FINANCIAL HIGHLIGHTS
- Q3 revenue of $316 million, adjusted EBITDA of $87 million and
net income of $16 million
- Q3 recurring revenue was 77% of total revenue, up from 69% in
Q3 last year
- Q3 cash flow from operating activities of $67 million, up 107%
from Q3 last year
- Hosting Analyst Day November 10, 2020
ACI Worldwide (NASDAQ: ACIW), a leading global provider of
real-time digital payment software and solutions, today announced
financial results for the quarter ended September 30, 2020.
“During the pandemic, ACI has focused on keeping our employees
and their families safe, assuring continuity of service to our
customers, and preparing the Company to emerge from this
challenging time stronger than before.” said Odilon Almeida,
President and CEO of ACI Worldwide. “We are advancing on all of
those fronts and continue to drive toward our goal of creating
significant value for our shareholders, which is demonstrated by
our performance year-to-date. Our net EBITDA margin improved from
26% to 31% over last year, and adjusted EBITDA is up 25% on revenue
growth of 6% compared to the same period last year. While our On
Premise business – our most profitable segment – continues to be
temporarily impacted by COVID-related delays, our team continues to
focus on creating value for our shareholders.”
Mr. Almeida continued, “We recently finalized our Three Pillar
Strategy and have started implementing it across our business. We
are building an agile and nimble organization, focusing our
investments on real-time payments, large sophisticated global
merchants, and fast-growing emerging markets. We have the right
team, assets, and strategy to build an organization well positioned
for continuous profitable growth and significant value creation. We
look forward to sharing more details of the new ACI strategy at our
upcoming virtual analyst day on November 10, 2020.”
Q3 2020 FINANCIAL RESULTS
Total bookings increased 43% compared to Q3 2019 while new
bookings were down 5% compared to Q3 2019. Despite new bookings
being up 71% in the Company’s On Demand business, new bookings were
down 27% in the Company’s On Premise license software business due
to COVID-related delays in purchasing decisions by ACI’s bank
customers.
Revenue in the quarter was $316 million, down 11% compared to Q3
2019, primarily from lower non-recurring license fee revenue in
ACI’s On Premise business, which was impacted by COVID-related
delays. Recurring revenue was 77% of total revenue in Q3 2020,
compared to 69% of total revenue in Q3 2019.
Net income in the quarter was $16 million, compared to $32
million in Q3 2019. Adjusted EBITDA in the quarter was $87 million,
down 13% year-over-year. Net adjusted EBITDA margin was 38% versus
39% in Q3 2019.
Revenue from ACI’s On Demand segment was $190 million, down 1%
year-over-year. On Demand segment net adjusted EBITDA margin
improved to 32%, compared to 20% in the prior year period. On
Demand segment net adjusted EBITDA margin is adjusted for pass
through interchange revenue of $88 million and $99 million, for Q3
2020 and Q3 2019, respectively.
Revenue from ACI’s On Premise segment was $126 million, down 23%
from Q3 last year primarily from lower non-recurring license
revenue. On Premise segment adjusted EBITDA margin was 55% in Q3
2020 versus 61% in Q3 2019.
ACI ended Q3 2020 with a 12-month backlog of $1.1 billion and a
60-month backlog of $5.9 billion.
Cash flows from operating activities in the quarter were $67
million, up 107% from Q3 last year. ACI ended the quarter with $134
million in cash on hand and approximately $340 million available on
the Company’s revolver credit facility. The Company paid down $50
million in debt during the quarter and the Company’s net debt
leverage ratio declined to 3.3x.
YEAR-TO-DATE 2020 FINANCIAL RESULTS
Total bookings increased 38% and new bookings increased 15% in
the nine-months ended September 30, 2020 compared to the same
period last year. While new bookings were up 67% in ACI’s On Demand
business, new bookings were down 12% in ACI’s On Premise license
software business due to COVID-related delays in purchasing
decisions by the Company’s bank customers.
Revenue in the nine-months ended September 30, 2020 was $907
million, up 6% compared to the same period last year driven
primarily by the acquisition of Speedpay in May 2019. Recurring
revenue was 80% of total revenue in the nine-months ended September
30, 2020 compared to 74% of total revenue in the same period last
year.
Net income in the nine-months ended September 30, 2020 of $6
million compared to $12 million in the same period last year.
Adjusted EBITDA in the nine-months ended September 30, 2020 was
$203 million, up 25% compared to the same period last year. Net
adjusted EBITDA margin was 31% versus 26% in the same period last
year, due primarily to cost reduction initiatives, as well as the
Speedpay acquisition.
Revenue from ACI’s On Demand segment was $564 million in the
nine-months ended September 30, 2020, up 19% from the same period
last year. On Demand segment net adjusted EBITDA margin improved to
29% compared to 14% last year. On Demand segment net adjusted
EBITDA margin is adjusted for pass through interchange revenue of
$252 million and $222 million, for the nine-months ended September
30, 2020 and 2019, respectively.
Revenue from ACI’s On Premise segment was $343 million in the
nine-months ended September 30, 2020, down 10% from the same period
last year primarily as a result of lower non-recurring license
revenue. On Premise segment adjusted EBITDA margin was 46% in the
nine-months ended September 30, 2020 versus 48% in the same period
last year.
GUIDANCE
While a significant portion of ACI’s revenues are recurring and
the Company is optimistic about its pipeline of deals, the duration
and severity of the COVID-19 pandemic has caused uncertainty
regarding the timing of signing and realizing of revenue from new
business. As previously announced, ACI has suspended guidance
regarding its financial outlook for the full year 2020.
CONFERENCE CALL TO DISCUSS FINANCIAL RESULTS
Management will host a conference call at 8:30 am ET today to
discuss these results. Interested persons may access a real-time
audio broadcast of the teleconference at
http://investor.aciworldwide.com/ or use the following numbers for
dial-in participation: US/Canada: (866) 914-7436, international: +1
(817) 385-9117. Please provide your name, the conference name ACI
Worldwide, Inc. and conference code 4956507. There will be a replay
of the call available for two weeks on (855) 859-2056 for US/Canada
callers and +1 (404) 537-3406 for international participants.
About ACI Worldwide
ACI Worldwide powers digital payments for more than 6,000
organizations around the world. More than 1,000 of the largest
financial institutions and intermediaries, as well as thousands of
global merchants, rely on ACI to execute $14 trillion each day in
payments and securities. In addition, myriad organizations utilize
our electronic bill presentment and payment services. Through our
comprehensive suite of software solutions delivered on customers’
premises, through the public cloud or through ACI’s private cloud,
we provide real-time, immediate payments capabilities and enable
the industry’s most complete omni-channel payments experience.
© Copyright ACI Worldwide, Inc. 2020.
ACI, ACI Worldwide, ACI Payment Systems, the ACI logo and all
ACI product 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).
ACI is also presenting adjusted operating free cash flow, which
is defined as net cash provided by operating activities and net
after-tax payments associated with significant transaction-related
expenses, less capital expenditures. Adjusted operating free cash
flow is considered a non-GAAP financial measure as defined by SEC
Regulation G. We utilize this non-GAAP financial measure, and
believe it is useful to investors, as an indicator of cash flow
available for debt repayment and other investing activities, such
as capital investments and acquisitions. We utilize adjusted
operating free cash flow as a further indicator of operating
performance and for planning investment activities. Adjusted
operating free cash flow should be considered in addition to,
rather than as a substitute for, net cash provided by operating
activities. A limitation of adjusted operating free cash flow is
that it does not represent the total increase or decrease in the
cash balance for the period. This measure also does not exclude
mandatory debt service obligations and, therefore, does not
represent the residual cash flow available for discretionary
expenditures. We believe that adjusted operating free cash flow is
useful to investors to provide disclosures of our operating results
on the same basis as that used by our management.
ACI backlog includes estimates for SaaS and PaaS, license,
maintenance, and services revenue specified in executed contracts
but excluded from contracted revenue that will be recognized in
future periods, as well as revenue from assumed contract renewals
to the extent that we believe recognition of the related revenue
will occur within the corresponding backlog period. We have
historically included assumed renewals in backlog estimates based
upon automatic renewal provisions in the executed contract and our
historic experience with customer renewal rates.
Backlog is considered a non-GAAP financial measure as defined by
SEC Regulation G. Our 60-month backlog estimates are derived using
the following key assumptions:
- License arrangements are assumed to renew at the end of their
committed term or under the renewal option stated in the contract
at a rate consistent with historical experience. If the license
arrangement includes extended payment terms, the renewal estimate
is adjusted for the effects of a significant financing
component.
- Maintenance fees are assumed to exist for the duration of the
license term for those contracts in which the committed maintenance
term is less than the committed license term.
- SaaS and PaaS arrangements are assumed to renew at the end of
their committed term at a rate consistent with our historical
experiences.
- Foreign currency exchange rates are assumed to remain constant
over the 60-month backlog period for those contracts stated in
currencies other than the U.S. dollar.
- Our pricing policies and practices are assumed to remain
constant over the 60-month backlog period.
Estimates of future financial results require substantial
judgment and are based on several assumptions, as described above.
These assumptions may turn out to be inaccurate or wrong for
reasons outside of management’s control. For example, our customers
may attempt to renegotiate or terminate their contracts for many
reasons, including mergers, changes in their financial condition,
or general changes in economic conditions (e.g. economic declines
resulting from COVID-19) in the customer’s industry or geographic
location. We may also experience delays in the development or
delivery of products or services specified in customer contracts,
which may cause the actual renewal rates and amounts to differ from
historical experiences. Changes in foreign currency exchange rates
may also impact the amount of revenue recognized in future periods.
Accordingly, there can be no assurance that amounts included in
backlog estimates will generate the specified revenues or that the
actual revenues will be generated within the corresponding 60-month
period. Additionally, because certain components of Committed
Backlog and all of Renewal Backlog estimates are operating metrics,
the estimates are not required to be subject to the same level of
internal review or controls as contracted but not recognized
Committed Backlog.
Backlog estimates should be considered in addition to, rather
than as a substitute for, reported revenue and contracted but not
recognized revenue (including deferred revenue).
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, expectations regarding: (i) our focus on and
advancement of keeping our employees and their families safe,
assuring continuity of service to our customers and preparing the
Company to emerge from this challenging time stronger than before,
(ii) the temporary impact of the COVID-19 related delays, (iii)
building an agile and nimble organization, focusing our investments
on real-time payments, large sophisticated global merchants, and
fast-growing emerging markets, and (iv) our belief that we have the
right team, assets, and strategy to build an organization well
positioned for continuous profitable growth and significant value
creation.
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, the success of our Universal
Payments strategy, demand for our products, consolidations and
failures in the financial services industry, customer reluctance to
switch to a new vendor, 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, the complexity of our products and services and the risk
that they may contain hidden defects or be subjected to security
breaches or viruses, compliance of our products with applicable
legislation, governmental regulations and industry standards, our
compliance with privacy regulations, our ability to protect
customer information from security breaches or attacks, our ability
to adequately defend our intellectual property, exposure to credit
or operating risks arising from certain payment funding methods,
business interruptions or failure of our information technology and
communication systems, our offshore software development
activities, risks from operating internationally, including
fluctuations in currency exchange rates, exposure to unknown tax
liabilities, adverse changes in the global economy, worldwide
events outside of our control, failure to attract and retain key
personnel, litigation, future acquisitions, strategic partnerships
and investments, integration of and achieving benefits from the
Speedpay acquisition, impairment of our goodwill or intangible
assets, restrictions and other financial covenants in our debt
agreements, our existing levels of debt, replacement of LIBOR
benchmark interest rate, the accuracy of management’s backlog
estimates, exposure to unknown tax liabilities, 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, volatility in our stock price, and the
COVID-19 pandemic. 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,
except share and per share amounts)
September 30, 2020
December 31, 2019
ASSETS
Current assets
Cash and cash equivalents
$
133,845
$
121,398
Receivables, net of allowances
309,496
359,197
Settlement assets
376,382
391,039
Prepaid expenses
25,913
24,542
Other current assets
24,695
24,200
Total current assets
870,331
920,376
Noncurrent assets
Accrued receivables, net
205,885
213,041
Property and equipment, net
67,028
70,380
Operating lease right-of-use assets
47,017
57,382
Software, net
204,239
234,517
Goodwill
1,280,226
1,280,525
Intangible assets, net
328,257
356,969
Deferred income taxes, net
60,397
51,611
Other noncurrent assets
69,054
72,733
TOTAL ASSETS
$
3,132,434
$
3,257,534
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities
Accounts payable
$
38,932
$
37,010
Settlement liabilities
349,510
368,719
Employee compensation
42,638
29,318
Current portion of long-term debt
34,236
34,148
Deferred revenue
59,414
65,784
Other current liabilities
65,452
76,971
Total current liabilities
590,182
611,950
Noncurrent liabilities
Deferred revenue
71,870
53,155
Long-term debt
1,234,319
1,339,007
Deferred income taxes, net
27,270
32,053
Operating lease liabilities
39,952
46,766
Other noncurrent liabilities
45,997
44,635
Total liabilities
2,009,590
2,127,566
Commitments and contingencies
Stockholders’ equity
Preferred stock
—
—
Common stock
702
702
Additional paid-in capital
675,941
667,658
Retained earnings
936,344
930,830
Treasury stock
(393,651
)
(377,639
)
Accumulated other comprehensive loss
(96,492
)
(91,583
)
Total stockholders’ equity
1,122,844
1,129,968
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
3,132,434
$
3,257,534
ACI WORLDWIDE, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(unaudited and in thousands,
except per share amounts)
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
2020
2019
Revenues
Software as a service and platform as a
service
$
190,369
$
192,952
$
563,892
$
474,008
License
56,773
92,058
135,038
165,677
Maintenance
53,049
52,638
159,078
159,671
Services
15,692
17,253
49,270
59,018
Total revenues
315,883
354,901
907,278
858,374
Operating expenses
Cost of revenue (1)
158,579
174,168
471,762
444,349
Research and development
33,573
36,543
108,175
111,972
Selling and marketing
22,154
30,417
76,692
92,809
General and administrative
37,000
27,286
102,684
108,122
Depreciation and amortization
33,395
31,169
98,928
79,779
Total operating expenses
284,701
299,583
858,241
837,031
Operating income
31,182
55,318
49,037
21,343
Other income (expense)
Interest expense
(12,925
)
(18,987
)
(44,238
)
(45,924
)
Interest income
2,927
2,988
8,781
9,018
Other, net
1,356
(2,369
)
(6,361
)
(2,879
)
Total other income (expense)
(8,642
)
(18,368
)
(41,818
)
(39,785
)
Income (loss) before income
taxes
22,540
36,950
7,219
(18,442
)
Income tax expense (benefit)
6,674
5,136
1,705
(30,018
)
Net income
$
15,866
$
31,814
$
5,514
$
11,576
Income per common share
Basic
$
0.14
$
0.27
$
0.05
$
0.10
Diluted
$
0.13
$
0.27
$
0.05
$
0.10
Weighted average common shares
outstanding
Basic
116,558
116,169
116,217
116,337
Diluted
117,804
118,307
117,644
118,460
(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 September
30,
Nine Months Ended September
30,
2020
2019
2020
2019
Cash flows from operating activities:
Net income
$
15,866
$
31,814
$
5,514
$
11,576
Adjustments to reconcile net income to net
cash flows from operating activities:
Depreciation
6,260
6,085
18,012
17,916
Amortization
29,230
27,828
86,992
70,627
Amortization of operating lease
right-of-use assets
5,344
3,848
14,145
10,877
Amortization of deferred debt issuance
costs
1,197
1,226
3,613
2,909
Deferred income taxes
(5,798
)
2,008
(10,540
)
(39,323
)
Stock-based compensation expense
8,061
9,371
22,943
30,328
Other
2,567
898
4,339
2,431
Changes in operating assets and
liabilities, net of impact of acquisitions:
Receivables
12,208
(53,906
)
41,261
34,690
Accounts payable
(4,607
)
(9,708
)
1,680
(8,414
)
Accrued employee compensation
5,408
2,903
13,585
1,740
Current income taxes
6,772
(2,902
)
(2,595
)
(8,536
)
Deferred revenue
(7,875
)
246
14,361
(17,735
)
Other current and noncurrent assets and
liabilities
(8,104
)
12,362
(21,252
)
(20,148
)
Net cash flows from operating
activities
66,529
32,073
192,058
88,938
Cash flows from investing activities:
Purchases of property and equipment
(3,476
)
(8,824
)
(14,091
)
(18,739
)
Purchases of software and distribution
rights
(6,499
)
(7,265
)
(21,556
)
(18,565
)
Acquisition of businesses, net of cash
acquired
—
1,278
—
(757,268
)
Other
—
(18,474
)
—
(18,474
)
Net cash flows from investing
activities
(9,975
)
(33,285
)
(35,647
)
(813,046
)
Cash flows from financing activities:
Proceeds from issuance of common stock
959
909
2,853
2,662
Proceeds from exercises of stock
options
5,396
861
6,518
6,677
Repurchase of stock-based compensation
awards for tax withholdings
(26
)
(13
)
(11,150
)
(2,822
)
Repurchases of common stock
—
(34,986
)
(28,881
)
(35,617
)
Proceeds from revolving credit
facility
—
30,000
30,000
280,000
Repayment of revolving credit facility
(40,000
)
—
(109,000
)
(15,000
)
Proceeds from term portion of credit
agreement
—
—
—
500,000
Repayment of term portion of credit
agreement
(9,737
)
(9,738
)
(29,212
)
(19,162
)
Payments for debt issuance costs
—
—
—
(12,830
)
Payments on or proceeds from other debt,
net
(5,358
)
(5,989
)
(10,044
)
(8,209
)
Net cash flows from financing
activities
(48,766
)
(18,956
)
(148,916
)
695,699
Effect of exchange rate fluctuations on
cash
(3,166
)
2,353
4,952
1,488
Net increase (decrease) in cash and cash
equivalents
4,622
(17,815
)
12,447
(26,921
)
Cash and cash equivalents, beginning of
period
129,223
139,396
121,398
148,502
Cash and cash equivalents, end of
period
$
133,845
$
121,581
$
133,845
$
121,581
Adjusted EBITDA (millions)
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
2020
2019
Net income
$
15.9
$
31.8
$
5.5
$
11.6
Plus:
Income tax expense (benefit)
6.7
5.1
1.7
(30.0
)
Net interest expense
10.0
16.0
35.5
36.9
Net other income (expense)
(1.4
)
2.4
6.4
2.9
Depreciation expense
6.3
6.1
18.0
17.9
Amortization expense
29.2
27.8
87.0
70.6
Non-cash stock-based compensation
expense
8.1
9.3
22.9
30.3
Adjusted EBITDA before significant
transaction-related expenses
$
74.8
$
98.5
$
177.0
$
140.2
Significant transaction-related
expenses
12.3
0.9
25.8
22.2
Adjusted EBITDA
$
87.1
$
99.4
$
202.8
$
162.4
Segment Information (millions)
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
2020
2019
Revenue
ACI On Demand
$
190.4
$
193.0
$
563.9
$
475.3
ACI On Premise
125.5
161.9
343.4
383.1
Total
$
315.9
$
354.9
$
907.3
$
858.4
Interchange
ACI On Demand
$
88.2
$
98.8
$
251.8
$
222.1
Net Revenue
ACI On Demand
$
102.2
$
94.2
$
312.1
$
253.2
ACI On Premise
125.5
161.9
343.4
383.1
Total
$
227.7
$
256.1
$
655.5
$
636.3
Segment Adjusted EBITDA
ACI On Demand
$
33.2
$
18.6
$
89.4
$
35.6
ACI On Premise
$
69.6
$
99.6
$
159.6
$
184.9
Segment Net Adjusted EBITDA
Margin
ACI On Demand
32
%
20
%
29
%
14
%
ACI On Premise
55
%
61
%
46
%
48
%
Reconciliation of Adjusted Operating
Free Cash Flow (millions)
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
2020
2019
Net cash flows from operating
activities
$
66.5
$
32.1
$
192.1
$
88.9
Net after-tax payments associated with
significant transaction-related expenses
6.5
2.8
15.5
18.0
Less: capital expenditures
(10.0
)
(16.1
)
(35.6
)
(37.3
)
Adjusted Operating Free Cash
Flow
$
63.0
$
18.8
$
172.0
$
69.6
EPS Impact of Non-cash and Significant
Transaction-related Items (millions)
Three Months Ended September
30,
2020
2019
EPS Impact
$ in Millions (Net of
Tax)
EPS Impact
$ in Millions (Net of
Tax)
GAAP net income
$
0.13
$
15.9
$
0.27
$
31.8
Adjusted for:
Significant transaction-related
expenses
0.08
9.3
0.01
0.7
Amortization of acquisition-related
intangibles
0.06
7.1
0.06
7.2
Amortization of acquisition-related
software
0.07
8.2
0.07
8.4
Non-cash stock-based compensation
0.05
6.1
0.06
7.1
Total adjustments
$
0.26
$
30.7
$
0.20
$
23.4
Diluted EPS adjusted for non-cash and
significant transaction-related items
$
0.39
$
46.6
$
0.47
$
55.2
EPS Impact of Non-cash and Significant
Transaction-related Items (millions)
Nine Months Ended September
30,
2020
2019
EPS Impact
$ in Millions (Net of
Tax)
EPS Impact
$ in Millions (Net of
Tax)
GAAP net income
$
0.05
$
5.5
$
0.10
$
11.6
Adjusted for:
Tax benefit from release of valuation
allowance
—
—
(0.16
)
(18.5
)
Significant transaction-related
expenses
0.17
19.7
0.14
16.9
Amortization of acquisition-related
intangibles
0.18
21.1
0.14
17.1
Amortization of acquisition-related
software
0.21
24.3
0.18
20.9
Non-cash stock-based compensation
0.15
17.4
0.19
23.0
Total adjustments
$
0.71
$
82.5
$
0.49
$
59.4
Diluted EPS adjusted for non-cash and
significant transaction-related items
$
0.76
$
88.0
$
0.59
$
71.0
Recurring Revenue (millions)
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
2020
2019
SaaS and PaaS fees
$
190.4
$
193.0
$
563.9
$
474.0
Maintenance fees
53.0
52.6
159.1
159.7
Recurring Revenue
$
243.4
$
245.6
$
723.0
$
633.7
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201105005285/en/
John Kraft, Vice President, Investor Relations & Strategic
Analysis ACI Worldwide 239-403-4627 john.kraft@aciworldwide.com
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