Jack Henry & Associates (JKHY) 9 Nov 212022 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Welcome to the Jack Henry and Associates First Quarter FY 2022 earnings conference call. At this time, all participants are in listen-only mode. After the speakers presentation, there will be a question-and-answer session. [Operator Insructions]. today's being advised be please conference recorded. is And Instructions]. [Operator hand over to I will first conference to like today. know your the speaker for Williams, Treasurer. CFO Kevin Hey, and

begin, may sir. You

provide the some will Thanks, we we on Dave earnings call. us that in regarding lines am Kevin for Associates Brian. some closed and quarter comments today I regarding And Thank Treasure. for is CFO comments for Then Henry And also first XXXX Jack in his call yesterday & joining fiscal guidance of updating put XXXX, concludes Williams, industry comments Good the morning. market yesterday. the for the fiscal general, you release his our turn to release provide other key Chair, open up Henry. after press out financial for And I our of will Jack place. provide in business, and and additional Dave just initiatives to will of after the regarding about CEO I President, over year then sales Q&A. we Foss, provided the some Board call comments, [Indiscernible] quarter, thoughts foster have some then and performance the David

statements, or these differ materially no are that of revise which a number those risks to undertakes subject I'll you this release additional call First, The to XX-K of Like factors we actual from uncertainties. now factors will future, about On update obligation non-GAAP of Company events that press these income. forward-looking could call can anticipate yesterday's objectives, or results. refer turn I or [Indiscernible] measures these expectations, reconciliations that, need factors also a remind in strategies, to and responses our due certain cause in entitled we to statements, to number release. concerning Dave. events, for sections results the includes to risk statements. information, including historical certain future and be this yesterday's questions and found non-GAAP call, forward-looking remarks operating to trends, revenue non-GAAP over The to measures, and please risk and summary non-GAAP With financial a press including discuss for financial the or

everyone. Kevin. you, report operating revenue to morning, growth. Good quarter We're another pleased Thank and strong income of

As I'd associates that thanking begin commitment hard by all went and results of to posed challenges always, pandemic. into for light those producing like fiscal today first our by the work our particularly ongoing for in the quarter, the

to return the continue employees continue regarding XX% shift to target that, and to an September. our SEP quarter let's focus We completed affected we performance for employees. for options operate working our well with With in full-time of our evaluate at remote appropriate over to look office all

for X% increased total $X over the X% fiscal quarter revenue on For were of the XXXX, non-GAAP quarter quarter. first year increased basis. a more Deconversion million prior than fees and the down

Turning by basis. segments, to our and X% in core we increased of had the business. Revenue increased the on a by quarter solid quarter X% another segment for the non-GAAP

X% an posted in a and X% on also a increase increase and well basis. performed this again segment revenue Payments Our quarter, non-GAAP

through. non-GAAP had this strong move the What was quarter we also revenue was X% quarter quarter this extremely result, sales June to quarter the our just in you customers the and may to competitive our history strong the as is X quarter sales bookings of because As our expected fourth the X% tends strongest number strong a first depleted and opposite, private of pipeline a however, cloud the sales a Company, the complementary on XX the the In sales historical trend increase so increase with organization in we core of performance quarter, certainly been quarter experienced, booked hold wins. lightest deals we to We be to solutions has environment. in-house very businesses existing takeaways was recall, quarter with another our notable again, a a Traditionally in and basis. our

to X of rate takeaways alone. our deals in is X a light month that to is Although as clear core it run October because number we normal our booked compared more of into the fell me takeaways October rate, of

expect As slots with convert within banking space base for the year We active for good because merge very all banks now acquired can and backlog a acquisitions will what of we've us on is prior for our of of coming in that calls, be our customers. discussed indicator almost are year. this the mergers see conversion M&A to our full

evaluate to add the not more working to with keep conversion to need teams or whether are We activity. we up

he You in to others this by space. deconversion see increase in should our corresponding institutions the as some shares will comments. expect when his of a are acquired provide more on revenue, detail line Kevin

new with to our new debit one signing quarter clients success client. We continue processing good card see credit processing solution, and this X new

our signing with to also clients great We see XX Banno new suite continue contracts digital to success in QX.

sales path digital QX, XXX,XXX digital our in platform as continuing expectations with App continues registered the the industry-leading on on the August. consistent of same month. the of platform The hold is number success financial institution suite, surpassed new digital implement we're the solution. the director suite, band consumer our continued is ratings survey Banno users The and to X similar quarters. platform At about million banking published adoption the in out one the at end a digital per seen coming clients the bank At down Store. of suite that the technology Speaking well highest to our to recent we becoming to or time, pace users growing of at with and of we've Banno

experience topics. More every XX% than responding our they the from and than than almost This spending CEOs As the and year, July XX% responded respondents shift interact of an improved responses and priority banks survey experience bank hundreds or using closely of were the this efficiency improved greater their expected had the in improved prior the bank as technology regarding assets. channel moved during with digital was phone. of technology year to they of surveyed members, year, their in-branch year, of over survey the compared an subscribers The as variety the that of their increase and for to that behind. also directors prioritization do rather showed XX% with a bank in a experience, XX% top median received coming million the of and customer bank regarding the the indicated digital interesting than operation an digital $XXX year. spending followed board more June list, prefer To customers XX% further of point their to indicated

All the of experience as this improved helped other in which well Henry, an as financial boards and institution. customer efficiency well offered future by the for facilitate enhance opportunity Jack the our digital solutions of suite, an to

we hosted of had in we wasn't As the prudent. our person conferences that again, virtually. X year, but this normally of because and the fall those hoped X in you each conduct many conferences client into event, to decided largest sessions event know, This be of We we the the year, size year. combine

had retirements last week, able pending We into and any a to be Last they As with X much year, successfully to to clients sessions. virtual travel interact incur in was were virtual we prospects. were our from because to larger our leadership announced of we team. saw drop readily nobody existing attendance expense conferences able than setting pleased our in-person many and

Bulky, Ted Our CFO our intent both and their long next time summer. Williams, Treasurer, CTO, retire have and to announced Kevin

of prepared we the both Ted when Kevin's after internal his will reigns. transition and out stay transition. have Head of several search in become be will and Ben for in shared be with us help will we Ted to and January Technology our take and them Digital considering have our current the the press Officer. we release, As that role Digital a right external the candidates. Mats, Chief in to will Solutions, with until months process find person identify replacement already Kevin Ben to will fully

months many have before of each actually we retire. course, Of them

to our I retirements. and them would have associates, how remiss and each But taken if how much lots appreciate of thank time much to has with them deserved executing many didn't shareholders. for much be approach their So customers, of the to years acknowledge I I've each them working these service of I I enjoyed of

Next conduct our meeting. annual shareholder we week, will

abide in all meeting in person we'll ensure but to strict [Indiscernible], event We for a COVID hosting safe protocols by will attendees. this be

that who assemble are arise in-person to were to with you meet We be when pandemic-related the of also excited shareholders group people. a ongoing our concerns again, very aware of able

following serving require we'll years, we past in to the than earlier masked be our hour an lunch be meeting. won't and start will We all attendees a

In ongoing attempt Henry's topics. have and social effectively With ESG published efforts, these we confident environmental to our of Jack which I'm recently efforts and overview meeting. statement, provides a ESG our communicate commitments regarding us we related changes, and our saint a ESG centralized will material, and productive safe

Jack our house provide our proper Additionally, website sustainability points policies, also on can reports Investor new be centralized Henry's like information. to to responsibility that at via commitment a other-related this published readers rights We toward human environmental environmental and ESG sustainability Relations. found for location practices. and highlights management website policy created our an documents Both policy. corporate We've our

Speaking covering of in sustainability reports, sustainability report published March. calendar year be will next our XXXX,

discuss advances social, and has established to cadence and have the make ESG a our across major continued quarterly matters. to board environmental, initiatives, We governance

sales regarding the executing. As we're responses to of strategies optimistic our we activity forward forward, are move we very I'm and delivering levels and solutions customer

provide disciplined on customers, expect the for our to some numbers. that over We will shareholders. we will with With stability to and that, approach for and running Kevin and detail our to I employees, continue solid Company approach turn to continue it the performance

first of compared Thanks increased ago. year X% XX, revenue FY and a to support Dave. quarter in the same quarter Service

and XX% As revenue Services Dave to processing was down customers quarter. slightly private offerings, year our delivery XX% public was year, previous therefore to private were combined revenue due XX% for actually and and down fees the to our were to ago. or our which show strong the hardware. primary the and our line prior compared to hardware of And choose cloud mentioned, port revenue in $X compared QX million last purchasing our This deconversion to to continue data the or for growth combined, hosting year. subscription growing million our $X year, compared quarter. software our a down revenue not quarter drivers by cloud continued the compared License revenue, fees

revenue, the previously quarter. and by which combined line which fees, for revenue, services services slowed in in builder the support compared hardware this However, the merged the net license, and growth along and X% includes [Indiscernible] grew to of was deconversion product down prior-year due total were X% the significantly total quarter. convert a to mentioned Therefore,

revenue processing and was usage XX, in with debit first fiscal and quarter to FY new compared primarily from card XX% year sold the last existing increased increase customers. same higher driven customers by This the quarter year. volumes Our card last increased

Our for Jack as our show very platform Banno digital revenue strong. demand growth digital Henry continues be to strong to continues

As Dave X% last the on a non-GAAP revenues X% to for year mentioned, total and basis, basis. a quarter at on GAAP compared

Research to to Our up quarter. for with due processing, a maintenance, higher customer primarily last compared first expense associated compared cost FYXX ago. is last personnel costs higher was to to transaction This year. And is last the quarter first year's increase increase as costs travel-related the year due to along costs compared primarily revenue compared increased increased and significantly increase X% quarter of year. card compared due with development X% personnel to this and year in personnel to in same travel And to QX costs. compared last was our increased increase expense XX% and year. to quarter in primarily previous costs SG The

XX.X% We consolidated operating XX.X% reported operating on year, with non-GAAP we and same effective to GAAP ago, is And XX% margins XX.X% expansion. year from in year 'XX first margin operating or a the in for rate to year basis, on margin previous year increased last basis provided on in the Our fiscal both for The which in non-GAAP segments of compared X current line last XXX a XX.X% call. tax to XXX the quarter guidance all expansion increased to had quarter from expanded increase. reporting a the of this our basis. bp XX.X%

increase last year-over-year. Income for to year net with $X.XX last XX% for first grew the $X.XX Our earnings share for the quarter or compared fiscal of quarter XX% XX.X XXX.X year to per to $X.XX million compared million

For year projects our last Included amortization to of amortization acquisitions placed the into last quarter. flow, is software in total this related million $X.X intangibles cash to to year total to being compared increased compared quarter amortization service. to due decreased in X% $X.X year's which million capitalized

Our to fiscal prior depression compared down during million. of X% the year $XX we paid the quarter was and dividends

$XXX.X was change liabilities capex due flow operating is down from calculation last the and cash We of in operating decrease the of back for million year, software. year, Our assets operating of the million into $XXX.X with timing to our the invested $XX.X various primarily cash flow. million capitalized companies and which

flow, cash from less proceeds was quarter. disposed assets back net flow cap million capex Our is software operating cash and the free which for $XX.X and adding

did on primarily our we was and due months our was lasers. last balance invested is our Return we on other assets revolver or the trailing long-term million which with at equity strong. no the trailing capital September a XXth has $XX return the had on the for XX sheet all average year stock drawn quarter done XX.X%, and position million $XX.X for debt year on significant million compared is months to repurchases XX.X% months on Our to ago, $XXX.X are Return cash XX in very XX XX.X%. for trailing a

in provided fiscal we revenue the and updated guidance guidance, release FYXX for both yesterday For 'XX. non-GAAP GAAP press

to immediately the in the yesterday. We also non-GAAP segment following revenue reconciliation provided the of release a in information GAAP release

to continues clear, improve, open continues go be the and will assume differently, obviously things this just to country to if economy However, to revised. the to continues and guidance this were be guidance that

for to For GAAP $XX guidance approximately We to previous based on being approximately revenue for amounts X.X%, with that the of deconversion year. and be revenue QX. 'XX growth in percentage year, the fiscal to X.X% over million yesterday, entire million anticipate now range release fiscal our $XX in of has QX significant the revenue

to to fiscal For non-GAAP a range be for the to will these during revenue X.X year. guide of year. continue growth, we Obviously, growth X% updated

to improve in nice to We segment, higher should non-GAAP year, and XX we in continue as operating margin deconversion margins very anticipate FY expansion GAAP our fees. anticipated to last and payments have compared

to of continue somewhat However, guiding be much on margin I operating cautious too an expansion. to

cloud from also we to As to prior revenue the increase core have and year. our to as will on to costs compared we headwinds travel move on-premise hardware license customers continue continue private continue to and will significantly

lines changes this XX to continues at projected could XX% Our comments, corporate approximately the higher And tax XX range be now prior effective change an EPS to RevPAR our is the take tax to $X.XXX questions. from to please concludes increase rate slightly our compared in to year. the we questions, This guidance. which of GAAP Brian, $X.XXX, guidance prior FY Obviously $X.XXX. structure significant is open opening guidance for we're $X.XXX call up of ready

Our come first questions KBW. Govil Vasu from with

your Hi, retirement. wanted on to I Kevin congratulate thanks of announcement and

on the had of said be including have go comment on you. seeing see guide in including were first seem my to sad quarters strength more better you I you I with you sense it could you expect be what I that this David know based a get but but is what question of guess to in like think quarter what merger will want it year, We the that last seeing. upside the a I to just much make you're you're word we be guide. couple there, talk to now didn't really versus that we you're

our sure has conversion here, time, institutions to -- sign I that notify that convert when They happen. well customers slots. weeks onto help platform convert acquiring or conversion acquired us several or slots us us merged is significantly, volume we increased those it's merge, notify they lock hold institution just said when actually in. so it slots our the of to nobody and my institution. happens to before hold clear and the convert will one is contracts Henry In ahead They another past the acquisition the well make Jack the contacting we of essentially reference and need those in comments, the to actually,

out was, on, now notify they through? that you, demand not, more more a well fiscal through? we why into fall business have us slot And said of the very long add or predicting team, conversion even known, have to in stand so up reason doing justifies Since happen for hold what that conversion is conversion side good that does comments stand that X convert the is through teams. past. on additional them. there. we fall Kevin a that And a filled front and that to keep an year, the We is what's at today of have but going provided I an may eye -- they if every But the deal but they and there is booked, slot we've for to of of the need that's merge and worked potential We in we time We're for to or we've activity does actually to is the -- evaluation may time. this teams, us ahead opportunity up our will remainder deal guidance in been that is what's banking done we're whether that, evaluating everything my contract we and not ask

all not we key the is merge messaging for then good back will continues and because real The But or there in a the But is also some space. be know volume when customers also is guidance still happens based That only that will there in. up what has you. for are for to that other to us customers. was potentially acquired is from Kevin volumes. that we you in on you be have get grow. customers we'll positive know us probably more today convert what go so customers goes. shared that M&A for banking opportunity merged that And we That's deconversion there revenue But to on of have our that with our as M&A it us to away follow included account and just transaction we with know just generally acquiring and paid they aware as

probably group, that from that be comment competition is if know rolled to business. bill also That's but, of And a you segment, wallet is was we level been peer payments to off from debit that digital to just It has is there. follow-up relative to at insights high across see am a [Indiscernible] kind which I trends And on the just And Payments off expectations. you. me driving than would to very I watermark flattish you I more what's revenues quarter didn't on -- into any then be softer and your your had what something comment then morning, on volume the on, bill helpful if were impactful the on if were just know pay Thank that bit, pay but they coming revenue going the you could in have you quarter modeling. or came I internal the the segment? the I in lighter curious where else for in probably

and of line So the you there's for highlighted X line so there, us. components -- the X in a course primary lot on in payments the payments

credit enterprise there solutions. segment pay to card bill as revenue, correlation the -- is bill the as line there's so us, seeing refer EPS there's in seen reported to growth pay to the pay pay in as we've have The customers, there's then early is So flat grow. or pandemic volumes that about here we has bill needs what now volumes, revenue, be Payments We're pay we've payments continuing only not because but The the and dividend a solution bill solution. bill Volumes bill before, on adding the talked the but nice much, card dropped. the continues because increasing business flat. mean, again, definite growth, pay call who we're I relatively infections anybody a as aren't really some fluctuating. business. it's pay between business relatively have transaction transaction have infections numbers dropped fall, bill for

payments remodel it's the And the by piece But at business a very that continuing capture, fastest-growing And by nicely segment. by also so grow that's but key to But part. of is is that enterprise that smallest origination's. segment. piece the of driven

so a through drive next platform year, number customers they we'll I who we announce that that big that with of and to some be And live, signed think recently come as volumes platform. have we'll continuing that have

but in are So revenue, for and combination positioned those of things, well of the year. are it's the I the driving those continued coming think all payments growth

Thank you very much.

you. Thank

Next, Kartik Northcoast. we Mehta with have

I bit Hey, good and little Dave morning, Dave, on more your sales wanted to maybe Kevin. get a pipeline question.

think FYXXXX in last wondering I pipeline spoke you interesting it like well, about remember X% fiscal going expectations it for this but things growth are pipeline right. are be I my to for I'm earnings numbers would the And up what sounds are, be what's talked would that expectations X%, the your year? you when your if call,

rest look Can really of X%? are will are out to seeing question. of with forecasts side of are of amount there end say we've right right It's or hesitation pipelines little that, And deals the isn't commit now tremendous X you to the real as business. the been is as we're no the Jack the now. good at And far early as on a I but pandemic watching the on Henry, trough than of fact about obviously a it's we're suite strong very, of looking to but it activity if looking below X%. no the reaffirming that, the X% the then X% I greater very to that's in right the over, but for easily be core up lumpy I me now, pandemic. of come again what hesitation, deals X%. based And core, Yeah, high have for interesting probably sign

I like guide the belt our end I'm,-- to of very I here little we think high more I'm that that need comfortable under but sure say, So it even not be make and a could signing for time overextending. higher up

you your [Indiscernible]margins little but are you in better maybe you XX that bit an you like quarter too cautious, than will basis margins you reluctance it about idea, points aware talked of. talked thought. other Kevin, in be to your a better early the last wondering about had this be think excellent should things probably quarter, know than I I'm that margins fiscal your might year, are just is there it we or opinion seems impact

moving there's higher. Kartik, mean, that back is that weren't fees year coming are mean, this I I going obviously deconversion there Yes. year. last be so to many parts

higher. year going all has Dave mean, higher. getting to convert a other possible the merge just travel margins of As drive so be that is recognized the highest Yes. activity QX I costs, software margins years. that total are be be our going previous a software because revenue is in the are subscription mentioned, of salespeople the the the obviously lot Obviously, proud out for delivered financials. as of to different higher? just there in all M&A been QX travel May just more expense should in we the within just, mean, our so, I moving so are There's many parts travelling

would Lemia. but down other I samples year. margins the I a on our watermark mean, revenue little -- still come that. out we're go that will thing is if hardware So this, can IBM it will up will which actually So [Indiscernible] Yes. bps mean, comfortable margins higher hardware revenue the by that be bit yes? XX% than could for for earning this separated stepping I'm the high it's additional impact very the down, we almost But year, margins XX being I'm our and But hardware this if helps because hit is, upgrades. that say sure I I'm quarter which back Could that was which level for with

you, Thanks, appreciate it. I Thank Kevin. Dave. really

DA have Thank Heckman and with you., next Beep you Davidson.

a last? touched This on quick how Are is question. Peter, you again? And for And it that fees. but for deconversion expectation in then the prepared John is each was quarter does remarks, on

going that's there somewhere know we deconversion be be the think probably be we because XX% to now. we of QX know that think sure at -- to on will based is the again, million. fees, what's we're we that's just that crystal that's increased looking we what ball don't around for indications $XX QX $XX And probably and So But going right getting. to in

So in each deconversion in fees of could plus or million QX so and $XX be quarters. QX those

segment was non-GAAP Thank segments you. segment What growth Got the average? than it. X%. see notably could payments was And that the you that grew faster slower or

different the about? comments that pieces payments are is referencing I my John, earlier, three segment, the of what about assume you asking you're

exactly. Yeah,

Solutions card three components. SCH. we smallest it's those pieces, debit as but [Indiscernible] which of is the our refer solutions, Payment X The to enterprise growing EPS and fastest, and pay, the payment is business So business what credit bill then Enterprise

So anybody Pay, pay Pay business, growing a much the the largest, bill volumes second change little bit, growing which Payments. relatively but business also of But again. then smallest, Enterprise is is the and is fastest both that because and in nicely has really card And who that don't card volumes we're is I piece up Bill like largest. the Bill the of picking pay the just adding that the It's business customers of needs because said, flat. segment. new bill most

you much. so it. Got Thank

Sure.

Thank you.

with David Koning have Next we Baird.

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sure out what you're app they buckets. on including stuff exactly lots not Well, I I the of others, going there's They've mean, there. am super in

working. are We

it thing platform about the the So -- based work open with is to an bantle is API built platform.

stack open based and we you of we -- platform, October Plaid. partnership saw saw API you technology announced and finicity, hopefully integration modern Akoya, did where So press in the the release

other relationships to to All platform connect designed greater to are functionality of solutions. FinTech digital provide this on those solutions FinTech

also goal not the to the offer Our only the and best business experience, the other applications that single a consumer inter-connectivity platform platform create of to but with in experience to digital small industry through is applications. to best provide for the

moves can a some the that or And potential the Finicity, platform of Akoya, been state-of-the-art password information made And and eliminating goes years done important location of that where experience. to thing term a on their cusp this on pulling imagine that do where spot, scraping, digital our ahead into working trying out issues today they offering happens we've -- of other experience like if that and on on trying and on out screen Plaid. that it using going are platforms. other you a companies all to truly our old there applications when you're to any several along consumer, of you're Banno, have of probably anybody that, consolidate down come security privacy things familiar our on, in essentially all close which being that use with consumer one and eliminate well, consumer central log you of integration for with out the let's as you're with through not The And and is all not able if to scraping. we technology to screen right that we us eliminate we've else, comfortable is are with stack and compare widely to we've competitors to the modern older when this that, that -- digital the very have credentials, diligently compared traditional comes most with accounts simulates other in experience, what are central in security one provides balance so with well scraping, is digital their your screen being of of that's one all say approach, that to one there location, we're

growth, like for thanks to about changes like in better momentum like anything, competitive the whole core fair doing of the you're strengthening -- like growth are is core is environment good a In environment years, terms the ever. it expand just about the to really us Got because in best it seems Yes, no seems your strong or in say? like if like it. it few business maybe you,is as segments looks There's real is that actually and as as

industry core you're That out it's delivering tight the that of just Henry the Jack other are be with use to able products signing other say, on out there. that fair times technology we're gaining takeaways, by products, accurate people the the solutions core and driven Jack -- there is But you're so of the lot the emphasized side we other we're products, that this with Henry Jack in share I've and integration all to many that a to things signing FinTech to business. outstanding not want but Henry that doing

those Accordion Release, do will easily. our Why providing right the to again, B, back is customers that connectivity customers it you for zero-lift. lift. are but moving referring less press We it's and a our that? would are to do, it's credit - Plaid in if doing zero that - at zero our release the things, Henry us look platforms expensive A, being is for thing but costs, zero-cost, thought, of We're the Jack recognized delivering customers, headline all that if our philosophy Finicity all around you it's In of getting result. in that for technology to all of and industry all as long-run, that a types provider approach, of as adopt the

private more electing as one one and is cloud are that to larger - on move prem, more continued - that make comments, nice to our that we are said signed of well. our as and XX get we just to on thing, move drivers big move, of Dave, And existing they're a his prem in the the those lift make Dave in because in opening we FIs QX of revenue core the customers growth remember movement seeing

Good guys. job. thanks, Well, Great.

Thanks, guys.

you. Think

Research we Next have with Suchoski Ken Autonomous

Hi, follow-up per I on-trend unit -- lift a on good morning, cloud. a want David from last revenue mean you questions the customer, basis. you just that in about the and I from Kevin. private customer Thanks get can on might the that to shift here. comment per for core maybe that the taking -- to what's us help understand

it prem items be on look same which -customer that paying in several customer the the in There's data - the that cloud, support remember, that because cost everything high doubles. you average, centers. those place paying us, revenue could we when on -customer if the revenue - little essentially But out We've moves average, customers be prem - very on they're software, of us. revenue get got maintenance. to be There's there line an the same from margin private cloud. prem that be moved on recovery, to is from our our they at additional could disaster it's it's exact could on And that day, exact an private hardware their buckets infrastructure maintenance in-house would have when increase we So organization. very of

guess about for then expectations segment X% quarter a segment, slowed and payments that quarter. drove And that This are to segment very That's question in just last XX% on a helpful. like the slowdown What the basis, forward? looks I growth on what this from going it maybe your non-GAAP

us happy very happening don't with remember I what's mean, very don't well, XX% segment the in last we're quarter. is the segment.I recall that reporting growing XX%. I

was compared but Quarter [Indiscernible] was by got remember COVID Last -- years That Well, -- previous to significantly also was the you what impacted to that

payment of Was the depth

-- was 'XX very for comp part was in in it QX it the -- easy to of first 'XX so of depth of 'XX. and payments the in QX a compared April May

example fiscal growth think year. probably the going what more an to is of quarter I we showed you're entire X% this So see for the

Right.

Okay. share from And you on I think bought the guys one repurchases. me quarter. any in then just back the last just stock don't

I prior current capital and guess overall are your on I buyback. what repurchases at thoughts think a price? thoughts allocation had on in quarter stock the point at larger this the you

Yeah.

XX%. where even changing to third, pay that a we to the totally but for So back figured we tell taxes where was potentially tax back buy I I you buy it's took a mean, during any get were reasons quarter, now use on actually It's upfront trying use mean, they in buyback not as change we here now, stock wildcard were I of obviously going we're right year. number stock the reasons. was to stock the the a tax out that Obviously administration we table. to the that will there. this structure one some didn't the exactly the to now significant new back you continue are going corporate were based we -- But cash of our going tax the amount planning in actually Because more to proposing to of on capital some what they're of we a [Indiscernible] out place be. were

it. appreciate much. Really Thank you very

you. gentlemen, [Operators ladies Instructions]. and Thank Again,

with Oppenheimer. we Dominic Next Gabriel have

Partner the with the offer what to and much not the are adopted Okay, I across understanding The puts great. partnerships just question. Banno open maybe you I'm on appreciate versus there. are with I fintechs. APIs just peers. the And expanding guess follow-up.Thank just you. you and life. maybe in-house, Banno typically Thank could have your discussed. functionality for partnerships taking go so I a commentary other capabilities. that dynamics It just just the the way Or takes

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