Business
ACI Worldwide, Inc. Reports Financial Results for the Quarter Ended March 31, 2023
Q1 2023 HIGHLIGHTS Recurring revenue grew 9%, adjusting for FX and divestiture1 Biller segment revenue grew 11% Cash flow from operations up 39% Reiterating
About this update from Aci Worldwide, Inc.
[{"type":"text","content":"\nQ1 2023 HIGHLIGHTS\n\n\n\nRecurring revenue grew 9%, adjusting for FX and divestiture1\n\n\n\nBiller segment revenue grew 11%\n\n\n\nCash flow from operations up 39%\n\n\n\nReiterating guidance for full-year 2023\n\n\n\n MIAMI--(BUSINESS WIRE)--\nACI Worldwide (NASDAQ: ACIW), the global leader in mission-critical, real-time payments software, announced financial results today for the quarter ended March 31, 2023.\n\n\n“First quarter results were consistent with our expectations and reflect our team’s solid execution in what remains an uncertain economic environment,” said Thomas Warsop, Interim President and CEO of ACI Worldwide. “In particular, the actions taken in our Biller business, including those addressing the inflation-driven interchange headwinds, have helped to drive meaningful growth in that segment.”\n\n\nWarsop continued, “Looking to the rest of the year, we are energized by new opportunities across our businesses, particularly in real-time payments and cloud-based technologies, and we are confident we have the right strategy in place to capitalize on them. Our renewal calendar and implementation pipeline provide us with confidence we are on track to deliver our outlook for full-year 2023 and to achieve our revenue growth target of 7-9% by 2024.”\n\n\nFINANCIAL SUMMARY\n\n\nIn Q1 2023, total revenue was $290 million, down 5% adjusted for FX and the divestiture. Recurring revenue grew 9%, adjusting for FX and the divestiture. Net loss was $32 million. Total adjusted EBITDA in the quarter was $25 million compared to $68 million in Q1 2022. New ARR2 bookings for the quarter were $11 million and new ARR bookings for the trailing twelve months (TTM) were $100 million, which was up 8% from the TTM ending March 2022.\n\n\n\nBank segment revenue decreased 24% and Bank segment adjusted EBITDA decreased 58%, versus Q1 2022, adjusted for FX and the divestiture. As previously discussed, the timing of larger renewal events is heavily back-half weighted in 2023.\n\n\n\nMerchant segment revenue decreased 12% and Merchant segment adjusted EBITDA decreased 53% on a constant currency basis, versus Q1 2022, resulting primarily from the continued transition from non-recurring license fees to recurring SaaS revenues and by investments that are expected to accelerate growth.\n\n\n\nBiller segment revenue increased 11% and Biller segmen...