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ACI Worldwide, Inc. Reports Financial Results for the Quarter Ended September 30, 2023

Q3 2023 HIGHLIGHTS

  • Total revenue grew 21%1
  • Total recurring revenue grew 10%1
  • Net income of $38 million grew 64%
  • Total EBITDA grew 147% to $103 million1
  • Reiterating guidance for full-year 2023

ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, real-time payments software, announced financial results today for the quarter ended September 30, 2023.

“We are pleased to report solid third quarter results,” said Thomas Warsop, President and CEO of ACI Worldwide. “Operational focus helped us exceed our overall financial targets. Our Bank segment continues to show encouraging trends, including 13% adjusted recurring revenue growth, and our Biller segment has materially accelerated as a result of new customer onboarding and our interchange improvement program. Further, we were able to sign some new contracts in our pipeline earlier than planned, which reduces risk in achieving our full-year expectations. Given our predictable renewal calendar, as well as newly signed customers scheduled for implementation, we are confident in reiterating guidance for this year, as well as for our revenue growth target of 7-9% in 2024.”

FINANCIAL SUMMARY

In Q3 2023, total revenue was $363 million, up 21% compared to the same period in 2022. Recurring revenue in Q3 grew 10% versus last year. Net income in the quarter was $38 million, up from $23 million last year. Total adjusted EBITDA in the quarter was $103 million, up 147% from Q3 2022. Percentage change comparisons are adjusted for FX and the Corporate Online Banking divestiture1.

  • Bank segment total revenue increased 42%, while Bank segment recurring revenue, consisting of maintenance and SaaS revenue, grew 13% and Bank segment adjusted EBITDA doubled to $91 million versus Q3 2022, after adjusting for FX and the divestiture1. As previously discussed, the timing of larger license renewal events is heavily weighted to the back half of 2023.
  • Merchant segment revenue and Merchant segment adjusted EBITDA were flat versus Q3 2022, adjusted for FX.
  • Biller segment revenue increased 11% and Biller segment adjusted EBITDA increased 48% versus Q3 2022, driven by new customer onboarding and progress with our interchange improvement program.

ACI ended the quarter with $140 million in cash on hand and a debt balance of $1 billion, which represents a net debt leverage ratio of 2.4x, down from 2.9x last quarter. The company did not repurchase any shares in the quarter and has $200 million available on the share repurchase authorization.

REITERATING 2023 GUIDANCE

For the full year of 2023, the company expects revenue growth to be in the mid-single digits on a constant currency and divestiture-adjusted basis, or in the range of $1.436 billion to $1.466 billion. The company expects adjusted EBITDA to be in the range of $380 million to $395 million with net adjusted EBITDA margin expansion. This excludes one-time charges related to the move of the company’s European data centers to the public cloud and 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 am 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 (888) 660-6377; and conference code 3153574. A call replay will be available for two weeks on (855) 859-2056 for US/Canada callers and +1 (404) 537-3406 for international participants.

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. 2023.

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.

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 signing of some new contracts in our pipeline earlier than planned, which reduces risk in achieving our full year expectations, (ii) given our predictable renewal calendar, as well as newly signed customers scheduled for implementation, we are confident in reiterating guidance for this year, as well as for our revenue growth target of 7-9% in 2024, and (iii) our expectations for full year 2023 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, 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, our involvement in investigations, lawsuits and other expense and time-consuming legal proceedings, 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

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

 

 

September 30, 2023

 

December 31, 2022

ASSETS

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

139,520

 

 

$

124,981

 

Receivables, net of allowances

 

370,766

 

 

 

403,781

 

Settlement assets

 

649,494

 

 

 

540,667

 

Prepaid expenses

 

32,176

 

 

 

28,010

 

Other current assets

 

34,754

 

 

 

17,366

 

Total current assets

 

1,226,710

 

 

 

1,114,805

 

Noncurrent assets

 

 

 

Accrued receivables, net

 

279,303

 

 

 

297,818

 

Property and equipment, net

 

41,098

 

 

 

52,499

 

Operating lease right-of-use assets

 

33,609

 

 

 

40,031

 

Software, net

 

105,324

 

 

 

129,109

 

Goodwill

 

1,226,026

 

 

 

1,226,026

 

Intangible assets, net

 

203,137

 

 

 

228,698

 

Deferred income taxes, net

 

75,448

 

 

 

53,738

 

Other noncurrent assets

 

64,173

 

 

 

67,171

 

TOTAL ASSETS

$

3,254,828

 

 

$

3,209,895

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities

 

 

 

Accounts payable

$

40,951

 

 

$

47,997

 

Settlement liabilities

 

648,956

 

 

 

539,087

 

Employee compensation

 

42,025

 

 

 

45,289

 

Current portion of long-term debt

 

74,350

 

 

 

65,521

 

Deferred revenue

 

61,438

 

 

 

58,303

 

Other current liabilities

 

77,910

 

 

 

102,645

 

Total current liabilities

 

945,630

 

 

 

858,842

 

Noncurrent liabilities

 

 

 

Deferred revenue

 

23,107

 

 

 

23,233

 

Long-term debt

 

987,221

 

 

 

1,024,351

 

Deferred income taxes, net

 

33,687

 

 

 

40,371

 

Operating lease liabilities

 

28,657

 

 

 

33,910

 

Other noncurrent liabilities

 

25,491

 

 

 

36,001

 

Total liabilities

 

2,043,793

 

 

 

2,016,708

 

Commitments and contingencies

 

 

 

Stockholders’ equity

 

 

 

Preferred stock

 

 

 

 

 

Common stock

 

702

 

 

 

702

 

Additional paid-in capital

 

708,506

 

 

 

702,458

 

Retained earnings

 

1,272,351

 

 

 

1,273,458

 

Treasury stock

 

(653,162

)

 

 

(665,771

)

Accumulated other comprehensive loss

 

(117,362

)

 

 

(117,660

)

Total stockholders’ equity

 

1,211,035

 

 

 

1,193,187

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

3,254,828

 

 

$

3,209,895

 

 

ACI WORLDWIDE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share amounts)

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenues

 

 

 

 

 

 

 

Software as a service and platform as a service

$

211,369

 

 

$

195,540

 

 

$

625,975

 

 

$

597,080

 

License

 

79,679

 

 

 

43,661

 

 

 

142,681

 

 

 

168,260

 

Maintenance

 

51,942

 

 

 

49,163

 

 

 

153,436

 

 

 

151,143

 

Services

 

20,025

 

 

 

18,227

 

 

 

53,924

 

 

 

53,613

 

Total revenues

 

363,015

 

 

 

306,591

 

 

 

976,016

 

 

 

970,096

 

Operating expenses

 

 

 

 

 

 

 

Cost of revenue (1)

 

177,625

 

 

 

171,753

 

 

 

537,522

 

 

 

517,372

 

Research and development

 

33,739

 

 

 

35,899

 

 

 

106,122

 

 

 

114,348

 

Selling and marketing

 

29,442

 

 

 

32,794

 

 

 

98,166

 

 

 

102,793

 

General and administrative

 

29,821

 

 

 

30,516

 

 

 

92,675

 

 

 

84,753

 

Depreciation and amortization

 

30,464

 

 

 

32,140

 

 

 

93,439

 

 

 

95,218

 

Total operating expenses

 

301,091

 

 

 

303,102

 

 

 

927,924

 

 

 

914,484

 

Operating income

 

61,924

 

 

 

3,489

 

 

 

48,092

 

 

 

55,612

 

Other income (expense)

 

 

 

 

 

 

 

Interest expense

 

(19,840

)

 

 

(14,336

)

 

 

(58,641

)

 

 

(37,014

)

Interest income

 

3,495

 

 

 

2,995

 

 

 

10,458

 

 

 

9,205

 

Other, net

 

1,084

 

 

 

41,545

 

 

 

(6,403

)

 

 

45,801

 

Total other income (expense)

 

(15,261

)

 

 

30,204

 

 

 

(54,586

)

 

 

17,992

 

Income (loss) before income taxes

 

46,663

 

 

 

33,693

 

 

 

(6,494

)

 

 

73,604

 

Income tax expense (benefit)

 

8,752

 

 

 

10,576

 

 

 

(5,387

)

 

 

21,655

 

Net income (loss)

$

37,911

 

 

$

23,117

 

 

$

(1,107

)

 

$

51,949

 

Income (loss) per common share

 

 

 

 

 

 

 

Basic

$

0.35

 

 

$

0.20

 

 

$

(0.01

)

 

$

0.45

 

Diluted

$

0.35

 

 

$

0.20

 

 

$

(0.01

)

 

$

0.45

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

Basic

 

108,667

 

 

 

113,812

 

 

 

108,428

 

 

 

114,584

 

Diluted

 

108,933

 

 

 

114,348

 

 

 

108,428

 

 

 

115,211

 

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

 

ACI WORLDWIDE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income (loss)

$

37,911

 

 

$

23,117

 

 

$

(1,107

)

 

$

51,949

 

Adjustments to reconcile net income (loss) to net cash flows from operating activities:

 

 

 

 

 

 

 

Depreciation

 

5,631

 

 

 

6,044

 

 

 

18,722

 

 

 

17,052

 

Amortization

 

24,832

 

 

 

26,096

 

 

 

74,716

 

 

 

78,817

 

Amortization of operating lease right-of-use assets

 

2,699

 

 

 

2,807

 

 

 

9,190

 

 

 

8,296

 

Amortization of deferred debt issuance costs

 

923

 

 

 

1,136

 

 

 

3,415

 

 

 

3,435

 

Deferred income taxes

 

(2,566

)

 

 

(2,674

)

 

 

(25,207

)

 

 

(9,059

)

Stock-based compensation expense

 

6,822

 

 

 

7,126

 

 

 

17,537

 

 

 

21,884

 

Gain on divestiture

 

 

 

 

(38,452

)

 

 

 

 

 

(38,452

)

Other

 

1,857

 

 

 

1,359

 

 

 

2,168

 

 

 

2,483

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Receivables

 

(39,844

)

 

 

19,807

 

 

 

42,012

 

 

 

5,767

 

Accounts payable

 

(5,244

)

 

 

(1,728

)

 

 

(7,198

)

 

 

(3,047

)

Accrued employee compensation

 

1,749

 

 

 

6,329

 

 

 

(2,879

)

 

 

(3,872

)

Deferred revenue

 

(8,296

)

 

 

(11,899

)

 

 

4,404

 

 

 

(6,367

)

Other current and noncurrent assets and liabilities

 

(1,208

)

 

 

(4,865

)

 

 

(52,999

)

 

 

(26,920

)

Net cash flows from operating activities

 

25,266

 

 

 

34,203

 

 

 

82,774

 

 

 

101,966

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property and equipment

 

(3,380

)

 

 

(4,466

)

 

 

(7,956

)

 

 

(8,123

)

Purchases of software and distribution rights

 

(7,550

)

 

 

(7,656

)

 

 

(22,571

)

 

 

(18,394

)

Proceeds from divestiture

 

 

 

 

100,139

 

 

 

 

 

 

100,139

 

Net cash flows from investing activities

 

(10,930

)

 

 

88,017

 

 

 

(30,527

)

 

 

73,622

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from issuance of common stock

 

696

 

 

 

839

 

 

 

2,122

 

 

 

2,801

 

Proceeds from exercises of stock options

 

263

 

 

 

395

 

 

 

3,132

 

 

 

1,792

 

Repurchase of stock-based compensation awards for tax withholdings

 

(883

)

 

 

(18

)

 

 

(4,203

)

 

 

(5,820

)

Repurchases of common stock

 

 

 

 

(28,227

)

 

 

 

 

 

(90,934

)

Proceeds from revolving credit facility

 

20,000

 

 

 

25,000

 

 

 

75,000

 

 

 

85,000

 

Repayment of revolving credit facility

 

(6,000

)

 

 

(55,000

)

 

 

(51,000

)

 

 

(75,000

)

Repayment of term portion of credit agreement

 

(19,475

)

 

 

(49,606

)

 

 

(53,556

)

 

 

(70,825

)

Payments on or proceeds from other debt, net

 

(643

)

 

 

(737

)

 

 

(12,473

)

 

 

(10,106

)

Payments for debt issuance costs

 

 

 

 

 

 

 

(2,160

)

 

 

 

Net increase (decrease) in settlement assets and liabilities

 

19,452

 

 

 

24,659

 

 

 

(4,635

)

 

 

20,084

 

Net cash flows from financing activities

 

13,410

 

 

 

(82,695

)

 

 

(47,773

)

 

 

(143,008

)

Effect of exchange rate fluctuations on cash

 

(1,039

)

 

 

1,002

 

 

 

4,388

 

 

 

(60

)

Net increase in cash and cash equivalents

 

26,707

 

 

 

40,527

 

 

 

8,862

 

 

 

32,520

 

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

 

196,827

 

 

 

176,135

 

 

 

214,672

 

 

 

184,142

 

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

$

223,534

 

 

$

216,662

 

 

$

223,534

 

 

$

216,662

 

Reconciliation of cash and cash equivalents to the Consolidated Balance Sheets

 

 

 

 

 

 

 

Cash and cash equivalents

$

139,520

 

 

$

134,799

 

 

$

139,520

 

 

$

134,799

 

Settlement deposits

 

84,014

 

 

 

81,863

 

 

 

84,014

 

 

 

81,863

 

Total cash and cash equivalents

$

223,534

 

 

$

216,662

 

 

$

223,534

 

 

$

216,662

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

Adjusted EBITDA (millions)

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net income (loss)

$

37.9

 

 

$

23.1

 

 

$

(1.1

)

 

$

51.9

 

Plus:

 

 

 

 

 

 

 

Income tax expense (benefit)

 

8.7

 

 

 

10.6

 

 

 

(5.4

)

 

 

21.7

 

Net interest expense

 

16.4

 

 

 

11.3

 

 

 

48.2

 

 

 

27.8

 

Net other income (expense)

 

(1.1

)

 

 

(41.4

)

 

 

6.4

 

 

 

(45.8

)

Depreciation expense

 

5.6

 

 

 

6.0

 

 

 

18.7

 

 

 

17.1

 

Amortization expense

 

24.8

 

 

 

26.1

 

 

 

74.7

 

 

 

78.8

 

Non-cash stock-based compensation expense

 

6.8

 

 

 

7.1

 

 

 

17.5

 

 

 

21.9

 

Adjusted EBITDA before significant transaction-related expenses

$

99.1

 

 

$

42.8

 

 

$

159.0

 

 

$

173.4

 

Significant transaction-related expenses:

 

 

 

 

 

 

 

Cost reduction strategies

 

3.8

 

 

 

 

 

 

19.7

 

 

 

 

European datacenter migration

 

0.4

 

 

 

1.7

 

 

 

2.6

 

 

 

3.4

 

Other

 

0.1

 

 

 

1.2

 

 

 

4.4

 

 

 

2.6

 

Adjusted EBITDA

$

103.4

 

 

$

45.7

 

 

$

185.7

 

 

$

179.4

 

Revenue, net of interchange:

 

 

 

 

 

 

 

Revenue

$

363.0

 

 

$

306.6

 

 

$

976.0

 

 

$

970.1

 

Interchange

 

102.7

 

 

 

98.4

 

 

 

315.0

 

 

 

295.4

 

Revenue, net of interchange

$

260.3

 

 

$

208.2

 

 

$

661.0

 

 

$

674.7

 

 

 

 

 

 

 

 

 

Net Adjusted EBITDA Margin

 

40

%

 

 

22

%

 

 

28

%

 

 

27

%

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

Segment Information (millions)

2023

 

2022

 

2023

 

2022

Revenue

 

 

 

 

 

 

 

Banks

$

155.7

 

$

117.5

 

$

361.2

 

$

391.6

Merchants

 

36.3

 

 

35.6

 

 

107.6

 

 

113.1

Billers

 

171.0

 

 

153.5

 

 

507.2

 

 

465.4

Total

$

363.0

 

$

306.6

 

$

976.0

 

$

970.1

Recurring Revenue

 

 

 

 

 

 

 

Banks

$

58.2

 

$

57.3

 

$

171.2

 

$

179.3

Merchants

 

34.1

 

 

33.8

 

 

101.0

 

 

103.5

Billers

 

171.0

 

 

153.6

 

 

507.2

 

 

465.4

Total

$

263.3

 

$

244.7

 

$

779.4

 

$

748.2

Segment Adjusted EBITDA

 

 

 

 

 

 

 

Banks

$

91.0

 

$

49.8

 

$

167.3

 

$

184.7

Merchants

 

10.3

 

 

9.8

 

 

26.8

 

 

32.2

Billers

 

39.2

 

 

26.3

 

 

100.1

 

 

81.0

 

Three Months Ended September 30,

 

2023

 

2022

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

EPS Impact

 

$ in Millions

(Net of Tax)

 

EPS Impact

 

$ in Millions

(Net of Tax)

GAAP net income (loss)

$

0.35

 

$

37.9

 

$

0.20

 

 

$

23.1

 

Adjusted for:

 

 

 

 

 

 

 

Gain on divestiture

 

 

 

 

 

(0.26

)

 

 

(29.2

)

Significant transaction-related expenses

 

0.03

 

 

3.3

 

 

0.02

 

 

 

2.2

 

Amortization of acquisition-related intangibles

 

0.06

 

 

6.4

 

 

0.06

 

 

 

6.7

 

Amortization of acquisition-related software

 

0.03

 

 

3.8

 

 

0.04

 

 

 

4.5

 

Non-cash stock-based compensation

 

0.05

 

 

5.2

 

 

0.05

 

 

 

5.4

 

Total adjustments

$

0.17

 

$

18.7

 

$

(0.09

)

 

$

(10.4

)

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

$

0.52

 

$

56.6

 

$

0.11

 

 

$

12.7

 

 

Nine Months Ended September 30,

 

2023

 

2022

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

EPS Impact

 

$ in Millions

(Net of Tax)

 

EPS Impact

 

$ in Millions

(Net of Tax)

GAAP net income (loss)

$

(0.01

)

 

$

(1.1

)

 

$

0.45

 

 

$

51.9

 

Adjusted for:

 

 

 

 

 

 

 

Gain on divestiture

 

 

 

 

 

 

 

(0.25

)

 

 

(29.2

)

Significant transaction-related expenses

 

0.19

 

 

 

20.4

 

 

 

0.04

 

 

 

4.7

 

Amortization of acquisition-related intangibles

 

0.18

 

 

 

19.3

 

 

 

0.18

 

 

 

20.6

 

Amortization of acquisition-related software

 

0.11

 

 

 

12.0

 

 

 

0.12

 

 

 

14.1

 

Non-cash stock-based compensation

 

0.12

 

 

 

13.3

 

 

 

0.14

 

 

 

16.6

 

Total adjustments

$

0.60

 

 

$

65.0

 

 

$

0.23

 

 

$

26.8

 

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

$

0.59

 

 

$

63.9

 

 

$

0.68

 

 

$

78.7

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

Recurring Revenue (millions)

2023

 

2022

 

2023

 

2022

SaaS and PaaS fees

$

211.4

 

$

195.5

 

$

626.0

 

$

597.1

Maintenance fees

 

51.9

 

 

49.2

 

 

153.4

 

 

151.1

Recurring Revenue

$

263.3

 

$

244.7

 

$

779.4

 

$

748.2

Annual Recurring Revenue (ARR) Bookings (millions)

Three Months Ended

September 30,

 

TTM Ended September 30,

 

2023

 

2022

 

2023

 

2022

ARR bookings

$

20.5

 

$

30.3

 

$

84.9

 

$

93.0

 

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