Good day, ladies and gentlemen, and welcome to the Jack Henry & Associates Third Quarter 2017 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. As a reminder, today's conference may be recorded. I would like to introduce your host for today's conference, Mr. Kevin Williams, Chief Financial Officer. Sir, please go ahead. Kevin D. Williams - Jack Henry & Associates, Inc.: Thanks, Michelle. Good morning. Thank you for joining us for the Jack & Associates Third Quarter Fiscal 2017 Earnings Call. I'm Kevin Williams, CFO and Treasurer; and with me today on the call is David Foss, our President and CEO. The agenda for the call this morning is typical. In just a few minutes, I'll turn the call over to Dave to provide some of his thoughts about the state of the business, the performance of the quarter. Then I'll provide some additional thoughts and comments regarding the press release we put out yesterday after market closed. I'll update our guidance for the remainder of FY 2017, and then we'll open the line up for Q&A. First of all, I need to remind you, the remarks or responses to questions concerning future expectations, events, objectives, strategies, trends, or results constitute forward-looking statements or deal with expectations about the future. Like any statements about the future, these are subject to a number of factors, which could cause actual results or events to differ materially from those which we anticipate due to a number of risks and uncertainties, and 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…

Thank you. Our first question comes from the line of Brett Huff with Stephens. Your line is open. Please go ahead.

Good morning. Thanks for taking my questions, guys. David B. Foss - Jack Henry & Associates, Inc.: Morning. Kevin D. Williams - Jack Henry & Associates, Inc.: Morning.

Two quick questions. One, Dave, you went through some of the payments numbers. Can you break that down any more? I think you guys – did you, sometimes gives like Bill Pay versus some of the other different sub lines there? Any detail there? David B. Foss - Jack Henry & Associates, Inc.: I don't know that I've gone into a whole lot more detail in the past. But both – the three areas in our payments business, our Bill Pay, our cards business, and our ACH Origination remote deposit capture business – ACH Origination remote deposit capture being the same business. So, both cards and Bill Pay were up around 6% to 7%, and the ACH business was up closer to 13% as far as revenue for the quarter.

And how is the competitive dynamic in that card business? I know sometimes, on the debit side, things can get kind of competitive depending on which competitor is in there. Have a lot of those renewals and the price compression from that kind of come and gone, or is that the consistent thing, or kind of what – what should we expect on that front? David B. Foss - Jack Henry & Associates, Inc.: Yeah, it's always a topic, but I don't think the pressure is nearly as intense as it was a year or two ago when it comes renewals on the cards side. But it's always a topic. It's always there. It's something that all of us in that space deal with every time a renewal comes up.

Okay. And then my other question was on the Commercial Cash Management and Treasury Management business, that sounds like an exciting piece of software you've got going. I think last call, you gave us a sort of year-to-date or maybe since-inception numbers, and I wondered if you could just go through those and how many more we maybe have knocked down this quarter? David B. Foss - Jack Henry & Associates, Inc.: Well, I think what I talked about in more detail last time was the fact that we were going into beta in March with that product, and that's – it's been a long project. We had originally targeted March of this year for beta. We met that timeline. So, we delivered that to beta in March. The bank, I believe, is going live. It's probably today or tomorrow, the first beta bank. And so, I don't know that I have the exact count in front of me as far as how many we signed in the quarter. I can maybe look while we move on, Brett. And at the worst case, I'll have it for you on Monday at the Analyst Conference. But we've signed, it's some – probably 8 or 10 so far, Treasury Management – new Treasury Management customers. Kevin D. Williams - Jack Henry & Associates, Inc.: Yeah. For those of you that will be at the Analyst Day on Monday, Treasury Services, that new product, is one of the products that will be at the mini tech fair Monday evening. So, you'll have a chance – an opportunity to see it. That, along with our Enterprise Risk Mitigation Solution, which is one where we partnered with SAS, (11:37) our Banno digital offering, our Biller Direct offering, and our ARC (11:44) predictive analytics, will all be there, with product specialists to show those products off, for those of you that are coming to the Analyst Day. So, just another enticement to get you to come to Denver.

And then last question from me. Just, Dave, unseating some of the incumbents in that treasury management, I think that's a difficult sale to sometimes make. What is the – what are you hearing from banks that's sort of encouraging you to pursue this so aggressively? David B. Foss - Jack Henry & Associates, Inc.: Yeah, the reason that we pursued it in the first place, and I said to some folks, I never imagined – we started this project, we defined the project in late-2015, calendar 2015. I said at the time, I never imagined in 2015 that we'd be talking treasury management as a great big opportunity. But what we were hearing, particularly from our mid-tier banking customers, and now this interest has grown, was that most of the treasury management solutions out there had gotten pretty stale. And it felt like there was a big need, a demand for a new – a fresh, new solution taking advantage of newer technology. So that's why we went down this path in the first place. And the farther we've gone down, the more that's been validated in talking to customers. So, not every bank or credit union that's going to be signed for a Treasury Management solution. Those are big solutions, you have to have larger commercial customers to do it. But we think, among our larger banks in particular, and now among our larger credit unions, there is a demand out there. And we think we have a good opportunity. And I'll remind you that this isn't restricted to our core base. We developed this as a ProfitStars solution that we can sell to any core customers, not dependent on a Jack Henry core solution. Kevin D. Williams - Jack Henry & Associates, Inc.: And the nice thing was, we had the talent in-house to develop this. David B. Foss - Jack Henry & Associates, Inc.: Yeah. The leadership in-house. Kevin D. Williams - Jack Henry & Associates, Inc.: Yeah.

That's great. Thanks for your help.

Thank you. And our next question comes from the line of Kartik Mehta with Northcoast Research. Your line is open. Please go ahead.

Hey, good morning, Dave and Kevin. Dave, I wanted to get your thoughts on just kind of the spending environment for banks and credit unions so far. And if there's a change in terms of, maybe if banks are spending more, or credit unions are spending more? David B. Foss - Jack Henry & Associates, Inc.: I think the environment right now, the demand environment is strong. So, we just posted 119% of quota for Q3. That's not an easy number for the sales team to hit. So, demand is strong, spending is solid. There's a lot of concern out there among our customers, waiting to see what truly comes out of the new administration that's going to impact them, but generally, there seems to be optimism. The spending environment is generally pretty good. Kevin D. Williams - Jack Henry & Associates, Inc.: Well, and the other thing I'd say, Kartik, is it amaze me, the number of core system evaluations that continue to go on, like the press release we recently put out that Dave referred to, the six $1 billion-plus sized credit unions we signed. We've had very good success on the banking side. And there's just a lot of activity out there going on, looking at core system evaluations, which we are winning our fair share of those.

So, Dave and Kevin, when you said that demand is strong, were you referring to core systems, or were you referring to other ancillary products where you're seeing decent amount of demand, or maybe both? David B. Foss - Jack Henry & Associates, Inc.: All of the above, yeah. On the core side, we have a lot of core evaluations – we're engaged in a lot of core evaluations right now. As I said, we signed 13 in the quarter, which is a very good number. So, lots of activity on the core side, but also on the add-on complementary products, both in the ProfitStars group, meaning outside the Jack Henry base, and inside the Jack Henry base. So, just all the way across the board, things are solid right now. Kevin D. Williams - Jack Henry & Associates, Inc.: Yeah. Just to make sure, that 13 we signed in the third quarter did not clean-up the pipeline. Fourth quarter started out very strong as well.

And, Kevin, I apologize for asking you to repeat this. I just didn't write it down quick enough. You said, as term fees were concerned, fourth quarter this year versus fourth quarter last year, could you just repeat that for me? Kevin D. Williams - Jack Henry & Associates, Inc.: Yeah. Last year, fourth quarter, we had right at $15 million in deconversion fees. And we – based on what we see today, we anticipate that's going to be down about $8.5 million.

And so, for the year, how much would you have had this year compared to last year, and do you think – what would you think is a normal level? Kevin D. Williams - Jack Henry & Associates, Inc.: Well, that's a good question, Kartik. I'm not sure in today's environment what normal would be. But last year, we – total deconversion fees for the year, for the entire year, was about $38 million, and we're probably going to end up this year somewhere around $37 million or $38 million.

So, about the same? Kevin D. Williams - Jack Henry & Associates, Inc.: About the same.

All right. Thank you very much. Kevin D. Williams - Jack Henry & Associates, Inc.: You bet.

Thank you. And our next question comes from the line of Glenn Greene with Oppenheimer. Your line is open. Please go ahead. Glenn Greene - Oppenheimer & Co., Inc.: Thanks. Good morning, guys. Kevin D. Williams - Jack Henry & Associates, Inc.: Morning. (17:04) Glenn Greene - Oppenheimer & Co., Inc.: I guess, the first one, Dave, can we just go back to the conversation on the core deals, the signings in the quarter, the 13. Is there any way to sort of frame that in a couple of levels? The average size of the deals or the banks that are doing the core deals and was a normal quarter for a number of core deals? David B. Foss - Jack Henry & Associates, Inc.: A normal quarter, maybe 10, somewhere around 10. I don't have the metrics on exactly the sizes of everybody that signed. But on the credit union side, as we pointed out, we've signed larger deals, over $1 billion have been the trend here this year. And I would say the same is true on the banking side. I – we've been signing larger banks on the banking side as well. Really, really good success there, so I don't have the exact breakdown, but I would say the trend is to larger banks. We still sign mid-size that's, but the trend has been larger banks and definitely to larger credit unions. Glenn Greene - Oppenheimer & Co., Inc.: Yeah. That's kind of what I was getting at. And you talked about the quota attainment, that 119%. Was that for the quarter or was that year-to-date? And then more importantly for me is, is there any way to sort of frame what the sales growth was? We obviously don't know what your quotas are. David B. Foss…

Thank you. Our next question comes from the line of Dave Koning with Baird. Your line is open. Please go ahead. David J. Koning - Robert W. Baird & Co., Inc.: Yeah. Hey, guys. Thanks. In my first question, I guess, the term fees have been elevated, but core revenue growth really hasn't changed at all. So, is there some level of revenue headwind it would seem from having such a high level of term fees, but is it just that the sales activity has been stronger than normal to basically offset those losses, and then you get back to that pretty normalized 7% revenue growth? Is that kind of the formula? Kevin D. Williams - Jack Henry & Associates, Inc.: Yeah, that's pretty much it, Dave. I mean, sales continue to be strong, and we continue to install (21:12) products and services. The deconversion fees, we have no control over those. I mean, that's typically when a bank or a credit union gets acquired or – depends on economy. (21:24) We have no control over the timing of that. I mean, the revenue gets recognized based on when they actually deconvert, and we get the check from them is when we have to recognize it. So, it's almost a cash basis recognition. So, it is what it is. But we do have some visibility going into the quarter. This quarter was a little higher than what we anticipated, which is why we beat consensus estimate by $0.05. But going in next quarter, we don't think that's going to be the case. We think it's going to be down significantly. And, based on some of the activity we're seeing, we think that deconversion fees could actually be down in FY 2018 at this point. But again, a lot of that…

Thank you. And I'm showing no further questions at this time. And I would like to turn the conference back over to Mr. Kevin Williams for any further remarks. Kevin D. Williams - Jack Henry & Associates, Inc.: Thanks, Michelle. As Dave mentioned, I'll repeat it again, I would like to remind everyone that our 2017 Analyst/Investor Day is to be held next Monday, May 8, at the Westin Property at the Denver, Colorado Airport. We're doing it there to make it easy for everyone to fly in and out just like last year. As Dave mentioned, there will be updates by both him and myself; Mark Forbis, our CTO; all three of our brand presidents will be there to present. Our general manager of repayments group will be there; and then all of our directors of sales from all three brands. And Steve Tomson, our GM of Sales and Marketing will be there also to give presentations and updates, which will be followed by a mini tech fair with the products that I mentioned earlier. You can still register. It's not too late. You can email me or Vance Sherard, and we'll get you the link to the registration site. So, as a wrap-up, I want to thank you all for joining us today to review our third quarter fiscal 2017 results. We're pleased with the results from our ongoing operations and the efforts of all of our associates to take care of our customers. Our executive managers and all of our associates continue to focus on what is best for our customers and, you, our shareholders. With that, I want to thank you again for joining us. And Michelle, would you please provide a replay number?

Ladies and gentlemen, your replay for this conference can be dialed at 800-585-836, and refer to conference 8830220. Ladies and gentlemen, that does conclude today's program, and you may all disconnect. Everyone, have a great day.