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ACI Worldwide, Inc. Reports Financial Results for the Quarter Ended June 30, 2022

Revenue of $340 million, up 13% versus Q2 2021

Adjusted EBITDA of $66 million, up 10% versus Q2 2021

New ARR bookings up 3% versus Q2 2021 and up 43% year to date

Net income of $13 million

Repurchased 1 million shares in Q2, $154 million remaining on authorization

Divestiture of Corporate Online Banking on track to close in Q3 2022

ACI Worldwide (NASDAQ: ACIW), the global leader in mission-critical, real-time payments software, announced financial results today for the quarter ended June 30, 2022. ACI delivered a strong second quarter, with revenue growth of 13% and adjusted EBITDA growth of 10% versus Q2 2021. New ARR* bookings were up 3% versus Q2 2021 and up 43% on a year-to-date basis.

"We delivered another quarter of results in line with guidance, demonstrating the predictability, resilience and momentum of our growth. We continue the focused and disciplined execution of our three-pillar strategy – fit for growth, focused on growth and step-change value creation," said Odilon Almeida, president and CEO of ACI Worldwide.

"We expect the divestiture of our corporate online banking solutions to close in the third quarter. Our continuous, rigorous review of divestiture and acquisition opportunities to maximize shareholder value remains unchanged," Almeida concluded.

FINANCIAL SUMMARY

In Q2 2022, revenue was $340 million, up 13%, or 14% on a constant currency basis, from Q2 2021. Adjusted EBITDA in Q2 2022 was $66 million, up 10%, or 11% on a constant currency basis, from Q2 2021. Net adjusted EBITDA margin in Q2 2022 was 28% in the quarter, the same as in Q2 2021. Q2 new ARR bookings of $18 million were up 3% over Q2 2021 and up 43% year to date.

  • Bank segment revenue increased 24%, or 27% on a constant currency basis, as bank segment adjusted EBITDA increased 29% on a reported and constant currency basis, versus Q2 2021.
  • Merchant segment revenue decreased 2%, or increased 2% on a constant currency basis, while merchant segment adjusted EBITDA was down 41%, or 32% on a constant currency basis, versus Q2 2021.
  • Biller segment revenue grew 8% on a reported and constant currency basis, whereas the biller segment adjusted EBITDA was down 18%, or 19% on a constant currency basis, versus Q2 2021.

ACI ended the quarter with $119 million in cash on hand and a debt balance of $1.1 billion, representing a net debt leverage ratio of 2.4X. The company has repurchased 2 million shares for $63 million year to date. As of June 30, 2022, ACI has $154 million remaining on its share repurchase authorization.

2022 FULL-YEAR AND Q3 GUIDANCE

We reaffirm our guidance for the full year of 2022. We expect revenue growth to be in the mid-single digits on a constant currency basis or in the range of $1.415 billion to $1.435 billion. We expect adjusted EBITDA to be in a range of $400 million to $415 million with net adjusted EBITDA margin expansion.

We expect Q3 2022 revenue to be between $310 million and $325 million and adjusted EBITDA to be between $50 million and $65 million.

We plan to update Q3 and full-year 2022 guidance following the close of our corporate online banking solutions divestiture, which we expect to occur in the third quarter.

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 teleconference webcast at http://investor.aciworldwide.com/ or use the following number for dial-in participation: toll-free (888) 645-4404. Please provide your name and the conference name of ACI Worldwide, Inc.

About ACI Worldwide

ACI Worldwide is the global leader in mission-critical, real-time payments software. Our proven, secure and scalable software solutions enable leading corporations, fintechs, financial disruptors and merchants 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. 2022.

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.
  • * Annual recurring revenue “ARR”' from new sales, defined as the annual recurring revenue expected to be generated from new accounts, new applications, and add-on sales bookings contracts signed in the quarter.

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) the predictability, resilience and momentum of our growth, (ii) the focused and disciplined execution of our three-pillar strategy – fit for growth, focused on growth and step-change value creation, (iii) expectations that the divestiture of our corporate online banking solutions will close in the third quarter, (iv) expectations regarding our continuous, rigorous review of divestiture and acquisition opportunities to maximize shareholder value, (v) expectations for full year 2022 revenue, adjusted EBITDA, net adjusted EBITDA margin, and (vi) expectations for Q3 2022 revenue and adjusted EBITDA.

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, implementation and success of our three-pillar 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, 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 regulations, our involvement in investigations, lawsuits and other expense and time-consuming legal proceedings, exposure to unknown tax liabilities, 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, the COVID-19 pandemic, and events outside of our control including natural disasters, wars, and outbreaks of disease. 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, 2022

 

December 31, 2021

ASSETS

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

118,953

 

 

$

122,059

 

Receivables, net of allowances

 

326,852

 

 

 

320,405

 

Settlement assets

 

549,019

 

 

 

452,396

 

Prepaid expenses

 

34,027

 

 

 

24,698

 

Other current assets

 

16,951

 

 

 

17,876

 

Total current assets

 

1,045,802

 

 

 

937,434

 

Noncurrent assets

 

 

 

Accrued receivables, net

 

268,075

 

 

 

276,164

 

Property and equipment, net

 

56,233

 

 

 

63,050

 

Operating lease right-of-use assets

 

40,833

 

 

 

47,825

 

Software, net

 

147,133

 

 

 

157,782

 

Goodwill

 

1,280,226

 

 

 

1,280,226

 

Intangible assets, net

 

261,782

 

 

 

283,004

 

Deferred income taxes, net

 

53,885

 

 

 

50,778

 

Other noncurrent assets

 

64,699

 

 

 

62,478

 

TOTAL ASSETS

$

3,218,668

 

 

$

3,158,741

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities

 

 

 

Accounts payable

$

41,084

 

 

$

41,312

 

Settlement liabilities

 

548,524

 

 

 

451,575

 

Employee compensation

 

40,076

 

 

 

51,379

 

Current portion of long-term debt

 

55,688

 

 

 

45,870

 

Deferred revenue

 

81,065

 

 

 

84,425

 

Other current liabilities

 

78,565

 

 

 

79,594

 

Total current liabilities

 

845,002

 

 

 

754,155

 

Noncurrent liabilities

 

 

 

Deferred revenue

 

31,231

 

 

 

25,925

 

Long-term debt

 

1,031,134

 

 

 

1,019,872

 

Deferred income taxes, net

 

30,982

 

 

 

36,122

 

Operating lease liabilities

 

35,120

 

 

 

43,346

 

Other noncurrent liabilities

 

36,835

 

 

 

34,544

 

Total liabilities

 

2,010,304

 

 

 

1,913,964

 

Commitments and contingencies

 

 

 

Stockholders’ equity

 

 

 

Preferred stock

 

 

 

 

 

Common stock

 

702

 

 

 

702

 

Additional paid-in capital

 

690,574

 

 

 

688,313

 

Retained earnings

 

1,160,113

 

 

 

1,131,281

 

Treasury stock

 

(528,758

)

 

 

(475,972

)

Accumulated other comprehensive loss

 

(114,267

)

 

 

(99,547

)

Total stockholders’ equity

 

1,208,364

 

 

 

1,244,777

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

3,218,668

 

 

$

3,158,741

 

 

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,

 

2022

 

2021

 

2022

 

2021

Revenues

 

 

 

 

 

 

 

Software as a service and platform as a service

$

206,978

 

 

$

196,328

 

 

$

401,540

 

 

$

392,074

 

License

 

64,314

 

 

 

34,727

 

 

 

124,599

 

 

 

55,929

 

Maintenance

 

50,562

 

 

 

53,155

 

 

 

101,980

 

 

 

105,518

 

Services

 

18,571

 

 

 

17,459

 

 

 

35,386

 

 

 

33,334

 

Total revenues

 

340,425

 

 

 

301,669

 

 

 

663,505

 

 

 

586,855

 

Operating expenses

 

 

 

 

 

 

 

Cost of revenue (1)

 

179,333

 

 

 

158,614

 

 

 

345,619

 

 

 

318,099

 

Research and development

 

40,642

 

 

 

35,029

 

 

 

78,449

 

 

 

69,543

 

Selling and marketing

 

35,391

 

 

 

28,660

 

 

 

69,999

 

 

 

56,798

 

General and administrative

 

28,362

 

 

 

31,937

 

 

 

54,237

 

 

 

59,712

 

Depreciation and amortization

 

32,240

 

 

 

32,005

 

 

 

63,078

 

 

 

63,589

 

Total operating expenses

 

315,968

 

 

 

286,245

 

 

 

611,382

 

 

 

567,741

 

Operating income

 

24,457

 

 

 

15,424

 

 

 

52,123

 

 

 

19,114

 

Other income (expense)

 

 

 

 

 

 

 

Interest expense

 

(11,784

)

 

 

(11,260

)

 

 

(22,678

)

 

 

(22,735

)

Interest income

 

3,051

 

 

 

2,865

 

 

 

6,210

 

 

 

5,719

 

Other, net

 

2,006

 

 

 

1,434

 

 

 

4,256

 

 

 

52

 

Total other income (expense)

 

(6,727

)

 

 

(6,961

)

 

 

(12,212

)

 

 

(16,964

)

Income before income taxes

 

17,730

 

 

 

8,463

 

 

 

39,911

 

 

 

2,150

 

Income tax expense (benefit)

 

4,388

 

 

 

1,962

 

 

 

11,079

 

 

 

(2,406

)

Net income

$

13,342

 

 

$

6,501

 

 

$

28,832

 

 

$

4,556

 

Income per common share

 

 

 

 

 

 

 

Basic

$

0.12

 

 

$

0.06

 

 

$

0.25

 

 

$

0.04

 

Diluted

$

0.12

 

 

$

0.05

 

 

$

0.25

 

 

$

0.04

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

Basic

 

114,669

 

 

 

117,718

 

 

 

114,976

 

 

 

117,605

 

Diluted

 

115,205

 

 

 

119,010

 

 

 

115,649

 

 

 

118,958

 

(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,

 

2022

 

2021

 

2022

 

2021

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$

13,342

 

 

$

6,501

 

 

$

28,832

 

 

$

4,556

 

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

 

 

 

 

 

 

 

Depreciation

 

6,027

 

 

 

5,292

 

 

 

11,008

 

 

 

10,708

 

Amortization

 

26,213

 

 

 

28,111

 

 

 

52,721

 

 

 

56,278

 

Amortization of operating lease right-of-use assets

 

2,773

 

 

 

2,655

 

 

 

5,489

 

 

 

5,000

 

Amortization of deferred debt issuance costs

 

1,146

 

 

 

1,175

 

 

 

2,299

 

 

 

2,357

 

Deferred income taxes

 

(3,018

)

 

 

(3,480

)

 

 

(6,385

)

 

 

(9,558

)

Stock-based compensation expense

 

6,800

 

 

 

7,720

 

 

 

14,758

 

 

 

14,423

 

Other

 

523

 

 

 

542

 

 

 

1,124

 

 

 

436

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Receivables

 

(23,700

)

 

 

619

 

 

 

(14,040

)

 

 

76,754

 

Accounts payable

 

1,429

 

 

 

268

 

 

 

(1,319

)

 

 

(2,540

)

Accrued employee compensation

 

8,937

 

 

 

4,324

 

 

 

(10,201

)

 

 

(8,401

)

Deferred revenue

 

(4,417

)

 

 

(7,855

)

 

 

5,532

 

 

 

297

 

Other current and noncurrent assets and liabilities

 

2,834

 

 

 

(10,644

)

 

 

(22,055

)

 

 

(45,325

)

Net cash flows from operating activities

 

38,889

 

 

 

35,228

 

 

 

67,763

 

 

 

104,985

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property and equipment

 

(1,377

)

 

 

(3,729

)

 

 

(3,657

)

 

 

(8,075

)

Purchases of software and distribution rights

 

(4,531

)

 

 

(7,599

)

 

 

(10,738

)

 

 

(15,652

)

Net cash flows from investing activities

 

(5,908

)

 

 

(11,328

)

 

 

(14,395

)

 

 

(23,727

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from issuance of common stock

 

1,056

 

 

 

596

 

 

 

1,962

 

 

 

1,648

 

Proceeds from exercises of stock options

 

375

 

 

 

4,245

 

 

 

1,397

 

 

 

7,044

 

Repurchase of stock-based compensation awards for tax withholdings

 

(265

)

 

 

(590

)

 

 

(5,802

)

 

 

(14,796

)

Repurchases of common stock

 

(24,847

)

 

 

(39,411

)

 

 

(62,707

)

 

 

(39,411

)

Proceeds from revolving credit facility

 

20,000

 

 

 

 

 

 

60,000

 

 

 

 

Repayment of revolving credit facility

 

(10,000

)

 

 

(15,000

)

 

 

(20,000

)

 

 

(30,000

)

Repayment of term portion of credit agreement

 

(11,481

)

 

 

(9,737

)

 

 

(21,219

)

 

 

(19,475

)

Payments on or proceeds from other debt, net

 

(5,183

)

 

 

(4,672

)

 

 

(9,369

)

 

 

(8,272

)

Net decrease in settlement assets and liabilities

 

(3,970

)

 

 

(6,817

)

 

 

(3,970

)

 

 

(6,817

)

Net cash flows from financing activities

 

(34,315

)

 

 

(71,386

)

 

 

(60,313

)

 

 

(181,343

)

Effect of exchange rate fluctuations on cash

 

1,402

 

 

 

(347

)

 

 

(1,062

)

 

 

(388

)

Net increase (decrease) in cash and cash equivalents

 

68

 

 

 

(47,833

)

 

 

(8,007

)

 

 

(100,473

)

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

 

176,067

 

 

 

212,742

 

 

 

184,142

 

 

 

265,382

 

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

$

176,135

 

 

$

164,909

 

 

$

176,135

 

 

$

164,909

 

Reconciliation of cash and cash equivalents to the Consolidated Balance Sheets

 

 

 

 

 

 

 

Cash and cash equivalents

$

118,953

 

 

$

146,213

 

 

$

118,953

 

 

$

146,213

 

Settlement deposits

 

57,182

 

 

 

18,696

 

 

 

57,182

 

 

 

18,696

 

Total cash and cash equivalents

$

176,135

 

 

$

164,909

 

 

$

176,135

 

 

$

164,909

 

Three Months Ended June 30,

 

Six Months Ended June 30,

Adjusted EBITDA (millions)

2022

 

2021

 

2022

 

2021

Net income

$

13.3

 

 

$

6.5

 

 

$

28.8

 

 

$

4.6

 

Plus:

 

 

 

 

 

 

 

Income tax expense (benefit)

 

4.4

 

 

 

2.0

 

 

 

11.1

 

 

 

(2.4

)

Net interest expense

 

8.8

 

 

 

8.4

 

 

 

16.5

 

 

 

17.0

 

Net other income (expense)

 

(2.0

)

 

 

(1.4

)

 

 

(4.3

)

 

 

(0.1

)

Depreciation expense

 

6.0

 

 

 

5.3

 

 

 

11.0

 

 

 

10.7

 

Amortization expense

 

26.2

 

 

 

28.1

 

 

 

52.7

 

 

 

56.3

 

Non-cash stock-based compensation expense

 

6.8

 

 

 

7.7

 

 

 

14.8

 

 

 

14.4

 

Adjusted EBITDA before significant transaction-related expenses

$

63.5

 

 

$

56.6

 

 

$

130.6

 

 

$

100.5

 

Significant transaction-related expenses:

 

 

 

 

 

 

 

Employee related actions

 

 

 

 

2.9

 

 

 

 

 

 

3.7

 

European datacenter migration

 

1.3

 

 

 

 

 

 

1.8

 

 

 

 

Divestiture transaction related

 

1.4

 

 

 

 

 

 

1.4

 

 

 

 

Other

 

 

 

 

0.5

 

 

 

 

 

 

0.9

 

Adjusted EBITDA

$

66.2

 

 

$

60.0

 

 

$

133.8

 

 

$

105.1

 

Revenue, net of interchange:

 

 

 

 

 

 

 

Revenue

$

340.4

 

 

$

301.7

 

 

$

663.5

 

 

$

586.9

 

Interchange

 

103.8

 

 

 

87.5

 

 

 

197.0

 

 

 

174.8

 

Revenue, net of interchange

$

236.6

 

 

$

214.2

 

 

$

466.5

 

 

$

412.1

 

 

 

 

 

 

 

 

 

Net Adjusted EBITDA Margin

 

28

%

 

 

28

%

 

 

29

%

 

 

26

%

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

Segment Information (millions)

2022

 

2021

 

2022

 

2021

Revenue

 

 

 

 

 

 

 

Banks

$

141.9

 

 

$

114.1

 

 

$

274.1

 

 

$

210.0

 

Merchants

 

36.5

 

 

 

37.4

 

 

 

77.5

 

 

 

76.1

 

Billers

 

162.0

 

 

 

150.2

 

 

 

311.8

 

 

 

300.8

 

Total

$

340.4

 

 

$

301.7

 

 

$

663.4

 

 

$

586.9

 

Recurring Revenue

 

 

 

 

 

 

 

Banks

$

60.7

 

 

$

63.6

 

 

$

122.0

 

 

$

126.0

 

Merchants

 

34.9

 

 

 

35.7

 

 

 

69.7

 

 

 

70.9

 

Billers

 

161.9

 

 

 

150.2

 

 

 

311.8

 

 

 

300.7

 

Total

$

257.5

 

 

$

249.5

 

 

$

503.5

 

 

$

497.6

 

Segment Adjusted EBITDA

 

 

 

 

 

 

 

Banks

$

70.2

 

 

$

54.5

 

 

$

134.9

 

 

$

91.7

 

Merchants

 

7.8

 

 

 

13.0

 

 

 

22.5

 

 

 

27.8

 

Billers

 

28.3

 

 

 

34.6

 

 

 

54.7

 

 

 

68.6

 

 

Three Months Ended June 30,

 

2022

 

2021

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

$

0.12

 

$

13.3

 

$

0.05

 

$

6.5

Adjusted for:

 

 

 

 

 

 

 

Significant transaction-related expenses

 

0.02

 

 

2.1

 

 

0.02

 

 

2.6

Amortization of acquisition-related intangibles

 

0.06

 

 

6.9

 

 

0.06

 

 

7.1

Amortization of acquisition-related software

 

0.04

 

 

4.5

 

 

0.05

 

 

6.3

Non-cash stock-based compensation

 

0.05

 

 

5.2

 

 

0.05

 

 

5.9

Total adjustments

$

0.17

 

$

18.7

 

$

0.18

 

$

21.9

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

$

0.29

 

$

32.0

 

$

0.23

 

$

28.4

 

 

Six Months Ended June 30,

 

2022

 

2021

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

$

0.25

 

$

28.8

 

$

0.04

 

$

4.6

Adjusted for:

 

 

 

 

 

 

 

Significant transaction-related expenses

 

0.02

 

 

2.4

 

 

0.03

 

 

3.5

Amortization of acquisition-related intangibles

 

0.12

 

 

13.9

 

 

0.12

 

 

14.1

Amortization of acquisition-related software

 

0.08

 

 

9.6

 

 

0.11

 

 

13.0

Non-cash stock-based compensation

 

0.10

 

 

11.2

 

 

0.09

 

 

11.0

Total adjustments

$

0.32

 

$

37.1

 

$

0.35

 

$

41.6

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

$

0.57

 

$

65.9

 

$

0.39

 

$

46.2

 

Three Months Ended June 30,

 

Six Months Ended June 30,

Recurring Revenue (millions)

2022

 

2021

 

2022

 

2021

SaaS and PaaS fees

$

206.9

 

$

196.3

 

$

401.5

 

$

392.1

Maintenance fees

 

50.6

 

 

53.2

 

 

102.0

 

 

105.5

Recurring Revenue

$

257.5

 

$

249.5

 

$

503.5

 

$

497.6

 

Annual Recurring Revenue* (ARR) Bookings (millions)

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2022

 

2021

 

2022

 

2021

ARR bookings

$

18.1

 

$

17.6

 

$

39.2

 

$

27.3

 

"We delivered another quarter of results in line with guidance, demonstrating the predictability, resilience and momentum of our growth" - Odilon Almeida, president and CEO of @ACI_Worldwide.

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