JKHY - Earnings call transcript Q1 2020 | Jack Henry & Associates, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, ladies and gentlemen and welcome to the Jack Henry & Associates First Quarter Fiscal Year 2020 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I will now turn the conference over to your host, Mr. Williams. Please go ahead.

Kevin Williams

Whitney. Thanks, morning. Good for first all for Jack the Thank fiscal joining year Associates quarter XXXX and you us earnings call. Williams, today our I call Kevin CFO and Treasurer am on with me and is President Foss, David CEO. and the will after turn performance In call David and for his about the over of our market of provide will I thoughts yesterday we the comments put the FY the for just quarter regarding some I state open provide up business for we to release update minute, some Q&A. press thoughts close, ‘XX additional and a lines will to then and then guidance our the out and the

which strategies, to to remarks to about forward-looking those you that constitute need actual expectations undertakes number cause questions results statements or update of a or no number I deal concerning obligation of these events a the future, we factors, remind which And statement or risks these and to or events, any trends future. the to statements. Like revise with results uncertainties. to from First, company subject objectives, are could anticipate materially or differ due about the responses future expectations,

For to a information, and XX-K our these and and the in statements. please factors yesterday’s additional summary of risk refer sections release Factors press entitled forward-looking Risk

to over Dave. call the turn now I’ll

David Foss

and everyone. morning Kevin good you, Thank

earnings. are quarter We and record another pleased to report revenue with

begin today quarter. for that fiscal like thanking our to work results went all always, As those hard associates producing I’d by our for into the first

But on the quarter, the excluding very the a deconversion $X this for a strong which increased were million year year. quarter. for X% of over fees, even over significant fiscal non-GAAP increased a accounts up For XXXX, fees QX increase last of revenue and about XX% was revenue total basis. prior portion Deconversion quarter

by is contract reminder, deconversion clients we another fees receive long-term one place of in a buys their remaining out a in the institution with acquired obligation our As and generally when agreement.

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

segment Payments basis. in this XX% a XX% revenue a and quarter posting well, on increase performed a increase Our very also non-GAAP

We in also strong basis. a complementary increase on an and quarter X% revenue businesses, increase had this solutions in with our an non-GAAP a XX% quarter

in-house private Our takeaways competitive sales sales their a X teams cloud quarter had booked quota. deals three with again and of brands core two environment. our solid customers We to move existing X our to exceeding

saw our payments newer segments. We card bookings strong strong our demand. Banno also very in and new digital our our including treasury and suite, management saw solution solutions Several processing complementary solutions, of

This as Regarding the live platform. clients new and installed solution, full-service XX have credit our debit credit XXX customers new we includes new customers than on rather new XX debit now and processing count migrations clients. as

hit very XXX We have debit to well. clients have our our and approximately continues program to but comfortable a we stride migrate, progress yet now of

and banks will we migrations programs implement to card during like changes As the volume suspend of high their year, because this holidays unions credit last our we time did don’t year. the to during

the migrations the to migration and of on start expect waves to track during in January large remain We next XXXX. complete calendar process

clients allows our at than groups real-time to rather clients the XX this us ready Zelle live very in network clearinghouse. am one payments I our connect week to that press to in clients to a with because the in with noticed real-time the have implement currently in coordination We last release signed announcing distributed and PayCenter XX has the plans to XX happy with approach team a payments taken implement time. the our solution network clients near future. the bring probably You with we regard clearinghouse,

Additionally, our facilitates which other approach than a provide logical more processor this any single and for connectivity efficient providers, today. we clients multiple to in platform through the market

Since performance largest I and of clients. our with We engaged conferences each had our conference year, Symitar our we SEC our to And conference. prospects ProfitStars core at our many for release, clients with continue be completed Jack in last our clients. prospective happy client as Banking for press have the the our JAC call, mentioned our customers two extremely earnings conference our and Henry and

be for the about coming to their and optimistic success. year continue they prospects Additionally,

in away a we’ve the day-to-day recently. should union his role member effective to the to assume and a long you Mark a Officer, with and the weeks the Jack Ted Ted roots Symitar President all addition our role Chief he working changes note McLachlan, time few on November Ted current from with Technology President, our Mark been veteran current newer into industry of upon move that announced division the organizational that I the retire Officer position have offerings, our Technology ago, for product leadership of area. technology as announced also Henry move Mark’s Several some to to Shanon In will technical exciting will of responsibilities XX. Bilke, Chief and well-known developments our publicly back departure. sales will running credit time in Symitar. Forbis, team,

Adelson forward our and outstanding Officer. to report positioning transition units an on handle Mark leadership this company many primary months. more announced to going demonstrated has we’re responsibility, Ted, to ability be direct him become will me. to I the qualities so been Chief and a he operating Greg the that as and of Unrelated leading Greg Greg working for promoting with make new move our have to Operating I

they But as anyone move Shanon I and heartfelt relax Of roles. years sad to extend am to want earned to the Mark. kick see him leave. his into congratulations my Mark Greg right thanks if I to a course, has of and Ted, for bit, new their it’s back to and service

detail on for turn I’ll that, With numbers. to it the over Kevin some

Kevin Williams

and this was it The XX% increased during line and obviously prior really Thanks, up quarter, some and due than the compared lower support to with but deliveries services year hardware revenue license license, implementation. quarter, the of a nice which has Dave. hardware implementation revenues to margins little

We to have actually our us for revenue our long-term. almost all from on-prem decreased shareholders our continue to good is license installs due cloud of and which implementation electing core headwinds private model, and

XX% Our outsourcing year. and of cloud to quarter this last at increase services were nicely again up an compared

X% processing fees is million Total were on However, and year. all basis, a as transaction, the had of was revenue up revenue, year fees compared but impact Dave a and overall for The card acquisitions excluding deconversion and X% we nice the $X compared to the prior digital that. ago, up growth line which considering remittance, XX%, quarter. up non-GAAP still grew mentioned, deconversion to of

Our due reported margins year consolidated basis, on primarily quarter And margins fees. flat XX% just operating were under our first this the from XX%. increased of were a year’s with deconversion up last year to XX% to non-GAAP last

processing our costs that to migrated the into processing. revenue just see them margin highest cost a get margin revenue debit the is as have continued card all until lot operating coming some go platform to we will new cloud. headwind a in additional of elect private from year we the additional this almost to new eliminate reminder, our can deliverable. And of customers decrease transactions customers our our and license We continue all in license Also, of

margins Our segments’ with solid fluctuations. to operating continue extremely small be

customers our to Our Payments existing increase continues cost will going we headwind migrate as continue segment as margin again, payment forward, new have to to increased platform. additional the the

to last year, get The stock-based compensation effective same two entire the for XX.X% this not difference year, related rates first the XX.X% impact last this had in which deductions we we did was the compared rate but year’s quarter. tax quarter in year that these was to

the intangibles press non-acquisition total developed more is For amortization to was all the cash year. last to for internally production. due million related also disclosed of Depreciation yesterday, CapEx and million the $X.X compared we year, in was to flow, to production. data up to QX due this included increased in placed center was products year-to-date which in release last into up being primarily $X.X And acquisitions our of amortization, amortization did which software now in quarter,

for Our is But which to last was $XXX.X million all this flow cap the operating year. as due down quarter, compared to explained, was timing items. cash of working

was, and in-house a was shift. the a We But have than bit billings monthly deferred which bit have going revenue, here pay difference not up is year outsourcing, those customers caused offset our biggest quite in to QX. AR QX we we little X. last on we October from dividends First, by actually the shift more so by did continue paid That’s to historically.

dividends. accrued about because So million $XX year were the higher of last our accruals

from if out, so operating have been So actually last you and that flow flow. would free take cash have cash year our would up

balance should by So be net flow. free the all cash back to out to of that a nice of income conversion and end next quarter, would

the invested decrease’s to $XX that and During QX data is much CapEx our through the company with products, from $XX.X into year year. in million back a million center down developing we CapEx which of quarter, last ago, upgrades related

X% total license to on or from projecting grow operating when decreased FY And ‘XX. non-GAAP and GAAP grow when guidance are actually update grow slightly totally around platform check. above get migration, timing deconvert at again, very will for project control the GAAP we With we revenue payments the processing Currently projected income in and around But It are the little depends ‘XX. and we to additional all on slightly now have dates deconversion customers little to X% basis Revenue So X% control be basis. a of no to above on be are a Therefore, FY ‘XX. FY from cost or will unknown. will in headwinds up to X.X% projected we a those they revenue over nicely. our that. revenue continue we continues

fluctuations We subscription experience operating to our and income continue software usage. fiscal and license, migrations quarters implementation, will to between platform due payment revenue

year will anticipate and in the the to XX% we highest due can year. like the for in were quarters year margins very next and the to migrations. last QX as get to help with to ASC similar at software due subscription feel X Operating off GAAP of margins this line we for ‘XX the FY rules ‘XX. the that income is recognized in improvements And approximately FY margin were offset revenue some being revenue for all recognition then be operating XXX drop put mostly place headwinds the We margin to new

the year EPS continues ‘XX will rate to and the to in $X.XX QX to tax our range be $X.XX We to in year be XX% be $X.XX effective $X.XX. FY of to range, Our project EPS full for XX.X%. projected the

approximately grow with EPS be in operating should estimates Therefore, revenue pretty much to for X% year to income the will X% X%, of range grow $X.XX consensus a range today. line in the in and summary, on non-GAAP basis, the $X.XX, will in

are still process As XXXX. XXXX June Dave to core on be plan There and be mentioned, for change no our November non-core to all to we by we in on debit moved payments all been that customers these by plans. of have migrated systems customers have our

are We there changes of reductions therefore, on are the what we on course or cost timing cost opening the This comments. to call. from get last concludes to reduction our that provided And done. no

And with will ready open up questions. the now please to lines for Whitney, questions? take that, we are you

Operator

is Your [Operator question from Heckmann. Peter first Instructions]

Peter Heckmann

a some implementation new relative of talk morning you good your Any the Thanks core about the in taking bit backlog of my everyone. implementations? Hey, these or little Can capacity? timing for change questions.

David Foss

wouldn’t year. team We Pete, a there is added change. significant I say no, last any

side the customers, other adding a for was there banking the was on institutions on volume banking year to side. help it far of because think last good on side, credit acquiring our the union our customers who as not core are I as bit banks customers but

we team add last year. a did So

side. far We are a And have need pace quite this teams not conversions been that. at any don’t pretty added as core some as time managing banking We’ve for have the consistent running a for on the we year well. backlog

union add the help private environment the a environment. coming migrating into help customers the with On did recently to with in-house side, team we credit they can new to and that cloud private customers core cloud also are

see are on So add to positioned team a right there we backlog we we that credit are don’t and union and well now. but did recently side, push manage – a the

Peter Heckmann

are would with about success you product? Good. you live, Good customers, product, as the your And talk continued currently hear. core backlog credit to what or issuing XX – be about gotten the market that then of And of your would issuing there? in have interested percentage then credit those can talk in

David Foss

Yes.

huge So we don’t have side. credit the a on backlog

– any the so managing the go both that queue. long-term we in and today agreement as debit so or are new credit virtually in almost that of several their are credit that credit they already. services a for they are program here, some debit, the offering been have long-term they kind debit But Those a have in in a is long-term everybody has those if deals credit if programs contract. bank we have debit if We challenge – is union have are

So issue work there when sure is up it is make there every their that to you existing a deal agreement to your customer kicks for timing almost with out have where in renewal.

who don’t on calls, about their there the number side, customers credit however out of own a are we On portfolios. there have as previous credit talked

matter staff to not a a – process But them customers get offering, decided to business. the for have the the We reason a and demand it to of they sure of through justifying this that’s those lot of we the manage of a with have out. want part ago. into internal rolled decided it’s don’t That’s years why have make customers, have deal that whether those so currently program. they determine working the credit we couple, X they saw or we recently do go that to to credit And why

would current in-house looking sides or concern, don’t but we’re not are program for now of I a our of move pipeline in are now, know us start of percentage debit with So I credit. who active we right sales those and and looking deals coin, working have customers a to backlog both say, but their who customers what that number with the bring are to right both

Kevin Williams

our was migrate is this customers make that of the focus obviously, to sure a kind also platform. over get roll of Pete, place. in to That was our plan because new to all And was slow want debit we solid

offering So our also we whole and have we to of card to when shareholders then easier a you we offering, prove with obligations And now customers have referenceable new being have our and got yourself. additional a to that and lot XX customers customers met live, credit it kind referenceable our to you sign have this customers. makes

David Foss

just is so And we you XX be signed debit not in There interest this to are give to quarter. feel, new demand. customers those Just a continuing and aggravations.

who not in in quarter. have debit done us those people past the So are with that the signed

Peter Heckmann

Right.

Okay, thank you.

David Foss

Thanks, Pete.

Operator

Your next question is from David Togut.

Unidentified Analyst

Good morning. behalf Togut. on Hi, thank John you. of David

in development rate compared the statement? FY for during For example, growth For growth conversion So growth, revenue contracted quarter? excluding the is, capitalization grew any Were year-over-year R&D unusual that and income slowing through software XXXX? first September there of what quarter, X% the what organic will only fees. was the FY factors persist the you X% September the budgeting question research to growth on XXXX, year-over-year are in R&D

Kevin Williams

products, being a we go come production, be these – in of lot of then capitalized and line contractors work – total development our is prior going quarter-to-quarter, it different or as will to we with in the projects in of quarter stay budget. actually in and that up that in is see percentage going between R&D because into for shifting a us major From to pretty those we lot are roll you are to But R&D are roll products. projects we obviously, or has have do flopping our some as development much we could retiming and off So expense revenue what years. around don’t disclose of

can’t So R&D a given base growth on quarter. you expense really

trailing for real look XX the feel at to it. a You get to months almost have

Unidentified Analyst

quarter, question Got product for drivers new it. a And wins three the second the among bookings of contract new were is, September what standpoint? from top the growth

David Foss

Are customers you what are core talking you about core signed who that talking products customers? for with or which about drove signed,

Unidentified Analyst

Yes.

David Foss

off, whoever first probably technology a are provider. with old customer signings today. are is core Generally, their an the provider They core running on are Yes. looking for – solution they new solution

looking they for are technology. new So

with the with to say is that that are will they us it oftentimes, is working relationship Secondly, currently. they broken whoever

and that of and And direction the encompasses digital in core the just encompasses so customer confidence that becoming then is part And thirdly, service with the of then product. organization or conversation – overall a that the strategy almost new every big customer.

place. so strategy And get lot feedback about a of we prospects Henry has from in great digital Jack that the

else are knows as of banking far every to past round acquisitions deals acquired have of win them strategy, they in we helps digital recognition seen acquired But successful when years, Henry is future, bit And us help as innovative good the it that because doing to live credit for talked getting not core our have in technology several and that bank those union both lot a Jack You space really I story. in have digital only customers. every in investment customer, and digital on the we be out we is do solid today to nobody our a experience there have past. digital were their with BOLTS and for out for that Geezeo, calls that digital the about Banno a few in that that. platform.

Kevin Williams

separate we X-day approach are the a understand even track we and special who actually a different at track the loose. we We of better both and invited how world. education They breakout industry them had parts his breakout. to Dave And consultants Yes. for help any core meaning as a of opening prospects comments, into had to They track, come customers. of little go mentioned and our because JAC to turn to session. conferences, a can any national we are And separate our number literally in we we a them, had those talk prospects

how we little So customers just all different. I that culture a take of of contribute think helped are those our bit establish to our we and and care

Unidentified Analyst

Thank you.

Operator

Your Mehta. next question is Kartik from

Kartik Mehta

Kevin the are And much Hey, this just strength and Dave. growth I and bank taking guidance, excellent around growth you how marketplace and your revenue still And you think I that looked Jack do in of wondering, Henry quarter. good the looking at revenue was morning Dave, was X% share? growth. versus revenue your spending Kevin, for market is

David Foss

Jack I a Henry, That’s for both. because Kartik, know, you think, it’s good question, as

share. taking certainly are We

We have talked about it many the in past. times

On to do acquisition when taking a side, it’s customer normally, are customer. we lose core share. we a And the smaller

So compared we as Jack taking we if you been have compare acquired, ones on the that because are lose favor Henry’s the to ones is the ratio they significantly. in

taking going payments around can but customers. are so So efficiency, with needs I for just them of their facilitate it infrastructure digital, around lot our and forward emphasized, help to efficiency it focus of sure customers mobile-first a of is just share, make we continued any people then they kind that their lot are looking solutions this for our topics not big there the a that of spending in only on space, which repositioning and

combination I us. there continued surround So, half of from tend is are two. a win customers when share, tend that we of that share, when to us market. would we taking larger that weighted is it’s products. it And they out the it the is those half say acquired so a Jack we in mentioned lot take core toward the really other a news fact under say customer, than much for us being But to earlier, be of is The are I as taking share, Henry of with heavily because would it XX-XX, to good more easy answer me taking

Kevin Williams

we mean the And to on to I XX% number ago customers it’s recurring add I just of being whole Kartik, revenue, not going year because a us to of we’re bunch or like at with we did adding a have just growth. maintain new this customers also would mean, I quarter add, XX% that brand have same

cross-sell the all really out. the rolled So of growth that all products is we’ve

years system, revenue platform As treasury customers mean, plus card enormous selling. XX growth, that an starting starting new – all are credit the Banno that’s on these traction. the the the of are we X last have card, we the XX all reap the cap just now products the labor which that that of Dave really management been amount to as get our the The are for rewards new mentioned, or cross-sell, I of debit customers customers, new new there doing we’re to software of fruits is X

to I layer revenue think what’s to to top. going revenue we continue – are that going on drive growth that’s help as you see

Kartik Mehta

to add-on a your – kind backlog still you backlog at look ago add, to as so to but that, do a I or But that seeing visibility And you that for if time wondering, revenue what know your then you of XX% of just of as you bit I at just a are yes, and realize more became visibility have give implementation Kevin, you an recurring, you kind XX% number far said have? look long am schedules, difficult. kind how other I revenue? little

Kevin Williams

Kartik, I so backlog the our majority we’ve got vast products. mean, Well, of on installed

So we months those of out – or go longer. and XX most

push have if a recognition can rules, the customer have could a delivery, be rev have next which cards some transaction I different new revenues you given then what the obviously, delay can software quarter, or or you is that final the fluctuations, could So all things quarter under delay and into going debit – into happens that actually to the implementation mean, you conversion, changes a for XX% out rec visible a that to revenue. we’re on within quarter. going

So little you’re still going a to lumpiness there. have

I visibility. can got guidance recurring XX% you forecast give whole and we’ve not we years into revenue, have far ago. Kartik. any given year that, all with easier mean, more, a I it’s XX% the that lot to that. a a and of assure It’s quarter. any have from in We given of lot plus than it And going again, XX backlog was

Kartik Mehta

appreciate Well, thank it. really you, I guys.

David Foss

Sure.

Operator

is question John from Davis. next Your

John Davis

was any then a – into quarter little wanted just we year on through about just similar EPS least cadence guess, strong at last also, to it’s kind obviously, are of a revenue cadence conservatism fees of we flow deconversion should not there full to little did a see in And year? last year. I dig I the how similar that year from just surprised think the offsets revenue upside the to the the in we’re thinking guide. guide. that the you bit quarter, Is throughout or as first bit Kevin given Should of about? year the growth to first not growth we see really the in kind of decelerate the

Kevin Williams

year mean, I in bit subscription in through happened software little take first some in in of was happen there the QX that actually to all is Yes. actually – got from John, thing, sorry, an to of QX. we deconversion – revenue that that it’s and is But the because QX quarter. other going thought going a we the everything the pulled

quite fees where going we quarter, So think so the to sure next exactly or I’m to – be the quarter year, not deconversion is for honest. out fall

a that around. is way would under-promise mean, doing this and into than conservatism the long Absolutely, over-deliver built So have I I little much I rather time. been a there guidance? other

John Davis

Dave have makes sense. the changes that No, now we accounting just lapped. And then obviously,

of that? business we the you the year throughout last to Obviously, to of start bit would why fees of deconversion the hit that decelerating ex year a growth core little new talk expected, rest talked share And not core what’s the was XX% revenue? of driving result and for gains. plus see are the Is better kind just think of subscription finally probably was understand if that everyone. trying market than people I about record the that most just about Maybe the starting wins the specifically? So outside

David Foss

it nailed That’s there. have exactly it. right You

these into XX before have signed because see side you that customer customer. core of sign again, revenue we preparing it’s the a for that work private you to generally we before the every on in, coming start as to a goes it on conversion. there lot is call. once talked cloud-hosted sign is almost we And months that that So customer lay days customer, about a in X When

So be numbers once in then to to you start the you past. to have in, to seen additive it layer continue the revenue starts that

And so is but that are on for not we past, the added private But most would customers side a this that an in-house path in license credit them that a the more only year, the being last than customer, quarter are union we were usually quickly sign see added reflects now we rather have in this the than unions customers Whereas in quarter, cloud on hosted sign bank the from fee hosting the more would model. revenue as selling because you also model. now of credit we in-house.

strong. really So seeing in once quarter revenue you get you’re that And result now them layered in, this that just starts build. to

Kevin Williams

I me not presentation got with slide slide and I’ve changed. it. I That let you that just The ago. know few in revenue are – a John, years investor mean has And build Okay. familiar my

outsourcing about roughly is It the our of what And shows, is growing last slide XX% or it’s that average I so if done continuously that or revenue. just a at it, you of X That’s think changing. like on XX% X rate. years. for XX% don’t about cloud, see

You which X% year. that’s revenue the payments X% XX% grown it’s this of or got business, – is in basically our

could that think accelerate. I

So your XX% all business business, that’s you’ve digits. is margin of nice got growing double basically very which

to growth that easy So get been to you additional some have X% pretty X% on to we that to. add guiding products it’s and some products, additional cross-sell

John Davis

– both the with competitive last bank there? Dave, are And And good of few have and or also, me, from that bigger these are Okay. a then landscape, bit positive lower in maybe into your think or for kind closed a probably big assume change mode deals in tech it’s behavior I bad, change from macro any some seen any spending, had one recent just now impact then kind that Have about mindsets. and rates we of in have kind any those people’s you backdrop, a would I peers months talk little a of set impact the noticeable integration deals? of potentially from now

David Foss

Sure.

for your of first it first I and So opening in off, my briefly comments. the mentioned question, part

good credit JAC a One in I conference we the our unions, bellwethers host when of for and Symitar conference, banks every is host us and CEO is breakout. the both at year conferences, our client which fall

on. Presidents what to a get talk industry are on So so are one-on-one we it about a a only are was that those how concern that or they anything of recession And is good regarding get in like horizon. in of and CEOs wringing. to what’s and coming no major X-day no of where and or on feedback both opportunity industry is how very the seeing uplifting the they banking we There’s hand session feeling invited going there’s – them the trouble kind from conferences and out

we was union. opposite, the lot it end or fact, solutions. either to the bank of in into interest a efficiency credit experience can introduce new do In the What or technology improve customer

changing help solid. far technology, don’t their slowdown any see that as as Jack there, for or things Henry interest spend institutions, so to willingness the in very nothing I solutions still can So Technology those

the been yes, have a as acquisitions day-to-day happening environment, space, for As far you’re right, our as competitive significant far environment on as nothing changing the basis. in major competitive us

I’m about of a say prospects feeling the create Henry Jack are There have who still will customers that way. fact, of you banks client them ready term. for underlying that in banks on long number speculated Henry In not fall this the it’s ensuring our there, that, were that focused at unions, very opportunities credit call that this mentioned providing several but in and out past they’re expressing this infrastructure can credit to as they that we on best-of-breed. is solid solutions technology we’re Jack who because outstanding and unions and in see earlier, and conferences are interested core to their

we an as but and negatives us continue since major So competitive keep as the these days far it’s early will so eye on no far, for acquisitions environment, to it.

John Davis

Thanks, Okay. guys.

Operator

At there are further Instructions] this [Operator time, questions. no

David Foss

Whitney. Thanks,

of to our care the pleased results We ongoing customers. of our with associates and all are efforts from of take operations our

for focus And replay to on With I to best continue associates call? thank the you what for would joining our want for that, of now is us customers please again the all and managers our executive you number Whitney, and Our today. provide shareholders.

Operator

you. be at to for Standard XX:XX number the This will the Thank dial X-XXX-XXX-XXXX November Associates a.m. replay for participating or replay for Eastern ID is p.m. you XX:XX replay Standard call. in for Jack beginning is today’s Tuesday, Eastern The through The number conference X-XXX-XXX-XXXX. conference XXXX. XXXXXXX. call Time & available XX, on Thank Henry Time

Jack Henry & Associates (JKHY) 6 Nov 192020 Q1 Earnings call transcript