Good morning ladies and gentlemen, thank you for standing by and welcome to Jack Henry and Associates Second Quarter Fiscal Year 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker for today to Kevin Williams, Chief Financial Officer and Treasurer. Please go ahead, sir.

Thank you Olivia. Good morning. Thank you for joining us for the Jack Henry & Associates second quarter fiscal 2022 earnings call. I am Kevin Williams, CFO and Treasure and on the call with me today is David Foss, Board Chair and CEO. The format for our call this morning will be just a little different than our normal format we have typically used in the past. But just as a warning the opening comments will take a little longer than normal. In just a minute I will turn the call over to Dave to provide some of his thoughts about the state of our business, financial and sales performance for the quarter, comments regarding the industry in general, and some other key initiatives that we have in place. Then after Dave concludes his comments, I will provide some additional thoughts and comments regarding the press release we put out yesterday after market closed and provide comments regarding our updated guidance for our fiscal year 2022, provided in the release. At that point Dave will have some additional comments and updates that he will make on the press release that we put out Monday morning. Then at the conclusion of those comments we will then open the lines up for a traditional Q&A. First, I need to remind you that this call includes certain forward-looking statements, including remarks or responses to questions concerning future expectations, events, objectives, strategies, trends, or results. Like any statement about the future, these are subject to a number of factors that could cause actual results or events to differ materially from those which we anticipate due to a number of risks and uncertainties. The Company undertakes no obligation to update or revise these statements. For a summary of these risk factors and additional information, please refer to yesterday's press release and the sections in our 10-K entitled risk factors and forward-looking statements. On this call, we will discuss certain non-GAAP financial measures, including non-GAAP revenue and non-GAAP operating income. The reconciliations for historical non-GAAP financial measures can be found in yesterday's press release. With that, I'll now turn the call over to Dave.

Thank you Kevin, good morning everyone. I am pleased to report another strong quarter of revenue and operating income growth. As always I'd like to begin today by thanking our associates for all the hard work and commitment that went into producing those results for our second quarter while also continuing to deal with the impacts of the ongoing pandemic. As Kevin mentioned in his opening remarks we're going to conduct today's call a little differently from the cadence of past calls. I'll start with comments regarding the performance of the business in the quarter, then Kevin will share detailed financial results. Instead of moving to Q&A after Kevin's comments however I'm going to come back and conduct a detailed review with you of an exciting new product technology modernization strategy for our company. This is an important update for you as we believe this strategy which we've been working on for more than two years will fundamentally define the evolution of our company and our industry. We will address questions after that strategy review. With that let’s shift our focus to look at our performance for the quarter we completed in December. As of the end of the quarter we continued to operate with well over 90% of our employees working full time remote and continue to evaluate options regarding an appropriate return to office target date. At this time we have no published date but we have proven that our business can perform well in a remote pasture, so we don't feel any significant pressure to change that. For Q2 of fiscal 2022, total revenue increased 17% for the quarter and increased 11% on a non-GAAP basis. Consistent with our previous guidance the deconversion revenues -- the deconversion fees were up almost $25 million over the prior year…

Thanks Dave. During the quarter services support revenue increased 18% compared to the prior year quarter. As Dave mentioned deconversion rate was up 24.7 million for the quarter compared to last year. License, hardware, and invitation [ph] revenue combined were actually up 10% compared to the prior year. Our data processing and hosting fees on our private and public cloud offerings continue to show strong growth in the quarter compared to previous year growing by 11% for the quarter. On a non-GAAP basis total support to services grew 8% for the quarter compared to the prior year. Our processing revenues increased 15% in the second quarter of fiscal 2022 compared to the same quarter last fiscal year on both a GAAP and non-GAAP basis. The increase was primarily driven by higher card volumes from new customers installed last year and increased debit and credit card usage from existing customers. Our Jack Henry digital revenue continues to show strong growth as demand for a manual digital platform continues to be very strong. Total revenue was up 17% in the quarter compared to last year and on a reported GAAP basis.

I'm getting reports that it is really hard to hear because of feedback. Olivia, can you hear us.

Yes, sir we can hear you but there are some feedback on the background.

[Technical Difficulty]. So Olivia, shall I call in on a different line.

Yes, you can try that or would you like me to dial out for you.

That's fine dial me.

Okay. You are now back in.

Yeah, but we are still getting feedbacks, so it must be your end.

Yes, I am still hearing feedback from that line. Maybe try from a different line.

Now that is you, we're on a different line. So Olivia can you hear us.

Yes, your voice is clear but when you speak it does have a lot of sound from love background.

But when you speak it also has that. What are you doing to address this. We can't do anything... [Technical Difficulty]. So Olivia, someone in your team is doing something to address this.

Yes, I am not hearing the background sound anymore. You are now pretty clear now.

Okay, so I have no idea what's going on.

Okay. So services forward revenue increased 18% in the second quarter of fiscal 2022 compared to the same quarter a year ago. As Dave mentioned deconversion was up 25 million as we sort of guided for the quarter compared to last year's quarter. License, hardware, and invitation revenue combined were actually up 10% compared to the prior year. Our data processing hosting revenue and our private and public cloud offerings continue to show strong growth in the quarter compared to previous year growing by 11%. On a non-GAAP basis total support and service revenue grew 8% for the quarter compared to the prior year. Our processing revenue increased 15% in the second quarter of fiscal 2022 compared to the same period last year on both a GAAP and non-GAAP basis because all the non-GAAP items are up in support and services line. The increase was primarily driven by higher card volumes from new customers installed last year and increased debit and credit card usage from existing customers. Our Jack Henry digital revenue continues to show very strong growth as demand for our Banno digital platform continues to be very strong. Total revenue was up 17% for the quarter compared to last year on a GAAP basis, an increase of 11% on a non-GAAP basis. Our cost of revenue was up 10% compared to last year’s second quarter. The increase was primarily due to higher costs associated with customer maintenance of license cost, increased hardware cost, card and transaction processing increase in line with related revenue growth, and also higher personnel costs compared to a year ago. Research and development expense increased 12% for the second quarter of fiscal 2022 compared to the same quarter last year. This increase was primarily due to personnel costs. Our SG&A expense increased 26% in…

Thank you Kevin. In this third section of today's call I would like to provide all of you with an outline of our product technology modernization strategy. This is not a product announcement, it's a strategy discussion designed to set an expectation regarding the evolution of our company. I won’t be sharing any specific sales, revenue, or profitability numbers with you today and I probably won't be able to answer all of your questions. I want to be clear about that up front, I'm sharing this with you today because it is important for you to understand how Jack Henry plans to innovate and remain a leader in our industry for many years to come. Many of the recent innovations we have made and we will continue to see are directly tied to this multi-year strategy and we have got developers working behind the scenes on this new technology for more than two years. The strategy we're sharing today further expands upon Jack Henry’s highly successful Open API digital banking platform. Before we get into the details let me first set some context for this strategy. You heard me say many times that we are a well-rounded financial technology company focused on serving the technology needs of community and regional financial institutions. That is our primary audience and we've been focused on that market for the last 45 years. Today we serve close to 8500 financial institutions through approximately 300 different solutions and we have more than 850 Fintech providers currently connected into our ecosystem. While other providers in our space have shifted direction over the last few years, we continue to be 100% focused on serving the full and complete financial technology needs of community and regional financial institutions. The reason we and our clients have been successful for…

Thanks, Dave, what a great update on our strategies and we are so excited about this. And as Dave mentioned, I'm sure after all that information you probably got more questions than we have answers. But again, as Dave said, this is not a short-term thing. This is a long-term strategy for Jack Henry. So with that, this now concludes our opening comments. We're now ready to take questions regarding the quarter or our strategy of day to day provided. Olivia, will you please open the call lines up for questions.

[Operator Instructions]. Our first question is coming from the line of Rayna Kumar with UBS. Your line is open.

Good morning Dave and Kevin. Thanks for all the details on your technology modernization program. Just a few questions on that, is there any change in your competitive environment that has prompted you to alter your strategy? And second, if you can talk about your pricing strategy tied to the technology modernization, that would be very helpful?

Sure, thank you Rayna. I wouldn't say that this was driven by something we saw as far as competitors are concerned, again, we've been working on this for years. We first started developing this strategy four years ago. We started, coders started programming about two and a half years ago as I mentioned earlier. So this wasn't as much driven by anything that we saw our competitors doing specifically, it was driven by the things that I outlined there, the disruption that's happening among financial services and the concern that we had for our customers being positioned to compete effectively in the future. And so the question for us is, how do we ensure that those customers are enabled with great technology so that they can compete going forward. As to your second question, I started my comments by saying, I know there will be questions that you will ask that I won't be positioned to answer today. This is a long term strategy. But you know us well enough to know that we deliver solutions today in a cloud environment, we know how to price those solutions effectively in a cloud environment. This is us moving on to the public cloud as opposed to private cloud with this strategy. But we will price our solutions in a similar manner to what we've done in the past. It's just that the solutions will be unbundled as compared to selling a no Big Bang core solution. It will be an unbundled offering to our customers, but the long term strategy as far as pricing will be similar to what you've seen us do in the past.

That's very helpful. And a question on the quarter, so your adjusted payments segment revenue that was up 13% in the quarter, very strong. Can you break down some of the drivers of that growth and how we should be thinking about the payments revenue growth in the back half of this year or the back half of your fiscal year 2022?

Well, I'll take the first and then I'll let Kevin chime in here. So the drivers really things that we've highlighted in the past, the payment segment is made up of three different components, it is our bill pay business, our card business, and our business we refer to as enterprise payment solutions, which is what has captured an ACH origination. As we piloted many times, the bill pay business, although it's a very successful business, it's not a ton of growth in bill pay, it's a slow grower. But really the cards business and the enterprise payments business, both of them have continued to post real nice growth in those two areas, the payments business. So it's those two that are driving the continued growth, we're adding new customers in both areas, and so it's new customer additions, plus organic growth, same store sales growth from the customers that we already have. And as far as the look forward, I'll ask Kevin to comment on that.

Yeah, so I agree. I mean, our enterprise payment solutions continues to be the fastest growing of the three and continues to become a larger percentage, which both, actually all three of those components have a very nice margin to them. And we think we'll continue to see nice margin expansion in our payments, as we continue to add new debit and credit and EPS customers. So I think those are going to change these drivers, right. And I think that growth is sustainable for the foreseeable future.

Thank you.

Our next question is coming from the line of Vasu Govil with KBW. Your line is open.

Hi, thanks for taking my question. Dave, first one for you on the new technology initiative, a lot of good info. And I know you've sort of characterized it as a long term strategy but what time frame are we looking at for you to realize this and the vision of having a customizable core, and what will be the strategy around converting existing clients to this new core? And then just to follow-up on that, I know it's too early to comment on revenue contribution, but help us think about how much of this initiative is to drive incremental revenue opportunity versus upgrading existing customers to preserve share in the market?

So there's a lot wrapped up in there. So one of the comments that I made as I was walking through the strategy is the fact that we have customers today in beta with some of the components that you would think of as core traditionally. They're in beta today. So we will have customers live later this calendar year with different components. But as far as, if you think about a core system, there are a whole bunch of different functions within a core and so all those functions are in the process of being unbundled and rewritten to function on this new platform. And so it'll be over the course of years that that will happen. But you'll see in the relatively near term, you'll see customers who will deploy what people in the industry refer to as a side core, where they're doing a digital only core that has a positive gathering machine, probably with a different brand. You'll see us doing that in the relatively near-term with customers, and then all the rest of the functionality will come over time. The really good news in all of this, I'm thrilled about the strategy overall, but the really good news is the platform is there already, we've created the platform, we've created all these connections. So I referenced the 850 Fintechs that we are connected to already. You might ask well, how did that happen, how did you do that so fast? Well, we already had many of these connected to our various technologies as far as the tools that we used to connect Fintechs into our legacy solutions. Well, we were able to port those over, we rewrote the Jack -- what we refer to as the Jack Henry gateway, rewrote it to run to this…

Thank you, that's a lot of great color. And just two quick ones for Kevin, first, on just the margin guide of flight expansion year-on-year. Just wondering if we've seen sort of solid trends in the first half of this year, and the guide would then imply that there's some margin contraction that might happen in the back half. And just curious if there are any incremental items that will weigh on margins in the back half versus what you had previously expected? And the follow-up I have is on just free cash flow. I know there's typically some seasonality in the second quarter, but even on a trailing 12 month basis it seems like it's lagging what it historically has been. So maybe if you could talk about what's driving that trend and what you expect for free cash flow conversion -- going forward?

Yes. So on margins, we're probably a little conservative on the back half. But remember, I mean Q1 under the new revenue rec rules and under ASC 606, the margin in Q1 are so strong, but it's hard to keep up with that when you're recognizing so much revenue without the related expense in Q1. So I think our margin expansion for the year is 50 bps. And also, as I said in opening comments, I mean, our travel costs and personnel costs continue to go up. I mean it's just -- there are some challenges out there to retain talent, and we're focused on that. So we're probably a little conservative, but I'm still very bullish that we can maintain a 50-plus bps margin expansion this year and see where it goes from there. As far as free cash flow, as you -- obviously, I mean, our strong orders and free cash flow is Q1 and Q4 because of the billing of our annual maintenance in June 1st, and our annual maintenance billings is roughly $240 million to $245 million, that's what it should be this year, and we collect all of that in Q1 and Q2, which that drives a lot of the free cash flow. So we're a little behind where we were last year. Will we catch up to where we were last year, probably, I really doubt it. I don't know if we get back to 100% conversion of net income to free cash flow this year, but we will make up a lot of ground in Q4.

Great, thank you very much.

And our next question comes from Kartik Mehta with Northcoast Research. Your line is open.

Hey, good morning. Dave, just on your core new strategy, do you think that will mean that you'll have more partnerships, so maybe more partnerships at a customer?

Yes, I hesitate to use the word partnership because I think there's a lot implied in that, that people assume there's rev share and our sales reps are reselling somebody else's technology. So I usually shy away from the word partnership. Will there be more third parties involved in our customers? Maybe, maybe not. The thing that Jack Henry has already known for is for being the most open provider out there on the core side as far as our willingness and ability to easily connect into our systems. And so it will depend on the financial institution deciding what is their -- what's the strategy for them, what's the right strategy, and what do they need to connect into our infrastructure to enable that strategy. So I don't know that I would say that just on its surface, because, again, a lot of people -- a lot of our customers, I think, already take advantage of the open solutions that we've been providing for years.

Okay, I guess I was trying to get to, do you think that if there are more third parties involved, that changes the revenue dynamics for Jack Henry?

I don't think there's any negative in that for Jack Henry. I think there is a tremendous amount of positive in that because of all the technology solutions that will be living in the same environment, living on the same platform that will be offered by Jack Henry, certainly no negative in that as far as I'm concerned.

Yes, Kartik, as Dave said, we're tied into 850 Fintechs so I mean that's a very large number already in there. So will that number go up, maybe, but on a per customer basis, right, it will depend on the customers' needs.

And then just on the contracts that you have, obviously, inflation having a big impact. Are you able to get increases, annual increases because of the contracts you have or is there any limitations to what you can do with your customers?

Yes, there are CPI accelerators built into virtually every contract -- obviously not every contract but in virtually every contract, there are CPI accelerators that are built into those. So we're doing the same evaluation I think I talked about in the last call that evaluation, we're going through on a product basis and overall as a company to determine where are those right opportunities to engage or leverage those CPI opportunities.

And then just one last question. Dave, I think you talked about adding a conversion team to your banking platform and then eventually one to your credit union platform. And I'm wondering is that because of what's happening with COVID and there's an increased demand for banks wanting to outsource or is there another reason that that's making you add these conversion teams?

The biggest thing, when we refer -- and I refer to it specifically as convert/merge revenue, the biggest driver of that is Jack Henry financial institutions acquiring other financial institutions. And coming to us and saying, Hey, we just acquired this bank, we need you guys to help us convert them on to the Jack Henry platform [ph]. That's the driver. And we have conversion teams that do new. Of course, we're winning all these new logos to Jack Henry as new banks and credit unions. But those conversion teams, they run pretty steady. We're doing 12, 15 new customers a quarter, and I report on that very regularly. That runs pretty steady. So pretty much everything I was referring to there is being driven by Jack Henry customers, who are acquiring other customers and needing help, converting them over to our systems. And as I mentioned, we did a banking team already. The credit union -- the next credit union team additional team goes into effect here in this -- I guess the quarter we're sitting in right now. And then we're evaluating, possibly adding two more teams because there is so much demand among Jack Henry customers looking to add customers on to our platforms.

And just a reminder, Kartik, to convert a new customer or a new logo, it takes an enormous amount of time than a convert/merge as Dave said to convert a bank that is being acquired on to existing core customer because they've already got basically the system in place that they need.

Got it. Thank you both very much, appreciate it.

Our next question comes from Ian Swanstrom with [indiscernible]. Your line is open.

We're not hearing anything, Olivia.

Please check your mute button. Would you like me to go to the next person?

Yes.

Our next person in queue coming from the line of Dominick Gabriele with Oppenheimer. Your line is open.

Hey, great. Thanks so much for all the detail on the new strategy. Are you -- I just want to make sure I understand perhaps correctly, are you creating a banking product marketplace where perhaps even an executive, let's say, can sit in front of the computer, open up the Jack Henry software and say, download quickly self-onboard whatever product they decide? And I guess is that part of like the enticement here for them, is that they could -- the rapid kind of onboarding they can have for almost any Jack Henry or third-party product?

Yes, I get where you're going, Dominick. That is not what we're announcing. We're announcing this is a much bigger platform than what you just alluded to. So this is essentially all banking functions that we -- that people think of today as being in the core system and in the associated complementary systems. All of those systems being available over the long term. Again, this isn't a product announcement, it's not available tomorrow. This is a strategy, but all services that you think of in a core system and the related complementary solutions, all living on a single platform on the public cloud available through Jack Henry, whether those technology solutions come directly from Jack Henry or if it's a fintech solution that the bank or credit union decides to work with. Now implied in all of that, in the end, will there be an option for a marketplace, absolutely. That will be implied in the end, but that is not what we're talking about here at the starting point. And this is all about building this platform and all of this ability to support something like that, and then the marketplace is implied once you get to that point.

Great. Great. And then I guess when you just think about the functionality of the end user and what this provides them that's perhaps even better than the strong functionality you provide today, is it -- what are the keys that they're going to see once this is complete on their end, is it speed, is it optionality of products, is it ease of use of among their end users or cost saves, some competitive edge, any color there of what they tangibly see once they put all this stuff, everything to use? Thanks.

Yes. And I think I'll discuss this with two different audiences in mind. So one is our customer, which is the bank or credit union. The other is their customer, which is the consumer or small business. So let me first start with our customer. One of the key advantages in a strategy like this is around the topic of security. So I highlighted the financial data exchanges and the fact that we have relationships today with the four primary financial data exchanges. What that does for the bank or credit union is it eliminates the need for screen scraping, highly insecure, brittle process that's been around for many years. I've been in this industry for 36 years, and I think people were screen scraping when I first started in the industry. So that's been in the industry for a long time. Most players in the industry use screen scraping. We are dead set on eliminating screen scraping for all of our customers. So security and secure exchange of data between financial institutions and Fintechs that is one of the keys here. So the fintech or the -- our financial institution, our customer benefits by added security. Speed, scalability, all the things that you think about when you think about running solutions on the public cloud, all of those things certainly are part of this advantage for the Jack Henry customer. But maybe one of the biggest advantages is for the Jack Henry clients and the bank or credit union is the idea that they can now customize more directly what it is that they're offering to their customers. They can define market niches that they want to go after, and they can use Jack Henry technology or third-party technology on the same platform, in the same presentation to the…

That’s so exciting and great quarter.

Our next question coming from the line of Ken Suchoski with Autonomous Research. Your line is open.

Hi good morning David and Kevin. Thanks for taking the question. I appreciate the update on the long-term strategy. I just wanted to ask about your cloud native digital first offering. And I was wondering if you can give us a sense for how your offering compares to peers because we see FIS talk about its modern banking platform. We saw Fiserv announced this week the acquisition of Finxact. So are there areas where you think your offering is superior versus those providers and are there areas where maybe you need to catch up to bring your offering up to par with theirs, it would just be great to get your thoughts on kind of where you're differentiated?

Yes. So Ken, I'm not in the business on an earnings call going into describing what our competitors are offering. The thing that I will say is we know those solutions very well. We have been investigating for years. This is -- again, this is what we do. Delivering technology solutions to banks and credit unions is all we do. And so we know what our competitors are doing. I have every confidence that the technology solution that Jack Henry is delivering here, what I've just talked about, is a completely differentiated solution. And just in part because it is not a core solution, right? Both of the examples you gave are core solutions. This is unbundling the core. This is redefining what we think about as core. There is no independence. The other thing that I'll highlight, no dependence on the legacy database with what we're talking about here. There is no requirement that you have a legacy database underneath the core solution and what we're talking about here. So it's a totally differentiated strategy from the others that you named. So we feel very confident in what we've created here and our ability to kind of disrupt the market. But again, this isn't something that we're rolling out next week. This is a strategy discussion. This is a long term where is our company going and how are we going to differentiate for the long-term against anybody else in the market.

But as Dave said earlier, the platform is in place or in this example, the chassis to the vehicles in place. And so now, as Dave mentioned, we've already got some solutions out in beta. That's not the core, but it's pieces and parts of the core that's already on the platform beta that will be rolled out later this summer in general availability.

Okay. Great. That's really helpful. I like the car analogy it's really helpful to dumb it down for all of us. I think -- I guess the next question for me is it's interesting that you're talking about unbundling these solutions, allowing clients to embed fintechs of their choice into these offerings. And so it seems like they're not tied into any legacy products, you're unbundling those functions. I mean how comfortable are you that that's not going to create a revenue headwind going forward just because maybe these customers aren't locked into your offering as much as they were before? Or do you feel like you're pretty open today?

Well, I feel like we're pretty open today. This is a question that we've had -- why does Jack Henry continue to support this idea of open connectivity and creating these connections without charging $100,000 just for somebody to connect into Jack Henry solutions. And the answer is, we -- our philosophy has been and continues to be. Our job is to help make our customers successful. And if we are truly committed to making them successful, we try to make all that stuff easy and make it relatively inexpensive. And our customers, that's part of the reason they do business with Jack Henry, because they know that we will offer that connectivity. This isn't something new. This isn't a new philosophy for us. This has always been the way it's been at Jack Henry. And so it's counterintuitive to most people. Why don't you try and create as many barriers as you can to people doing business with others in the space? Why do you make it so easy to connect into your systems? I think it's because we make it easy that people want to do business with Jack Henry, and they want to buy more solutions from us because we create those options for them. And again, our job is to help our customers be successful, and we are truly committed to that, and this is just the continued extension of that philosophy.

That's really helpful, David. And then maybe if I could just sneak one last one here. I think you mentioned that you've been working on this strategy for the last couple of years, and that this is a long-term strategy. Does this increase the CAPEX requirements or the operating expense requirements at all going forward to really build this out or do you still feel comfortable with the 50 to 75 basis points of margin expansion in 2023 and beyond?

Yes. Everything that we've guided, so my comments and my commentary there, the 14% of revenue that we're putting back into R&D, that is a number we've been telegraphing to you all for years now. We are sticking with that number. And all the guidance that Kevin has provided, all of that is baked into the numbers that we've provided. And the key point there is 14% on a rising revenue, essentially, that's creating about $20 million a year in additional money for us to invest in R&D. So that doesn't require us to do any slowdown on any of the great work our teams do to support our existing cores in our existing complementary solutions. All of that continues as it has been. But just because we're sticking with 14% on a rising revenue number, that creates this additional -- these additional dollars for us to put against this critical R&D initiative for our company. So no need for us to accelerate on CAPEX, no need for us to take a hit to earnings or anything like that, but we can continue to execute on this wonderful strategy. And by the way, so I want to be clear with everybody, we've been working on the strategy for several years. We've had developers coding for two to two and half years. But this strategy has been developed for a long time. So I want to be clear that we didn't just start on this two and half years ago, started thinking about this -- we've been thinking about this for a long time. We actually had coders starting to write code about two or two and half years ago.

And in that 14%, the team that is focused on this new strategy has been growing and in place. We have not taken developers from any of our other products, and we won't because we have to keep those other products continue to increase their feature functionality. So it's not going to take away from any of our existing development. It's just this long-term strategy that's been put in place over the last few years.

Okay, got it. Makes a lot of sense. Thank you very much, look forward to following the progress.

I am showing no further questions. I will now turn the call back over to Mr. Kevin Williams.

Thank you. We are obviously very pleased with the results from our ongoing operations and extremely excited for the future with the new strategy that they rolled out. I want to thank all of our associates for the way they have handled the challenges that we are currently endeavoring by taking care of themselves and our customers and continue to work hard to improve our company to continue moving forward for the future. All of us at Jack Henry continue to focus on what is best for our customers and shareholders. I want to thank you again for joining us today. And Olivia, will you please provide the replay number?

Ladies and gentlemen, today's replay number is 1-800-585-8367, again it is 1-800-585-8367, entering access code 9874774. Again, the replay access code is 9874774. That does conclude our conference for today. Thank you for your participation. You may now disconnect.