Jack Henry & Associates (JKHY) 10-K risk factor changes: FY2025 vs FY2024

If we fail to maintain a sufficient digital security infrastructure, address security vulnerabilities and new threats, or deploy adequate technologies to secure our systems against attack, we may be subject to security breaches that compromise confidential information, [removed: adversely affect our ability to operate our business, damage our reputation and business, adversely affect our results of operations and financial condition, and expose us] [added: including valuable intellectual property, proprietary information, trade secrets, know-how, or source code, which could lead] to [removed: liability.][added: their theft, misuse, unauthorized disclosure, or misappropriation.]

We [removed: anticipate that] [added: are continually subject to attempts by] unauthorized parties [removed: will continue] to [removed: attempt to obtain] access [removed: to] confidential information or to destroy data, often through the introduction of computer viruses, ransomware or malware, [removed: cyber-attacks,] and [removed: other means, which are constantly evolving and at times difficult to detect.][added: cyber-attacks.]

Those same parties may also attempt to fraudulently induce associates, clients, vendors, or other [added: authorized] users of our systems through phishing schemes or other social [removed: engineering methods to disclose sensitive information to gain access to our data or that of our clients or their customer/members.]

We are also subject to the risk that our associates [removed: may] [added: may, unintentionally or with malicious intent,] intercept and transmit unauthorized confidential or proprietary information or that corporate-owned computers used by associates are stolen, or client data media is lost in shipment.

Like other financial institution service providers, we [removed: frequently] [added: continually] face third-party attempts to discover and exploit system weaknesses or to circumvent our security measures.

We anticipate that attempts to attack our systems, services, and infrastructure, and those of our clients, third-party service providers and other vendors, [removed: may] [added: will] grow in [added: frequency and sophistication.]

Under state, federal, and foreign [removed: laws] [added: laws, including those] requiring consumer notification of security breaches, the costs to remediate security breaches can be substantial.

Damage or destruction that interrupts our outsourcing operations could cause delays and failures in processing which could hurt our relationship with clients, damage our reputation, expose us to damage claims, and cause us to incur substantial additional [removed: expense] [added: expenses] to relocate operations and repair or replace damaged equipment.

If an interruption extends for more than several hours, we may experience data loss or a reduction in revenues [removed: by reason of] [added: due to] such interruption.

Any significant interruption of service could reduce revenue, have a negative impact on our [removed: reputation,] [added: reputation and the reputation of our clients,] result in damage claims, lead our present and potential clients to choose other service providers, and lead to increased regulatory scrutiny of the critical services we provide to financial institutions, with resulting increases in compliance burdens and costs.

Implementing modifications and upgrades to our technological infrastructure [removed: subject] [added: subjects] us to inherent costs and risks associated with changing systems, policies, procedures, and monitoring tools.

We also rely on third-party service providers to provide part, or [removed: all of,] [added: all, of] certain services we deliver to clients.

As we continue to move more computing, storage, and processing services out of our data centers and facilities and into third-party hosting environments, our reliance on [added: these providers and their systems will increase.]

If a critical vendor is unable to meet our needs in a timely manner or if the services or products provided by such a vendor are terminated or otherwise delayed and if we are not able to develop alternative sources for these services and products [removed: quickly] [added: timely] and cost-effectively, our clients could be negatively impacted, and it could have a material adverse effect on our business.

The [removed: use] [added: increasing adoption] of [removed: emerging technologies like] artificial [removed: intelligence,] [added: intelligence (AI),] machine [removed: learning,] [added: learning (ML),] and generative artificial intelligence [added: into our products introduces significant and evolving risks that] could lead to unintended [removed: consequences and] [added: consequences,] result in reputational [removed: harm] [added: harm,] and increased litigation. [removed: We] [added: Our business currently utilizes AI and ML and we] continue to evaluate [removed: emerging technologies like artificial intelligence, machine learning,] and [added: expand their use, including] generative [removed: artificial intelligence for incorporation into our business] [added: AI,] to augment our products and services.

These same risks apply to our third-party service providers who are implementing these tools into the [added: products or services they provide to us.]

[removed: If regulators] identify significant issues, or if we fail to meet supervisory remediation expectations, we could be subject to regulatory actions that could harm our client relationships and reputation.

Compliance with new and existing [added: data] privacy [added: and cybersecurity] laws, regulations, and rules may adversely impact our expenses, development, and strategy. We are subject to complex laws, rules, and regulations related to data privacy and cybersecurity.

The number of state privacy and cybersecurity laws and regulations has grown tremendously over the past several years, [removed: creating] [added: resulting in] an increasingly complex [removed: patchwork of data privacy] and [removed: security requirements.][added: fragmented regulatory landscape.]

If the general economic environment worsens, including if inflation or interest rates continue to increase or remain at higher than recent historical levels, or if conditions or regulatory requirements within the financial services industry [removed: change, such] [added: change—such] as if financial institutions are required to increase reserve [removed: amounts or] [added: amounts,] become subject to new regulatory assessments, [removed: clients] [added: or if tariffs or other trade restrictions are imposed or increased—clients] may be less willing or able to pay the cost of our products and services, and we could face a reduction in demand from current and potential clients for our products and services, which could have a material adverse effect on our business, results of operations, and financial condition.

Consolidation and failures of financial institutions will continue to reduce the number of our clients and potential clients. Our primary market consists of approximately [removed: 4,540] [added: 4,440] commercial and savings banks and more than [removed: 4,700] [added: 4,550] credit unions.

[removed: Further, we] [added: We] continue to face a competitive market for hiring and retaining skilled associates.

[removed: There] [added: As we navigate these dynamics, there] is no assurance that we will be able to attract and retain the personnel necessary to maintain the Company’s strategic direction.

The impairment of a significant portion of our goodwill and intangible assets would adversely affect our results of operations. Our balance sheet includes goodwill and intangible assets that represent a significant portion of our total assets as of June 30, [removed: 2024.][added: 2025.]

[removed: An increase] [added: Changes] in interest rates could increase our borrowing [removed: costs.] [added: costs or result in decreased interest income.] Although our debt borrowing levels have historically been low, we may require additional or increased borrowings in the future under existing or new debt facilities to support operations, finance acquisitions, or fund stock repurchases.

Such incidents could adversely affect our ability to operate our business, damage our reputation and business, adversely affect our results of operations and financial condition, and expose us to liability.

The use of artificial intelligence increasingly enabling their sophistication and accelerating their evolution, including through automated phishing and the rapid development of new malware, which continue to evolve and can be difficult to detect.

engineering methods to disclose sensitive information to gain access to our data or that of our clients or their accountholders.

These risks are further heightened by the fact that a significant portion of our associates and contractors work remotely outside of Company-controlled facilities using networks and devices that are not physically controlled by the Company, potentially limiting the effectiveness of our security controls.

Certain of our renewals have resulted in price compression between the former and renegotiated contracts.

If that trend accelerates or becomes more pronounced, it could negatively impact our results of operations.

While these technologies offer distinct business opportunities, they also bring evolving legal, regulatory, and operational risks.

From an operational standpoint, AI algorithms and training methodologies may create accuracy issues, unintended biases, factual errors, misrepresentations, offensive language, inappropriate statements, or other unexpected outcomes that could undermine product and service quality or lead to errors in our decision-making and solution development.

Ineffective or inadequate AI development, testing, evaluation, deployment, content labeling, or governance may impair public acceptance or cause harm, resulting in offerings not working as intended, and we also face explainability risk from our potential inability to interpret or justify AI model decisions, which may lead to concerns about trust, regulatory compliance, and accountability.

Additionally, the use of AI tools by associates—whether authorized or not—for internal functions or business operations may result in unintended or unreliable outputs, which could negatively impact the quality, accuracy, or consistency of work product and decision-making.

If regulators

These laws often include industry-specific requirements and board consumer data protection obligations.

While many of these frameworks share common principles each jurisdiction imposes unique compliance standards, definitions, and obligations that may not align with one another.

This lack of uniformity, combined with frequent legislative updates and regulatory amendments, creates ongoing challenges for organizations seeking to maintain consistent and compliant data governance practices across multiple jurisdictions.

Further, the FTC and state attorneys general may interpret federal and state consumer protection laws as imposing standards for the collection, use, dissemination, and security of data.

These challenges are further compounded by the fact that a substantial portion of our workforce operate in hybrid or fully remote arrangements, which introduces additional complexities related to employee engagement, collaboration, training, and the preservation of corporate culture.

Conversely, if interest rates substantially decrease, we would collect less interest income on settlement accounts.

frequency and sophistication.

these providers and their systems will increase.

Such technologies present unique business opportunities along with ever-changing legal and regulatory risks.

products or services they provide to us.

This includes industry-specific rules such as those enacted by the New York Department of Financial Services that require covered financial institutions to have a cybersecurity program along with other compliance requirements as well as comprehensive consumer data privacy rules such as the California Consumer Privacy Act, the Iowa Consumer Data Protection Act, and the Virginia Consumer Data Protection Act.

Though several privacy concepts are common across the laws, each state requires compliance with standards and policies that are not cohesive with other laws and are often further amended by regulatory action.

The unique data protection regulations issued by multiple agencies have created a fragmented series of

requirements that makes it increasingly complex to comply with all the mandates in an efficient manner and may increase costs to deliver affected products and services as those requirements are established.

All dollar and share amounts, except per share amounts, are in thousands and discussions compare fiscal [removed: 2024] [added: 2025] to fiscal [removed: 2023.][added: 2024.]

Discussions of fiscal [removed: 2022] [added: 2023] items and comparisons between fiscal [removed: 2022] [added: 2023] and fiscal [removed: 2023] [added: 2024] that are not included in this Form 10-K can be found in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended June 30, [removed: 2023.][added: 2024.]

Jack Henry & Associates, Inc. is a well-rounded financial technology company headquartered in Monett, Missouri, that employs approximately [removed: 7,170] [added: 7,240] full-time and part-time associates nationwide, and is a leading provider of technology solutions and payment processing services primarily to community and regional [removed: financial institutions.][added: banks and credit unions.]

Our solutions serve approximately [removed: 7,500] [added: 7,400] clients and consist of integrated data processing systems solutions to banks ranging from de novo to multi-billion-dollar institutions with assets up to [removed: $50] [added: $55] billion, core data processing solutions for credit unions of all sizes, and non-core highly specialized core-agnostic products and services that enable [removed: financial institutions] [added: banks and credit unions] of every asset size and charter, and diverse corporate entities outside the financial services industry, to mitigate and control risks, optimize revenue and growth opportunities, and contain costs.

Our two primary revenue streams are "services and support" and "processing." Services and support includes: "private and public cloud" [removed: fees] [added: revenues] that predominantly have contract terms of six years at inception; "product delivery and services" [removed: revenue,] [added: revenues,] which [removed: includes revenue] [added: include revenues] from the sales of licenses, implementation services, [removed: deconversion fees,] [added: deconversions,] consulting, and hardware; and "on-premise support" [removed: revenue,] [added: revenues,] composed of maintenance fees [removed: which] [added: that] primarily contain annual contract terms.

Processing [removed: revenue] includes: "remittance" [removed: revenue] [added: revenues] from payment processing, remote capture, and ACH transactions; "card" [removed: fees,] [added: revenues,] including card transaction processing and monthly fees; and "transaction and digital" [removed: revenue,] [added: revenues,] which [removed: includes] [added: include] transaction and mobile processing [removed: fees.][added: revenues.]

The respective segments include all related revenues along with the related cost of [removed: sales.][added: revenue.]

FISCAL [removed: 2024] [added: 2025] COMPARED TO FISCAL [removed: 2023][added: 2024]

Reducing total revenue for deconversion revenue of [removed: $16,554] [added: $33,905] in the current fiscal year and [removed: $31,775] [added: $16,554] in the prior fiscal year, [removed: and for Payrailz related revenue of $1,945 in the current fiscal year,] results in a [removed: 7.4%] [added: 6.5%] increase, or [removed: $151,117.][added: $142,394.]

[removed: primarily] [added: This increase was mainly] driven by growth in data processing and hosting within cloud revenue as new clients were added and volumes expanded, card processing revenue [added: primarily] from expanded fraud detection and prevention [added: risk management] services and [removed: the addition of new/add-on services,] [added: monthly service fees,] digital [removed: (including Banno)] revenue as active monthly users and volumes increased, [added: and] payment processing revenue from expanding volumes and new client [removed: revenue, and growth in remote capture and ACH] revenue.

[removed: This] [added: The] increase [added: in operating expenses] was primarily due to higher [removed: personnel costs, increased] direct costs [removed: consistent] [added: generally commensurate] with increases in the related [added: lines of] revenue, [added: higher personnel costs including increases in compensation costs during the trailing twelve months,] and [added: higher] internal licenses and fees from price increases and [removed: higher] [added: more] deployments in the current fiscal year.

A detailed discussion of the major components of the results of operations for the fiscal year ended June 30, [removed: 2024] [added: 2025] compared to the fiscal year ended June 30, [removed: 2023] [added: 2024] follows.

| Services and support | | | $ | [removed: 1,275,954] [added: 1,361,737] | | | | | $ | [removed: 1,214,701] [added: 1,275,954] | | | | | [removed: 5.0%] [added: 6.7%] | | |

| Percentage of total revenue | | | [removed: 58%] [added: 57%] | | | | | | 58% | | | | | | | | |

In the fiscal year ended June 30, [removed: 2024,] [added: 2025,] services and support revenue increased [removed: 5.0%] [added: 6.7%] compared to the prior fiscal year.

Reducing total services and support revenue by deconversion revenue for each year, which totaled [removed: $16,554] [added: $33,905] in fiscal [removed: 2024] [added: 2025] and [removed: $31,775] [added: $16,554] in fiscal [removed: 2023, and for Payrailz related revenue of $2 from the current fiscal year,] [added: 2024,] services and support revenue grew [removed: 6.5%.][added: 5.4%.]

This increase was primarily driven by [removed: higher] [added: organic increases in our] data processing and hosting [added: revenue] within [removed: cloud revenue, primarily from organic growth including the addition of new and migrating clients and expanding volumes.][added: cloud.]

| Percentage of total revenue | | | [removed: 42%] [added: 43%] | | | | | | 42% | | | | | | | | |

Processing revenue increased [removed: 8.9%] [added: 7.9%] for the fiscal year ended June 30, [removed: 2024,] [added: 2025,] compared to the fiscal year ended June 30, [removed: 2023.][added: 2024.]

This increase was driven by growth in card [removed: processing primarily] from expanded fraud detection and prevention [added: risk management] services and [removed: growth in the addition of new/add-on services,] [added: monthly service fees,] digital revenue [removed: (including Banno) through growth in] [added: as] active monthly users and [removed: increased] volumes [removed: as well as the introduction] [added: increased,] and [removed: ramping up of new add-on products,] payment processing [removed: revenues as new clients increased and the active user base and transaction] [added: revenue from expanding] volumes [removed: expanded,] and [removed: higher remote capture and ACH revenues.][added: new client revenue.]

| Cost of revenue | | | $ | [removed: 1,299,477] [added: 1,360,747] | | | | | $ | [removed: 1,219,062] [added: 1,299,477] | | | | | [removed: 6.6%] [added: 4.7%] | | |

| Percentage of total revenue | | | [removed: 59%] [added: 57%] | | | | | | 59% | | | | | | | | |

Cost of revenue for fiscal [removed: 2024] [added: 2025] increased [removed: 6.6%] [added: 4.7%] compared to fiscal [removed: 2023.][added: 2024.]

Reducing total cost of revenue for deconversion costs of [removed: $2,231] [added: $3,517] in the current fiscal year and [removed: $2,046] [added: $2,231] in the prior fiscal [removed: year, and for Payrailz related costs of $3,334 in the current fiscal year,] [added: year] results in a [removed: 6.3%] [added: 4.6%] increase.

This increase was driven by higher direct costs consistent with increases in the related [removed: revenue, higher internal licenses and fees from price increases] [added: revenue] and higher [removed: deployments] [added: personnel costs including increases] in [added: compensation costs during] the [removed: current fiscal year, and increased personnel costs.][added: trailing twelve months.]

Cost of revenue [removed: remained consistent] [added: decreased 2%] as a percentage of total revenue for fiscal [removed: 2024] [added: 2025] compared to fiscal [removed: 2023.][added: 2024.]

| Research and development | | | $ | [removed: 148,256] [added: 162,771] | | | | | $ | [removed: 142,678] [added: 148,256] | | | | | [removed: 3.9%] [added: 9.8%] | | |

Research and development expenses for fiscal [removed: 2024] [added: 2025] increased [removed: 3.9%] [added: 9.8%] compared to fiscal [removed: 2023.][added: 2024.]

Research and development expense remained consistent as a percentage of total revenue for fiscal [removed: 2024] [added: 2025] compared to fiscal [removed: 2023.][added: 2024.]

| Selling, general, and administrative | | | $ | [removed: 278,419] [added: 283,055] | | | | | $ | [removed: 235,274] [added: 278,419] | | | | | [removed: 18.3%] [added: 1.7%] | | |

| Percentage of total revenue | | | [removed: 13%] [added: 12%] | | | | | | [removed: 11%] [added: 13%] | | | | | | | | |

Selling, general, and administrative expenses for fiscal [removed: 2024] [added: 2025] increased [removed: 18.3%] [added: 1.7%] compared to fiscal [removed: 2023.][added: 2024.]

Reducing total selling, general, and administrative expense for deconversion costs from each year, which totaled [removed: $1,177] [added: $2,725] in fiscal [removed: 2024] [added: 2025] and [removed: $2,216] [added: $1,177] in fiscal [removed: 2023,] [added: 2024 and] VEDIP program expenses of $16,443 [removed: and Payrailz related costs of $192 for the current fiscal year, and excluding the impact of the gain on sale of assets, net, of $4,567 for] [added: in] the prior fiscal year, results in a [removed: 9.7%] [added: 7.5%] increase.

This increase was primarily [removed: due] [added: related] to higher [removed: personnel] [added: direct] costs, [added: increased personnel costs] including [removed: a] [added: increased compensation costs and employee] headcount [removed: increase] [added: additions] in the trailing twelve [removed: months] [added: months,] and higher [removed: commission expense.][added: cloud consumption costs.]

Selling, general, and administrative expenses [removed: increased 2.0%] [added: decreased 1%] as a percentage of total revenue for fiscal [removed: 2024] [added: 2025] compared to fiscal [removed: 2023.][added: 2024.]

| Interest income | | | $ | [removed: 25,012] [added: 27,759] | | | | | $ | [removed: 8,959] [added: 25,012] | | | | | [removed: 179.2%] [added: 11.0%] | | |

| Interest expense | | | $ | [removed: (16,384)] [added: (10,438)] | | | | | $ | [removed: (15,073)] [added: (16,384)] | | | | | [removed: 8.7%] [added: (36.3)%] | | |

Interest expense [removed: increased] [added: decreased] in fiscal [removed: 2024] [added: 2025] mainly due to the timing and amounts of borrowed [removed: balances] and [removed: increases in interest rates.][added: repaid balances ending the current fiscal year with no remaining debt outstanding.]

| Provision for income taxes | | | $ | [removed: 116,203] [added: 130,288] | | | | | $ | [removed: 107,928] [added: 116,203] | | | | | [removed: 7.7%] [added: 12.1%] | | |

| Effective rate | | | [removed: 23.3%] [added: 22.2%] | | | | | | [removed: 22.7%] [added: 23.3%] | | | | | | | | |

In fiscal 2025, total revenue increased 7.2% or $159,745, compared to fiscal 2024.

Operating expenses increased 4.7%, or $80,421, in fiscal 2025 compared to fiscal 2024.

Reducing total operating expenses for deconversion costs of $6,242 in the current fiscal year and $3,408 in the prior fiscal year and for VEDIP related costs of $16,443 in the prior fiscal year, results in a 5.5% increase, or $94,031 (The VEDIP program was a Company voluntary separation program offered to certain eligible associates who chose to participate in the program from July through December 2023, including immaterial payments that continued into calendar 2024).

As we move into fiscal 2026 – our 50th year in business – we are excited and confident about our future, and we remain well-positioned to deliver durable, consistent growth and attractive results for our shareholders.

Technology spending by financial institutions remains strong, and there is clear demand for our differentiated and innovative technology solutions.

We have a very healthy sales pipeline and a proven ability to attract and win deals, especially with larger financial institutions.

Our unwavering focus on culture, service, innovation, strategy, and execution continues to set us apart in the market and will enable us to drive continued industry-leading revenue growth with strong margin expansion, benefiting our associates, clients, and shareholders.

| | | | 2025 | | | | | | 2024 | | | | | | | | |

This increase was primarily driven by higher data processing and hosting within cloud revenue as new clients were added and volumes expanded and increased consulting, work order, and release revenues, partially offset by the decrease in license and hardware revenues, year over year.

| | | | 2025 | | | | | | 2024 | | | | | | | | |

| Processing | | | $ | 1,013,551 | | | | | $ | 939,589 | | | | | 7.9% | | |

| | | | 2025 | | | | | | 2024 | | | | | | | | |

| | | | 2025 | | | | | | 2024 | | | | | | | | |

This increase was primarily due to higher personnel costs including increased compensation costs and employee headcount additions in the trailing twelve months and internal license and fees expenses from price increases and more deployments in the current fiscal year.

| | | | 2025 | | | | | | 2024 | | | | | | | | |

This increase was primarily due to higher personnel costs, excluding severance, including increased compensation and employee headcount additions in the trailing twelve months, increased travel expenses, and higher contract labor, partially offset by the gain on the sale of assets in the current fiscal year compared to the loss on the sale of assets last fiscal year.

| | | | 2025 | | | | | | 2024 | | | | | | | | |

| | | | 2025 | | | | | | 2024 | | | | | | | | |

| | | | 2025 | | | | | | 2024 | | | | | | | | |

| Revenue | | | $ | 739,277 | | | | | 7.0% | | | | | | $ | 690,738 | |

| | | | 2025 | | | | | | % Change | | | | | | 2024 | | |

| Revenue | | | $ | 873,498 | | | | | 6.8% | | | | | | $ | 817,708 | |

| | | | 2025 | | | | | | % Change | | | | | | 2024 | | |

| Revenue | | | $ | 675,209 | | | | | 9.2% | | | | | | $ | 618,211 | |

| Cost of Revenue | | | $ | 264,823 | | | | | 5.5% | | | | | | $ | 251,085 | |

Reducing total Complementary cost of revenue by deconversion costs from both fiscal years, which totaled $1,119 in fiscal 2025 and $903 in fiscal 2024, Complementary segment cost of revenue increased 5.4%.

| | | | 2025 | | | | | | % Change | | | | | | 2024 | | |

| Revenue | | | $ | 87,304 | | | | | (1.8)% | | | | | | $ | 88,886 | |

| Cost of Revenue | | | $ | 338,401 | | | | | 6.1% | | | | | | $ | 318,959 | |

| | | | 2025 | | | | | | 2024 | | |

Cash provided by operating activities for fiscal 2025 increased 12.9% compared to fiscal 2024, primarily due to the increase in Net income and the net changes in prepaid expenses, deferred costs and other and accrued expenses within Change in other assets and liabilities fiscal year over fiscal year.

Included in off-balance sheet contractual purchase obligations was the strategic services agreement that offers full-service debit and credit card processing on a single platform to our customers.

This agreement was signed in fiscal 2017 and amended in May 2025 to add two additional service years and $213,053 to contractual obligations, bringing the total remaining purchase commitment at June 30, 2025 to $1,022,283 over the remaining term of the contract, which now extends to January 2038, subject to certain renewal terms.

On July 4, 2025, the President of the United States signed into law legislation referred to as “One Big Beautiful Bill Act” (H.R. 1), which enacts substantial changes to the federal income tax law.

The legislation includes several business-focused provisions, such as the restoration of immediate expensing for domestic research and development expenditures and the reinstatement of 100% bonus depreciation for qualified property placed in service after January 19, 2025.

The Act also permanently extends key provisions from the Tax Cuts and Jobs Act (TCJA).

As the legislation was enacted after the June 30, 2025, balance sheet date, the financial implications are not included in the current fiscal year's financial statements.

The Company is in the process of assessing the impacts of the new law and plans to incorporate updates in the financial results next fiscal year beginning in the quarter ending September 30, 2025.

The term loan credit agreement was guaranteed by certain subsidiaries of the Company

The credit line expired on April 30, 2025.

On August 31, 2022, the Company acquired all of the equity interest in Payrailz.

Excluded Payrailz related revenue and operating expenses that are mentioned in the discussion below are for the first two months only of fiscal year ended June 30, 2024, since the first two months of fiscal year ended June 30, 2023, do not include Payrailz.

In fiscal 2024, total revenue increased 6.6% or $137,841, compared to fiscal 2023.

This increase was

Operating expenses increased 8.1%, or $129,138, in fiscal 2024 compared to fiscal 2023.

Reducing total operating expenses for deconversion costs of $3,408 in the current fiscal year and $4,261 in the prior fiscal year, and for VEDIP related costs of $16,443 and Payrailz related expenses of $4,182, in the current fiscal year, and excluding the impact of the gain on sale of assets, net, of $4,567 in the prior fiscal year, results in a 6.6% increase, or $104,798.

The VEDIP program was a Company voluntary separation program offered to certain eligible associates beginning in July 2023.

We move into fiscal 2025 following strong performance in fiscal 2024.

Significant portions of our business continue to provide recurring revenue and our sales pipeline is also encouraging.

Our clients continue to face regulatory and operational challenges which our products and services address, and in these times, they have an even greater need for our solutions that directly address institutional profitability, efficiency, and security.

We believe our strong balance sheet, access to extensive lines of credit, the strength of our existing product line and an unwavering commitment to superior client service position us well to address current and future opportunities.

| | | | 2024 | | | | | | 2023 | | | | | | | | |

| Processing | | | $ | 939,589 | | | | | $ | 863,001 | | | | | 8.9% | | |

Reducing total processing revenue by Payrailz related revenue of $1,943 from the current fiscal year, processing revenue grew 8.6%.

Reducing total research and development expenses for Payrailz related costs of $656 in the current fiscal year, results in a 3.4% increase.

This increase is primarily due to higher cloud consumption, net of capitalization, increased personnel costs, including Payrailz acquisition and Jack Henry Platform costs, net of capitalization.

This increase is partially offset by greater benefits received from research and development tax credits during the current fiscal year.

| Revenue | | | $ | 690,738 | | | | | 6.4% | | | | | | $ | 649,045 | |

| Revenue | | | $ | 817,708 | | | | | 6.6% | | | | | | $ | 767,309 | |

| Revenue | | | $ | 618,211 | | | | | 5.9% | | | | | | $ | 583,586 | |

| Cost of Revenue | | | $ | 256,007 | | | | | 7.7% | | | | | | $ | 237,758 | |

This increase was primarily driven by organic increases in digital revenue (including Banno) and hosting within cloud revenue.

| Revenue | | | $ | 88,886 | | | | | 14.3% | | | | | | $ | 77,762 | |

| Cost of Revenue | | | $ | 314,037 | | | | | 10.7% | | | | | | $ | 283,606 | |

This increase was primarily related to higher internal licenses and fees and personnel costs, including benefits expenses.

Deconversion and/or acquisition costs did not significantly affect Corporate and Other cost of revenue fiscal year over fiscal year.

| | | | 2024 | | | | | | 2023 | | |

Cash provided by operating activities for fiscal 2024 increased 48.9% compared to fiscal 2023, primarily due to higher than historical collections in fiscal 2024 of annual maintenance billings related to fiscal year 2025 and to an overpayment of income taxes in fiscal 2023, which led to lower cash taxes paid in fiscal 2024.

The Company paid income taxes, net of refunds, of $106,966, $145,862, and $60,553 in fiscal 2024, 2023, and 2022, respectively.

In July 2023, the Company conducted a voluntary separation program for certain eligible associates that included a VEDIP payment for the eligible associates who chose to participate in the program.

The Company made payments associated with the VEDIP program in the approximate amount of $16,443 from July 2023 through December 2023, including immaterial payments continuing into calendar 2024.

timetables and may be suspended at any time.

*Payrailz*

The final purchase price, following customary post-closing adjustments to the extent actual closing date working capital, cash, debt, and unpaid seller transaction expenses exceeded or were less than the amounts estimated at closing, was $230,205.

Pursuant to the merger agreement for the transaction, $48,500 of the purchase price was placed in an escrow account at the closing, consisting of $2,500 for any final purchase price adjustments owed by the sellers, which amount was released to the sellers on December 15, 2022, in connection with post-closing purchase price adjustments, and $46,000 for indemnification matters under the merger agreement, which amount was released to the sellers on September 20, 2023.

The primary reason for the acquisition was to expand the Company's digital financial management solutions and the purchase was originally funded by our revolving line of credit and cash generated from operations.

Payrailz provides cloud-native, API-first, AI-enabled consumer and commercial digital payment solutions and experiences that enable money to be moved in the moment of need.

We currently anticipate that we will be able to repay the remaining outstanding balance under the term loan prior to its maturity using cash generated by our operations or borrowings under our revolving credit facility.

The credit line was renewed in May 2019 and modified in May 2023 to extend the expiration to April 30, 2025.

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer.

We are currently exposed to credit risk on credit extended to [removed: clients and interest rate risk on outstanding debt.][added: clients.]

We have no outstanding debt with variable interest rates as of June 30, 2025 and are therefore not currently exposed to interest rate risk.

We have $150,000 outstanding debt with variable interest rates as of June 30, 2024, and a 1% increase in our borrowing rate would increase our annual interest expense by $1,500.

For [removed: more than 48] [added: nearly 50] years, we have provided technology solutions to help banks and credit unions innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders.

We empower approximately [removed: 7,500] [added: 7,400] financial institutions and diverse corporate entities with people-inspired innovation, personal service, and insight-driven solutions.

This [removed: philosophy] [added: mission] has always been part of the foundation on which Jack Henry was built.

Our founders, Jack Henry and Jerry Hall, were committed to their community and believed they could help financial institutions better serve the needs of [removed: people and businesses] [added: their accountholders by] using more innovative technology and services.

Since our founding in 1976, much has changed, but our commitment to supporting community and regional [removed: financial institutions] [added: banks and credit unions] remains unwavering.

We continue to be guided by our founding [removed: principles:] [added: philosophy:] do the right thing, do whatever it takes, and have fun.

We provide products and services primarily to community and regional [removed: financial institutions] [added: banks and credit unions] (see "Our Industry" below):

- Core bank integrated data processing systems are provided to over [removed: 940] [added: 950] banks.

- Core credit union data processing solutions are provided to credit unions of all sizes, with a client base of approximately [removed: 720] [added: 715] credit unions.

- Non-core highly specialized core-agnostic products and services are also provided to [removed: financial institutions.][added: banks and credit unions.]

We offer complementary solutions that include highly specialized financial performance, imaging and [removed: payments processing,] [added: payment solutions,] information security and risk management, retail delivery, and online and mobile functionality.

These products and services enhance the performance of traditional [removed: financial services organizations] [added: banks and credit unions] of all asset sizes and charters, and non-traditional diverse corporate entities.

In total, we serve [removed: over 1,660] [added: approximately 1,670] bank and credit union core clients and over [removed: 5,870] [added: 5,710] non-core clients.

Our well-rounded solutions also enable [removed: financial institutions] [added: banks and credit unions] to offer the high-demand products and services required by their accountholders to compete more successfully and to capitalize on evolving trends shaping the financial services industry.

Our core banking solutions [removed: currently] [added: generally] serve commercial banks and savings institutions with up to [removed: $50] [added: $55] billion [added: and above] in [added: assets and are designed to be capable of serving institutions with up to $150 billion in] assets.

[removed: Our systems are designed to be capable of serving institutions with up to $100 billion in assets, and we] [added: We] complete annual, third-party testing to validate this capability each August.

According to the Federal Deposit Insurance Corporation (“FDIC”), there were approximately [removed: 4,540] [added: 4,440] commercial banks and savings institutions in the [removed: less than $50] [added: $55] billion [added: and under] asset range as of December 31, [removed: 2023,] [added: 2024,] and we currently support over [removed: 940] [added: 950] of these banks with one of our three core information processing platforms and a significant number of complementary/payment products and services.

According to America's Credit Unions ("ACU") (formerly Credit Union National Association), there were [removed: approximately 4,700] [added: 4,550] domestic credit unions as of December 31, [removed: 2023,] [added: 2024,] and we currently support approximately [removed: 720] [added: 715] of these credit unions with one flagship core information processing platform and a significant number of complementary/payment products and services.

Our non-core solutions serve [removed: financial services organizations] [added: banks and credit unions] of all asset sizes and charters and other diverse corporate entities.

We [removed: currently] support [removed: financial institutions] [added: these organizations] with specialized solutions for generating additional revenue and growth, increasing security, mitigating operational risks, and controlling operating costs.

The FDIC reports the number of commercial banks and savings institutions declined [removed: 15%] [added: 13%] from the [removed: beginning] [added: end] of calendar year [removed: 2018] [added: 2019] to the end of calendar year [removed: 2023,] [added: 2024,] due mainly to mergers and acquisitions.

Although the number of banks continued to decline at a 3% compound annual rate during this period, aggregate assets increased at a compound annual rate of [removed: 6%] [added: 5%] and totaled [removed: $23.7] [added: $24.1] trillion as of December 31, [removed: 2023.][added: 2024.]

There were six new bank charters issued in calendar year [removed: 2023, compared to 15] [added: 2024 and six issued] in the [removed: 2022] [added: 2023] calendar year.

Comparing calendar years [removed: 2023] [added: 2024] to [removed: 2022,] [added: 2023,] the number of transactions of FDIC-insured banks acquiring or merging with other banks or credit unions decreased [removed: 20%.][added: 18%.]

ACU reports the number of credit unions declined [removed: 14%] [added: 15%] from the [removed: beginning] [added: end] of calendar year [removed: 2018] [added: 2019] to the end of calendar year [removed: 2023.][added: 2024.]

Although the number of credit unions declined at a 3% compound annual rate during this period, aggregate assets increased at a compound annual rate of [removed: 9%] [added: 8%] and totaled $2.3 trillion as of December 31, [removed: 2023.][added: 2024.]

Community and regional [removed: financial institutions] [added: banks and credit unions] are vitally important to the communities, consumers, and businesses they serve as well as to the local economies where they operate.

Bank [removed: customers] and credit union [removed: members] [added: accountholders] rely on these institutions to provide personalized, relationship-based service and competitive financial products and services available through the accountholders' delivery channel of choice.

Institutions are recognizing that attracting and retaining [removed: customers and members] [added: accountholders] in today’s highly competitive financial industry and realizing near-term and long-term performance goals are often technology dependent.

[removed: Financial institutions] [added: Banks and credit unions] must implement technological solutions that enable them to:

- Offer [removed: e-commerce, mobile, and] digital strategies that provide the convenience-driven services required in today’s financial services industry.

- Expand existing [removed: customer/member] [added: accountholder] relationships and strengthen exit barriers by cross selling additional products and services.

Jack Henry’s extensive product and service offerings help diverse [removed: financial institutions] [added: banks and credit unions] meet business challenges and capitalize on opportunities.

We [added: intend to] execute this strategy by:

- Providing community and regional [removed: financial institutions] [added: banks and credit unions] with core processing systems that provide excellent functionality and support on-premise and private cloud delivery environments with identical functionality.

- Delivering non-core highly specialized core-agnostic complementary/payment products and services to [removed: financial institutions,] [added: banks and credit unions,] including institutions not utilizing one of our core processing systems, and diverse corporate entities.

After [removed: 48] [added: nearly 50] years in business, we have very few gaps in our product line, so it is increasingly difficult to find proven products or services that would enable our clients and prospects to better optimize their business opportunities or solve specific operational issues.

[removed: In addition, we see few acquisition opportunities that would] expand our market or enable our entry into adjacent markets within the financial services industry that are fairly priced or that we could assimilate into our Company without material distractions.

We have three functionally distinct core bank processing systems and [removed: more than 140] [added: many] fully integrated complementary/payment solutions, including business intelligence and bank management, retail and business banking, digital and mobile internet banking and electronic payment solutions, fraud and risk management and protection, account origination, and item and document imaging solutions.

[added: Our] core banking solutions have state-of-the-art functional capabilities, and we can re-market the hardware required by on-premise use of each software system.

Despite continued industry consolidation, Jack Henry net core footprints increased year-over-year from calendar year 2023 to calendar year 2024 in both bank and credit union client bases.

Furthermore, the average assets under management for our banking core clients grew from $1.26 billion to $1.29 billion, and the average assets under management for our credit union core clients grew from $1.17 billion to $1.20 billion.

- Foster growth and efficiency through delivering accountholders exceptional user experiences.

Our strategy for the next three to five years is to enable banks and credit unions to win on exceptional user experience and trust through open, innovative technology, data-driven insights, and service, resulting in greater growth and efficiency.

- Carrying out a large client strategy that focuses on deep engagement with banks and credit unions to align objectives, optimize revenue streams, and foster collaborative growth and innovation through continuous engagement and commitment to excellence.

- Growing our market share of services to small and medium-sized businesses offering features through banks and credit unions.

Technology Modernization Strategy

Our public cloud-native technology modernization strategy seeks to enable our bank and credit union clients to innovate faster, differentiate themselves in the markets they serve, and meet the evolving needs of their accountholders.

The Jack Henry PlatformTM is the centerpiece of this strategy and operates as a single public cloud-native, API-first platform, which we are developing into a fully functional modern alternative for existing core functions.

The platform includes services like wire transfers, a centralized data hub for reporting and analysis, exception item processing, general ledger, deposit servicing, and entitlements.

These services can be combined with other Jack Henry public cloud-native solutions, such as digital banking, digital payments, and fraud detection, as well as third-party provider solutions on a single, unified platform.

The Jack Henry Platform leverages public cloud advantages, including high system availability, rapid processing, modern security standards, easily deployable upgrades, and scalability.

In addition, we see few acquisition opportunities that would

This system is in use by 520 banks, and now serves nearly 12% of the domestic banks in the $55 billion and under asset range.

Our experienced implementation teams travel to client facilities or work remotely with clients to help

Jack Henry Digital provides a unified platform of digital products and services, anchored by the Banno Digital Platform™.

This native and browser-based banking solution empowers community and regional banks and credit unions to strategically enhance their digital offerings and compete effectively with larger banks and tech companies.

Our treasury platform is a separate digital product that services the needs of banks' and credit unions' larger commercial customers.

includes supporting tools for accounts receivable posting, risk management, reporting, and application interfaces ("APIs") for banks, credit unions, businesses, and fintechs of all sizes.

financial resources.

subject to periodic reviews by FBA regulators who have broad supervisory authority to remedy any shortcomings identified in such reviews.

Our people and culture strategy is focused on attracting, engaging, and retaining associates that are qualified and innovative with future-ready technical skills.

We are an equal opportunity employer and are committed to considering all qualified candidates for employment.

These groups provide input and suggestions to address business problems and offer education and training to foster inclusion and belonging.

As of June 30, 2025, we had over 1,770 unique associates and nearly 2,810 combined associates participating in six active BIGs.

Career mobility

- Enhance the customer/member experience at multiple points of contact.

Our

This system is in use by approximately 490 banks, and now serves nearly 11% of the domestic banks with assets less than $50 billion.

increase and as additional complementary products are purchased.

Jack Henry Digital represents a category of digital products and services that are being built and integrated together into one unified platform.

Our main offering is the Banno Digital Platform™.

It is an online and mobile banking platform that helps community and regional financial institutions strategically differentiate their digital offerings from those of megabanks and other financial technology companies.

Our people and culture strategy focuses on attracting, engaging, and retaining qualified, diverse, and innovative talent at all levels of the Company.

We are a committed equal opportunity employer and all qualified candidates receive consideration for employment without regard to race, color, religion, national origin, age, disability, sex, sexual orientation, gender, gender identity, pregnancy, genetic information, or other characteristics protected by applicable law.

We continue to concentrate efforts on assuring that all our associates feel like they belong at Jack Henry.

Their insights are crucial for sparking innovation and shaping strategies to attract and retain talent, ensuring our associates feel valued and connected.

Our BIGs are company-sponsored groups open to all associates.

As of June 30, 2024, we had over 1,740 unique associates participating in six active BIGs, with five focused on inclusion for specific communities — women, people of color, LGBTQ+, veterans, and people with disabilities — and one focused on environmental and sustainability topics.

While BIGs allow associates to connect and support each other, they also function to assist us in addressing bona fide business problems through input and suggestions.

For example, these groups work with executive leadership to actively improve our talent attraction processes for prospective associates.

They also provide education, training, and conversation opportunities to all associates to increase belongingness and innovation throughout the Company.

When there is a critical skill

For the fiscal year ended June 30, [removed: 2024][added: 2025]

On December 31, [removed: 2023,] [added: 2024,] the aggregate market value of the Common Stock held by persons other than those who may be deemed affiliates of Registrant was [removed: $11,835,584,815] [added: $12,705,842,343] (based on the closing stock price on Nasdaq on December 31, [removed: 2023).][added: 2024).]

As of August [removed: 15, 2024,] [added: 8, 2025,] the Registrant had [removed: 72,908,319] [added: 72,871,385] shares of Common Stock outstanding ($0.01 par value).

Portions of the Company's Proxy Statement for its [removed: 2024] [added: 2025] Annual Meeting of Stockholders (the "Proxy Statement") are incorporated by reference into Part III of this Report to the extent stated herein.

Such Proxy Statement will be filed with the Securities and Exchange Commission ("SEC") within 120 days of the Company's fiscal year ended June 30, [removed: 2024.][added: 2025.]

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| ITEM 1B. | | | [UNRESOLVED STAFF [removed: COMMENTS](#i9bc9fba46aa149ddb0c94e49a83714b5_19)] [added: COMMENTS](#i39c2cc772b5e45f5ba0faf8b0c7c9075_19)] | | | [removed: [20](#i9bc9fba46aa149ddb0c94e49a83714b5_19)] [added: [20](#i39c2cc772b5e45f5ba0faf8b0c7c9075_19)] | | |

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| ITEM 3. | | | [LEGAL [removed: PROCEEDINGS](#i9bc9fba46aa149ddb0c94e49a83714b5_25)] [added: PROCEEDINGS](#i39c2cc772b5e45f5ba0faf8b0c7c9075_28)] | | | [removed: [21](#i9bc9fba46aa149ddb0c94e49a83714b5_25)] [added: [22](#i39c2cc772b5e45f5ba0faf8b0c7c9075_28)] | | |

| ITEM 4. | | | [MINE SAFETY [removed: DISCLOSURES](#i9bc9fba46aa149ddb0c94e49a83714b5_28)] [added: DISCLOSURES](#i39c2cc772b5e45f5ba0faf8b0c7c9075_31)] | | | [removed: [21](#i9bc9fba46aa149ddb0c94e49a83714b5_28)] [added: [22](#i39c2cc772b5e45f5ba0faf8b0c7c9075_31)] | | |

| ITEM 5. | | | [MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#i9bc9fba46aa149ddb0c94e49a83714b5_34)] [added: SECURITIES](#i39c2cc772b5e45f5ba0faf8b0c7c9075_37)] | | | [removed: [22](#i9bc9fba46aa149ddb0c94e49a83714b5_34)] [added: [23](#i39c2cc772b5e45f5ba0faf8b0c7c9075_37)] | | |

| ITEM 6. | | | [removed: [\[RESERVED\]](#i9bc9fba46aa149ddb0c94e49a83714b5_37)] [added: [\[RESERVED\]](#i39c2cc772b5e45f5ba0faf8b0c7c9075_40)] | | | [removed: [23](#i9bc9fba46aa149ddb0c94e49a83714b5_37)] [added: [24](#i39c2cc772b5e45f5ba0faf8b0c7c9075_40)] | | |

| ITEM 7. | | | [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#i9bc9fba46aa149ddb0c94e49a83714b5_40)] [added: OPERATIONS](#i39c2cc772b5e45f5ba0faf8b0c7c9075_43)] | | | [removed: [24](#i9bc9fba46aa149ddb0c94e49a83714b5_40)] [added: [25](#i39c2cc772b5e45f5ba0faf8b0c7c9075_43)] | | |

| ITEM 7A. | | | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET [removed: RISK](#i9bc9fba46aa149ddb0c94e49a83714b5_61)] [added: RISK](#i39c2cc772b5e45f5ba0faf8b0c7c9075_64)] | | | [removed: [32](#i9bc9fba46aa149ddb0c94e49a83714b5_61)] [added: [34](#i39c2cc772b5e45f5ba0faf8b0c7c9075_64)] | | |

| ITEM 8. | | | [FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#i9bc9fba46aa149ddb0c94e49a83714b5_64)] [added: DATA](#i39c2cc772b5e45f5ba0faf8b0c7c9075_67)] | | | [removed: [33](#i9bc9fba46aa149ddb0c94e49a83714b5_64)] [added: [34](#i39c2cc772b5e45f5ba0faf8b0c7c9075_67)] | | |

| ITEM 9. | | | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL [removed: DISCLOSURE](#i9bc9fba46aa149ddb0c94e49a83714b5_163)] [added: DISCLOSURE](#i39c2cc772b5e45f5ba0faf8b0c7c9075_166)] | | | [removed: [59](#i9bc9fba46aa149ddb0c94e49a83714b5_163)] [added: [61](#i39c2cc772b5e45f5ba0faf8b0c7c9075_166)] | | |

| ITEM 9A. | | | [CONTROLS AND [removed: PROCEDURES](#i9bc9fba46aa149ddb0c94e49a83714b5_166)] [added: PROCEDURES](#i39c2cc772b5e45f5ba0faf8b0c7c9075_169)] | | | [removed: [59](#i9bc9fba46aa149ddb0c94e49a83714b5_166)] [added: [61](#i39c2cc772b5e45f5ba0faf8b0c7c9075_169)] | | |

| ITEM 9B. | | | [OTHER [removed: INFORMATION](#i9bc9fba46aa149ddb0c94e49a83714b5_169)] [added: INFORMATION](#i39c2cc772b5e45f5ba0faf8b0c7c9075_172)] | | | [removed: [59](#i9bc9fba46aa149ddb0c94e49a83714b5_169)] [added: [61](#i39c2cc772b5e45f5ba0faf8b0c7c9075_172)] | | |

| ITEM 9C. | | | [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT [removed: INSPECTIONS](#i9bc9fba46aa149ddb0c94e49a83714b5_172)] [added: INSPECTIONS](#i39c2cc772b5e45f5ba0faf8b0c7c9075_175)] | | | [removed: [59](#i9bc9fba46aa149ddb0c94e49a83714b5_172)] [added: [61](#i39c2cc772b5e45f5ba0faf8b0c7c9075_175)] | | |

| ITEM 10. | | | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE [removed: GOVERNANCE](#i9bc9fba46aa149ddb0c94e49a83714b5_178)] [added: GOVERNANCE](#i39c2cc772b5e45f5ba0faf8b0c7c9075_181)] | | | [removed: [60](#i9bc9fba46aa149ddb0c94e49a83714b5_178)] [added: [62](#i39c2cc772b5e45f5ba0faf8b0c7c9075_181)] | | |

| ITEM 11. | | | [EXECUTIVE [removed: COMPENSATION](#i9bc9fba46aa149ddb0c94e49a83714b5_181)] [added: COMPENSATION](#i39c2cc772b5e45f5ba0faf8b0c7c9075_184)] | | | [removed: [60](#i9bc9fba46aa149ddb0c94e49a83714b5_181)] [added: [62](#i39c2cc772b5e45f5ba0faf8b0c7c9075_184)] | | |

| ITEM 12. | | | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER [removed: MATTERS](#i9bc9fba46aa149ddb0c94e49a83714b5_184)] [added: MATTERS](#i39c2cc772b5e45f5ba0faf8b0c7c9075_187)] | | | [removed: [60](#i9bc9fba46aa149ddb0c94e49a83714b5_184)] [added: [62](#i39c2cc772b5e45f5ba0faf8b0c7c9075_187)] | | |

| ITEM 13. | | | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR [removed: INDEPENDENCE](#i9bc9fba46aa149ddb0c94e49a83714b5_187)] [added: INDEPENDENCE](#i39c2cc772b5e45f5ba0faf8b0c7c9075_190)] | | | [removed: [60](#i9bc9fba46aa149ddb0c94e49a83714b5_187)] [added: [62](#i39c2cc772b5e45f5ba0faf8b0c7c9075_190)] | | |

| ITEM 14. | | | [PRINCIPAL ACCOUNTANT FEES AND [removed: SERVICES](#i9bc9fba46aa149ddb0c94e49a83714b5_190)] [added: SERVICES](#i39c2cc772b5e45f5ba0faf8b0c7c9075_193)] | | | [removed: [60](#i9bc9fba46aa149ddb0c94e49a83714b5_190)] [added: [62](#i39c2cc772b5e45f5ba0faf8b0c7c9075_193)] | | |

| ITEM 15 | | | [EXHIBITS AND FINANCIAL STATEMENT [removed: SCHEDULES](#i9bc9fba46aa149ddb0c94e49a83714b5_196)] [added: SCHEDULES](#i39c2cc772b5e45f5ba0faf8b0c7c9075_199)] | | | [removed: [61](#i9bc9fba46aa149ddb0c94e49a83714b5_196)] [added: [63](#i39c2cc772b5e45f5ba0faf8b0c7c9075_199)] | | |

| ITEM 16 | | | [FORM 10-K [removed: SUMMARY](#i9bc9fba46aa149ddb0c94e49a83714b5_199)] [added: SUMMARY](#i39c2cc772b5e45f5ba0faf8b0c7c9075_202)] | | | [removed: [63](#i9bc9fba46aa149ddb0c94e49a83714b5_199)] [added: [65](#i39c2cc772b5e45f5ba0faf8b0c7c9075_202)] | | |

| ITEM 1C. | | | [CYBERSECURITY](#i39c2cc772b5e45f5ba0faf8b0c7c9075_22) | | | [20](#i39c2cc772b5e45f5ba0faf8b0c7c9075_22) | | |

| ITEM 1C. | | | [C](#i9bc9fba46aa149ddb0c94e49a83714b5_1721)[YBERSECURITY](#i9bc9fba46aa149ddb0c94e49a83714b5_1721) | | | [20](#i9bc9fba46aa149ddb0c94e49a83714b5_1721) | | |

In [removed: our increasingly] [added: today's] interconnected environment, information is inherently exposed to a [removed: growing number] [added: wide range] of risks, threats, and vulnerabilities.

As a provider of products and services to financial institutions, Jack Henry integrates industry-standard frameworks, policies, and procedures to securely process and store sensitive information, prioritizing the protection of our associates, clients, and their private data [removed: from the] [added: in an] ever-evolving cyber threat [removed: environment.][added: landscape.]

[removed: Jack Henry’s information and cybersecurity program is a key component of our overall enterprise risk management and] [added: It] is maintained by a team of [removed: diverse,] highly skilled cybersecurity [removed: professionals, as well as a portfolio of] [added: professionals and supported by] investments in modern technology, including artificial intelligence and machine learning.

The program [removed: safeguards] [added: is designed to safeguard] Jack Henry and client confidentiality and privacy by systematically identifying, assessing, and managing material risks and cybersecurity threats through [removed: use of] comprehensive cyber defense, threat and vulnerability management, and cyber intelligence.

[removed: Our cybersecurity program] [added: It] includes continuous enterprise monitoring [removed: with] [added: and] well-defined and [removed: rehearsed] [added: regularly tested] business [removed: resilience and incident response procedures.]

[removed: Further, we use] [added: We also engage] third-party vendors and consultants to assist in [removed: identifying] [added: identifying, assessing,] and [removed: assessing] [added: mitigating] cybersecurity risks.

Jack Henry systems and services [removed: undergo] [added: are subject to] regular reviews [removed: performed] by the same regulatory agencies that [removed: review] [added: oversee] financial [removed: institutions:] [added: institutions, including the] Federal Reserve Bank (“FRB”), FDIC, Office of the Comptroller of the Currency (“OCC”), NCUA, and the CFPB, among others.

[removed: Reviews such as] [added: These reviews, including] those [added: conducted] by the Federal Banking Agencies (comprised of the FDIC, FRB, and the OCC) [removed: assess and] [added: help] identify [added: potential] security gaps or [removed: flaws in controls.][added: control deficiencies.]

[removed: Critical] [added: In addition, critical] services provided to our clients [removed: are subject to] [added: undergo] annual System and Organization Controls (“SOC”) reviews by independent auditors.

[removed: Associates and contractors] [added: All are required to] complete [removed: mandatory] annual security awareness training to ensure they stay [removed: abreast of the latest] [added: current on] best practices and [removed: related] [added: emerging] cyber threats.

[removed: Additionally, we] [added: We also] conduct routine phishing exercises to help associates and contractors [removed: identify] [added: recognize] and [removed: responsibly] [added: appropriately] respond to suspicious emails.

[removed: Throughout the year, we target supplemental] [added: Supplemental] training [removed: and education] [added: is provided throughout the year] to [removed: higher-risk] individuals and [removed: teams.][added: teams with elevated-risk profiles.]

Jack Henry relies on third-party service providers to deliver [added: certain] services and products to our [removed: clients, and we evaluate and attempt to mitigate the cybersecurity risks associated with the use of these third-party service providers.][added: clients.]

We [removed: conduct evaluations] [added: evaluate] and [removed: risk assessments of third-party service providers prior] [added: seek] to [removed: engagement] [added: mitigate the cybersecurity risks associated with these providers through pre-engagement] and [removed: on an ongoing] periodic [removed: basis] [added: risk assessments] to ensure our standards for security are maintained.

In fiscal year [removed: 2024,] [added: 2025,] we did not identify any [removed: risks from] cybersecurity threats, including [removed: as a result of any previous cybersecurity] [added: those arising from prior] incidents, that [removed: have] materially affected our business strategy, results of operations, or financial condition.

As a large financial technology provider, we continually face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect [removed: us and] our business strategy, results of operations, or financial condition.

Despite our efforts to identify and respond to cybersecurity threats, we cannot [removed: ensure] [added: guarantee] that we will not experience [added: a] material cybersecurity [removed: incidents] [added: incident] in the future or that [removed: we have not experienced] an undetected [removed: incident.][added: incident has not already occurred.]

For [removed: a full] [added: further] discussion of cybersecurity risks, see the section entitled “Risk Factors” in Item 1A.

[removed: Cyber Security] [added: CyberSecurity] Governance and Oversight

Our Board of Directors [removed: maintains] [added: has] ultimate oversight [removed: over] [added: of] risk [removed: functions but] [added: management and] has delegated [removed: certain oversight responsibilities] [added: responsibility] for enterprise and operational risks, including [removed: cybersecurity risk,] [added: cybersecurity,] to the Board’s Risk and Compliance Committee.

[removed: The Risk and Compliance Committee’s obligations include overseeing] [added: This Committee oversees] Jack Henry’s risk assessment and management programs and [removed: reviewing] [added: reviews] risk preparedness.

[removed: Our] [added: The] Audit Committee oversees financial risks and would [removed: also] be informed of [removed: a] [added: any] material cybersecurity incident that could potentially have a material impact on our financial statements.

The Chief Information Security Officer (“CISO”) reports [added: quarterly] to the Risk and Compliance Committee and to the full Board of Directors on [removed: a quarterly basis on] information security matters.

[removed: Additionally, the] [added: The] CISO [added: also] meets with the Risk and Compliance Committee at least annually to evaluate our overall security environment and organization.

While the Board of Directors, through the Risk and Compliance Committee, maintains oversight [removed: for] [added: of] cybersecurity risks, management is primarily responsible for identifying, assessing, and managing [removed: material cybersecurity] [added: these] risks within our broader risk management program.

Our CISO, who reports [removed: directly] to the Chief [removed: Risk] [added: Operations] Officer, has primary responsibility [removed: over] [added: for] Jack Henry’s [removed: overall] information security strategy, policy, security engineering, operations, and cybersecurity threat detection and response.

Our CISO [removed: has] [added: brings] more than 20 years [removed: of] [added: experience in] technology and [removed: cybersecurity experience,] [added: cybersecurity,] including [removed: previous] senior leadership roles at major financial institutions.

[removed: The information security team, under] [added: Under] the [removed: direction of] [added: CISO's direction,] the [removed: CISO, regularly] [added: information security team continuously] monitors [removed: general] cybersecurity trends and [removed: institutes preventative efforts] [added: implements proactive] and defensive measures to protect against cybersecurity threats.

Jack Henry’s information and cybersecurity program is a core component of our overall enterprise risk management framework.

resilience and incident response procedures.

The Enterprise Risk Management Committee, composed of senior executives, monitors governance, risk, and compliance enterprise-wide, including cybersecurity.

Management has adopted specific policies and procedures to monitor and mitigate cybersecurity threats including an incident response program, led by the CISO and staffed by professionals with diverse expertise.

Incidents meeting pre-established thresholds are escalated to management for threat assessment, mitigation, remediation, and, if necessary, disclosure to clients, third-parties, and regulators.

Management has established the Enterprise Risk Management Committee, headed by Company executives, to monitor the governance, risk, and compliance environment for Jack Henry, which includes review of cybersecurity risk.

Management has also adopted specific policies and processes to monitor cybersecurity threats and to mitigate such threats as they arise.

These policies and procedures include, among other things, an incident response program, which includes professionals with diverse backgrounds and skillsets, led by our CISO.

Our incident response team is designed to monitor and assess cyber and information security related incidents.

Any cybersecurity incidents that meet or exceed preestablished thresholds are escalated to management to establish the scope of the threat, apply mitigation and remediation efforts, and assess the need for disclosure to clients, third-party service providers, and regulators.

We have [removed: 19] [added: 17] leased office facilities in [removed: 15] [added: 13] states, which total approximately [removed: 474,000] [added: 445,000] square feet.

[removed: Of this total, approximately 54,700 square feet relates to our] Elizabethtown, Kentucky leased office facility of which approximately 50,900 square feet is subleased.

Of this total, approximately 54,700 square feet relates to our

On August [removed: 15, 2024,] [added: 8, 2025,] there were approximately [removed: 344,699] [added: 347,295] holders of the Company’s common stock, including individual participants in security position listings.

The following shares of the Company were repurchased during the quarter ended June 30, [removed: 2024:][added: 2025:]

Under these authorizations, the Company has repurchased and not re-issued [removed: 31,372,959] [added: 31,579,598] shares and has repurchased and re-issued 9,384 shares.

The following chart presents a comparison for the five-year period ended June 30, [removed: 2024,] [added: 2025,] of the market performance of the Company’s common stock with the Standard & Poor's 500 ("S&P 500") Index and the Standard & Poor's Composite 1500 Software & Services ("S&P 1500 Software & Services") Index.

[removed: ][added: ]

| | | | [removed: 2019 | | |] 2020 | | | 2021 | | | 2022 | | | 2023 | | | 2024 | | | [added: 2025 | | |]

This comparison assumes $100 was invested on June 30, [removed: 2019,] [added: 2020,] and assumes reinvestments of dividends.

| April 1 — April 30, 2025 | | | — | | | | | | $ | | | | | | — | | | | | | 3,411,018 | | |

| May 1 — May 31, 2025 | | | — | | | | | | $ | | | | | | — | | | | | | 3,411,018 | | |

| June 1 — June 30, 2025 | | | — | | | | | | $ | | | | | | — | | | | | | 3,411,018 | | |

| Total | | | — | | | | | | $ | | | | | | — | | | | | | 3,411,018 | | |

| JKHY | | | 100.00 | | | 89.86 | | | 100.03 | | | 94.07 | | | 94.57 | | | 103.95 | | |

| S&P 500 | | | 100.00 | | | 140.79 | | | 125.85 | | | 150.51 | | | 187.47 | | | 215.89 | | |

| S&P Composite 1500 Software & Services | | | 100.00 | | | 133.46 | | | 111.53 | | | 144.74 | | | 184.18 | | | 215.90 | | |

| April 1 — April 30, 2024 | | | — | | | | | | $ | | | | | | — | | | | | | 3,667,497 | | |

| May 1 — May 31, 2024 | | | — | | | | | | $ | | | | | | — | | | | | | 3,667,497 | | |

| June 1 — June 30, 2024 | | | 49,840 | | | | | | $161.62 | | | | | | 49,840 | | | | | | 3,617,657 | | |

| Total | | | 49,840 | | | | | | $161.62 | | | | | | 49,840 | | | | | | 3,617,657 | | |

| JKHY | | | 100.00 | | | 138.88 | | | 124.80 | | | 138.92 | | | 130.65 | | | 131.34 | | |

| S&P 500 | | | 100.00 | | | 107.51 | | | 151.36 | | | 135.29 | | | 161.80 | | | 201.54 | | |

| S&P Composite 1500 Software & Services | | | 100.00 | | | 127.92 | | | 170.73 | | | 142.67 | | | 185.15 | | | 235.60 | | |

| | | | [Report of Independent Registered Public Accounting [removed: Firm](#i9bc9fba46aa149ddb0c94e49a83714b5_70)] [added: Firm](#i39c2cc772b5e45f5ba0faf8b0c7c9075_73)] | | | [removed: [34](#i9bc9fba46aa149ddb0c94e49a83714b5_70)] [added: [35](#i39c2cc772b5e45f5ba0faf8b0c7c9075_73)] | | |

| | | | [Management's Annual Report on Internal Control over Financial [removed: Reporting](#i9bc9fba46aa149ddb0c94e49a83714b5_73)] [added: Reporting](#i39c2cc772b5e45f5ba0faf8b0c7c9075_76)] | | | [removed: [36](#i9bc9fba46aa149ddb0c94e49a83714b5_73)] [added: [37](#i39c2cc772b5e45f5ba0faf8b0c7c9075_76)] | | |

| | | | [Consolidated Statements of [removed: Income,](#i9bc9fba46aa149ddb0c94e49a83714b5_76)] [added: Income,](#i39c2cc772b5e45f5ba0faf8b0c7c9075_79)] | | | | | |

| | | | Years Ended June 30, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022] [added: 2023] | | | [removed: [37](#i9bc9fba46aa149ddb0c94e49a83714b5_76)] [added: [38](#i39c2cc772b5e45f5ba0faf8b0c7c9075_79)] | | |

| | | | [Consolidated Balance [removed: Sheets,](#i9bc9fba46aa149ddb0c94e49a83714b5_79)] [added: Sheets,](#i39c2cc772b5e45f5ba0faf8b0c7c9075_82)] | | | | | |

| | | | [added: Years Ended] June 30, [added: 2025,] 2024, and 2023 | | | [removed: [38](#i9bc9fba46aa149ddb0c94e49a83714b5_79)] [added: [40](#i39c2cc772b5e45f5ba0faf8b0c7c9075_85)] | | |

| | | | [Consolidated Statements of Changes in Stockholders' [removed: Equity,](#i9bc9fba46aa149ddb0c94e49a83714b5_82)] [added: Equity,](#i39c2cc772b5e45f5ba0faf8b0c7c9075_85)] | | | | | |

| | | | Years Ended June 30, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022] [added: 2023] | | | [removed: [39](#i9bc9fba46aa149ddb0c94e49a83714b5_82)] [added: [41](#i39c2cc772b5e45f5ba0faf8b0c7c9075_88)] | | |

| | | | [Consolidated Statements of Cash [removed: Flows,](#i9bc9fba46aa149ddb0c94e49a83714b5_85)] [added: Flows,](#i39c2cc772b5e45f5ba0faf8b0c7c9075_88)] | | | | | |

| | | | [Notes to Consolidated Financial [removed: Statements](#i9bc9fba46aa149ddb0c94e49a83714b5_88)] [added: Statements](#i39c2cc772b5e45f5ba0faf8b0c7c9075_91)] | | | [removed: [41](#i9bc9fba46aa149ddb0c94e49a83714b5_88)] [added: [42](#i39c2cc772b5e45f5ba0faf8b0c7c9075_91)] | | |

We have audited the accompanying consolidated balance sheets of Jack Henry & Associates, Inc. and its subsidiaries (the "Company") as of June 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the related consolidated statements of income, of changes in stockholders’ equity and of cash flows for each of the three years in the period ended June 30, [removed: 2024,] [added: 2025,] including the related notes (collectively referred to as the "consolidated financial statements").

We also have audited the Company's internal control over financial reporting as of June 30, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of June 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended June 30, [removed: 2024] [added: 2025] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 30, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

[removed: Revenue] [added: *Revenue] Recognition - estimating variable [removed: consideration][added: consideration*]

As [removed: discussed] [added: described] in Notes 1 and 2 to the consolidated financial statements, the Company recorded revenue of [removed: $2.216] [added: $2.375] billion for the year ended June 30, [removed: 2024.][added: 2025.]

[removed: The] [added: These] procedures also included, among others, evaluating and testing management’s process for determining the variable consideration and testing the reasonableness of management’s estimation of variable consideration.

As of June 30, [removed: 2024,] [added: 2025,] management conducted an assessment of the effectiveness of the Company’s internal control over financial reporting based on the framework established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").

Based on this assessment, management has concluded the Company’s internal control over financial reporting as of June 30, [removed: 2024,] [added: 2025,] was effective.

The Company’s internal control over financial reporting as of June 30, [removed: 2024,] [added: 2025,] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report appearing in this Item 8.

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| REVENUE | | | $ | [removed: 2,215,543] [added: 2,375,288] | | | | | $ | [removed: 2,077,702] [added: 2,215,543] | | | | | $ | [removed: 1,942,884] [added: 2,077,702] | |

| Cost of Revenue | | | [removed: 1,299,477] [added: 1,360,747] | | | | | | [removed: 1,219,062] [added: 1,299,477] | | | | | | [removed: 1,128,614] [added: 1,219,062] | | |

| Research and Development | | | [removed: 148,256] [added: 162,771] | | | | | | [removed: 142,678] [added: 148,256] | | | | | | [removed: 121,355] [added: 142,678] | | |

| Selling, General, and Administrative | | | [removed: 278,419] [added: 283,055] | | | | | | [removed: 235,274] [added: 278,419] | | | | | | [removed: 218,296] [added: 235,274] | | |

| Total Expenses | | | [removed: 1,726,152] [added: 1,806,573] | | | | | | [removed: 1,597,014] [added: 1,726,152] | | | | | | [removed: 1,468,265] [added: 1,597,014] | | |

| OPERATING INCOME | | | [removed: 489,391] [added: 568,715] | | | | | | [removed: 480,688] [added: 489,391] | | | | | | [removed: 474,619] [added: 480,688] | | |

| Interest Income | | | [removed: 25,012] [added: 27,759] | | | | | | [removed: 8,959] [added: 25,012] | | | | | | [removed: 32] [added: 8,959] | | |

| Interest Expense | | | [removed: (16,384)] [added: (10,438)] | | | | | | [removed: (15,073)] [added: (16,384)] | | | | | | [removed: (2,384)] [added: (15,073)] | | |

| Total Interest Income (Expense) | | | [removed: 8,628] [added: 17,321] | | | | | | [removed: (6,114)] [added: 8,628] | | | | | | [removed: (2,352)] [added: (6,114)] | | |

| INCOME BEFORE INCOME TAXES | | | [removed: 498,019] [added: 586,036] | | | | | | [removed: 474,574] [added: 498,019] | | | | | | [removed: 472,267] [added: 474,574] | | |

| PROVISION FOR INCOME TAXES | | | [removed: 116,203] [added: 130,288] | | | | | | [removed: 107,928] [added: 116,203] | | | | | | [removed: 109,351] [added: 107,928] | | |

| NET INCOME | | | $ | [removed: 381,816] [added: 455,748] | | | | | $ | [removed: 366,646] [added: 381,816] | | | | | $ | [removed: 362,916] [added: 366,646] | |

| Basic earnings per share | | | $ | [removed: 5.24] [added: 6.25] | | | | | $ | [removed: 5.03] [added: 5.24] | | | | | $ | [removed: 4.95] [added: 5.03] | |

| Basic weighted average shares outstanding | | | [removed: 72,867] [added: 72,874] | | | | | | [removed: 72,918] [added: 72,867] | | | | | | [removed: 73,324] [added: 72,918] | | |

| Diluted earnings per share | | | $ | [removed: 5.23] [added: 6.24] | | | | | $ | [removed: 5.02] [added: 5.23] | | | | | $ | [removed: 4.94] [added: 5.02] | |

| Diluted weighted average shares outstanding | | | [removed: 73,025] [added: 73,045] | | | | | | [removed: 73,096] [added: 73,025] | | | | | | [removed: 73,486] [added: 73,096] | | |

| | | | [removed: June] [added: June] 30, [removed: 2024] [added: 2024] | | | | | | [removed: June 30, 2023] | | | [added: | | | | | |]

| [removed: Cash and cash equivalents] [added: CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD] | | | $ | 38,284 | | | | | $ | 12,243 | | [added: | | | $ | 48,787 | |]

| Receivables, net | | | [removed: 333,033] [added: 317,977] | | | | | | [removed: 361,252] [added: 333,033] | | |

| | | | June 30, 2025, and 2024 | | | [39](#i39c2cc772b5e45f5ba0faf8b0c7c9075_82) | | |

August 25, 2025

| Assets held for sale | | | 5,606 | | | | | | — | | |

| Accrued income taxes | | | 9,679 | | | | | | — | | |

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| Proceeds from investments | | | 1,000 | | | | | | — | | | | | | — | | |

Capitalized development costs for software to be sold and internal use software are included within computer software, net of amortization in the Company's consolidated balance sheets.

| | | | 2025 | | | | | | 2024 | | |

The Company adopted this ASU effective for the fiscal year ended June 30, 2025, with retrospective application of the additional segment information for the fiscal years ended June 30, 2024, and 2023.

Additional information regarding the Company's reportable segments is included in Note 14 to the consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed disclosures of certain categories of expenses such as employee compensation, depreciation, and intangible asset amortization that are components of existing expense captions presented on the face of the consolidated statements of income.

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| | | | June 30, 2025 | | | | | | June 30, 2024 | | |

Contract assets primarily result from client discounts (contract incentives) where revenue is recognized and payment of consideration under the contract is contingent upon the transfer of services to a client over the contractual period.

Capitalized contract costs classified as current, are included within prepaid expenses and other and deferred costs in the Company's consolidated balance sheets, dependent on the nature of the capitalized costs.

Capitalized contract costs classified as non-current are included within non-current deferred costs and other non-current assets in the Company's consolidated balances sheets, dependent on the nature of the capitalized costs.

Capitalized contract costs as of June 30, 2025, and 2024, were as follows:

| | | | June 30, 2025 | | | | | | June 30, 2024 | | |

| Capitalized costs to obtain contracts with clients1 | | | $ | 267,726 | | | | | $ | 244,980 | |

| Capitalized costs to fulfill contracts with clients | | | 273,988 | | | | | | 258,172 | | |

1 Includes current and non-current capitalized costs of $82,441 and $185,285 at June 30, 2025, respectively, and $68,605 and $176,375 at June 30, 2024, respectively.

| June 30, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

The lease term is

| 2026 | | | | | | $ | 11,047 | |

| 2030 | | | | | | 6,525 | | |

| Thereafter | | | | | | 11,141 | | |

The Company may sublease its facilities from time to time to third parties.

Sublease income is recognized on a straight-line basis over the lease term, and is included within revenue on the Company's condensed consolidated statements of income.

On March 21, 2025, the sublessee provided notice to terminate a portion of the sublease agreement and reduce the square footage of their subleased space effective September 30, 2025, resulting in a termination fee of $332.

The remaining space not terminated will continue to be subleased under the original terms of the agreement.

| 2026 | | | | | | $ | 864 | |

| 2027 | | | | | | 448 | | |

| 2028 | | | | | | 462 | | |

| | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | |

| | | | 720,892 | | | | | | 701,237 | | | | | | | | | | | |

At June 30, 2025, held for sale assets include aircraft with a carrying value of approximately $5,606 that management has committed to sell.

Total assets held for sale by the Company at June 30, 2025, and 2024, were $5,606 and $0, respectively, and were included in assets held for sale on the Company's consolidated balance sheets and were not included in property and equipment, net.

| | | | Years Ended June 30, 2024, 2023, and 2022 | | | [40](#i9bc9fba46aa149ddb0c94e49a83714b5_85) | | |

August 26, 2024

| | | | | | | | | | | | | | | | | | |

| Recoveries of amounts previously written off | | | — | | | | | | (1) | | |

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer.

The Company adopted the ASU effective July 1, 2023, and will apply it prospectively to business combinations occurring after that date.

Contract assets primarily result from revenue being recognized when or as control of a solution or service is transferred to the client, but where invoicing is contingent upon the completion of other performance obligations or payment terms differ from the provisioning of services.

Capitalized costs totaled $503,152 and $442,012, at June 30, 2024, and 2023, respectively.

| Financial Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | |

| June 30, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Credit facilities | | | | | | $ | — | | | | | $ | 275,000 | | | | | $ | — | | | | | $ | 275,000 | |

The Company

| 2025 | | | | | | $ | 10,377 | |

| 2026 | | | | | | 10,970 | | |

| Thereafter | | | | | | 17,667 | | |

| 2025 | | | | | | $ | 873 | |

| 2026 | | | | | | 831 | | |

| 2027 | | | | | | 856 | | |

| 2028 | | | | | | 882 | | |

| Finance lease right-of-use asset (2) | | | — | | | | | | 312 | | | | | | | | | | | |

| | | | 701,237 | | | | | | 672,375 | | | | | | | | | | | |

(2) Fully depreciated at June 30, 2023.

| | | | June 30, 2023 | | | | | | | | | | | | | | |

| Computer software | | | $ | 1,386,291 | | | | | $ | (820,577) | | | | | $ | 565,714 | |

| Other intangible assets: | | | $ | 108,826 | | | | | $ | (88,828) | | | | | $ | 19,998 | |

At June 30, 2023, costs of software to be sold, leased, or marketed totaled $171,310, and costs of internal-use software totaled $394,404.

| 2025 | | | $ | 131,962 | | | | | $ | 8,317 | | | | | $ | 6,378 | | | | | $ | 146,657 | |

| 2026 | | | 110,330 | | | | | | 7,952 | | | | | | 5,535 | | | | | | 123,817 | | |

| 2027 | | | 86,947 | | | | | | 7,858 | | | | | | 4,016 | | | | | | 98,821 | | |

| 2028 | | | 61,414 | | | | | | 7,821 | | | | | | 1,314 | | | | | | 70,549 | | |

| 2029 | | | 37,707 | | | | | | 7,776 | | | | | | 1,002 | | | | | | 46,485 | | |

The term loan credit agreement is guaranteed by certain subsidiaries of the Company and is subject to various financial covenants that require the Company to maintain certain financial ratios as defined in the term loan credit agreement.

The credit line was renewed in May 2019 and modified in May 2023 to extend the expiration to April 30, 2025.

| Balance at July 1, 2021 | | | $ | 8,762 | |

The options granted under this plan are

At June 30, 2022, 12 options were outstanding at a weighted average exercise price of $87.27.

All of the options are currently exercisable, with a weighted average remaining contractual term (remaining period of exercisability) of 2 years as of June 30, 2024.

| Outstanding July 1, 2021 | | | 294 | | | | | | $ | 160.22 | | | | | | | |

| Granted1 | | | 135 | | | | | | 178.60 | | | | | | | | |

| Vested | | | (71) | | | | | | 145.50 | | | | | | | | |

The Management’s Report on Internal Control over Financial Reporting required by this Item 9A is in Item 8, “Financial Statements and Supplementary Data.” The Company's independent registered public accounting firm has audited our internal control over financial reporting as of June 30, [removed: 2024;] [added: 2025;] their report is included in Item 8 of this Form 10-K.

During the quarter ended June 30, [removed: 2024,] [added: 2025,] there were no changes in the Company’s internal control over financial reporting which were identified in connection with management’s evaluation required by Rules 13a-15(d) and 15d-15(d) under the Exchange Act that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

During the three months ended June 30, [removed: 2024,] [added: 2025,] no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Information required by Items 10, 11, 12, 13 and 14 of Part III is omitted from this report and will be filed within 120 days after the Company's June 30, [removed: 2024,] [added: 2025,] fiscal year end in the definitive proxy statement for our [removed: 2024] [added: 2025] Annual Meeting of Stockholders (the “Proxy Statement”).

See the information under the captions “Election of [removed: Directors”,] [added: Directors,”] “Corporate Governance," “Delinquent Section 16(a) Reports" (if applicable), [removed: and] “Executive [removed: Officers”] [added: Officers,” and “Compensation Discussion and Analysis – Trading] in [added: Company Securities Policy," in] the Proxy Statement, which is incorporated herein by reference.

See the information under captions “Corporate Governance," “Human Capital & Compensation Committee Report," “Compensation Discussion and Analysis," "Compensation and Risk," [removed: and] “Executive [removed: Compensation”] [added: Compensation,” "Pay Versus Performance," and “Pay Ratio Disclosure,”] in the Proxy Statement, which is incorporated herein by reference.

\- Consolidated Statements of Income for the fiscal years ended June 30, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022][added: 2023]

\- Consolidated Balance Sheets as of June 30, [removed: 2024,] [added: 2025,] and [removed: 2023][added: 2024]

\- Consolidated Statements of Changes in Stockholders’ Equity for the fiscal years ended June 30, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022][added: 2023]

\- Consolidated Statements of Cash Flows for the fiscal years ended June 30, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022][added: 2023]

[removed: 3.1.8] [added: 3.1.9] [Restated Certificate of Incorporation attached as Exhibit [removed: 3.1.8 to] [added: 3.1.](https://www.sec.gov/Archives/edgar/data/779152/000077915225000009/jkhy-20241231xex319.htm)[9](https://www.sec.gov/Archives/edgar/data/779152/000077915225000009/jkhy-20241231xex319.htm) [to] the Company’s Quarterly Report on Form 10-Q filed [removed: February 9, 2021.](https://www.sec.gov/Archives/edgar/data/0000779152/000077915221000009/jkhy-20201231xex318restate.htm)][added: February](https://www.sec.gov/Archives/edgar/data/779152/000077915225000009/jkhy-20241231xex319.htm) [7](https://www.sec.gov/Archives/edgar/data/779152/000077915225000009/jkhy-20241231xex319.htm)[, 202](https://www.sec.gov/Archives/edgar/data/779152/000077915225000009/jkhy-20241231xex319.htm)[5](https://www.sec.gov/Archives/edgar/data/779152/000077915225000009/jkhy-20241231xex319.htm)[.](https://www.sec.gov/Archives/edgar/data/779152/000077915225000009/jkhy-20241231xex319.htm)]

[removed: 3.2.9] [added: 3.2.10] [Restated and Amended Bylaws attached as Exhibit [removed: 3.2.](https://www.sec.gov/Archives/edgar/data/779152/000077915224000044/jkhy-amendedandrestatedbyl.htm)[9](https://www.sec.gov/Archives/edgar/data/779152/000077915224000044/jkhy-amendedandrestatedbyl.htm)] [added: 3.2.](https://www.sec.gov/Archives/edgar/data/779152/000077915225000022/jkhy-amendedandrestatedbyl.htm)[10](https://www.sec.gov/Archives/edgar/data/779152/000077915225000022/jkhy-amendedandrestatedbyl.htm)] [to the Company’s Current Report on Form 8-K [removed: filed](https://www.sec.gov/Archives/edgar/data/779152/000077915224000044/jkhy-amendedandrestatedbyl.htm) [J](https://www.sec.gov/Archives/edgar/data/779152/000077915224000044/jkhy-amendedandrestatedbyl.htm)[uly 5, 2024](https://www.sec.gov/Archives/edgar/data/779152/000077915224000044/jkhy-amendedandrestatedbyl.htm)[.](https://www.sec.gov/Archives/edgar/data/779152/000077915224000044/jkhy-amendedandrestatedbyl.htm)][added: filed](https://www.sec.gov/Archives/edgar/data/779152/000077915225000022/jkhy-amendedandrestatedbyl.htm) [May 15, 2025](https://www.sec.gov/Archives/edgar/data/779152/000077915225000022/jkhy-amendedandrestatedbyl.htm)[.](https://www.sec.gov/Archives/edgar/data/779152/000077915225000022/jkhy-amendedandrestatedbyl.htm)]

4.1 [Description of [removed: Securities](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex41.htm)][added: Securities](https://www.sec.gov/Archives/edgar/data/779152/000077915225000055/jkhy-20250630xex41.htm)]

[removed: 10.69*] [added: 10.70*] [Form of [removed: Performance Shares] [added: Restricted Stock Unit] Agreement [added: (Employees)] attached as Exhibit [removed: 10.69] [added: 10.70] to the Company's Annual Report on Form 10-K filed August 25, [removed: 2021.](https://www.sec.gov/Archives/edgar/data/779152/000077915221000073/jkhy-20210630xex1069.htm)][added: 2021.](https://www.sec.gov/Archives/edgar/data/779152/000077915221000073/jkhy-20210630xex1070.htm)]

[removed: 10.70*] [added: 10.79*] [Form of Restricted Stock Unit [removed: Agreement](https://www.sec.gov/Archives/edgar/data/779152/000077915221000073/jkhy-20210630xex1070.htm) [(Employees)](https://www.sec.gov/Archives/edgar/data/779152/000077915221000073/jkhy-20210630xex1070.htm) [attached] [added: Agreement (non-employee directors) attached] as Exhibit [removed: 10.70] [added: 10.79] to the Company's Annual Report on Form 10-K filed August [removed: 25, 2021.](https://www.sec.gov/Archives/edgar/data/779152/000077915221000073/jkhy-20210630xex1070.htm)][added: 26, 2024.](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex1079.htm)]

[removed: 10.78*] [added: 10.80*] [Jack Henry & Associates, Inc. 2006 Employee Stock Purchase Plan, as amended and restated [removed: on August 18, 2023, effective January 1, 2024](https://www.sec.gov/Archives/edgar/data/0000779152/000077915223000062/jha2006espp-amendedandrest.htm) [attached](https://www.sec.gov/Archives/edgar/data/0000779152/000077915223000062/jha2006espp-amendedandrest.htm) [as] [added: on](https://www.sec.gov/Archives/edgar/data/779152/000077915225000009/jkhy-20241231xex1080.htm) [November 1](https://www.sec.gov/Archives/edgar/data/779152/000077915225000009/jkhy-20241231xex1080.htm)[3, 2024](https://www.sec.gov/Archives/edgar/data/779152/000077915225000009/jkhy-20241231xex1080.htm) [](https://www.sec.gov/Archives/edgar/data/779152/000077915225000009/jkhy-20241231xex1080.htm)[attached as] Exhibit [removed: 10.78 to] [added: 10.](https://www.sec.gov/Archives/edgar/data/779152/000077915225000009/jkhy-20241231xex1080.htm)[80](https://www.sec.gov/Archives/edgar/data/779152/000077915225000009/jkhy-20241231xex1080.htm) [to] the [removed: C](https://www.sec.gov/Archives/edgar/data/0000779152/000077915223000062/jha2006espp-amendedandrest.htm)[omp](https://www.sec.gov/Archives/edgar/data/0000779152/000077915223000062/jha2006espp-amendedandrest.htm)[any's Annual](https://www.sec.gov/Archives/edgar/data/0000779152/000077915223000062/jha2006espp-amendedandrest.htm) [Report] [added: Company's Annual Report] on Form [removed: 10-K filed August 24, 2023](https://www.sec.gov/Archives/edgar/data/0000779152/000077915223000062/jha2006espp-amendedandrest.htm)[.](https://www.sec.gov/Archives/edgar/data/0000779152/000077915223000062/jha2006espp-amendedandrest.htm)][added: 10-](https://www.sec.gov/Archives/edgar/data/779152/000077915225000009/jkhy-20241231xex1080.htm)[Q](https://www.sec.gov/Archives/edgar/data/779152/000077915225000009/jkhy-20241231xex1080.htm) [filed](https://www.sec.gov/Archives/edgar/data/779152/000077915225000009/jkhy-20241231xex1080.htm) [February 7, 2025](https://www.sec.gov/Archives/edgar/data/779152/000077915225000009/jkhy-20241231xex1080.htm)[.](https://www.sec.gov/Archives/edgar/data/779152/000077915225000009/jkhy-20241231xex1080.htm)]

[removed: 19.1] [added: 19.1] [Jack Henry & Associates, [removed: I](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex191.htm)[nc.](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex191.htm) [Trading] [added: Inc. Trading] in [removed: C](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex191.htm)[ompany] [added: Company] Securities [removed: Policy.](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex191.htm)][added: Policy](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex191.htm) [attached as Exhi](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex191.htm)[bit 19.1 to the Company's Annual Report on F](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex191.htm)[orm 10-K filed August 26, 2024](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex191.htm)[.](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex191.htm)]

21.1 [List of the Company’s [removed: subsidiaries.](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex211.htm)][added: subsidiaries.](https://www.sec.gov/Archives/edgar/data/779152/000077915225000055/jkhy-20250630xex211.htm)]

23.1 [Consent of Independent Registered Public Accounting Firm- PricewaterhouseCoopers [removed: LLP.](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex231.htm)][added: LLP.](https://www.sec.gov/Archives/edgar/data/779152/000077915225000055/jkhy-20250630xex231.htm)]

31.1 [Certification of the Chief Executive [removed: Officer.](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex311.htm)][added: Officer.](https://www.sec.gov/Archives/edgar/data/779152/000077915225000055/jkhy-20250630xex311.htm)]

31.2 [Certification of the Chief Financial [removed: Officer.](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex312.htm)][added: Officer.](https://www.sec.gov/Archives/edgar/data/779152/000077915225000055/jkhy-20250630xex312.htm)]

32.1* [Written Statement of the Chief Executive Officer Pursuant to 18 U.S.C. Section [removed: 1350.](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex321.htm)][added: 1350.](https://www.sec.gov/Archives/edgar/data/779152/000077915225000055/jkhy-20250630xex321.htm)]

32.2* [Written Statement of the Chief Financial Officer Pursuant to 18 U.S.C. Section [removed: 1350.](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex322.htm)][added: 1350.](https://www.sec.gov/Archives/edgar/data/779152/000077915225000055/jkhy-20250630xex322.htm)]

[removed: 97.1] [added: 97.1] [Jack Henry & Associates, Inc. Executive Compensation Clawback [removed: Policy.](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex971.htm)][added: Policy](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex971.htm) [attached as Exhibit 97.1 to](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex971.htm) [](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex971.htm)[the C](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex971.htm)[ompany's Annual Report on Form 10-K filed August 26, 202](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex971.htm)[4](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex971.htm)[.](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex971.htm)]

Filed with this report on Form 10-K are the following documents formatted in XBRL ("Extensible Business Reporting Language"): (i) the Consolidated Balance Sheets at June 30, [removed: 2024,] [added: 2025,] and June 30, [removed: 2023,] [added: 2024,] (ii) the Consolidated Statements of Income for the years ended June 30, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022,] [added: 2023,] (iii) the Consolidated Statements of Shareholders’ Equity for the years ended June 30, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022,] [added: 2023,] (iv) the Consolidated Statements of Cash Flows for the years ended June 30, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022,] [added: 2023,] and (v) Notes to Consolidated Financial Statements.

Foss, Adelson,](https://www.sec.gov/Archives/edgar/data/0000779152/000077915223000062/formofaircrafttimesharinga.htm) [McLachlan](https://www.sec.gov/Archives/edgar/data/0000779152/000077915223000062/formofaircrafttimesharinga.htm)[,](https://www.sec.gov/Archives/edgar/data/0000779152/000077915223000062/formofaircrafttimesharinga.htm) [and Morgan, and Mses.

10.64* [Retention Agreement, dated January 1, 2020, between the Company and David Foss attached as Exhibit 10.64 to the Company’s Current Report on Form 8-K filed January 3, 2020.](https://www.sec.gov/Archives/edgar/data/779152/000077915220000003/a1064retentionawardagr.htm)

10.75 [Term Loan Agreement, dated as of May 16, 2023, among Jack Henry & Associates, Inc., as Borrower, the lenders parties thereto, Truist Bank, as Administrative Agent, and certain other financial institutions as joint lead arrangers and joint book runners attached as Exhibit 10.75 to the Company’s Current Report on Form 8-K filed May 22, 2023.](https://www.sec.gov/Archives/edgar/data/779152/000077915223000028/jackhenry-termloanagreemen.htm)

Foss, Adelson, and Morgan, and Mses.

10.79* [Form of Restricted Stock Unit Agreement (non-employee directors).](https://www.sec.gov/Archives/edgar/data/779152/000077915224000079/jkhy-20240630xex1079.htm)

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized this [removed: 26th] [added: 25th] day of August, [removed: 2024.][added: 2025.]

| /s/ Gregory R. Adelson Gregory R. Adelson | | | Chief Executive Officer and President (Principal Executive Officer) | | | August [removed: 26, 2024] [added: 25, 2025] | | |

| /s/ Mimi L. Carsley Mimi L. Carsley | | | Chief Financial Officer and Treasurer (Principal Financial Officer) | | | August [removed: 26, 2024] [added: 25, 2025] | | |

| /s/ Renee A. Swearingen Renee A. Swearingen | | | Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) | | | August [removed: 26, 2024] [added: 25, 2025] | | |

| /s/ David B. Foss David B. Foss | | | [removed: Executive] Board Chair | | | August [removed: 26, 2024] [added: 25, 2025] | | |

| /s/ Matthew C. Flanigan Matthew C. Flanigan | | | Vice Chair and Lead Director | | | August [removed: 26, 2024] [added: 25, 2025] | | |

| /s/ Thomas H. Wilson, Jr Thomas H. Wilson, Jr | | | Director | | | August [removed: 26, 2024] [added: 25, 2025] | | |

| /s/ Thomas A. Wimsett Thomas A. Wimsett | | | Director | | | August [removed: 26, 2024] [added: 25, 2025] | | |

| /s/ Shruti S. Miyashiro Shruti S. Miyashiro | | | Director | | | August [removed: 26, 2024] [added: 25, 2025] | | |

| /s/ Wesley A. Brown Wesley A. Brown | | | Director | | | August [removed: 26, 2024] [added: 25, 2025] | | |

| /s/ Curtis A. Campbell Curtis A. Campbell | | | Director | | | August [removed: 26, 2024] [added: 25, 2025] | | |

| /s/ Tammy S. LoCascio Tammy S. LoCascio | | | Director | | | August [removed: 26, 2024] [added: 25, 2025] | | |

| /s/ Lisa M. Nelson Lisa M. Nelson | | | Director | | | August [removed: 26, 2024] [added: 25, 2025] | | |

| | | | | | | | | |

| /s/ Jacqueline R. Fiegel Jacqueline R. Fiegel | | | Director | | | August 26, 2024 | | |