ACI Worldwide, Inc. Reports Financial Results for the Quarter and Full Year Ended December 31, 2023

Q4 2023 HIGHLIGHTS

  • Total revenue of $477 million grew 5%1
  • Total recurring revenue grew 7%1
  • Net income of $123 million grew 36%
  • Total EBITDA of $210 million grew 8%
  • Cash flow from operating activities of $86 million grew 107%
  • Repurchased 1 million shares for $28 million
  • Expect 7-9% revenue growth in 2024

OMAHA, Neb.--()--ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, real-time payments software, announced financial results today for the quarter and full year ended December 31, 2023.

"2023 was another year of progress for ACI, with steady revenue growth and improving margins,” said Thomas Warsop, president and CEO of ACI Worldwide. “In the Bank segment, we saw particular strength in our real-time payments and anti-fraud product lines, and our Bank recurring revenue continues to accelerate, which positions us very well for 2024 and beyond. Our Biller business is also performing well as we benefit from new customer onboarding and interchange improvement efforts put in place last year.”

“We are also pleased to welcome two new members to our already-strong board of directors: Katrinka McCallum, who spent many years at SaaS software company Red Hat; and Juan Benitez, the former President of GoFundMe and GM of Braintree Payments,” Warsop added. “Katrinka and Juan will provide great support as we expand our SaaS businesses and use of artificial intelligence, things both of them have overseen before. Looking forward, our pipeline is strong, and we are focused and optimistic about our growth acceleration.”

FINANCIAL SUMMARY

In Q4 2023, revenue was $477 million, up 5% from Q4 2022. Recurring revenue of $275 million in Q4 was up 7% from Q4 20221. Net income was $123 million versus $90 million in Q4 2022. Adjusted EBITDA in Q4 2023 was $210 million, up 8% from Q4 2022. Cash flow from operating activities in Q4 2023 was $86 million, up 107% compared to Q4 2022.

  • Bank segment revenue increased 3% in Q4 2023, while Bank segment recurring revenue, consisting of maintenance and SaaS revenue, grew 8%, and Bank segment adjusted EBITDA grew 1% versus Q4 20221.
  • Merchant segment revenue improved throughout the year, as expected, growing 4% in Q4 20231. Merchant segment adjusted EBITDA increased 2% versus Q4 20221.
  • Biller segment revenue increased 9% in Q4 2023. Biller segment adjusted EBITDA increased 60% versus Q4 2022, driven by new customer onboarding and progress with our interchange improvement program.

Full-year 2023 total revenue was $1.45 billion, up 5% from 2022 adjusted for FX and the divestiture1. Recurring revenue of $1.1 billion in 2023 was up 8% from 20221. Net income was $122 million in 2023. After adjusting for the gain on the divestiture of our Corporate Online Banking business, this was a 7% increase from 2022. Total adjusted EBITDA in 2023 was $395 million compared to $373 million in 2022, up 10%1. Cash flow from operating activities in 2023 was $169 million, up 18% compared to 2022.

ACI ended 2023 with $164 million in cash on hand and a debt balance of $1 billion, which represents a net debt leverage ratio of 2.2x, down from 2.4x last quarter. For 2023, the company repurchased approximately 1 million shares for $28 million in capital and repurchased an additional 2 million shares for $62 million in capital year-to-date in 2024. The company has $110 million remaining available on the share repurchase authorization.

2024 GUIDANCE

For the full year of 2024, we expect revenue growth to be in the 7% to 9% range on a constant currency basis, or in the range of $1.547 billion to $1.576 billion. We expect adjusted EBITDA to be in the range of $418 million to $428 million with net adjusted EBITDA margin expansion. For Q1 2024, we expect revenue to be between $300 million and $310 million and adjusted EBITDA of $25 million to $30 million. This excludes one-time costs to implement certain efficiency strategies.

1 Adjusted for foreign currency fluctuations and the divestiture of Corporate Online Banking in September 2022

CONFERENCE CALL TO DISCUSS FINANCIAL RESULTS

Today, management will host a conference call at 8:30 a.m. ET to discuss these results. Interested persons may access a real-time audio broadcast of the teleconference at http://investor.aciworldwide.com/ or use the following number for dial-in participation: toll-free 1 (800) 715-9871 and conference code 3153574.

About ACI Worldwide

ACI Worldwide is a global leader in mission-critical, real-time payments software. Our proven, secure and scalable software solutions enable leading corporations, fintechs, and financial disruptors to process and manage digital payments, power omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with a local presence to drive the real-time digital transformation of payments and commerce.

© Copyright ACI Worldwide, Inc. 2024.

ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties' trademarks referenced are the property of their respective owners.

For more information contact:

To supplement our financial results presented on a GAAP basis, we use the non-GAAP measures indicated in the tables, which exclude significant transaction-related expenses, as well as other significant non-cash expenses such as depreciation, amortization, and stock-based compensation, that we believe are helpful in understanding our past financial performance and our future results. The presentation of these non-GAAP financial measures should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management generally compensates for limitations in the use of non-GAAP financial measures by relying on comparable GAAP financial measures and providing investors with a reconciliation of non-GAAP financial measures only in addition to and in conjunction with results presented in accordance with GAAP.

We believe that these non-GAAP financial measures reflect an additional way to view aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. Certain non-GAAP measures include:

  • Adjusted EBITDA: net income (loss) plus income tax expense (benefit), net interest income (expense), net other income (expense), depreciation, amortization and stock-based compensation, as well as significant transaction-related expenses. Adjusted EBITDA should be considered in addition to, rather than as a substitute for, net income (loss).
  • Net Adjusted EBITDA Margin: Adjusted EBITDA divided by revenue net of pass-through interchange revenue. Net Adjusted EBITDA Margin should be considered in addition to, rather than as a substitute for, net income (loss).
  • Diluted EPS adjusted for non-cash and significant transaction related items: diluted EPS plus tax effected significant transaction related items, amortization of acquired intangibles and software, and non-cash stock-based compensation. Diluted EPS adjusted for non-cash and significant transaction related items should be considered in addition to, rather than as a substitute for, diluted EPS.
  • Recurring Revenue: revenue from software as a service and platform as a service fees and maintenance fees. Recurring revenue should be considered in addition to, rather than as a substitute for, total revenue.
  • ARR: New annual recurring revenue expected to be generated from new accounts, new applications, and add-on sales bookings contracts signed in the period.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. Generally, forward-looking statements do not relate strictly to historical or current facts and may include words or phrases such as “believes,” “will,” “expects,” “anticipates,” “intends,” and words and phrases of similar impact. The forward-looking statements are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements in this press release include, but are not limited to: (i) our positioning for 2024 and beyond, (ii) benefits from new customer onboarding and interchange improvement efforts put in place last year, (iii) new board members providing great support as we expand our SaaS businesses and use of artificial intelligence, (iv) our pipeline strength and focus and optimism about our growth acceleration, and (v) statements regarding Q1 2024 and full year 2024 revenue and adjusted EBITDA financial guidance.

All of the foregoing forward-looking statements are expressly qualified by the risk factors discussed in our filings with the Securities and Exchange Commission. Such factors include, but are not limited to, increased competition, business interruptions or failure of our information technology and communication systems, security breaches or viruses, our ability to attract and retain senior management personnel and skilled technical employees, future acquisitions, strategic partnerships and investments, divestitures and other restructuring activities, implementation and success of our strategy, impact if we convert some or all on-premise licenses from fixed-term to subscription model, anti-takeover provisions, exposure to credit or operating risks arising from certain payment funding methods, customer reluctance to switch to a new vendor, our ability to adequately defend our intellectual property, litigation, consent orders and other compliance agreements, our offshore software development activities, risks from operating internationally, including fluctuations in currency exchange rates, events in eastern Europe and the Middle East, adverse changes in the global economy, compliance of our products with applicable legislation, governmental regulations and industry standards, the complexity of our products and services and the risk that they may contain hidden defects, complex regulations applicable to our payments business, our compliance with privacy and cybersecurity regulations, exposure to unknown tax liabilities, changes in tax laws and regulations, consolidations and failures in the financial services industry, volatility in our stock price, demand for our products, failure to obtain renewals of customer contracts or to obtain such renewals on favorable terms, delay or cancellation of customer projects or inaccurate project completion estimates, impairment of our goodwill or intangible assets, the accuracy of management’s backlog estimates, the cyclical nature of our revenue and earnings and the accuracy of forecasts due to the concentration of revenue-generating activity during the final weeks of each quarter, restrictions and other financial covenants in our debt agreements, our existing levels of debt, events outside of our control including natural disasters, wars, and outbreaks of disease, and revenues or revenue mix. For a detailed discussion of these risk factors, parties that are relying on the forward-looking statements should review our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q.

ACI WORLDWIDE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

 

 

December 31,

 

2023

 

2022

ASSETS

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

164,239

 

 

$

124,981

 

Receivables, net of allowances

 

452,337

 

 

 

403,781

 

Settlement assets

 

723,039

 

 

 

540,667

 

Prepaid expenses

 

31,479

 

 

 

28,010

 

Other current assets

 

35,551

 

 

 

17,366

 

Total current assets

 

1,406,645

 

 

 

1,114,805

 

Noncurrent assets

 

 

 

Accrued receivables, net

 

313,983

 

 

 

297,818

 

Property and equipment, net

 

37,856

 

 

 

52,499

 

Operating lease right-of-use assets

 

34,338

 

 

 

40,031

 

Software, net

 

108,418

 

 

 

129,109

 

Goodwill

 

1,226,026

 

 

 

1,226,026

 

Intangible assets, net

 

195,646

 

 

 

228,698

 

Deferred income taxes, net

 

58,499

 

 

 

53,738

 

Other noncurrent assets

 

63,328

 

 

 

67,171

 

TOTAL ASSETS

$

3,444,739

 

 

$

3,209,895

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities

 

 

 

Accounts payable

$

45,964

 

 

$

47,997

 

Settlement liabilities

 

721,164

 

 

 

539,087

 

Employee compensation

 

53,892

 

 

 

45,289

 

Current portion of long-term debt

 

74,405

 

 

 

65,521

 

Deferred revenue

 

59,580

 

 

 

58,303

 

Other current liabilities

 

82,244

 

 

 

102,645

 

Total current liabilities

 

1,037,249

 

 

 

858,842

 

Noncurrent liabilities

 

 

 

Deferred revenue

 

24,780

 

 

 

23,233

 

Long-term debt

 

963,599

 

 

 

1,024,351

 

Deferred income taxes, net

 

40,735

 

 

 

40,371

 

Operating lease liabilities

 

29,074

 

 

 

33,910

 

Other noncurrent liabilities

 

25,005

 

 

 

36,001

 

Total liabilities

 

2,120,442

 

 

 

2,016,708

 

Stockholders’ equity

 

 

 

Preferred stock

 

 

 

 

 

Common stock

 

702

 

 

 

702

 

Additional paid-in capital

 

712,994

 

 

 

702,458

 

Retained earnings

 

1,394,967

 

 

 

1,273,458

 

Treasury stock

 

(674,896

)

 

 

(665,771

)

Accumulated other comprehensive loss

 

(109,470

)

 

 

(117,660

)

Total stockholders’ equity

 

1,324,297

 

 

 

1,193,187

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

3,444,739

 

 

$

3,209,895

 

 

ACI WORLDWIDE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share amounts)

 

 

Three Months Ended
December 31,

 

Years Ended
December 31,

 

2023

 

2022

 

2023

 

2022

Revenues

 

 

 

 

 

 

 

Software as a service and platform as a service

$

223,172

 

 

$

205,800

 

 

$

849,147

 

 

$

802,880

 

License

 

178,543

 

 

 

179,874

 

 

 

321,224

 

 

 

348,134

 

Maintenance

 

51,632

 

 

 

48,902

 

 

 

205,068

 

 

 

200,045

 

Services

 

23,216

 

 

 

17,229

 

 

 

77,140

 

 

 

70,842

 

Total revenues

 

476,563

 

 

 

451,805

 

 

 

1,452,579

 

 

 

1,421,901

 

Operating expenses

 

 

 

 

 

 

 

Cost of revenue (1)

 

181,689

 

 

 

178,699

 

 

 

719,211

 

 

 

696,071

 

Research and development

 

34,636

 

 

 

31,963

 

 

 

140,758

 

 

 

146,311

 

Selling and marketing

 

34,473

 

 

 

32,019

 

 

 

132,639

 

 

 

134,812

 

General and administrative

 

24,515

 

 

 

29,441

 

 

 

117,190

 

 

 

114,194

 

Depreciation and amortization

 

28,934

 

 

 

31,460

 

 

 

122,373

 

 

 

126,678

 

Total operating expenses

 

304,247

 

 

 

303,582

 

 

 

1,232,171

 

 

 

1,218,066

 

Operating income

 

172,316

 

 

 

148,223

 

 

 

220,408

 

 

 

203,835

 

Other income (expense)

 

 

 

 

 

 

 

Interest expense

 

(19,845

)

 

 

(16,179

)

 

 

(78,486

)

 

 

(53,193

)

Interest income

 

3,757

 

 

 

3,342

 

 

 

14,215

 

 

 

12,547

 

Other, net

 

(2,107

)

 

 

(2,355

)

 

 

(8,510

)

 

 

43,446

 

Total other income (expense)

 

(18,195

)

 

 

(15,192

)

 

 

(72,781

)

 

 

2,800

 

Income before income taxes

 

154,121

 

 

 

133,031

 

 

 

147,627

 

 

 

206,635

 

Income tax expense

 

31,505

 

 

 

42,803

 

 

 

26,118

 

 

 

64,458

 

Net income

$

122,616

 

 

$

90,228

 

 

$

121,509

 

 

$

142,177

 

Income per common share

 

 

 

 

 

 

 

Basic

$

1.13

 

 

$

0.81

 

 

$

1.12

 

 

$

1.25

 

Diluted

$

1.12

 

 

$

0.81

 

 

$

1.12

 

 

$

1.24

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

Basic

 

108,703

 

 

 

111,077

 

 

 

108,497

 

 

 

113,700

 

Diluted

 

109,147

 

 

 

111,354

 

 

 

108,857

 

 

 

114,238

 

(1) The cost of revenue excludes charges for depreciation but includes amortization of purchased and developed software for resale.

 

ACI WORLDWIDE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

 

 

Three Months Ended
December 31,

 

Years Ended
December 31,

 

2023

 

2022

 

2023

 

2022

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$

122,616

 

 

$

90,228

 

 

$

121,509

 

 

$

142,177

 

Adjustments to reconcile net income to net cash flows from operating activities:

 

 

 

 

 

 

 

Depreciation

 

5,017

 

 

 

6,129

 

 

 

23,739

 

 

 

23,181

 

Amortization

 

23,918

 

 

 

25,330

 

 

 

98,634

 

 

 

104,147

 

Amortization of operating lease right-of-use assets

 

2,430

 

 

 

2,740

 

 

 

11,620

 

 

 

11,036

 

Amortization of deferred debt issuance costs

 

908

 

 

 

1,126

 

 

 

4,323

 

 

 

4,561

 

Deferred income taxes

 

21,122

 

 

 

10,662

 

 

 

(4,085

)

 

 

1,603

 

Stock-based compensation expense

 

7,010

 

 

 

7,869

 

 

 

24,547

 

 

 

29,753

 

Gain on divestiture

 

 

 

 

 

 

 

 

 

 

(38,452

)

Other

 

(247

)

 

 

545

 

 

 

1,921

 

 

 

3,028

 

Changes in operating assets and liabilities, net of impact of divestiture:

 

 

 

 

 

 

 

Receivables

 

(105,010

)

 

 

(137,961

)

 

 

(62,998

)

 

 

(132,194

)

Accounts payable

 

3,423

 

 

 

10,777

 

 

 

(3,775

)

 

 

7,730

 

Accrued employee compensation

 

11,025

 

 

 

711

 

 

 

8,146

 

 

 

(3,161

)

Deferred revenue

 

(1,699

)

 

 

3,390

 

 

 

2,705

 

 

 

(2,977

)

Other current and noncurrent assets and liabilities

 

(4,770

)

 

 

19,869

 

 

 

(57,769

)

 

 

(7,051

)

Net cash flows from operating activities

 

85,743

 

 

 

41,415

 

 

 

168,517

 

 

 

143,381

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property and equipment

 

(968

)

 

 

(4,980

)

 

 

(8,924

)

 

 

(13,103

)

Purchases of software and distribution rights

 

(6,282

)

 

 

(8,396

)

 

 

(28,853

)

 

 

(26,790

)

Proceeds from divestiture

 

 

 

 

 

 

 

 

 

 

100,139

 

Net cash flows from investing activities

 

(7,250

)

 

 

(13,376

)

 

 

(37,777

)

 

 

60,246

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from issuance of common stock

 

697

 

 

 

780

 

 

 

2,819

 

 

 

3,581

 

Proceeds from exercises of stock options

 

3,594

 

 

 

2,792

 

 

 

6,726

 

 

 

4,584

 

Repurchase of stock-based compensation awards for tax withholdings

 

(946

)

 

 

(1,163

)

 

 

(5,149

)

 

 

(6,983

)

Repurchases of common stock

 

(27,587

)

 

 

(115,603

)

 

 

(27,587

)

 

 

(206,537

)

Proceeds from revolving credit facility

 

59,000

 

 

 

95,000

 

 

 

134,000

 

 

 

180,000

 

Repayment of revolving credit facility

 

(64,000

)

 

 

 

 

 

(115,000

)

 

 

(75,000

)

Repayment of term portion of credit agreement

 

(19,475

)

 

 

(14,606

)

 

 

(73,031

)

 

 

(85,431

)

Payments on or proceeds from other debt, net

 

(4,293

)

 

 

(2,017

)

 

 

(16,766

)

 

 

(12,123

)

Payments for debt issuance costs

 

 

 

 

 

 

 

(2,160

)

 

 

 

Net increase (decrease) in settlement assets and liabilities

 

(10,769

)

 

 

6,765

 

 

 

(15,404

)

 

 

26,849

 

Net cash flows from financing activities

 

(63,779

)

 

 

(28,052

)

 

 

(111,552

)

 

 

(171,060

)

Effect of exchange rate fluctuations on cash

 

573

 

 

 

(1,977

)

 

 

4,961

 

 

 

(2,037

)

Net increase (decrease) in cash and cash equivalents

 

15,287

 

 

 

(1,990

)

 

 

24,149

 

 

 

30,530

 

Cash and cash equivalents, including settlement deposits, beginning of period

 

223,534

 

 

 

216,662

 

 

 

214,672

 

 

 

184,142

 

Cash and cash equivalents, including settlement deposits, end of period

$

238,821

 

 

$

214,672

 

 

$

238,821

 

 

$

214,672

 

Reconciliation of cash and cash equivalents to the Consolidated Balance Sheets

 

 

 

 

 

 

 

Cash and cash equivalents

$

164,239

 

 

$

124,981

 

 

$

164,239

 

 

$

124,981

 

Settlement deposits

 

74,582

 

 

 

89,691

 

 

 

74,582

 

 

 

89,691

 

Total cash and cash equivalents

$

238,821

 

 

$

214,672

 

 

$

238,821

 

 

$

214,672

 

Adjusted EBITDA (millions)

Three Months Ended
December 31,

 

Years Ended
December 31,

 

2023

 

2022

 

2023

 

2022

Net income

$

122.6

 

 

$

90.2

 

 

$

121.5

 

 

$

142.2

 

Plus:

 

 

 

 

 

 

 

Income tax expense (benefit)

 

31.5

 

 

 

42.8

 

 

 

26.1

 

 

 

64.5

 

Net interest expense

 

16.1

 

 

 

12.8

 

 

 

64.3

 

 

 

40.6

 

Net other (income) expense

 

2.1

 

 

 

2.4

 

 

 

8.5

 

 

 

(43.4

)

Depreciation expense

 

5.0

 

 

 

6.1

 

 

 

23.7

 

 

 

23.2

 

Amortization expense

 

23.9

 

 

 

25.3

 

 

 

98.6

 

 

 

104.1

 

Non-cash stock-based compensation expense

 

7.0

 

 

 

7.9

 

 

 

24.5

 

 

 

29.8

 

Adjusted EBITDA before significant transaction-related expenses

$

208.2

 

 

$

187.5

 

 

$

367.2

 

 

$

361.0

 

Significant transaction-related expenses:

 

 

 

 

 

 

 

CEO transition

 

 

 

 

3.6

 

 

 

 

 

 

3.6

 

Cost reduction strategies

 

1.3

 

 

 

 

 

 

21.0

 

 

 

 

European datacenter migration

 

0.2

 

 

 

2.4

 

 

 

2.8

 

 

 

5.8

 

Other

 

 

 

 

0.4

 

 

 

4.4

 

 

 

3.0

 

Adjusted EBITDA

$

209.7

 

 

$

193.9

 

 

$

395.4

 

 

$

373.4

 

Revenue, net of interchange:

 

 

 

 

 

 

 

Revenue

$

476.6

 

 

$

451.8

 

 

$

1,452.6

 

 

$

1,421.9

 

Interchange

 

106.1

 

 

 

111.2

 

 

 

421.1

 

 

 

406.6

 

Revenue, net of interchange

$

370.5

 

 

$

340.6

 

 

$

1,031.5

 

 

$

1,015.3

 

 

 

 

 

 

 

 

 

Net adjusted EBITDA Margin

 

57

%

 

 

57

%

 

 

38

%

 

 

37

%

Segment Information (millions)

Three Months Ended
December 31,

 

Years Ended
December 31,

 

2023

 

2022

 

2023

 

2022

Revenue

 

 

 

 

 

 

 

Banks

$

254.9

 

$

247.0

 

$

616.1

 

$

638.6

Merchants

 

43.0

 

 

40.8

 

 

150.6

 

 

153.9

Billers

 

178.7

 

 

164.0

 

 

685.9

 

 

629.4

Total

$

476.6

 

$

451.8

 

$

1,452.6

 

$

1,421.9

Recurring revenue

 

 

 

 

 

 

 

Banks

$

58.2

 

$

53.6

 

$

229.4

 

$

232.9

Merchants

 

37.9

 

 

37.1

 

 

138.9

 

 

140.6

Billers

 

178.7

 

 

164.0

 

 

685.9

 

 

629.4

Total

$

274.8

 

$

254.7

 

$

1,054.2

 

$

1,002.9

Segment adjusted EBITDA

 

 

 

 

 

 

 

Banks

$

188.2

 

$

186.3

 

$

355.5

 

$

371.0

Merchants

 

17.5

 

 

16.8

 

 

44.3

 

 

49.0

Billers

 

42.2

 

 

26.4

 

 

142.3

 

 

107.4

EPS Impact of Non-cash and Significant Transaction-related Items (millions)

Three Months Ended December 31,

 

2023

 

2022

 

EPS Impact

 

$ in Millions
(Net of Tax)

 

EPS Impact

 

$ in Millions
(Net of Tax)

GAAP net income

$

1.12

 

$

122.6

 

$

0.81

 

$

90.2

Adjusted for:

 

 

 

 

 

 

 

Significant transaction-related expenses

 

0.01

 

 

1.1

 

 

0.04

 

 

4.9

Amortization of acquisition-related intangibles

 

0.06

 

 

6.4

 

 

0.06

 

 

6.4

Amortization of acquisition-related software

 

0.03

 

 

3.5

 

 

0.04

 

 

4.5

Non-cash stock-based compensation

 

0.05

 

 

5.3

 

 

0.05

 

 

6.0

Total adjustments

$

0.15

 

$

16.3

 

$

0.19

 

$

21.8

Diluted EPS adjusted for non-cash and significant transaction-related items

$

1.27

 

$

138.9

 

$

1.00

 

$

112.0

EPS Impact of Non-cash and Significant Transaction-related Items (millions)

Years Ended Years Ended December 31,

 

2023

 

2022

 

EPS Impact

 

$ in Millions
(Net of Tax)

 

EPS Impact

 

$ in Millions
(Net of Tax)

GAAP net income

$

1.12

 

$

121.5

 

$

1.24

 

 

$

142.2

 

Adjusted for:

 

 

 

 

 

 

 

Gain on divestiture

 

 

 

 

 

(0.26

)

 

 

(29.2

)

Significant transaction-related expenses

 

0.19

 

 

21.1

 

 

0.08

 

 

 

9.6

 

Amortization of acquisition-related intangibles

 

0.24

 

 

25.7

 

 

0.24

 

 

 

27.0

 

Amortization of acquisition-related software

 

0.14

 

 

15.5

 

 

0.16

 

 

 

18.6

 

Non-cash stock-based compensation

 

0.17

 

 

18.7

 

 

0.20

 

 

 

22.6

 

Total adjustments

$

0.74

 

$

81.0

 

$

0.42

 

 

$

48.6

 

Diluted EPS adjusted for non-cash and significant transaction-related items

$

1.86

 

$

202.5

 

$

1.66

 

 

$

190.8

 

Recurring Revenue (millions)

Three Months Ended
December 31,

 

Years Ended
December 31,

 

2023

 

2022

 

2023

 

2022

SaaS and PaaS fees

$

223.2

 

$

205.8

 

$

849.1

 

$

802.9

Maintenance fees

 

51.6

 

 

48.9

 

 

205.1

 

 

200.0

Recurring revenue

$

274.8

 

$

254.7

 

$

1,054.2

 

$

1,002.9

New Bookings (millions)

Three Months Ended
December 31,

 

Years Ended
December 31,

 

2023

 

2022

 

2023

 

2022

Annual recurring revenue (ARR) bookings

$

28.8

 

$

40.2

 

$

73.5

 

$

109.7

License and services bookings

 

106.5

 

 

91.8

 

 

239.2

 

 

204.7

 

Contacts

Investor Relations
John Kraft
SVP, Head of Strategy and Finance
239-403-4627 / john.kraft@aciworldwide.com

Contacts

Investor Relations
John Kraft
SVP, Head of Strategy and Finance
239-403-4627 / john.kraft@aciworldwide.com