Business
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
About this update from Aci Worldwide, Inc.
[{"type":"text","content":"\nQ2 2023 HIGHLIGHTS\n\n\n\nRecurring revenue grew 5%, adjusting for FX and divestiture1\n\n\n\nBank segment recurring revenue grew 13%, adjusting for FX and divestiture1\n\n\n\nBiller segment revenue grew 5%\n\n\n\nImprovement in Biller segment profitability\n\n\n\nReiterating guidance for full-year 2023\n\n\n\n MIAMI--(BUSINESS WIRE)--\nACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, real-time payments software, announced financial results today for the quarter ended June 30, 2023.\n\n\n“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.”\n\n\nWarsop 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.”\n\n\nFINANCIAL SUMMARY\n\n\nIn 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.\n\n\n\nBank 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.\n\n\n\nMerchant segment revenue was flat and Merchant segment adjusted EBITDA increased 23% versus Q2 2022.\n\n\n\nBiller 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.\n\n\n\nACI ended the quarter with $132 million in cash ...