Jack Henry & Associates Announces Deconversion Revenue For Q3 Was $0.8M, Estimates Remain At $16M For FY24 Guidance

Jack Henry & Associates, Inc. +0.49% Post

Jack Henry & Associates, Inc.

JKHY

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168.61

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 Jack Henry & Associates, Inc.® (NASDAQ:JKHY) announced today that deconversion revenue for the fiscal third quarter, ended March 31, 2024 was $0.8 million. Based on these results, deconversion revenue estimates remain at $16 million for full year fiscal 2024 guidance. For more information about how guidance will be further updated for deconversion revenue estimates, please see Jack Henry's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 3, 2023.

The majority of deconversion revenue is generated when one of Jack Henry's customers agrees to be acquired by another financial institution, resulting in the termination of the customer's contract with Jack Henry. In these circumstances, Jack Henry's recognition of deconversion revenue is driven by factors outside Jack Henry's control, and this revenue does not represent the true operations of Jack Henry's ongoing business of providing services to customers. As a result, Jack Henry excludes deconversion revenue from non-GAAP revenue reported in its quarterly and annual earnings releases.

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