Jack Henry changes deconversion revenue guidance approach; sets FY2024 baseline at $16M

JACK HENRY & ASSOCIATES INC

New baseline estimate for FY2024 deconversion revenue is $16.0M, the lowest recent annual historical result.
Deconversion revenue excluded from non-GAAP revenue; company will pre-release actual quarterly deconversion revenue on Form 8-K ~10 days before each earnings release.
Full-year guidance adjusted each quarter to reflect year-to-date actuals plus remaining quarterly estimates.
Initial FY2024 GAAP EPS guidance negatively impacted by ~$0.01 per $1M deconversion revenue, but expected to moderate as year progresses.
Management cites unpredictability of financial institution consolidation; change aims to focus guidance on continuing operations.

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