Business
ACI Worldwide, Inc. Reports Financial Results for the Quarter Ended June 30, 2024
Q2 2024 HIGHLIGHTS Revenue up 16% versus Q2 2023 Net income of $31 million, up $38 million from Q2 2023 Adjusted EBITDA up 62% versus Q2 2023 Cash flow from
About this update from Aci Worldwide, Inc.
[{"type":"text","content":"\nQ2 2024 HIGHLIGHTS\n\n\n\nRevenue up 16% versus Q2 2023\n\n\n\nNet income of $31 million, up $38 million from Q2 2023\n\n\n\nAdjusted EBITDA up 62% versus Q2 2023\n\n\n\nCash flow from operating activities of $55 million, up 215% versus Q2 2023\n\n\n\nAnnounced $400 million share repurchase authorization\n\n\n\nRepurchased 1.7 million shares for $57 million\n\n\n\nRaising guidance range for full-year 2024\n\n\n\n OMAHA, Neb.--(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, 2024.\n\n\n\"We are pleased to report another quarter of strong growth in revenue and adjusted EBITDA, with both exceeding our financial guidance. Year-to-date, our revenue is up 12%, adjusted EBITDA is up 71%, cash flow from operations is up over 200%, and we are again raising our full year financial guidance,\" said Thomas Warsop, president and CEO of ACI Worldwide. “I’m encouraged by the progress the team is making against ACI’s strategy. We are focused on execution, including driving our key strategic initiatives and investing in the business to position the company for high-quality, profitable long-term growth.”\n\n\nFINANCIAL SUMMARY\n\n\nIn Q2 2024, revenue was $373 million, up 16% from Q2 2023. Recurring revenue of $284 million grew 9% and represented 76% of total revenue in the quarter. Net income was $31 million, up from a net loss of $7 million in Q2 2023. Adjusted EBITDA in Q2 2024 was $93 million, up 62% from Q2 2023. Cash flow from operating activities in Q2 2024 was $55 million, up 215% from Q2 2023.\n\n\n\nBank segment revenue increased 22% in Q2 2024 and Bank segment adjusted EBITDA increased 53% versus Q2 2023.\n\n\n\n\nMerchant segment revenue increased 4% in Q2 2024 and Merchant segment adjusted EBITDA increased 55% versus Q2 2023.\n\n\n\n\nBiller segment revenue increased 13% in Q2 2024 and Biller segment adjusted EBITDA increased 20% versus Q2 2023.\n\n\n\nACI ended Q2 2024 with $157 million in cash on hand and a debt balance of $1 billion, which represents a net debt leverage ratio of 1.9x. During the quarter the Board of Directors authorized the repurchase of $400 million in shares of the company’s common stock, and the company repurchased 1.7 million shares for approximately $57 million in capital in Q2 ...