Business
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
About this update from Aci Worldwide, Inc.
[{"type":"text","content":"\nQ3 2023 HIGHLIGHTS\n\n\n\nTotal revenue grew 21%1\n\n\n\nTotal recurring revenue grew 10%1\n\n\n\nNet income of $38 million grew 64%\n\n\n\nTotal EBITDA grew 147% to $103 million1\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 September 30, 2023.\n\n\n“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.”\n\n\nFINANCIAL SUMMARY\n\n\nIn 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.\n\n\n\nBank 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.\n\n\n\nMerchant segment revenue and Merchant segment adjusted EBITDA were flat versus Q3 2022, adjusted for FX.\n\n\n\nBiller 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.\n\n\n\nACI ended the quarter with $140 million in cash...