Jack Henry & Associates, Inc.

please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Vance Sherrard, Vice President, Investor Relations. Please go ahead.

Thank you, Michael. Good morning. And thank you for joining the Jack Henry second quarter fiscal 2025 earnings call. Today I am joined by President and CEO Greg Adelson and CFO and Treasurer Mimi Carsley. Following my opening remarks, Greg will share his insights on the first half of our fiscal year and provide observations on our financial results, operational metrics, and outlook. Mimi will then discuss the financial results in yesterday's press release, which is available in the investor relations section of the Jack Henry website. Afterward, we will open the lines for a Q&A session. Please note that this call includes forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from our expectations. The company is not obligated to update or revise these statements. For a summary of risk factors and additional information that could cause actual results to differ materially from such forward-looking statements, refer to yesterday's press release and the risk factors and forward-looking statements in our 10-K. During this call, we will discuss non-GAAP financial measures such as non-GAAP revenue and non-GAAP operating income. Reconciliations for these measures are included in yesterday's press release. Now, I will hand the call over to Greg.

Thank you, Vance. Good morning. I appreciate each of you joining this morning's call. I'm pleased to report overall solid financial performance results in the second quarter of our fiscal year 2025. I'd like to begin by thanking our associates for their hard work and commitment to our success by doing whatever it takes and doing the right thing for our clients. Our focus on a people-first culture, service excellence, technology innovation, and a well-defined strategy supported by consistent execution continues to set us apart in the market. I will share three main takeaways from the quarter, and then we'll provide additional detail about our overall business. First, our financial performance. We exceeded our second quarter outlook. We had non-GAAP revenue growth of 6.1% in Q2, slightly ahead of the 6% anticipated on the November call. Our non-GAAP operating margin of 21.5% was also slightly better than expected. We continue to expect results in the second half of our fiscal year that are consistent with full year guidance provided in August. Second, our sales performance. After record sales attainment in Q1, we continued our positive momentum by setting a sales record in Q2 for the second consecutive year. During the quarter, we had 11 competitive core wins, and of the 11, three were financial institutions over $1 billion in assets, including one $7.5 billion asset win. We also closed 13 deals to move existing clients from in-house processing to our private cloud.