$JKHY
JACK HENRY & ASSOCIATES INC

2018 Q1 Form 10-Q Financial Statement

#000077915218000020 Filed on May 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $384.7M $353.8M
YoY Change 8.74% 6.18%
Cost Of Revenue $218.5M $206.7M
YoY Change 5.7% 6.41%
Gross Profit $166.2M $147.0M
YoY Change 13.01% 5.85%
Gross Profit Margin 43.2% 41.56%
Selling, General & Admin $42.23M $39.79M
YoY Change 6.13% 1.44%
% of Gross Profit 25.42% 27.06%
Research & Development $22.59M $20.80M
YoY Change 8.61% 4.77%
% of Gross Profit 13.6% 14.15%
Depreciation & Amortization $39.00M $35.00M
YoY Change 11.43% 9.03%
% of Gross Profit 23.47% 23.8%
Operating Expenses $64.83M $58.31M
YoY Change 11.17% -1.31%
Operating Profit $90.71M $88.73M
YoY Change 2.23% 11.15%
Interest Expense $734.0K $278.0K
YoY Change 164.03% -42.8%
% of Operating Profit 0.81% 0.31%
Other Income/Expense, Net
YoY Change
Pretax Income $90.10M $88.50M
YoY Change 1.82% 11.46%
Income Tax $21.02M $28.45M
% Of Pretax Income 23.33% 32.15%
Net Earnings $69.09M $60.04M
YoY Change 15.06% 11.43%
Net Earnings / Revenue 17.96% 16.97%
Basic Earnings Per Share $0.89 $0.77
Diluted Earnings Per Share $0.89 $0.77
COMMON SHARES
Basic Shares Outstanding 77.25M shares 77.60M shares
Diluted Shares Outstanding 77.55M shares 77.93M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.40M $42.90M
YoY Change 33.8% -20.56%
Cash & Equivalents $57.40M $42.92M
Short-Term Investments
Other Short-Term Assets $122.3M $108.1M
YoY Change 13.14% -2.08%
Inventory
Prepaid Expenses
Receivables $168.9M $139.5M
Other Receivables $13.40M $8.600M
Total Short-Term Assets $362.0M $299.2M
YoY Change 21.02% -3.49%
LONG-TERM ASSETS
Property, Plant & Equipment $261.2M $285.0M
YoY Change -8.35% -4.36%
Goodwill $652.2M $552.9M
YoY Change 17.98% -0.61%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $99.89M $76.98M
YoY Change 29.76% 30.6%
Total Long-Term Assets $1.282B $1.103B
YoY Change 16.26% 0.75%
TOTAL ASSETS
Total Short-Term Assets $362.0M $299.2M
Total Long-Term Assets $1.282B $1.103B
Total Assets $1.905B $1.687B
YoY Change 12.95% -0.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.332M $5.255M
YoY Change 39.52% -25.57%
Accrued Expenses $82.79M $69.81M
YoY Change 18.6% 0.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $289.2M $269.9M
YoY Change 7.17% -3.36%
LONG-TERM LIABILITIES
Long-Term Debt $105.0M $50.00M
YoY Change 110.0% -50.0%
Other Long-Term Liabilities $12.30M $7.634M
YoY Change 61.13% -21.37%
Total Long-Term Liabilities $393.0M $405.0M
YoY Change -2.95% -14.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $289.2M $269.9M
Total Long-Term Liabilities $393.0M $405.0M
Total Liabilities $682.3M $674.9M
YoY Change 1.1% -10.47%
SHAREHOLDERS EQUITY
Retained Earnings $1.800B $1.545B
YoY Change 16.55% 12.83%
Common Stock $1.032M $1.031M
YoY Change 0.1% 0.29%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.036B $980.0M
YoY Change 5.74% 14.54%
Treasury Stock Shares 25.96M shares 25.41M shares
Shareholders Equity $1.297B $1.012B
YoY Change
Total Liabilities & Shareholders Equity $1.905B $1.687B
YoY Change 12.95% -0.92%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $69.09M $60.04M
YoY Change 15.06% 11.43%
Depreciation, Depletion And Amortization $39.00M $35.00M
YoY Change 11.43% 9.03%
Cash From Operating Activities $58.00M $35.00M
YoY Change 65.71% -41.76%
INVESTING ACTIVITIES
Capital Expenditures -$31.80M -$36.20M
YoY Change -12.15% -10.62%
Acquisitions
YoY Change
Other Investing Activities -$4.900M $2.400M
YoY Change -304.17%
Cash From Investing Activities -$36.80M -$33.80M
YoY Change 8.88% -16.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -21.60M -22.50M
YoY Change -4.0% 8.17%
NET CHANGE
Cash From Operating Activities 58.00M 35.00M
Cash From Investing Activities -36.80M -33.80M
Cash From Financing Activities -21.60M -22.50M
Net Change In Cash -400.0K -21.30M
YoY Change -98.12% 1675.0%
FREE CASH FLOW
Cash From Operating Activities $58.00M $35.00M
Capital Expenditures -$31.80M -$36.20M
Free Cash Flow $89.80M $71.20M
YoY Change 26.12% -29.22%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<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. This standard is part of an effort to create a common revenue standard for U.S. generally accepted accounting principles ("U.S. GAAP") and International Financial Reporting Standards ("IFRS"). The new standard will supersede much of the existing authoritative literature for revenue recognition. The new model enacts a five-step process for achieving the core principle, which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. 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. Additional updates, including ASU No. 2016-10, ASU No. 2016-12, and ASU No. 2016-20, also address specific aspects of the new standard and are being considered. Entities are allowed to transition to the new standard by either recasting prior periods (full retrospective) or recognizing the cumulative effect as of the beginning of the period of adoption (modified retrospective). </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 Company has taken the following steps in evaluating and planning for the implementation of the new standard:</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%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Organization of a cross-functional implementation team whose goals are to: assess the impact of the guidance on each of our revenue streams by applying the five step model; determine new processes and procedures necessary to ensure proper revenue and cost recognition; quantify the effects of the new standard on prior and current year revenue; determine opening balances for deferred revenues and costs as of the beginning of fiscal 2017; develop disclosures required upon the adoption of the new standard; and develop new internal controls to ensure compliance with the new standard.</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%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Continued implementation and testing of new revenue recognition software that will apply the five-step model to each of our customer contracts.</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%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Continued comparisons of revenue recognition under current accounting methods versus under Accounting Standards Codification ("ASC") Topic 606 for each of our revenue streams. </font></div></td></tr></table><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Determinations that have been made regarding the effect of the new standard are as follows:</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%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We expect the adoption of this standard to have a significant impact on our revenue recognition currently subject to ASC Topic 985. One of the most significant expected impacts relates to the recognition of license and implementation revenue on our multi-element arrangements. Under the current standard, license and implementation revenue on these arrangements is often recognized over the maintenance period of the software due to a lack of vendor-specific objective evidence of fair value ("VSOE") for these elements. Under ASC Topic 606, revenue for license and implementation will no longer be deferred due solely to a lack of VSOE. </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%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">This new model will require more use of judgments and estimates than the current standard, including identifying performance obligations, estimating variable consideration, allocating the transaction price to each performance obligation based on stand-alone selling price, and allocating commissions to the proper performance obligations so that costs are correctly recognized in line with revenue. We will be required to estimate the total expected value of variable consideration, arising from items such as maintenance and transaction or item processing, at contract inception and include those estimates in the total transaction price of the contract to be allocated to each performance obligation. These estimates will be modified over the term of the contract, resulting in re-allocations of the transaction price and adjustments to revenue recognized on the contract.</font></div></td></tr></table><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Significant implementation matters still being addressed include:</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%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Which transition approach will be applied. While we plan to adopt the standard using the full retrospective method, our ability to use this method depends on system readiness, including software procured from third-party providers, and the completion of our analysis of information necessary to restate prior period consolidated financial statements.</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%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Determination of opening balances for deferred revenues and costs, and the quantitative effect of the new standard on prior and current year revenues and costs. Our analysis of the quantitative effects of the new standard on fiscal years 2017 and 2018 will continue at least through the filing of our fiscal 2018 Form 10-K.</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%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Development of required disclosures under the new standard.</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%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Updates to our internal controls surrounding the new system and processes.</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%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Assessment of the impacts of the new standard on deferred income taxes and provision for income taxes. </font></div></td></tr></table><div style="line-height:120%;padding-top:6px;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. Specifically, the standard requires operating lease commitments to be recorded on the balance sheet as operating lease liabilities and right-of-use assets, and the cost of those operating leases to be amortized on a straight-line basis. ASU No. 2016-02 will be effective for JHA's annual reporting period beginning July 1, 2019 and early adoption is permitted. At transition, a modified retrospective approach must be utilized to measure leases as of the beginning of the earliest period presented, however, the FASB has provided certain practical expedients, which the Company is currently evaluating. The Company is currently assessing the impact this new standard will have on our consolidated financial statements and when we will adopt it. </font></div><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 do not expect any significant impact to our financial statements as a result of this standard.</font></div></div>
us-gaap Property Plant And Equipment Impairment
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