Proceeds from issuance of common stock upon exercise of stock options

[Table of Contents](#i3e760ad3c5f94c5892b7ddc949ade806_7)

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| JACK HENRY & ASSOCIATES, INC. AND SUBSIDIARIES |
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
| (In Thousands) |
|  |  |  |  |  |  |
|   | Year Ended |
|   | June 30, |
|   | 2022 |  | 2021 |  | 2020 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |   |  |   |  |  |
| Net Income | $ | 362,916  |  |  | $ | 311,469  |  |  | $ | 296,668  |  |
| Adjustments to reconcile net income from operations     to net cash from operating activities: |   |  |   |  |  |
| Depreciation | 50,789  |  |  | 52,515  |  |  | 52,206  |  |
| Amortization | 126,835  |  |  | 123,233  |  |  | 119,599  |  |
| Change in deferred income taxes | 31,872  |  |  | 16,760  |  |  | 24,581  |  |
| Expense for stock-based compensation | 24,780  |  |  | 20,746  |  |  | 16,883  |  |
| (Gain)/loss on disposal of assets and businesses | 400  |  |  | (1,988) |  |  | 4,735  |  |
| Changes in operating assets and liabilities: |   |  |   |  |  |
| Change in receivables   | (41,508) |  |  | (6,112) |  |  | 10,540  |  |
| Change in prepaid expenses, deferred costs and other | (82,565) |  |  | (57,059) |  |  | (25,759) |  |
| Change in accounts payable | 6,646  |  |  | (94) |  |  | (47) |  |
| Change in accrued expenses | 1,190  |  |  | 7,045  |  |  | 19,720  |  |
| Change in income taxes | 16,704  |  |  | (10,927) |  |  | (3,723) |  |
| Change in deferred revenues | 6,572  |  |  | 6,541  |  |  | (4,871) |  |
| Net cash from operating activities | 504,631  |  |  | 462,129  |  |  | 510,532  |  |
|  |  |  |  |  |  |
| CASH FLOWS FROM INVESTING ACTIVITIES: |   |  |   |  |  |
| Payment for acquisitions, net of cash acquired | —  |  |  | (2,300) |  |  | (30,376) |  |
| Capital expenditures | (34,659) |  |  | (22,988) |  |  | (53,538) |  |
|  |  |  |  |  |  |
| Proceeds from the sale of assets | 45  |  |  | 6,187  |  |  | 11,130  |  |
|  |  |  |  |  |  |
| Purchased software | (8,491) |  |  | (6,506) |  |  | (6,710) |  |
| Computer software developed | (148,239) |  |  | (128,343) |  |  | (117,262) |  |
| Proceeds from investments | —  |  |  | 5,000  |  |  | —  |  |
| Purchase of investments | (5,000) |  |  | (13,300) |  |  | (1,150) |  |
| Net cash from investing activities | (196,344) |  |  | (162,250) |  |  | (197,906) |  |
|  |  |  |  |  |  |
| CASH FLOWS FROM FINANCING ACTIVITIES: |   |  |   |  |  |
| Borrowings on credit facilities | 332,000  |  |  | 200,000  |  |  | 55,000  |  |
| Repayments on credit facilities and financing leases | (317,127) |  |  | (100,114) |  |  | (55,033) |  |
|  |  |  |  |  |  |
| Purchase of treasury stock | (193,916) |  |  | (431,529) |  |  | (71,549) |  |
| Dividends paid | (139,070) |  |  | (133,800) |  |  | (127,421) |  |
| Proceeds from issuance of common stock upon exercise of stock options | —  |  |  | 1  |  |  | —  |  |
| Tax withholding payments related to share based compensation | (4,152) |  |  | (7,721) |  |  | (3,739) |  |
| Proceeds from sale of common stock | 11,773  |  |  | 10,931  |  |  | 9,833  |  |
| Net cash from financing activities | (310,492) |  |  | (462,232) |  |  | (192,909) |  |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | $ | (2,205) |  |  | $ | (162,353) |  |  | $ | 119,717  |  |
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | $ | 50,992  |  |  | $ | 213,345  |  |  | $ | 93,628  |  |
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 48,787  |  |  | $ | 50,992  |  |  | $ | 213,345  |  |

  
  
  
See notes to consolidated financial statements40
