Jack Henry & Associates Inc. (JKHY): Key takeaways from Investor Day

JKHY hosted an investor day to showcase recent product rollouts and detail the company's expectations for accelerating revenue growth over the next 3 years. Overall, we believe the message was constructive, as the company was confident that accelerated sales momentum on the core side, as well as several new product rollouts in the payments space and across their public cloud Jack Henry platform, will drive future growth. The company sees growth trending towards 8% over the next several years. While the company didn't give explicit margin guidance, they seemed optimistic about continuing the recent string of 50-60bps+ relative to their 20-40bps margin target. While shares underperformed, we believe this was largely due to high expectations and some catch-up after outperforming the rest of the bank tech space following recent headlines around regulatory scrutiny of the core processors. On this note, we believe that JKHY is likely well positioned relative to FISV and FIS given their stron