q Financial Statement

#000077915217000007 Filed on February 09, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q4
Revenue $348.6M $332.9M
YoY Change 4.71% 6.93%
Cost Of Revenue $198.1M $190.4M
YoY Change 4.04% 5.65%
Gross Profit $150.4M $142.4M
YoY Change 5.6% 8.69%
Gross Profit Margin 43.15% 42.79%
Selling, General & Admin $40.89M $38.78M
YoY Change 5.45% -4.4%
% of Gross Profit 27.19% 27.23%
Research & Development $20.87M $18.86M
YoY Change 10.66% 6.68%
% of Gross Profit 13.88% 13.24%
Depreciation & Amortization $35.40M $31.80M
YoY Change 11.32% 6.0%
% of Gross Profit 23.54% 22.33%
Operating Expenses $61.80M $57.64M
YoY Change 7.22% 12.21%
Operating Profit $88.61M $84.79M
YoY Change 4.5% 6.43%
Interest Expense $184.0K $276.0K
YoY Change -33.33% -18.1%
% of Operating Profit 0.21% 0.33%
Other Income/Expense, Net
YoY Change
Pretax Income $88.48M $84.60M
YoY Change 4.59% 6.61%
Income Tax $29.67M $25.25M
% Of Pretax Income 33.53% 29.85%
Net Earnings $58.81M $59.35M
YoY Change -0.9% 10.14%
Net Earnings / Revenue 16.87% 17.83%
Basic Earnings Per Share $0.76 $0.75
Diluted Earnings Per Share $0.75 $0.74
COMMON SHARES
Basic Shares Outstanding 77.81M shares 79.47M shares
Diluted Shares Outstanding 78.18M shares 79.77M shares

Balance Sheet

Concept 2016 Q4 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $64.20M $55.10M
YoY Change 16.52% 11.76%
Cash & Equivalents $64.19M $55.13M
Short-Term Investments
Other Short-Term Assets $103.6M $114.6M
YoY Change -9.6% 6.6%
Inventory
Prepaid Expenses
Receivables $146.3M $147.1M
Other Receivables $9.600M $3.100M
Total Short-Term Assets $323.7M $320.0M
YoY Change 1.16% 4.31%
LONG-TERM ASSETS
Property, Plant & Equipment $289.3M $302.1M
YoY Change -4.24% 2.24%
Goodwill $552.9M $556.3M
YoY Change -0.61% 1.07%
Intangibles $38.41M
YoY Change
Long-Term Investments
YoY Change
Other Assets $76.77M $57.36M
YoY Change 33.83% 23.6%
Total Long-Term Assets $1.105B $1.087B
YoY Change 1.69% 6.68%
TOTAL ASSETS
Total Short-Term Assets $323.7M $320.0M
Total Long-Term Assets $1.105B $1.087B
Total Assets $1.718B $1.709B
YoY Change 0.54% 5.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.86M $5.653M
YoY Change 180.61% -28.34%
Accrued Expenses $67.56M $74.47M
YoY Change -9.28% 16.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $328.6M $333.8M
YoY Change -1.55% -17.65%
LONG-TERM LIABILITIES
Long-Term Debt $50.00M $100.0M
YoY Change -50.0% 11011.11%
Other Long-Term Liabilities $8.478M $10.35M
YoY Change -18.07% -10.17%
Total Long-Term Liabilities $418.1M $462.6M
YoY Change -9.63% 57.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $328.6M $333.8M
Total Long-Term Liabilities $418.1M $462.6M
Total Liabilities $746.7M $796.4M
YoY Change -6.24% 13.95%
SHAREHOLDERS EQUITY
Retained Earnings $1.509B $1.337B
YoY Change 12.82% 11.84%
Common Stock $1.030M $1.028M
YoY Change 0.19% 0.19%
Preferred Stock
YoY Change
Treasury Stock (at cost) $980.0M $855.6M
YoY Change 14.54% 23.89%
Treasury Stock Shares 25.41M shares 23.96M shares
Shareholders Equity $971.4M $912.5M
YoY Change
Total Liabilities & Shareholders Equity $1.718B $1.709B
YoY Change 0.54% 5.42%

Cashflow Statement

Concept 2016 Q4 2015 Q4
OPERATING ACTIVITIES
Net Income $58.81M $59.35M
YoY Change -0.9% 10.14%
Depreciation, Depletion And Amortization $35.40M $31.80M
YoY Change 11.32% 6.0%
Cash From Operating Activities $30.50M $20.50M
YoY Change 48.78% -39.35%
INVESTING ACTIVITIES
Capital Expenditures -$37.80M -$47.30M
YoY Change -20.08% 64.81%
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.700M
YoY Change -100.0% -66.67%
Cash From Investing Activities -$37.80M -$44.50M
YoY Change -15.06% 117.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.00M -5.200M
YoY Change 150.0% 57.58%
NET CHANGE
Cash From Operating Activities 30.50M 20.50M
Cash From Investing Activities -37.80M -44.50M
Cash From Financing Activities -13.00M -5.200M
Net Change In Cash -20.30M -29.20M
YoY Change -30.48% -392.0%
FREE CASH FLOW
Cash From Operating Activities $30.50M $20.50M
Capital Expenditures -$37.80M -$47.30M
Free Cash Flow $68.30M $67.80M
YoY Change 0.74% 8.48%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">RECENT ACCOUNTING PRONOUNCEMENTS</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers in May 2014. The new standard will supersede much of the existing authoritative literature for revenue recognition. In August 2015, the FASB also issued ASU No. 2015-14 which deferred the effective date of the new standard by one year, but allows early application as of the original effective date. We do not intend to adopt the provisions of the new standard early, so the standard and related amendments will be effective for the Company for its annual reporting period beginning July 1, 2018, including interim periods within that reporting period. In March 2016, the FASB issued ASU No. 2016-08, which addresses principal versus agent considerations under the new revenue standard. ASU No. 2016-10 and ASU No. 2016-12, and ASU No. 2016-20 also address specific aspects of the new standard. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect as of the beginning of the period of adoption. The Company is currently evaluating the newly issued guidance, including which transition approach will be applied, and continuing to assess all potential impacts of the standard. We expect the adoption of this standard to have a significant impact on our revenue recognition currently subject to Accounting Standards Codification (ASC) Topic 985.</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This ASU requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability (same treatment as debt discounts). ASU No. 2015-03 is effective for the Company in its fiscal year ending June 30, 2017. In August 2015, the FASB issued ASU No. 2015-15, which clarified that for line-of-credit arrangements, debt issuance costs may continue to be presented as an asset. The Company currently does not have any debt that would fall into the scope of ASU 2015-03, and all of our debt issuance costs relate to our revolving credit facility. Therefore, this currently has no impact on our financial statements. </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The FASB issued ASU No. 2016-02, Leases, in February 2016. This ASU aims to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and requiring disclosure of key information regarding leasing arrangements. ASU No. 2016-02 will be effective for Jack Henry's annual reporting period beginning July 1, 2019 and early adoption is permitted. The Company is currently assessing the impact this new standard will have on our consolidated financial statements.</font><font style="font-family:Arial;font-size:10pt;"> </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, in March 2016. The new standard is intended to simplify several aspects of the accounting and presentation of share-based payment transactions, including reporting of excess tax benefits and shortfalls, statutory minimum withholding considerations, and classification within the statement of cash flows. The standard allows a one-time accounting policy election to either account for forfeitures as they occur or continue to estimate them. ASU No. 2016-09 is effective for the Company&#8217;s annual reporting period beginning July 1, 2017. Management elected to early adopt this standard as of July 1, 2016 and has elected to continue our current practice of estimating forfeitures. The adoption of this standard had the following impacts on our condensed consolidated financial statements.</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Arial;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Condensed consolidated statements of income- The new standard requires that the tax effects of share-based compensation be recognized in the provision for income taxes. Previously, these amounts were recognized in additional paid-in capital. For the quarter, we recognized </font><font style="font-family:Arial;font-size:10pt;">$73</font><font style="font-family:Arial;font-size:10pt;"> of net tax benefits as reductions of income tax expense, which reduced our effective income tax rate for the </font><font style="font-family:Arial;font-size:10pt;">second</font><font style="font-family:Arial;font-size:10pt;"> quarter by </font><font style="font-family:Arial;font-size:10pt;">0.1%</font><font style="font-family:Arial;font-size:10pt;">. There was </font><font style="font-family:Arial;font-size:10pt;">no</font><font style="font-family:Arial;font-size:10pt;"> impact to earnings per share for the quarter. Net tax benefits related to share-based compensation awards of&#160;</font><font style="font-family:Arial;font-size:10pt;">$2,344</font><font style="font-family:Arial;font-size:10pt;"> for the </font><font style="font-family:Arial;font-size:10pt;">six months ended</font><font style="font-family:Arial;font-size:10pt;">&#160;</font><font style="font-family:Arial;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:Arial;font-size:10pt;">&#160;were recognized as reductions of income tax expense. These tax benefits reduced our effective income tax rate for the year-to-date period by&#160;</font><font style="font-family:Arial;font-size:10pt;">1.3%</font><font style="font-family:Arial;font-size:10pt;">, and caused an increase in basic and diluted earnings per share of&#160;</font><font style="font-family:Arial;font-size:10pt;">$0.03</font><font style="font-family:Arial;font-size:10pt;">&#160;for the </font><font style="font-family:Arial;font-size:10pt;">six months ended</font><font style="font-family:Arial;font-size:10pt;"> </font><font style="font-family:Arial;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:Arial;font-size:10pt;">. In addition, in calculating potential common shares used to determine diluted earnings per share, generally accepted accounting principles require us to use the treasury stock method. The new standard requires that assumed proceeds under the treasury stock method be modified to exclude the amount of excess tax benefits that would have been recognized in additional paid-in capital. These changes were applied on a prospective basis.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Arial;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Condensed consolidated statements of cash flows- The Company elected to apply the presentation requirements for cash flows related to excess tax benefits retrospectively to all periods presented which resulted in an increase to both net cash provided by operations and net cash used in financing of </font><font style="font-family:Arial;font-size:10pt;">$301</font><font style="font-family:Arial;font-size:10pt;"> for the </font><font style="font-family:Arial;font-size:10pt;">six months ended</font><font style="font-family:Arial;font-size:10pt;"> </font><font style="font-family:Arial;font-size:10pt;">December&#160;31, 2015</font><font style="font-family:Arial;font-size:10pt;">. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact to any of the periods presented on our consolidated cash flows statements since such cash flows have historically been presented as a financing activity. </font></div></td></tr></table><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">ASU 2016-15 issued by the FASB in August 2016 clarifies cash flow classification of eight specific cash flow issues and is effective for our annual reporting period beginning July 1, 2018. Early adoption is permitted. We don't expect any significant impact to our financial statements as a result of this standard.</font></div></div>
us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Property and Equipment and Intangible Assets</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets.&#160;</font></div></div>

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