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

Q2 2023 HIGHLIGHTS

  • Recurring revenue grew 5%, adjusting for FX and divestiture1
  • Bank segment recurring revenue grew 13%, adjusting for FX and divestiture1
  • Biller segment revenue grew 5%
  • Improvement in Biller segment profitability
  • 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 June 30, 2023.

“We are pleased with our second quarter results, which came in above our expectations,” said Thomas Warsop, President and CEO of ACI Worldwide. “I am particularly pleased with the strength in our recurring revenue in Q2 and for the first half of 2023. We also generated notable profitability improvements as a result of the interchange initiatives in our Biller segment.”

Warsop continued, “As previously discussed, our renewal calendar is seasonally stronger in the second half this year, and with our new bookings and implementations tracking to plan, we remain confident in our outlook for 2023, as well as our revenue growth target of 7-9% in 2024.”

FINANCIAL SUMMARY

In Q2 2023, total revenue was $323 million, down 2% compared to the same period in 2022. Recurring revenue in Q2 grew 5% versus last year. Net loss in the quarter was $7 million. Total adjusted EBITDA in the quarter was $57 million compared to $66 million in Q2 2022. New ARR2 bookings for the quarter were $13 million and new ARR bookings for the trailing twelve months (TTM) were $91 million, which was up 2% from the TTM ending June 2022. Percentage change comparisons are adjusted for FX and the Corporate Online Banking divestiture.

  • Bank segment total revenue decreased 10% while Bank segment recurring revenue grew 13% and Bank segment adjusted EBITDA decreased 22% versus Q2 2022. As previously discussed, the timing of larger license renewal events is heavily weighted to the back half of 2023.
  • Merchant segment revenue was flat and Merchant segment adjusted EBITDA increased 23% versus Q2 2022.
  • Biller segment revenue increased 5% and Biller segment adjusted EBITDA increased 10% versus Q2 2022, driven by new customer onboarding and progress with our interchange improvement program.

ACI ended the quarter with $132 million in cash on hand and a debt balance of $1.1 billion, which represents a net debt leverage ratio of 2.9x. The company did not repurchase any shares in the quarter but 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. The company expects revenue to be between $335 million and $345 million and adjusted EBITDA of $70 million to $80 million in Q3 2023. 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 Corporate Online Banking divestiture

2 “ARR”' is new annual recurring revenue expected to be generated from new bookings signed in the period, including new accounts, new applications and add-on sales

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) expectations that our renewal calendar is seasonally stronger in the second half this year, (ii) expectations that with our new bookings and implementations tracking to plan, we remain confident in our outlook for 2023, as well as our revenue growth target of 7-9% in 2024, and (iii) Q3 2023 and 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, 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)

 

 

June 30, 2023

 

December 31, 2022

ASSETS

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

132,391

 

 

$

124,981

 

Receivables, net of allowances

 

350,094

 

 

 

403,781

 

Settlement assets

 

453,276

 

 

 

540,667

 

Prepaid expenses

 

35,563

 

 

 

28,010

 

Other current assets

 

57,177

 

 

 

17,366

 

Total current assets

 

1,028,501

 

 

 

1,114,805

 

Noncurrent assets

 

 

 

Accrued receivables, net

 

269,051

 

 

 

297,818

 

Property and equipment, net

 

44,998

 

 

 

52,499

 

Operating lease right-of-use assets

 

34,544

 

 

 

40,031

 

Software, net

 

114,451

 

 

 

129,109

 

Goodwill

 

1,226,026

 

 

 

1,226,026

 

Intangible assets, net

 

212,260

 

 

 

228,698

 

Deferred income taxes, net

 

74,403

 

 

 

53,738

 

Other noncurrent assets

 

64,656

 

 

 

67,171

 

TOTAL ASSETS

$

3,068,890

 

 

$

3,209,895

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities

 

 

 

Accounts payable

$

48,137

 

 

$

47,997

 

Settlement liabilities

 

452,864

 

 

 

539,087

 

Employee compensation

 

40,837

 

 

 

45,289

 

Current portion of long-term debt

 

74,294

 

 

 

65,521

 

Deferred revenue

 

69,352

 

 

 

58,303

 

Other current liabilities

 

96,382

 

 

 

102,645

 

Total current liabilities

 

781,866

 

 

 

858,842

 

Noncurrent liabilities

 

 

 

Deferred revenue

 

24,503

 

 

 

23,233

 

Long-term debt

 

991,829

 

 

 

1,024,351

 

Deferred income taxes, net

 

37,294

 

 

 

40,371

 

Operating lease liabilities

 

29,394

 

 

 

33,910

 

Other noncurrent liabilities

 

31,478

 

 

 

36,001

 

Total liabilities

 

1,896,364

 

 

 

2,016,708

 

Commitments and contingencies

 

 

 

Stockholders’ equity

 

 

 

Preferred stock

 

 

 

 

 

Common stock

 

702

 

 

 

702

 

Additional paid-in capital

 

704,096

 

 

 

702,458

 

Retained earnings

 

1,234,440

 

 

 

1,273,458

 

Treasury stock

 

(655,660

)

 

 

(665,771

)

Accumulated other comprehensive loss

 

(111,052

)

 

 

(117,660

)

Total stockholders’ equity

 

1,172,526

 

 

 

1,193,187

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

3,068,890

 

 

$

3,209,895

 

 

ACI WORLDWIDE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share amounts)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2023

 

2022

 

2023

 

2022

Revenues

 

 

 

 

 

 

 

Software as a service and platform as a service

$

209,676

 

 

$

206,978

 

 

$

414,606

 

 

$

401,540

 

License

 

44,671

 

 

 

64,314

 

 

 

63,002

 

 

 

124,599

 

Maintenance

 

51,391

 

 

 

50,562

 

 

 

101,494

 

 

 

101,980

 

Services

 

17,587

 

 

 

18,571

 

 

 

33,899

 

 

 

35,386

 

Total revenues

 

323,325

 

 

 

340,425

 

 

 

613,001

 

 

 

663,505

 

Operating expenses

 

 

 

 

 

 

 

Cost of revenue (1)

 

181,343

 

 

 

179,333

 

 

 

359,897

 

 

 

345,619

 

Research and development

 

35,265

 

 

 

40,642

 

 

 

72,383

 

 

 

78,449

 

Selling and marketing

 

33,289

 

 

 

35,391

 

 

 

68,724

 

 

 

69,999

 

General and administrative

 

31,472

 

 

 

28,362

 

 

 

62,854

 

 

 

54,237

 

Depreciation and amortization

 

31,436

 

 

 

32,240

 

 

 

62,975

 

 

 

63,078

 

Total operating expenses

 

312,805

 

 

 

315,968

 

 

 

626,833

 

 

 

611,382

 

Operating income (loss)

 

10,520

 

 

 

24,457

 

 

 

(13,832

)

 

 

52,123

 

Other income (expense)

 

 

 

 

 

 

 

Interest expense

 

(19,909

)

 

 

(11,784

)

 

 

(38,801

)

 

 

(22,678

)

Interest income

 

3,458

 

 

 

3,051

 

 

 

6,963

 

 

 

6,210

 

Other, net

 

(4,092

)

 

 

2,006

 

 

 

(7,487

)

 

 

4,256

 

Total other income (expense)

 

(20,543

)

 

 

(6,727

)

 

 

(39,325

)

 

 

(12,212

)

Income (loss) before income taxes

 

(10,023

)

 

 

17,730

 

 

 

(53,157

)

 

 

39,911

 

Income tax expense (benefit)

 

(3,313

)

 

 

4,388

 

 

 

(14,139

)

 

 

11,079

 

Net income (loss)

$

(6,710

)

 

$

13,342

 

 

$

(39,018

)

 

$

28,832

 

Income (loss) per common share

 

 

 

 

 

 

 

Basic

$

(0.06

)

 

$

0.12

 

 

$

(0.36

)

 

$

0.25

 

Diluted

$

(0.06

)

 

$

0.12

 

 

$

(0.36

)

 

$

0.25

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

Basic

 

108,455

 

 

 

114,669

 

 

 

108,306

 

 

 

114,976

 

Diluted

 

108,455

 

 

 

115,205

 

 

 

108,306

 

 

 

115,649

 

(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 June 30,

 

Six Months Ended June 30,

 

2023

 

2022

 

2023

 

2022

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income (loss)

$

(6,710

)

 

$

13,342

 

 

$

(39,018

)

 

$

28,832

 

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

 

 

 

 

 

 

 

Depreciation

 

6,960

 

 

 

6,027

 

 

 

13,091

 

 

 

11,008

 

Amortization

 

24,476

 

 

 

26,213

 

 

 

49,884

 

 

 

52,721

 

Amortization of operating lease right-of-use assets

 

3,724

 

 

 

2,773

 

 

 

6,491

 

 

 

5,489

 

Amortization of deferred debt issuance costs

 

1,377

 

 

 

1,146

 

 

 

2,492

 

 

 

2,299

 

Deferred income taxes

 

(12,259

)

 

 

(3,018

)

 

 

(22,641

)

 

 

(6,385

)

Stock-based compensation expense

 

5,414

 

 

 

6,800

 

 

 

10,715

 

 

 

14,758

 

Other

 

601

 

 

 

523

 

 

 

311

 

 

 

1,124

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Receivables

 

(7,104

)

 

 

(23,700

)

 

 

81,856

 

 

 

(14,040

)

Accounts payable

 

(646

)

 

 

1,429

 

 

 

(1,954

)

 

 

(1,319

)

Accrued employee compensation

 

10,965

 

 

 

8,937

 

 

 

(4,628

)

 

 

(10,201

)

Deferred revenue

 

2,498

 

 

 

(4,417

)

 

 

12,700

 

 

 

5,532

 

Other current and noncurrent assets and liabilities

 

(11,856

)

 

 

2,834

 

 

 

(51,791

)

 

 

(22,055

)

Net cash flows from operating activities

 

17,440

 

 

 

38,889

 

 

 

57,508

 

 

 

67,763

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property and equipment

 

(2,318

)

 

 

(1,377

)

 

 

(4,576

)

 

 

(3,657

)

Purchases of software and distribution rights

 

(8,540

)

 

 

(4,531

)

 

 

(15,021

)

 

 

(10,738

)

Net cash flows from investing activities

 

(10,858

)

 

 

(5,908

)

 

 

(19,597

)

 

 

(14,395

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from issuance of common stock

 

719

 

 

 

1,056

 

 

 

1,426

 

 

 

1,962

 

Proceeds from exercises of stock options

 

2,791

 

 

 

375

 

 

 

2,869

 

 

 

1,397

 

Repurchase of stock-based compensation awards for tax withholdings

 

(319

)

 

 

(265

)

 

 

(3,320

)

 

 

(5,802

)

Repurchases of common stock

 

 

 

 

(24,847

)

 

 

 

 

 

(62,707

)

Proceeds from revolving credit facility

 

5,000

 

 

 

20,000

 

 

 

55,000

 

 

 

60,000

 

Repayment of revolving credit facility

 

 

 

 

(10,000

)

 

 

(45,000

)

 

 

(20,000

)

Repayment of term portion of credit agreement

 

(19,475

)

 

 

(11,481

)

 

 

(34,081

)

 

 

(21,219

)

Payments on or proceeds from other debt, net

 

(6,160

)

 

 

(5,183

)

 

 

(11,830

)

 

 

(9,369

)

Payments for debt issuance costs

 

(2,160

)

 

 

 

 

 

(2,160

)

 

 

 

Net decrease in settlement assets and liabilities

 

(21,253

)

 

 

(3,970

)

 

 

(24,087

)

 

 

(4,575

)

Net cash flows from financing activities

 

(40,857

)

 

 

(34,315

)

 

 

(61,183

)

 

 

(60,313

)

Effect of exchange rate fluctuations on cash

 

2,870

 

 

 

1,402

 

 

 

5,427

 

 

 

(1,062

)

Net increase (decrease) in cash and cash equivalents

 

(31,405

)

 

 

68

 

 

 

(17,845

)

 

 

(8,007

)

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

 

228,232

 

 

 

176,067

 

 

 

214,672

 

 

 

184,142

 

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

$

196,827

 

 

$

176,135

 

 

$

196,827

 

 

$

176,135

 

Reconciliation of cash and cash equivalents to the Consolidated Balance Sheets

 

 

 

 

 

 

 

Cash and cash equivalents

$

132,391

 

 

$

118,953

 

 

$

132,391

 

 

$

118,953

 

Settlement deposits

 

64,436

 

 

 

57,182

 

 

 

64,436

 

 

 

57,182

 

Total cash and cash equivalents

$

196,827

 

 

$

176,135

 

 

$

196,827

 

 

$

176,135

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

Adjusted EBITDA (millions)

2023

 

2022

 

2023

 

2022

Net income (loss)

$

(6.7

)

 

$

13.3

 

 

$

(39.0

)

 

$

28.8

 

Plus:

 

 

 

 

 

 

 

Income tax expense (benefit)

 

(3.3

)

 

 

4.4

 

 

 

(14.1

)

 

 

11.1

 

Net interest expense

 

16.4

 

 

 

8.8

 

 

 

31.8

 

 

 

16.5

 

Net other income (expense)

 

4.1

 

 

 

(2.0

)

 

 

7.5

 

 

 

(4.3

)

Depreciation expense

 

7.0

 

 

 

6.0

 

 

 

13.1

 

 

 

11.0

 

Amortization expense

 

24.5

 

 

 

26.2

 

 

 

49.9

 

 

 

52.7

 

Non-cash stock-based compensation expense

 

5.4

 

 

 

6.8

 

 

 

10.7

 

 

 

14.8

 

Adjusted EBITDA before significant transaction-related expenses

$

47.4

 

 

$

63.5

 

 

$

59.9

 

 

$

130.6

 

Significant transaction-related expenses:

 

 

 

 

 

 

 

Cost reduction strategies

 

7.6

 

 

 

 

 

 

15.9

 

 

 

 

European datacenter migration

 

1.2

 

 

 

1.3

 

 

 

2.2

 

 

 

1.8

 

Other

 

1.2

 

 

 

1.4

 

 

 

4.3

 

 

 

1.4

 

Adjusted EBITDA

$

57.4

 

 

$

66.2

 

 

$

82.3

 

 

$

133.8

 

Revenue, net of interchange:

 

 

 

 

 

 

 

Revenue

$

323.3

 

 

$

340.4

 

 

$

613.0

 

 

$

663.5

 

Interchange

 

106.1

 

 

 

103.8

 

 

 

212.3

 

 

 

197.0

 

Revenue, net of interchange

$

217.2

 

 

$

236.6

 

 

$

400.7

 

 

$

466.5

 

 

 

 

 

 

 

 

 

Net Adjusted EBITDA Margin

 

26

%

 

 

28

%

 

 

21

%

 

 

29

%

 

Three Months Ended June 30,

 

Six Months Ended June 30,

Segment Information (millions)

2023

 

2022

 

2023

 

2022

Revenue

 

 

 

 

 

 

 

Banks

$

117.5

 

$

141.9

 

$

205.5

 

$

274.1

Merchants

 

36.5

 

 

36.5

 

 

71.3

 

 

77.5

Billers

 

169.3

 

 

162.0

 

 

336.2

 

 

311.8

Total

$

323.3

 

$

340.4

 

$

613.0

 

$

663.4

Recurring Revenue

 

 

 

 

 

 

 

Banks

$

57.4

 

$

60.7

 

$

113.0

 

$

122.0

Merchants

 

34.4

 

 

34.9

 

 

66.9

 

 

69.7

Billers

 

169.3

 

 

161.9

 

 

336.2

 

 

311.8

Total

$

261.1

 

$

257.5

 

$

516.1

 

$

503.5

Segment Adjusted EBITDA

 

 

 

 

 

 

 

Banks

$

51.6

 

$

70.2

 

$

76.3

 

$

134.9

Merchants

 

9.9

 

 

7.8

 

 

16.5

 

 

22.5

Billers

 

31.2

 

 

28.3

 

 

60.9

 

 

54.7

 

Three Months Ended June 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)

$

(0.06

)

 

$

(6.7

)

 

$

0.12

 

$

13.3

Adjusted for:

 

 

 

 

 

 

 

Significant transaction-related expenses

 

0.07

 

 

 

7.7

 

 

 

0.02

 

 

2.1

Amortization of acquisition-related intangibles

 

0.06

 

 

 

6.4

 

 

 

0.06

 

 

6.9

Amortization of acquisition-related software

 

0.04

 

 

 

3.8

 

 

 

0.04

 

 

4.5

Non-cash stock-based compensation

 

0.04

 

 

 

4.1

 

 

 

0.05

 

 

5.2

Total adjustments

$

0.21

 

 

$

22.0

 

 

$

0.17

 

$

18.7

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

$

0.15

 

 

$

15.3

 

 

$

0.29

 

$

32.0

 

Six Months Ended June 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)

$

(0.36

)

 

$

(39.0

)

 

$

0.25

 

$

28.8

Adjusted for:

 

 

 

 

 

 

 

Significant transaction-related expenses

 

0.16

 

 

 

17.1

 

 

 

0.02

 

 

2.4

Amortization of acquisition-related intangibles

 

0.12

 

 

 

12.8

 

 

 

0.12

 

 

13.9

Amortization of acquisition-related software

 

0.08

 

 

 

8.2

 

 

 

0.08

 

 

9.6

Non-cash stock-based compensation

 

0.07

 

 

 

8.1

 

 

 

0.10

 

 

11.2

Total adjustments

$

0.43

 

 

$

46.2

 

 

$

0.32

 

$

37.1

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

$

0.07

 

 

$

7.2

 

 

$

0.57

 

$

65.9

 

Three Months Ended June 30,

 

Six Months Ended June 30,

Recurring Revenue (millions)

2023

 

2022

 

2023

 

2022

SaaS and PaaS fees

$

209.7

 

$

206.9

 

$

414.6

 

$

401.5

Maintenance fees

 

51.4

 

 

50.6

 

 

101.5

 

 

102.0

Recurring Revenue

$

261.1

 

$

257.5

 

$

516.1

 

$

503.5

Annual Recurring Revenue (ARR) Bookings (millions)

Three Months Ended June 30,

 

TTM Ended June 30,

 

2023

 

2022

 

2023

 

2022

ARR bookings

$

12.7

 

$

18.1

 

$

90.7

 

$

88.9

 

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