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    SEC Form 10-Q filed by ACI Worldwide Inc.

    5/8/25 11:48:12 AM ET
    $ACIW
    Computer Software: Prepackaged Software
    Technology
    Get the next $ACIW alert in real time by email
    aciw-20250331
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    Table of contents
    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549
    ___________________________
    FORM 10-Q
    ____________________________________________________________________
    (Mark One)
    ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the quarterly period ended March 31, 2025
    Or
    ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from to
    Commission File Number 0-25346
    ___________________________
    ACI WORLDWIDE, INC.
    (Exact name of registrant as specified in its charter)
    ___________________________
    Delaware47-0772104
    (State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
    6060 Coventry Drive
    Elkhorn,
    Nebraska
    68022
    (Address of principal executive offices)(Zip code)
    (402) 390-7600
    (Registrant’s telephone number, including area code)
    ______________________________________________________
    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of the Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
    Large accelerated filer☒Accelerated filer☐
    Non-accelerated filer☐Smaller reporting company☐
    Emerging growth company☐
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
    As of May 5, 2025, there were 104,899,645 shares of the registrant’s common stock outstanding.
    Securities registered or to be registered pursuant to Section 12(b) of the Act.
    Title of each classTrading Symbol(s)Name of each exchange on which registered
    Common Stock, $0.005 par valueACIWNasdaq Global Select Market



    Table of contents
    TABLE OF CONTENTS
    Page
    PART I – FINANCIAL INFORMATION
    Item 1
    Financial Statements (unaudited)
    Condensed Consolidated Balance Sheets as of March 31, 2025, and December 31, 2024
    3
    Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024
    4
    Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2025 and 2024
    5
    Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, 2025 and 2024
    6
    Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024
    7
    Notes to Condensed Consolidated Financial Statements
    8
    Item 2
    Management’s Discussion and Analysis of Financial Condition and Results of Operations
    19
    Item 3
    Quantitative and Qualitative Disclosures About Market Risk
    31
    Item 4
    Controls and Procedures
    31
    PART II – OTHER INFORMATION
    Item 1
    Legal Proceedings
    32
    Item 1A
    Risk Factors
    32
    Item 2
    Unregistered Sales of Equity Securities and Use of Proceeds
    32
    Item 3
    Defaults Upon Senior Securities
    32
    Item 4
    Mine Safety Disclosures
    32
    Item 5
    Other Information
    33
    Item 6
    Exhibits
    33
    Signature
    34

    2

    Table of contents
    PART I - FINANCIAL INFORMATION
    ITEM 1. FINANCIAL STATEMENTS
    ACI WORLDWIDE, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (unaudited and in thousands, except share and per share amounts)
    March 31, 2025December 31, 2024
    ASSETS
    Current assets
    Cash and cash equivalents
    $230,057 $216,394 
    Receivables, net of allowances of $1,725 and $1,758, respectively
    386,083 414,399 
    Settlement assets
    543,245 318,871 
    Prepaid expenses
    35,885 29,218 
    Other current assets
    13,430 11,940 
    Total current assets1,208,700 990,822 
    Noncurrent assets
    Accrued receivables, net
    353,767 360,079 
    Property and equipment, net
    33,712 35,069 
    Operating lease right-of-use assets
    26,460 28,864 
    Software, net
    83,738 92,893 
    Goodwill
    1,226,026 1,226,026 
    Intangible assets, net
    160,716 165,377 
    Deferred income taxes, net
    76,681 72,713 
    Other noncurrent assets
    33,462 53,450 
    TOTAL ASSETS$3,203,262 $3,025,293 
    LIABILITIES AND STOCKHOLDERS’ EQUITY
    Current liabilities
    Accounts payable
    $52,521 $45,422 
    Settlement liabilities
    542,092 317,484 
    Employee compensation
    30,780 55,567 
    Current portion of long-term debt34,945 34,928 
    Deferred revenue
    72,449 75,419 
    Other current liabilities
    71,727 73,808 
    Total current liabilities804,514 602,628 
    Noncurrent liabilities
    Deferred revenue18,437 19,304 
    Long-term debt810,906 889,649 
    Deferred income taxes, net40,942 39,920 
    Operating lease liabilities20,934 22,592 
    Other noncurrent liabilities24,929 26,873 
    Total liabilities1,720,662 1,600,966 
    Commitments and contingencies
    Stockholders’ equity
    Preferred stock; $0.01 par value; 5,000,000 shares authorized; no shares issued at March 31, 2025, and December 31, 2024
    — — 
    Common stock; $0.005 par value; 280,000,000 shares authorized; 140,525,055 shares issued at March 31, 2025, and December 31, 2024
    702 702 
    Additional paid-in capital735,751 731,927 
    Retained earnings1,656,955 1,598,085 
    Treasury stock, at cost, 35,251,782 and 35,270,142 shares at March 31, 2025, and December 31, 2024, respectively
    (797,214)(784,914)
    Accumulated other comprehensive loss(113,594)(121,473)
    Total stockholders’ equity1,482,600 1,424,327 
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,203,262 $3,025,293 
    The accompanying notes are an integral part of the condensed consolidated financial statements.
    3

    Table of contents
    ACI WORLDWIDE, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited and in thousands, except per share amounts)
    Three Months Ended March 31,
    20252024
    Revenues
    Software as a service and platform as a service
    $237,083 $215,732 
    License
    84,493 29,973 
    Maintenance
    48,642 47,754 
    Services
    24,347 22,560 
    Total revenues
    394,565 316,019 
    Operating expenses
    Cost of revenue (1)
    213,378 191,107 
    Research and development
    38,908 34,993 
    Selling and marketing
    32,186 26,750 
    General and administrative
    27,592 26,000 
    Depreciation and amortization
    23,985 27,609 
    Total operating expenses
    336,049 306,459 
    Operating income
    58,516 9,560 
    Other income (expense)
    Interest expense
    (14,683)(19,010)
    Interest income
    4,064 4,009 
    Other, net
    23,740 (2,025)
    Total other income (expense)13,121 (17,026)
    Income (loss) before income taxes
    71,637 (7,466)
    Income tax expense
    12,767 285 
    Net income (loss)
    $58,870 $(7,751)
    Income (loss) per common share
    Basic
    $0.56 $(0.07)
    Diluted
    $0.55 $(0.07)
    Weighted average common shares outstanding
    Basic105,350 106,799 
    Diluted106,827 106,799 

    (1) The cost of revenue excludes charges for depreciation and amortization.

    The accompanying notes are an integral part of the condensed consolidated financial statements.
    4

    Table of contents
    ACI WORLDWIDE, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
    (unaudited and in thousands)
     
    Three Months Ended March 31,
    20252024
    Net income (loss)
    $58,870 $(7,751)
    Other comprehensive income (loss):
    Foreign currency translation adjustments
    7,879 (2,404)
    Total other comprehensive income (loss)7,879 (2,404)
    Comprehensive income (loss)
    $66,749 $(10,155)

    The accompanying notes are an integral part of the condensed consolidated financial statements.
    5

    Table of contents
    ACI WORLDWIDE, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
    (unaudited and in thousands, except share amounts)
    Three Months Ended March 31, 2025
    Common Stock
    Additional
    Paid-in Capital
    Retained EarningsTreasury Stock
    Accumulated Other
    Comprehensive Loss
    Total
    Balance as of December 31, 2024$702 $731,927 $1,598,085 $(784,914)$(121,473)$1,424,327 
    Net income
    — — 58,870 — — 58,870 
    Other comprehensive income
    — — — — 7,879 7,879 
    Stock-based compensation
    — 11,627 — — — 11,627 
    Shares issued and forfeited, net, under stock plans
    — (7,803)— 9,178 — 1,375 
    Repurchase of 264,936 shares of common stock
    — — — (14,408)— (14,408)
    Repurchase of stock-based compensation awards for tax withholdings
    — — — (7,070)— (7,070)
    Balance as of March 31, 2025$702 $735,751 $1,656,955 $(797,214)$(113,594)$1,482,600 
    Three Months Ended March 31, 2024
    Common Stock
    Additional
    Paid-in Capital
    Retained Earnings
    Treasury Stock
    Accumulated Other
    Comprehensive Loss
    Total
    Balance as of December 31, 2023$702 $712,994 $1,394,967 $(674,896)$(109,470)$1,324,297 
    Net loss
    — — (7,751)— — (7,751)
    Other comprehensive loss
    — — — — (2,404)(2,404)
    Stock-based compensation
    — 8,099 — — — 8,099 
    Shares issued and forfeited, net, under stock plans
    — (6,157)— 7,336 — 1,179 
    Repurchase of 2,060,433 shares of common stock
    — — — (63,065)— (63,065)
    Repurchase of stock-based compensation awards for tax withholdings
    — — — (3,302)— (3,302)
    Balance as of March 31, 2024$702 $714,936 $1,387,216 $(733,927)$(111,874)$1,257,053 
    The accompanying notes are an integral part of the condensed consolidated financial statements.
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    ACI WORLDWIDE, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (unaudited and in thousands)
    Three Months Ended March 31,
    20252024
    Cash flows from operating activities:
    Net income (loss)
    $58,870 $(7,751)
    Adjustments to reconcile net income (loss) to net cash flows from operating activities:
    Depreciation
    3,156 3,631 
    Amortization
    20,829 23,978 
    Amortization of operating lease right-of-use assets
    2,435 2,568 
    Amortization of deferred debt issuance costs
    650 936 
    Deferred income taxes
    (2,463)1,006 
    Stock-based compensation expense
    11,627 8,099 
    Gain on sale of equity investment
    (25,927)— 
    Other
    (718)(1,311)
    Changes in operating assets and liabilities:
    Receivables
    41,640 127,269 
    Accounts payable
    7,479 (448)
    Accrued employee compensation
    (25,182)(26,453)
    Deferred revenue
    (4,648)13,907 
    Other current and noncurrent assets and liabilities
    (9,527)(22,190)
    Net cash flows from operating activities
    78,221 123,241 
    Cash flows from investing activities:
    Purchases of property and equipment
    (2,170)(3,208)
    Purchases of software and distribution rights(6,759)(14,582)
    Proceeds from sale of equity investment
    46,021 — 
    Net cash flows from investing activities
    37,092 (17,790)
    Cash flows from financing activities:
    Proceeds from issuance of common stock
    813 693 
    Proceeds from exercises of stock options
    582 475 
    Repurchase of stock-based compensation awards for tax withholdings(7,070)(3,302)
    Repurchases of common stock
    (14,408)(62,515)
    Proceeds from revolving credit facility
    — 164,000 
    Repayment of revolving credit facility
    (70,000)(152,000)
    Proceeds from term portion of credit agreement
    — 500,000 
    Repayment of term portion of credit agreement
    (9,375)(529,073)
    Payments for debt issuance costs
    — (5,141)
    Payments on or proceeds from other debt, net(4,217)(2,694)
    Net increase (decrease) in settlement assets and liabilities
    88,324 (18,933)
    Net cash flows from financing activities
    (15,351)(108,490)
    Effect of exchange rate fluctuations on cash1,791 2,314 
    Net increase (decrease) in cash and cash equivalents101,753 (725)
    Cash and cash equivalents, including settlement deposits, beginning of period265,018 238,821 
    Cash and cash equivalents, including settlement deposits, end of period$366,771 $238,096 
    Reconciliation of cash and cash equivalents to the Consolidated Balance Sheets
    Cash and cash equivalents$230,057 $183,393 
    Settlement deposits136,714 54,703 
    Total cash and cash equivalents, including settlement deposits$366,771 $238,096 
    Supplemental cash flow information
    Income taxes paid
    $12,695 $2,524 
    Interest paid
    $19,807 $24,081 
    The accompanying notes are an integral part of the condensed consolidated financial statements.
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    ACI WORLDWIDE, INC. AND SUBSIDIARIES
    NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
    (unaudited)
    1. Condensed Consolidated Financial Statements
    The unaudited condensed consolidated financial statements include the accounts of ACI Worldwide, Inc. and its wholly-owned subsidiaries (collectively, the “Company”). All intercompany balances and transactions have been eliminated. The condensed consolidated financial statements as of March 31, 2025, and for the three months ended March 31, 2025 and 2024, are unaudited and reflect all adjustments of a normal recurring nature, which are, in the opinion of management, necessary for a fair presentation, in all material respects, of the financial position and operating results for the interim periods. The condensed consolidated balance sheet as of December 31, 2024, is derived from the audited financial statements.

    The condensed consolidated financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2024, filed on February 27, 2025. Results for the three months ended March 31, 2025, are not necessarily indicative of results that may be attained in the future.

    The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make judgments, estimates, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are affected by management’s application of accounting policies, as well as uncertainty in the current economic environment. Actual results could differ from those estimates.

    Other Current Liabilities
    The components of other current liabilities are included in the following table (in thousands):
    March 31, 2025December 31, 2024
    Vendor financed licenses$12,717 $14,462 
    Operating lease liabilities8,402 9,265 
    Income taxes payable8,006 3,284 
    Accrued interest3,020 8,810 
    Other39,582 37,987 
    Total other current liabilities$71,727 $73,808 

    Settlement Assets and Liabilities
    Individuals and businesses settle their obligations to the Company’s various Biller clients using credit or debit cards or via automated clearing house (“ACH”) payments. The Company creates a receivable for the amount due from the credit or debit card processor and an offsetting payable to the client. Upon confirmation that the funds have been received, the Company settles the obligation to the client. Due to timing, in some instances, the Company may (1) receive the funds into bank accounts controlled by and in the Company’s name that are not disbursed to its clients by the end of the day, resulting in a settlement deposit on the Company’s books and (2) disburse funds to its clients in advance of receiving funds from the credit or debit card processor, resulting in a net settlement receivable position.

    Off Balance Sheet Settlement Accounts
    The Company also enters into agreements with certain Biller clients to process payment funds on their behalf. When an ACH or automated teller machine network payment transaction is processed, a transaction is initiated to withdraw funds from the designated source account and deposit them into a settlement account, which is a trust account maintained for the benefit of the Company’s clients. A simultaneous transaction is initiated to transfer funds from the settlement account to the intended destination account. These “back to back” transactions are designed to settle at the same time, usually overnight, such that the Company receives the funds from the source at the same time as it sends the funds to their destination. However, due to the transactions being with various financial institutions there may be timing differences that result in float balances. These funds are maintained in accounts for the benefit of the client which is separate from the Company’s corporate assets. As the Company does not take ownership of the funds, these settlement accounts are not included in the Company’s balance sheet. The Company is entitled to interest earned on the fund balances. The collection of interest on these settlement accounts is considered in the
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    Company’s determination of its fee structure for clients and represents a portion of the payment for services performed by the Company. The amount of settlement funds as of March 31, 2025, and December 31, 2024, was $224.1 million and $267.0 million, respectively.

    Fair Value
    The fair value of the Company’s Credit Agreement approximates the carrying value due to the floating interest rate (Level 2 of the fair value hierarchy). The Company measures the fair value of its Senior Notes based on Level 2 inputs, which include quoted market prices and interest rate spreads of similar securities. The fair value of the Company’s 5.750% Senior Notes due 2026 (“2026 Notes”) was $401.7 million and $399.2 million as of March 31, 2025, and December 31, 2024, respectively.

    The fair values of cash and cash equivalents approximate the carrying values due to the short period of time to maturity (Level 2 of the fair value hierarchy).

    Goodwill
    In accordance with the Accounting Standards Codification ("ASC") 350, Intangibles – Goodwill and Other, the Company assesses goodwill for impairment annually during the fourth quarter of its fiscal year using October 1 balances or when there is evidence that events or changes in circumstances indicate that the carrying amount of the asset may not be recovered. The Company evaluates goodwill at the reporting unit level, and as discussed in Note 9, Segment Information, during the three months ended March 31, 2025, it realigned Banks and Merchants under a single general manager leading Payment Software. This change also resulted in a change in reporting units - combining Banks and Merchants into Payment Software, while maintaining Biller. As of March 31, 2025, the Company's goodwill balance of $1.2 billion was allocated $809.0 million to Payment Software and $417.0 million to Biller.

    Recoverability of goodwill is measured using a discounted cash flow model incorporating discount rates commensurate with the risks involved. Use of a discounted cash flow model is common practice in impairment testing in the absence of available transactional market evidence to determine the fair value. The calculated fair value was substantially in excess of the current carrying value for all reporting units based upon the October 1, 2024, annual impairment test and there have been no indications of impairment in the subsequent periods.

    Equity Method Investment
    In July 2019, the Company invested $18.3 million for a 30% non-controlling financial interest in a payment technology and services company in India. The Company accounted for this investment using the equity method in accordance with ASC 323, Investments - Equity Method and Joint Ventures, and recorded its share of earnings and losses in the investment on a one-quarter lag basis. The Company had recorded an investment of $18.6 million, included in other noncurrent assets in the condensed consolidated balance sheet as of December 31, 2024. In March 2025, the Company sold its 30% interest for $46.0 million. The Company recognized a gain on the sale of $25.9 million, which is recorded in other, net in the condensed consolidated statements of operations.

    Recently Issued Accounting Standards Not Yet Effective
    In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update will require entities to provide disaggregated disclosures of specific expense categories underlying certain income statement expense line items on an annual and interim basis. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and early application is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently assessing the impact that the adoption of ASU 2024-03 will have on its financial statement footnote disclosures.
    Recently Adopted Accounting Pronouncements
    In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this update will require disclosure of more disaggregated information about a reporting entity's effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual period beginning after December 15, 2024. ASU 2023-09 is expected to impact our income tax disclosures beginning with the consolidated financial statements included in the annual report on Form 10-K for the fiscal year ended December 31, 2025, but is not expected to have an impact on the Company's financial position, results of operations or cash flows.
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    2. Revenue
    In accordance with ASC 606, Revenue From Contracts With Customers, revenue is recognized upon transfer of control of promised products and/or services to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products and services. Revenue is recognized net of any taxes collected from customers and subsequently remitted to governmental authorities. See Note 9, Segment Information, for additional information, including disaggregation of revenue based on primary solution category.

    Total receivables represent amounts billed and amounts earned that are to be billed in the future (i.e., accrued receivables). Included in accrued receivables are services, software as a service ("SaaS"), and platform as a service ("PaaS") revenues earned in the current period but billed in the following period and amounts due under multi-year software license arrangements with extended payment terms for which the Company has an unconditional right to invoice and receive payment subsequent to invoicing.

    Total receivables, net is comprised of the following (in thousands):
    March 31, 2025December 31, 2024
    Billed receivables$169,631 $198,486 
    Allowance for doubtful accounts(1,725)(1,758)
    Billed receivables, net167,906 196,728 
    Current accrued receivables, net218,177 217,671 
    Long-term accrued receivables, net353,767 360,079 
    Total accrued receivables, net571,944 577,750 
    Total receivables, net$739,850 $774,478 

    No customer accounted for more than 10% of the Company’s consolidated receivables balance as of March 31, 2025 and December 31, 2024.

    Deferred revenue includes amounts due or received from customers for software licenses, maintenance, services, and/or SaaS and PaaS services in advance of recording the related revenue.

    Changes in deferred revenue were as follows (in thousands):
    Balance, December 31, 2024
    $94,723 
    Deferral of revenue34,117 
    Recognition of deferred revenue(38,543)
    Foreign currency translation589 
    Balance, March 31, 2025
    $90,886 

    Revenue allocated to remaining performance obligations represents contracted revenue that will be recognized in future periods, which is comprised of deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. This does not include:
    •Revenue that will be recognized in future periods from capacity overages that are accounted for as a usage-based royalty.
    •SaaS and PaaS revenue from variable consideration that will be recognized in accordance with the ‘right to invoice’ practical expedient or meets the allocation objective.

    Revenue allocated to remaining performance obligations was $661.4 million as of March 31, 2025, of which the Company expects to recognize approximately 51% over the next 12 months and the remainder thereafter.

    During the three months ended March 31, 2025, revenue recognized by the Company from performance obligations satisfied in previous periods was $19.6 million.
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    3. Debt
    As of March 31, 2025, the Company had $453.1 million, and $400.0 million outstanding under its Term Loans and Senior Notes, respectively. There was no amount outstanding under the Revolving Credit Facility, with up to $598.1 million of unused borrowings under the Revolving Credit Facility portion of the Credit Agreement, as amended, and up to $1.9 million of unused borrowings under Letter of Credit agreements. The amount of unused borrowings actually available varies in accordance with the terms of the agreement.

    Credit Agreement
    On February 26, 2024, ACI Worldwide, Inc. (the “Company”) entered into a Refinance Amendment (the “Amendment”) to the Second Amended and Restated Credit Agreement, dated as of April 5, 2019 (as amended, restated, supplemented or otherwise modified from time to time, including by the Amendment, the “Credit Agreement”) among the Company, the subsidiary borrowers from time to time party thereto, the lenders from time to time party thereto, Bank of America, N.A., as administrative agent and a lender, BofA Securities, Inc., PNC Capital Markets LLC, Wells Fargo Securities, LLC, and TD Securities (USA) LLC, as Joint Lead Arrangers and Joint Bookrunners, and the other financial institutions party thereto.

    The Amendment (i) provides a senior secured term loan facility (the “Term Loan Facility”) in an aggregate principal amount of $500 million, (ii) provides a senior secured revolving credit facility (the “Revolving Loan Facility” and together with the Term Loan Facility, the “Credit Facilities”) of up to $600 million, and (iii) extends the maturity date of the Facilities to February 26, 2029 (the “Maturity Date”), provided that if any of the Company’s 5.750% Senior Notes due 2026 are outstanding on the date that is 91 days before the maturity thereof (the “Springing Maturity Date”), and the Company does not have sufficient liquidity as of such date, the Maturity Date will be the Springing Maturity Date. The Revolving Loan Facility includes a $35 million sublimit for the issuance of standby letters of credit and a $20 million sublimit for swingline loans. Amounts repaid under the Revolving Facility may be reborrowed.

    Borrowings under the Credit Facilities bear interest at a rate equal to, at borrower's option, either (A) a base rate determined by reference to the highest of (1) the rate of interest per annum publicly announced by Bank of America as its prime rate, (2) the federal funds effective rate plus 0.5%, (3) term Secured Overnight Financing Rate ("SOFR") plus 1%, and (4) 1% or (B) term SOFR for applicable interest period relevant to such borrowing, in each case plus an applicable margin. The applicable margin for borrowings under the Credit Facilities is, based on the calculation of the applicable consolidated total leverage ratio, between 0.5% to 1.5% with respect to base rate borrowings and between 1.5% and 2.5% with respect to term SOFR rate borrowings. Interest is due and payable monthly. The interest rate in effect for the Credit Facility as of March 31, 2025, was 6.17%.

    The Company is also required to pay customary fees under the Credit Facilities, including (a) a commitment fee related to the unutilized commitments under the Revolving Credit Facility, (b) letter of credit fees including fronting fees and commissions on the maximum amount available to be drawn under all outstanding letters of credit, and (c) agency fees.

    The Company’s subsidiaries, ACI Worldwide Corp. and ACI Payments, Inc. are co-borrowers under the Credit Agreement. The obligations of the borrowers under the Credit Facilities and the obligations of the Company and its subsidiaries under cash management arrangements entered into with lenders under the Credit Facilities (or affiliates thereof) are jointly and severally guaranteed by the Company and all of its existing and future material domestic subsidiaries, subject to certain exclusions. The obligations of the borrowers in respect of the Credit Facilities are secured by first-priority security interests in substantially all assets of the borrowers, including 100% of the capital stock of each domestic subsidiary of the borrower and 65% of the voting capital stock of each foreign subsidiary that is directly owned by a borrower, in each case subject to certain exclusions set forth in the Credit Agreement.

    The Credit Agreement contains customary negative covenants that, among other things, restrict the Company’s ability to incur additional indebtedness, grant additional liens, and make certain acquisitions, investments, asset dispositions, and restricted payments. In addition, the Credit Agreement contains financial covenants that require the Company to maintain, as of the end of any fiscal quarter, (i) a consolidated total net leverage ratio of less than or equal to 4.25 to 1.00, (ii) a consolidated senior secured net leverage ratio of less than or equal to 3.75 to 1.00, and (iii) a minimum consolidated interest coverage ratio of greater than or equal to 3.00 to 1.00, in each case subject to certain exclusions as set forth in the Credit Agreement.

    The Credit Agreement also contains certain customary affirmative covenants and events of default. If an event of default, as specified in the Credit Agreement, shall occur and be continuing, the Company may be required to repay all amounts outstanding under the Credit Facilities.

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    Senior Notes
    On August 21, 2018, the Company completed a $400.0 million offering of the 2026 Notes at an issue price of 100% of the principal amount in a private placement for resale to qualified institutional buyers. The 2026 Notes bear interest at an annual rate of 5.750%, payable semi-annually in arrears on February 15 and August 15 of each year. The 2026 Notes will mature on August 15, 2026.

    Maturities on debt outstanding as of March 31, 2025, are as follows (in thousands):
    Fiscal Year Ending December 31,
    Remainder of 2025$28,125 
    2026437,500 
    202737,500 
    202837,500 
    2029312,500 
    Thereafter— 
    Total$853,125 

    As of March 31, 2025, and at all times during the period, the Company was in compliance with its financial debt covenants.

    Total debt is comprised of the following (in thousands):
    March 31, 2025December 31, 2024
    Term loans$453,125 $462,500 
    Revolving credit facility— 70,000 
    5.750% Senior notes, due August 2026
    400,000 400,000 
    Debt issuance costs(7,274)(7,923)
    Total debt845,851 924,577 
    Less: current portion of term loans37,500 37,500 
    Less: current portion of debt issuance costs(2,555)(2,572)
    Total long-term debt$810,906 $889,649 

    Overdraft Facility
    In 2019, the Company and ACI Payments, Inc. entered in to an uncommitted overdraft facility with Bank of America, N.A. The overdraft facility bears interest at the federal funds effective rate plus 2.25% based on the Company’s average outstanding balance and the frequency in which overdrafts occur. The overdraft facility acts as a secured loan under the terms of the Credit Agreement to provide an additional funding mechanism for timing differences that can occur in the bill payment settlement process. Amounts outstanding on the overdraft facility are included in other current liabilities in the condensed consolidated balance sheet. As of March 31, 2025 and December 31, 2024, there was $75.0 million available and no amount outstanding on the overdraft facility.

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    4. Software and Other Intangible Assets
    The carrying amount and accumulated amortization of the Company's software assets subject to amortization at each balance sheet date are as follows (in thousands):
    March 31, 2025December 31, 2024
    Gross Carrying AmountAccumulated AmortizationNet BalanceGross Carrying AmountAccumulated AmortizationNet Balance
    Software for internal use$490,497 $(406,759)$83,738 $488,257 $(395,364)$92,893 
    Amortization of software for internal use is computed using the straight-line method over an estimated useful life of generally three to eight years. Software for internal use amortization expense recorded during the three months ended March 31, 2025 and 2024, totaled $15.6 million and $15.5 million, respectively. These software amortization expense amounts are reflected in depreciation and amortization in the condensed consolidated statements of operations.

    The carrying amount and accumulated amortization of the Company’s other intangible assets subject to amortization at each balance sheet date are as follows (in thousands):
    March 31, 2025December 31, 2024
    Gross Carrying AmountAccumulated AmortizationNet BalanceGross Carrying AmountAccumulated AmortizationNet Balance
    Customer relationships$447,001 $(286,285)$160,716 $444,385 $(279,008)$165,377 

    Other intangible assets amortization expense recorded during the three months ended March 31, 2025 and 2024, totaled $5.2 million and $8.5 million, respectively.

    Based on capitalized intangible assets as of March 31, 2025, estimated amortization expense amounts in future fiscal years are as follows (in thousands):
    Fiscal Year Ending December 31,Software AmortizationOther Intangible Assets Amortization
    Remainder of 2025$40,022 $15,751 
    202629,967 21,001 
    202710,883 20,737 
    20282,636 18,338 
    2029230 17,721 
    Thereafter— 67,168 
    Total$83,738 $160,716 
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    5. Stock-Based Compensation Plans
    Employee Stock Purchase Plan
    Shares issued under the 2017 Employee Stock Purchase Plan during the three months ended March 31, 2025 and 2024, totaled 17,412 and 27,550, respectively.

    Stock Options
    A summary of stock option activity is as follows:
    Number of
    Shares
    Weighted Average
    Exercise Price ($)
    Weighted Average
    Remaining Contractual
    Term (Years)
    Aggregate Intrinsic Value
    of In-the-Money
    Options ($)
    Outstanding as of December 31, 2024539,270 $18.65 
    Exercised(32,518)17.89 
    Outstanding as of March 31, 2025506,752 $18.69 1.25$18,251,161 
    Exercisable as of March 31, 2025506,752 $18.69 1.25$18,251,161 

    The total intrinsic value of stock options exercised during the three months ended March 31, 2025 and 2024, was $1.2 million and $0.3 million, respectively. There were no stock options granted during the three months ended March 31, 2025 or 2024.

    Performance Share Awards
    During the three months ended March 31, 2025, pursuant to the Company's 2020 Equity and Incentive Compensation Plan, the Company granted performance share awards with a total shareholder return component ("TSRs"). These performance share awards are earned, if at all, based upon achievement, over a specified period that must not be less than one year and is typically a three-year performance period. The awards have operating performance goals that include (i) adjusted EBITDA metrics and (ii) revenue growth rates as determined by the Company with a TSR multiplier up to plus or minus 20%. Up to 200% of the performance shares could be earned upon achievement of the performance goals, including the multiplier. On a quarterly basis, management evaluates the probability that the threshold performance goals will be achieved, if at all, and the anticipated level of attainment to determine the amount of compensation expense to record in the consolidated financial statements.
    A summary of nonvested TSRs is as follows:
    Number of
    Shares
    Weighted Average
    Grant Date Fair Value
    Nonvested as of December 31, 2024952,481 $35.21 
    Granted459,741 59.78 
    Forfeited(19,415)39.54 
    Nonvested as of March 31, 20251,392,807 $43.26 

    The fair value of TSRs granted during the three months ended March 31, 2025 and 2024, were estimated on the date of grant using the Monte Carlo simulation model, acceptable under ASC 718, Compensation - Stock Compensation, using the following weighted average assumptions:
    Three Months Ended March 31,
    20252024
    Expected life (years)2.32.7
    Risk-free interest rate4.0 %4.4 %
    Expected volatility33.2 %36.8 %
    Expected dividend yield— — 
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    Restricted Share Units
    A summary of nonvested restricted share unit awards ("RSUs") is as follows:
    Number of
    Shares
    Weighted Average
    Grant Date Fair Value
    Nonvested as of December 31, 20241,727,524 $29.95 
    Granted869,699 53.70 
    Vested(362,138)30.29 
    Forfeited(54,138)34.87 
    Nonvested as of March 31, 20252,180,947 $39.24 

    During the three months ended March 31, 2025, a total of 362,138 RSUs vested. The Company withheld 128,772 of those shares to pay the employees’ portion of the minimum payroll withholding taxes.

    As of March 31, 2025, there was unrecognized compensation expense of $80.3 million related to RSUs and $37.9 million related to TSRs, which the Company expects to recognize over a weighted average period of 2.4 years and 1.9 years, respectively.

    The Company recorded stock-based compensation expense recognized under ASC 718 for the three months ended March 31, 2025 and 2024, of $11.6 million and $8.1 million, respectively, with corresponding tax benefits of $1.8 million and $1.4 million, respectively.
    6. Common Stock and Treasury Stock
    In 2005, the board approved a stock repurchase program authorizing the Company, as market and business conditions warrant, to acquire its common stock and periodically authorize additional funds for the program. In June 2024, the board approved the repurchase of the Company's common stock of up to $400.0 million, in place of the remaining purchase amounts previously authorized.

    The Company repurchased 264,936 shares for $14.4 million during the three months ended March 31, 2025. Under the program to date, the Company has repurchased 63,132,773 shares for approximately $1.1 billion. As of March 31, 2025, the maximum remaining amount authorized for purchase under the stock repurchase program was $358.1 million.

    Subsequent to March 31, 2025, the Company has repurchased additional shares under the repurchase program.

    7. Earnings (Loss) Per Share
    Basic earnings (loss) per share is computed in accordance with ASC 260, Earnings Per Share, based on weighted average outstanding common shares. Diluted earnings (loss) per share is computed based on basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, RSUs, and certain contingently issuable shares for which performance targets have been achieved.

    The following table reconciles the weighted average share amounts used to compute both basic and diluted earnings (loss) per share (in thousands):
    Three Months Ended March 31,
    20252024
    Weighted average shares outstanding:
    Basic weighted average shares outstanding105,350 106,799 
    Add: Dilutive effect of stock options, RSUs, and contingently issuable shares
    1,477 — 
    Diluted weighted average shares outstanding106,827 106,799 

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    The diluted earnings (loss) per share computation excludes 1.4 million and 4.4 million options to purchase shares, RSUs, and contingently issuable shares during the three months ended March 31, 2025 and 2024, respectively, as their effect would be anti-dilutive.

    Common stock outstanding as of March 31, 2025, and December 31, 2024, was 105,273,273 and 105,254,913, respectively.
    8. Other, Net
    Other, net is primarily comprised of foreign currency transaction gains and losses and, for the three months ended March 31, 2025, the $25.9 million gain on the sale of the Company's equity method investment. Other, net was $23.7 million of income and $2.0 million of expense for the three months ended March 31, 2025 and 2024, respectively.
    9. Segment Information
    In 2025, the Company made a change in organizational structure to align with its strategic direction. As a result of this change, the Company reassessed its segment reporting structure due to changes in leadership structure and how the Company's chief operating decision maker ("CODM") assesses the Company's performance and allocates resources. Beginning in the first quarter of 2025, the Company reports financial performance based on its new operating segments, Payment Software, which includes bank and merchant customers, and Biller. The Company continues to use Segment Adjusted EBITDA as a measure of segment profitability.

    The Company’s Chief Executive Officer is also the chief operating decision maker. The CODM, together with other senior management personnel, focus their review on consolidated financial information and the allocation of resources based on operating results, including revenues and Segment Adjusted EBITDA, for each segment, separate from corporate operations. No operating segments have been aggregated to form the reportable segments.

    Payment Software. Payment Software drives payments orchestration for banks and merchants. ACI provides payment solutions to large and mid-size banks globally for retail banking, digital, and other payment services. These solutions transform banks’ complex payment environments to speed time to market, reduce costs, and deliver a consistent experience to customers across channels while enabling them to prevent and rapidly react to fraudulent activity. In addition, they enable banks to meet the requirements of different real-time payments schemes and to quickly create differentiated products to meet consumer, business, and merchant demands. ACI’s support of merchants globally includes Tier 1 and Tier 2 merchants (in-store and online), payment service providers, independent selling organizations, value-added resellers, and acquirers who service them. These customers operate in a variety of verticals, including general retail, grocery, hospitality, dining, travel and ticketing, fuel, telecommunications, and others. The Company's solutions provide merchants with a secure, omnichannel payments platform that gives them flexibility and independence. The Company also offers secure solutions to online-only merchants that provide consumers with a convenient and seamless way to shop.

    Biller. Within the Biller segment, ACI provides electronic bill presentment and payment services to companies operating in the consumer finance, insurance, healthcare, higher education, utility, government, mortgage, subscription provider, and telecommunications categories. The solutions enable these customers to support a wide range of payment options and provide a convenient consumer payments experience that drives consumer loyalty and increases revenue. ACI also provides fraud abuse protection to its Biller customers leveraging its proven AI, human, and data capabilities.

    Revenue is attributed to the reportable segments based upon customer and product. Expenses are attributed to the reportable segments in one of three methods: (1) direct costs of the segment, (2) labor costs that can be attributed based upon time tracking for individual projects, or (3) costs that are allocated. Allocated costs are generally marketing and sales related activities.

    Segment Adjusted EBITDA is the measure reported to the CODM for purposes of making decisions on allocating resources and assessing the performance of the Company’s segments, including budget and forecast-to-actual variances, and, therefore, Segment Adjusted EBITDA is presented in conformity with ASC 280, Segment Reporting. Segment Adjusted EBITDA is defined as earnings from operations before interest, income tax expense (benefit), depreciation and amortization (“EBITDA”) adjusted to exclude net other income (expense).

    Corporate and unallocated expenses includes global facilities and information technology costs and long-term product roadmap expenses in addition to corporate overhead costs that are not allocated to reportable segments. The overhead costs relate to human resources, finance, legal, accounting, and merger and acquisition activity. These costs along with depreciation and amortization and stock-based compensation are not considered when management evaluates segment performance.

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    The following is selected financial data for the Company’s reportable segments for the periods indicated (in thousands):
    Three Months Ended March 31, 2025
    Payment SoftwareBillerTotal
    Revenue$200,725 $193,840 $394,565 
    Less:
    Interchange (a)
    — 130,828 130,828 
    Global technology and innovation (b)
    64,667 13,236 77,903 
    Other segment items (c)
    29,497 18,881 48,378 
    Segment Adjusted EBITDA$106,561 $30,895 $137,456 
    Reconciliation of income before income taxes
    Depreciation and amortization(23,985)
    Stock-based compensation expense(11,627)
    Corporate and unallocated expenses(43,328)
    Interest, net(10,619)
    Other, net23,740 
    Income before income taxes
    $71,637 
    Three Months Ended March 31, 2024
    Payment SoftwareBillerTotal
    Revenue
    $141,157 $174,862 $316,019 
    Less:
    Interchange (a)
    — 112,394 112,394 
    Global technology and innovation (b)
    60,432 11,983 72,415 
    Other segment items (c)
    28,436 19,748 48,184 
    Segment Adjusted EBITDA$52,289 $30,737 $83,026 
    Reconciliation of loss before income taxes
    Depreciation and amortization(27,609)
    Stock-based compensation expense(8,099)
    Corporate and unallocated expenses(37,758)
    Interest, net(15,001)
    Other, net(2,025)
    Loss before income taxes
    $(7,466)

    (a) Interchange – Interchange costs include all payment card interchange fees, amounts payable to banks, and payment card processing fees associated with providing services to Biller customers.

    (b) Global Technology & Innovation – (“GTI”) costs include the costs of maintaining software products, as well as the costs required to deliver, install, and support software at customer sites. It also includes maintenance costs, which are the efforts associated with providing the customer with upgrades, 24-hour help desk, post go-live (remote) support, and production-type support for software that was previously installed at a customer location. GTI includes costs to provide SaaS and PaaS services including our data center operations. Service costs including human resource and other incidental costs such as travel and training required for both pre go-live and post go-live support. Such efforts include project management, delivery, product customization and implementation, installation support, consulting, configuration, and on-site support. GTI also includes research and development expenses which are primarily human resource costs related to the creation of new products, improvements made to existing products, as well as compatibility with new operating system releases and generations of hardware.

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    (c) Other segment items – other includes selling and marketing, product management, third-party royalties and other cost of goods sold excluding interchange. Selling and marketing costs, which are the costs related to selling our products to current and prospective customers as well as the costs related to promoting the Company, its products and the research efforts required to measure customers’ future needs and satisfaction levels. Selling costs are primarily the human resource and travel costs related to the effort expended to license our products and services to current and potential clients within defined territories and/or industries as well as the management of the overall relationship with customer accounts. Selling costs also include the costs associated with assisting distributors in their efforts to sell our products and services in their respective local markets. Product management costs are primarily the human resource costs related to developing and documenting our product requirements.

    Assets are not allocated to segments, and the Company’s CODM does not evaluate operating segments using discrete asset information.

    The following is revenue by primary solution category for the Company’s reportable segments for the periods indicated (in thousands):
    Three Months Ended March 31, 2025
    Payment SoftwareBillerTotal
    Primary Solution Categories
    Bill Payments$— $193,840 $193,840 
    Merchant Payments37,659 $37,659 
    Fraud Management9,574 — $9,574 
    Real-Time Payments25,738 — $25,738 
    Issuing and Acquiring127,754 — $127,754 
    Total$200,725 $193,840 $394,565 
    Three Months Ended March 31, 2024
    Payment SoftwareBillerTotal
    Primary Solution Categories
    Bill Payments$— $174,862 $174,862 
    Merchant Payments35,728 — 35,728 
    Fraud Management11,507 — 11,507 
    Real-Time Payments24,748 — 24,748 
    Issuing and Acquiring69,174 — 69,174 
    Total$141,157 $174,862 $316,019 

    Three Months Ended March 31,
    20252024
    Payment Software
    Software as a service and platform as a service$43,243 $40,870 
    License84,493 29,973 
    Maintenance48,642 47,754 
    Services24,347 22,560 
    Total$200,725 $141,157 
    Biller
    Software as a service and platform as a service$193,840 $174,862 
    Total$193,840 $174,862 

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    The following is the Company's revenue by geographic location for the periods indicated (in thousands):
    Three Months Ended March 31,
    20252024
    Revenue
    United States$236,754 $228,107 
    Other157,811 87,912 
    Total$394,565 $316,019 

    The following is the Company’s long-lived assets by geographic location for the periods indicated (in thousands):
    March 31, 2025December 31, 2024
    Long-lived Assets
    United States$1,145,477 $1,169,965 
    Other772,404 791,793 
    Total$1,917,881 $1,961,758 

    No single customer accounted for more than 10% of the Company’s consolidated revenues during the three months ended March 31, 2025 and 2024. No other country outside the United States accounted for more than 10% of the Company's consolidated revenues during the three months ended March 31, 2025 and 2024.
    10. Income Taxes
    For the three months ended March 31, 2025, the Company's effective tax rate was 18%. The Company reported a tax charge on pretax income, with foreign entities recognizing earnings of $80.2 million. The effective tax rate for the three months ended March 31, 2025, was positively impacted by excess tax deductions on stock-based compensation expense.

    For the three months ended March 31, 2024, the Company's effective tax rate was negative 4%. The Company reported a tax charge on an overall pretax loss, with foreign entities reporting losses of $11.1 million. The effective tax rate for the three months ended March 31, 2024, was negatively impacted by excess tax limitations on stock-based compensation expense.

    The Company’s effective tax rate could fluctuate on a quarterly basis due to the occurrence of significant and unusual or infrequent items, such as vesting of stock-based compensation or foreign currency gains and losses. The Company’s effective tax rate could also fluctuate due to changes in the valuation of its deferred tax assets or liabilities, or by changes in tax laws, regulations, accounting principles, or interpretations thereof. In addition, the Company is occasionally subject to examination of its income tax returns by tax authorities in the jurisdictions it operates. The Company regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of its provision for income taxes.

    As of March 31, 2025, and December 31, 2024, the amount of unrecognized tax benefits for uncertain tax positions was $21.1 million and $21.0 million, respectively, excluding related liabilities for interest and penalties of $0.4 million.

    The Company believes it is reasonably possible that the total amount of unrecognized tax benefits will decrease within the next 12 months by approximately $0.8 million, due to the settlement of various audits and the expiration of statutes of limitation.

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    ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
    Forward-Looking Statements
    This report 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, as amended.

    Forward-looking statements in this report include, but are not limited to, statements regarding future operations, business strategy, business environment, key trends, and, in each case, statements related to expected financial and other benefits. Many of these factors will be important in determining our actual future results. Any or all of the forward-looking statements in this report may turn out to be incorrect. They may be based on inaccurate assumptions or may not account for known or unknown risks and uncertainties. Consequently, no forward-looking statement can be guaranteed. Actual future results may vary materially from those expressed or implied in any forward-looking statements, and our business, financial condition and results of operations could be materially and adversely affected. In addition, we disclaim any obligation to update any forward-looking statements after the date of this report, except as required by law.

    All forward-looking statements in this report are expressly qualified by the risk factors discussed in our filings with the Securities and Exchange Commission (“SEC”). The cautionary statements in this report expressly qualify all of our forward-looking statements. Factors that could cause actual results to differ from those expressed or implied in the forward-looking statements include, but are not limited to, those discussed in our Risk Factors in Part 1, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in Part 2, Item 1A of this Form 10-Q.

    The following discussion should be read together with our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and with our financial statements and related notes contained in this Form 10-Q. Results for the three months ended March 31, 2025, are not necessarily indicative of results that may be attained in the future.

    Overview
    ACI Worldwide, an innovator in global payments technology, delivers software solutions that power intelligent payments orchestration in real time so banks, merchants, and billers can drive growth, while continuously modernizing their payment infrastructures, simply and securely. With nearly 50 years of trusted payments expertise, we combine our global footprint with a local presence to offer enhanced payment experiences to stay ahead of constantly changing payment challenges and opportunities.

    Our products are sold and supported directly and through distribution networks covering three geographic regions – the Americas; Europe, Middle East, and Africa (“EMEA”); and Asia Pacific. Each region has its own globally coordinated sales force, supplemented with local independent reseller and/or distributor networks. Our products and solutions are marketed under the ACI Worldwide brand and used globally by banks of all sizes, central banks, intermediaries, merchants, and billers, such as third-party digital payment processors, payment associations, switch interchanges, and a wide range of transaction-generating endpoints, including ATMs, merchant point-of-sale (“POS”) terminals, bank branches, mobile phones, tablets, corporations, and internet commerce sites.

    We derive a majority of our revenues from domestic operations and believe we have large opportunities for growth in international markets, as well as continued expansion domestically in the United States. We also continue to maintain centers of expertise in Timisoara, Romania, and Pune and Bangalore in India, as well as key operational centers such as in Cape Town, South Africa and in multiple locations in the United States.

    Our business and operating results are influenced by trends such as information technology spending levels, the growth rate of digital payments, mandated regulatory changes, and changes in the number and type of customers in the financial services industry, as well as economic growth, and purchasing habits.

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    Key trends that currently impact our strategies and operations include:
    Increasing digital payment transaction volumes. The adoption of digital payments continues to accelerate, propelled by the digitization of cash, financial inclusion efforts of countries throughout the world, rapid growth of eCommerce, and the adoption of real-time payments enabling more people, governments, and businesses to embrace digital payments. We leverage the growth in transaction volumes through the licensing of new systems to customers whose older systems cannot handle increased volume, through the sale of capacity upgrades to existing customers, and through the scalability of our platform-based solutions.

    Adoption of real-time payments. Expectations from both consumers and businesses are continuing to drive the payments world to more real-time delivery. This is bolstered by the new data-rich ISO 20022 messaging format prevalent in account-to-account payments, which is delivering greater value to banks and their customers and has now been rolled out across the world and continues to see adoption with local schemes, such as FedWire, planned for 2025. We are seeing global players with existing schemes working to expand capacity in anticipation of volume growth and new payment types. Domestic schemes such as Unified Payments Interface ("UPI") in India and others are being made available to their citizens for cross-border transactions when abroad. Mature markets, including India, the United Kingdom, Australia, Brazil, Malaysia, Singapore, and Thailand, continue to accelerate innovation, especially in terms of overlay services, driving new transactions. The United States is driving real-time payments adoption through TCH Real-Time Payments and the FedNow Service. Asia is one of the most innovative markets for adoption of real-time payment systems. According to ACI’s Prime Time for Real-Time report, Asia Pacific is the largest regional market, with four of the global top five real-time payment markets by volume. ACI provides solutions for commercial and central banks across Asia. Latin American countries are pushing ahead with real-time payments modernization initiatives, looking to replicate Brazil’s success with PIX. ACI is also providing solutions centrally in Colombia and Peru. We are seeing success with real-time payments in the Middle East as well, as they have started to renovate their payment systems from legacy payment types to the modern digital and real-time world. ACI's broad software portfolio, experience, and strategic partnerships with Mastercard, Microsoft, and Red Hat, and Mindgate Solutions continue to position us as a leader in real-time payments, helping to drive seamless connectivity, increased security, and end-to-end modernization for organizations throughout the world.

    Adoption of cloud technology. ACI has recognized the industry's technical inflection point in the transition from traditional on-premises infrastructure to the private and public cloud, and we are supporting our customers' cloud strategies. Cloud technology innovations allow the financial services ecosystem to remove technical risk from their operations, accelerate innovation and time to market for new revenue-generating solutions for their customers, and accelerate innovation and ensure scalability and resiliency while improving operating economics over time. As banks and intermediaries, merchants, and billers seek to transition their systems to make use of cloud technology, our investments and partnerships, as demonstrated by our product enablement and initial optimization onto Microsoft Azure, enable us to leverage those cloud technology benefits today and for the future while preserving ACI's fundamental base of performance, resiliency, and scalability. Cloud-native solutions running in a multi-tenant SaaS environment also allow ACI to expand our market coverage to smaller institutions, offering scalable solutions which are easy to integrate with but at price points that fit their budgets.

    Payments intelligence, fraud, and compliance. The accelerated adoption of real-time payments, fraudsters leveraging artificial intelligence, and the ramping up of mandates increase the urgency for industry-wide collaboration to mitigate fraud with precision and achieve operational excellence. As the threat of sophisticated fraud becomes a greater concern for remitting and receiving institutions, consumers are challenged with increased friction to prevent illegitimate access of genuine accounts or funds to protect the consumer trust and confidence, while achieving their strategic objectives. Regulators are beginning to litigate between consumers and financial institutions on the losses, and between remitting and receiving banks on the accountability. Banks and intermediaries, merchants, and billers are pursuing solutions to mitigate their risks while improving their customer experience, protecting their margins, and securing their revenue streams, especially with their new products and offerings. We continue to evolve our advanced machine learning and network intelligence capabilities to stop criminals and enable frictionless, legitimate business. Meanwhile, with payments intelligence, organizations can integrate intelligent services to enhance consumer relationships while achieving precise, real-time fraud and risk mitigation capabilities.

    Omni-commerce. Shoppers are increasingly browsing, buying, and returning items across channels, including in-store, online, and mobile. This trend has led to an increase in contactless payments, click and collect, and curbside collection. Merchants from all industries, including grocers, fuel and convenience stores, are being tasked with delivering seamless experiences that include pay-in-aisle, kiosks, mobile app payments, QR code payments, eCommerce, traditional and mobile POS, buy online pickup in-store (BOPIS), and buy online return in-store (BORIS). We believe there is significant opportunity to provide merchants with the tools to deliver a seamless, secure, personalized experience that creates loyalty and satisfaction, and drives conversion rates while protecting consumer data and preventing fraud.

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    Open banking. Open banking is gaining momentum globally, and while it has been accelerated in Europe by regulations like PSD3, the United States is also seeing significant shifts driven by market demand and technology innovation rather than regulatory mandates. In the United States, the growing adoption of Request to Pay (RTP) offers an alternative to traditional bill payment methods, allowing payers to respond directly to payment requests with flexibility on timing, method, and amount. This aligns with the broader movement toward real-time payments, supported by platforms like the FedNow® Service and The Clearing House’s RTP network. While the United States doesn't have a regulatory equivalent to PSD3, there's a strong push for open banking solutions that provide greater control and transparency for consumers, and RTP is a key trend within that space. By embracing both RTP and open banking trends in the United States, payment processors and financial institutions can offer more dynamic, flexible payment options, driving innovation and improving customer experience, while staying competitive in a rapidly evolving payments landscape. ACI is in a unique position to deliver service that takes advantage of our real-time payments software, our relationships with banks, merchants, and billers, and global connectivity.

    Several other factors related to our business may have a significant impact on our operating results from year to year. For example, the accounting rules governing the timing of revenue recognition are complex, and it can be difficult to estimate when we will recognize revenue generated by a given transaction. Factors such as creditworthiness of the customer and timing of transfer of control or acceptance of our products may cause revenues related to sales generated in one period to be deferred and recognized in later periods. For arrangements in which services revenue is deferred, related direct and incremental costs may also be deferred. Additionally, while the majority of our contracts are denominated in the U.S. dollar, a substantial portion of our sales are made, and some of our expenses are incurred, in the local currency of countries other than the United States. Fluctuations in currency exchange rates in a given period may result in the recognition of gains or losses for that period.

    We continue to seek ways to grow through organic sources, partnerships, alliances, and acquisitions. We continually look for potential acquisitions designed to improve our solutions’ breadth or provide access to new markets. As part of our acquisition strategy, we seek acquisition candidates that are strategic, capable of being integrated into our operating environment, and accretive to our financial performance.

    Backlog
    Backlog is comprised of:
    •Committed Backlog, which includes (1) contracted revenue that will be recognized in future periods (contracted but not recognized) from software license fees, maintenance fees, service fees, and SaaS and PaaS fees specified in executed contracts (including estimates of variable consideration if required under ASC 606, Revenue From Contracts with Customers) and included in the transaction price for those contracts, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods and (2) estimated future revenues from software license fees, maintenance fees, services fees, and SaaS and PaaS fees specified in executed contracts.
    •Renewal Backlog, which includes estimated future revenues from assumed contract renewals to the extent 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.

    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.

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    In computing our 60-month backlog estimate, the following items are specifically not taken into account:
    •Anticipated increases in transaction, account, or processing volumes by our customers.
    •Optional annual uplifts or inflationary increases in recurring fees.
    •Services engagements, other than SaaS and PaaS arrangements, are not assumed to renew over the 60-month backlog period.
    •The potential impact of consolidation activity within our markets and/or customers.

    We review our customer renewal experience on an annual basis. The impact of this review and subsequent updates may result in a revision to the renewal assumptions used in computing the 60-month backlog estimates. In the event a significant revision to renewal assumptions is determined to be necessary, prior periods will be adjusted for comparability purposes.

    The following table sets forth our 60-month backlog estimate, by reportable segment, as of March 31, 2025, and December 31, 2024 (in millions). Dollar amounts reflect foreign currency exchange rates as of each period end. This is a non-GAAP financial measure being presented to provide comparability across accounting periods. We believe this measure provides useful information to investors and others in understanding and evaluating our financial performance.
    March 31, 2025December 31, 2024
    Payment Software$3,142 $3,102 
    Biller3,597 3,604 
    Total$6,739 $6,706 
    March 31, 2025December 31, 2024
    Committed$2,257 $2,413 
    Renewal4,482 4,293 
    Total$6,739 $6,706 
    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 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.
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    RESULTS OF OPERATIONS
    The following table presents the condensed consolidated statements of operations, as well as the percentage relationship to total revenues for items included in our condensed consolidated statements of operations (in thousands):
    Three Month Period Ended March 31, 2025 Compared to the Three Month Period Ended March 31, 2024
    Three Months Ended March 31,
    20252024
    Amount% of Total
    Revenue
    $ Change vs 2024% Change vs 2024Amount% of Total
    Revenue
    Revenues:
    Software as a service and platform as a service$237,083 60 %$21,351 10 %$215,732 68 %
    License84,493 22 %54,520 182 %29,973 10 %
    Maintenance48,642 12 %888 2 %47,754 15 %
    Services24,347 6 %1,787 8 %22,560 7 %
    Total revenues394,565 100 %78,546 25 %316,019 100 %
    Operating expenses:
    Cost of revenue213,378 54 %22,271 12 %191,107 60 %
    Research and development38,908 10 %3,915 11 %34,993 11 %
    Selling and marketing32,186 8 %5,436 20 %26,750 8 %
    General and administrative27,592 7 %1,592 6 %26,000 8 %
    Depreciation and amortization23,985 6 %(3,624)(13)%27,609 9 %
    Total operating expenses336,049 85 %29,590 10 %306,459 96 %
    Operating income
    58,516 15 %48,956 512 %9,560 4 %
    Other income (expense):
    Interest expense(14,683)(4)%4,327 (23)%(19,010)(6)%
    Interest income4,064 1 %55 1 %4,009 1 %
    Other, net23,740 6 %25,765 1,272 %(2,025)(1)%
    Total other income (expense)13,121 3 %30,147 177 %(17,026)(6)%
    Income (loss) before income taxes
    71,637 18 %79,103 1,060 %(7,466)(2)%
    Income tax expense
    12,767 3 %12,482 4,380 %285 — %
    Net income (loss)
    $58,870 15 %$66,621 860 %$(7,751)(2)%

    Revenues
    Total revenue for the three months ended March 31, 2025, increased $78.5 million, or 25%, as compared to the same period in 2024.
    •The impact of foreign currencies weakening against the U.S. dollar resulted in a $1.4 million decrease in total revenue during the three months ended March 31, 2025, as compared to the same period in 2024.
    •Adjusted for the impact of foreign currency, total revenue for the three months ended March 31, 2025, increased $79.9 million, or 25%, as compared to the same period in 2024.

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    Software as a Service (“SaaS”) and Platform as a Service (“PaaS”) Revenue
    The Company’s SaaS arrangements allow customers to use certain software solutions (without taking possession of the software) in a single-tenant cloud environment on a subscription basis. The Company’s PaaS arrangements allow customers to use certain software solutions (without taking possession of the software) in a multi-tenant cloud environment on a subscription or consumption basis. Included in SaaS and PaaS revenue are fees paid by our customers for use of our Biller solutions. Biller-related fees may be paid by our clients or directly by their customers and may be a percentage of the underlying transaction amount, a fixed fee per executed transaction, or a monthly fee for each customer enrolled. SaaS and PaaS costs include payment card interchange fees, the amounts payable to banks and payment card processing fees, which are included in cost of revenue in the condensed consolidated statements of operations. All fees from SaaS and PaaS arrangements that do not qualify for treatment as a distinct performance obligation, which includes set-up fees, implementation or customization services, and product support services, are included in SaaS and PaaS revenue.

    SaaS and PaaS revenue increased $21.4 million, or 10%, during the three months ended March 31, 2025, as compared to the same period in 2024.
    •The impact of foreign currencies weakening against the U.S. dollar resulted in a $0.3 million decrease in SaaS and PaaS revenue during the three months ended March 31, 2025, as compared to the same period in 2024.
    •Adjusted for the impact of foreign currency, SaaS and PaaS revenue for the three months ended March 31, 2025, increased $21.7 million, or 10%, as compared to the same period in 2024.
    •The increase was primarily driven by new customer go-lives since March 31, 2024, and higher transaction volumes during the three months ended March 31, 2025, as compared to the same period in 2024.

    License Revenue
    Customers purchase the right to license ACI software under multi-year, time-based software license arrangements that vary in length but are generally five years. Under these arrangements the software is installed at the customer’s location (i.e. on-premise). Within these agreements are specified capacity limits typically based on customer transaction volume. ACI employs measurement tools that monitor the number of transactions processed by customers and if contractually specified limits are exceeded, additional fees are charged for the overage. Capacity overages may occur at varying times throughout the term of the agreement depending on the product, the size of the customer, and the significance of customer transaction volume growth. Depending on specific circumstances, multiple overages or no overages may occur during the term of the agreement.

    Included in license revenue are license and capacity fees that are payable at the inception of the agreement. License revenue also includes license and capacity fees payable annually, quarterly, or monthly due to negotiated customer payment terms. The Company recognizes revenue in advance of billings for software license arrangements with extended payment terms and adjusts for the effects of the financing component, if significant.

    License revenue increased $54.5 million, or 182%, during the three months ended March 31, 2025, as compared to the same period in 2024.
    •The impact of foreign currencies weakening against the U.S. dollar resulted in a $0.2 million decrease in license revenue during the three months ended March 31, 2025, as compared to the same period in 2024.
    •Adjusted for the impact of foreign currency, license revenue for the three months ended March 31, 2025, increased $54.7 million, or 184%, as compared to the same period in 2024.
    •The increase was driven by the relative size of new license and capacity events during the three months ended March 31, 2025, as compared to the same period in 2024.

    Maintenance Revenue
    Maintenance revenue includes standard and premium customer support and any post contract support fees received from customers for the provision of product support services.

    Maintenance revenue increased $0.9 million, or 2%, during the three months ended March 31, 2025, as compared to the same period in 2024.
    •The impact of foreign currencies weakening against the U.S. dollar resulted in a $0.6 million decrease in maintenance revenue during the three months ended March 31, 2025, as compared to the same period in 2024.
    •Adjusted for the impact of foreign currency, maintenance revenue for the three months ended March 31, 2025, increased $1.5 million, or 3%, as compared to the same period in 2024.

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    Services Revenue
    Services revenue includes fees earned through implementation services and other professional services. Implementation services include product installations, product configurations, and custom software modifications (“CSMs”). Other professional services include business consultancy, technical consultancy, on-site support services, product education, and testing services. These services include new customer implementations as well as existing customer migrations to new products or new releases of existing products.

    Services revenue increased $1.8 million, or 8%, during the three months ended March 31, 2025, as compared to the same period in 2024.
    •The impact of foreign currencies weakening against the U.S. dollar resulted in a $0.2 million decrease in services revenue during the three months ended March 31, 2025, as compared to the same period in 2024.
    •Adjusted for the impact of foreign currency, services revenue for the three months ended March 31, 2025, increased $2.0 million, or 9%, as compared to the same period in 2024.
    •The increase was primarily driven by the timing and magnitude of project-related work during the three months ended March 31, 2025, as compared to the same period in 2024.

    Operating Expenses
    Total operating expenses for the three months ended March 31, 2025, increased $29.6 million, or 10%, as compared to the same period in 2024.
    •Total operating expenses for the three months ended March 31, 2024, included $2.6 million for cost reduction strategies and $0.3 million of other significant transaction-related expenses.
    •The impact of foreign currencies weakening against the U.S. dollar resulted in a $2.0 million decrease in total operating expenses during the three months ended March 31, 2025, compared to the same period in 2024.
    •Adjusted for significant transaction-related expenses and foreign currency, total operating expenses for the three months ended March 31, 2025, increased $34.5 million, or 11%, compared to the same period in 2024.

    Cost of Revenue
    Cost of revenue includes costs to provide SaaS and PaaS, third-party royalties, amortization of purchased and developed software for resale, the costs of maintaining our software products, as well as the costs required to deliver, install, and support software at customer sites. SaaS and PaaS service costs include payment card interchange fees, amounts payable to banks, and payment card processing fees. Maintenance costs include the efforts associated with providing the customer with upgrades, 24-hour help desk, post go-live (remote) support, and production-type support for software that was previously installed at a customer location. Service costs include human resource costs and other incidental costs such as travel and training required for both pre go-live and post go-live support. Such efforts include project management, delivery, product customization and implementation, installation support, consulting, configuration, and on-site support.

    Cost of revenue increased $22.3 million, or 12%, during the three months ended March 31, 2025, compared to the same period in 2024.
    •The impact of foreign currencies weakening against the U.S. dollar resulted in a $0.7 million decrease in cost of revenue during the three months ended March 31, 2025, compared to the same period in 2024.
    •Adjusted for the impact of foreign currency, cost of revenue for the three months ended March 31, 2025, increased $23.0 million, or 12%, compared to the same period in 2024.
    •The increase was primarily due to higher payment card interchange fees and personnel and related expenses of $18.4 million and $4.6 million, respectively.

    Research and Development
    Research and development (“R&D”) expenses are primarily human resource costs related to the creation of new products, improvements made to existing products as well as compatibility with new operating system releases and generations of hardware.
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    R&D expense increased $3.9 million, or 11%, during the three months ended March 31, 2025, as compared to the same period in 2024.
    •The impact of foreign currencies weakening against the U.S. dollar resulted in a $0.3 million decrease in R&D expenses during the three months ended March 31, 2025, compared to the same period in 2024.
    •Adjusted for the impact of foreign currency, R&D expenses for the three months ended March 31, 2025, increased $4.2 million, or 12%, compared to the same period in 2024.
    •The increase was primarily due to higher personnel and related expenses.

    Selling and Marketing
    Selling and marketing includes both the costs related to selling our products to current and prospective customers as well as the costs related to promoting the Company, its products and the research efforts required to measure customers’ future needs and satisfaction levels. Selling costs are primarily the human resource and travel costs related to the effort expended to license our products and services to current and potential clients within defined territories and/or industries as well as the management of the overall relationship with customer accounts. Selling costs also include the costs associated with assisting distributors in their efforts to sell our products and services in their respective local markets. Marketing costs include costs incurred to promote the Company and its products, perform or acquire market research to help the Company better understand impending changes in customer demand for and of our products, and the costs associated with measuring customers’ opinions toward the Company, our products and personnel.

    Selling and marketing expense increased $5.4 million, or 20%, during the three months ended March 31, 2025, as compared to the same period in 2024.
    •The impact of foreign currencies weakening against the U.S. dollar resulted in a $0.5 million decrease in selling and marketing expense during the three months ended March 31, 2025, as compared to the same period in 2024.
    •Adjusted for the impact of foreign currency, selling and marketing expense increased $5.9 million, or 23%, for the three months ended March 31, 2025, as compared to the same period in 2024.
    •The increase was primarily due to higher personnel and related expenses of $6.6 million, partially offset by a decrease in advertising and professional fees of $0.7 million.

    General and Administrative
    General and administrative expenses are primarily human resource costs including executive salaries and benefits, personnel administration costs, and the costs of corporate support functions such as legal, administrative, human resources, and finance and accounting.

    General and administrative expense increased $1.6 million, or 6%, during the three months ended March 31, 2025, as compared to the same period in 2024.
    •General and administrative expenses for the three months ended March 31, 2024, included $2.6 million for cost reduction strategies and $0.3 million of other significant transaction-related expenses.
    •The impact of foreign currencies weakening against the U.S. dollar resulted in a $0.4 million decrease in general and administrative expense during the three months ended March 31, 2025, as compared to the same period in 2024.
    •Adjusted for the impact of cost reduction strategies, significant transaction-related expenses, and foreign currency, general and administrative expense increased $4.9 million, or 22%, for the three months ended March 31, 2025, as compared to the same period in 2024.
    •The increase was primarily due to higher personnel and related expenses, including a $2.9 million increase in stock-based compensation expense.

    Depreciation and Amortization
    Depreciation and amortization decreased $3.6 million, or 13%, during the three months ended March 31, 2025, as compared to the same period in 2024.
    •The decrease was primarily due to a decrease in amortization for fully amortized intangibles acquired through acquisitions.

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    Other Income and Expense
    Interest expense for the three months ended March 31, 2025, decreased $4.3 million, or 23% compared to the same period in 2024, primarily due to lower comparative debt balances during 2025 as well as a decrease in interest rates.

    Interest income includes the portion of software license fees paid by customers under extended payment terms that is attributed to the significant financing component. Interest income for the three months ended March 31, 2025, increased $0.1 million, or 1%, as compared to the same period in 2024.

    Other, net is primarily comprised of foreign currency transaction gains and losses. During the three months ended March 31, 2025, other, net also included the $25.9 million gain on the sale of the Company's equity method investment. Other, net was $23.7 million of income and $2.0 million of expense for the three months ended March 31, 2025 and 2024, respectively.

    Income Taxes
    See Note 10, Income Taxes, to our unaudited condensed consolidated financial statements in Part I of this Form 10-Q for additional information.

    Segment Results
    See Note 9, Segment Information, to our unaudited condensed consolidated financial statements in Part I of this Form 10-Q for additional information regarding segments.

    The following is selected financial data for our reportable segments for the periods indicated (in thousands):
    Three Months Ended March 31,
    20252024
    Revenue
    Payment Software$200,725 $141,157 
    Biller193,840 174,862 
    Total revenue$394,565 $316,019 
    Segment Adjusted EBITDA
    Payment Software$106,561 $52,289 
    Biller30,895 30,737 
    Depreciation and amortization(23,985)(27,609)
    Stock-based compensation expense(11,627)(8,099)
    Corporate and unallocated expenses(43,328)(37,758)
    Interest, net(10,619)(15,001)
    Other, net23,740 (2,025)
    Income (loss) before income taxes
    $71,637 $(7,466)

    Payment Software Segment Adjusted EBITDA increased $54.3 million for the three months ended March 31, 2025, compared to the same period in 2024, due to a $59.6 million increase in revenue primarily due to an increase in license and services revenues, partially offset by a $5.3 million increase in cash operating expense.

    Biller Segment Adjusted EBITDA increased $0.2 million for the three months ended March 31, 2025, compared to the same period in 2024, due to a $19.0 million increase in revenue, partially offset by a $18.8 million increase in cash operating expense, primarily payment card interchange and processing fees.
    Liquidity and Capital Resources
    General
    Our primary liquidity needs are: (i) to fund normal operating expenses; (ii) to meet the interest and principal requirements of our outstanding indebtedness; and (iii) to fund acquisitions, capital expenditures, and lease payments. We believe these needs will be satisfied using cash flow generated by our operations, our cash and cash equivalents, and available borrowings under our revolving credit facility over the next 12 months and beyond.

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    Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less. As of March 31, 2025, we had $230.1 million of cash and cash equivalents, of which $117.3 million was held by our foreign subsidiaries. If these funds were needed for our operations in the United States, we may potentially be required to accrue and pay foreign and U.S. state income taxes to repatriate these funds. As of March 31, 2025, only the earnings from our Indian foreign subsidiaries are indefinitely reinvested. We are also permanently reinvested in the outside book/tax basis differences related to foreign subsidiaries. These outside basis differences could reverse through the sale of foreign subsidiaries, as well as various other events, none of which are considered probable as of March 31, 2025.

    Available Liquidity
    The following table sets forth our available liquidity for the dates indicated (in thousands):
    March 31, 2025December 31, 2024
    Cash and cash equivalents$230,057 $216,394 
    Availability under revolving credit facility598,100 528,100 
    Total liquidity$828,157 $744,494 

    The increase in total liquidity is primarily attributable to cash flows generated from operations.

    The Company and ACI Payments, Inc., a wholly owned subsidiary, maintain a $75.0 million uncommitted overdraft facility with Bank of America, N.A. The overdraft facility acts as a secured loan under the terms of the Credit Agreement to provide an additional funding mechanism for timing differences that can occur in the bill payment settlement process. As of March 31, 2025, the full $75.0 million was available.

    Stock Repurchase Program
    The board approved a stock repurchase program authorizing the Company, as market and business conditions warrant, to acquire its common stock and periodically authorizes additional funds for the program. In June 2024, the board approved the repurchase of the Company's common stock of up to $400.0 million in place of the remaining purchase amounts previously authorized.

    We repurchased 264,936 shares for $14.4 million under the program during the three months ended March 31, 2025. Under the program to date, we have repurchased 63,132,773 shares for approximately $1.1 billion. As of March 31, 2025, the maximum remaining amount authorized for purchase under the stock repurchase program was approximately $358.1 million. See Note 6, Common Stock and Treasury Stock, to our unaudited condensed consolidated financial statements in Part I of this Form 10-Q for additional information.

    Cash Flows
    The following table sets forth summarized cash flow data for the periods indicated (in thousands):
    Three Months Ended March 31,
    20252024
    Net cash provided by (used by):
    Operating activities$78,221 $123,241 
    Investing activities37,092 (17,790)
    Financing activities(15,351)(108,490)

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    Cash Flows from Operating Activities
    The primary source of operating cash flows is cash collections from our customers for purchase and renewal of licensed software products and various services including software and platform as a service, maintenance, and other professional services. Our primary uses of operating cash flows include employee expenditures, taxes, interest payments, and leased facilities.

    Cash flows provided by operating activities of $78.2 million were $45.0 million lower for the three months ended March 31, 2025, compared to $123.2 million for the same period in 2024. Operating cash flows for the current quarter decreased primarily due to lower customer receipt collections as a result of lower invoiced amounts at the prior year-end and higher income taxes paid, partially offset by improved profitability.

    Our cash flow from operating activities can fluctuate from period to period due to several factors, including: the timing of billings, which are typically higher in the third and fourth quarters in conjunction with sales timing and are variable based upon license renewal timing; collections, which will lag the quarters with higher billings; the timing and amounts of interest due to interest rate fluctuations and semi-annual Senior Notes interest payments; income tax and other payments; and our operating results.

    Cash Flows from Investing Activities
    The changes in cash flows from investing activities primarily relate to the timing of our purchases and investments in capital and other assets, including strategic acquisitions, that support our growth.
    During the first three months of 2025, we received net proceeds of $46.0 million from the sale of our equity method investment. In addition, we used cash of $8.9 million to purchase software, property, and equipment, as compared to $17.8 million during the same period in 2024.

    Cash Flows from Financing Activities
    The changes in cash flows from financing activities primarily relate to borrowings and repayments related to our debt instruments and other debt, stock repurchases, and net proceeds related to employee stock programs.

    During the first three months of 2025, we repaid a net $9.4 million on the Term Loan under the Amendment, $70.0 million on the Revolving Credit Facility, and $4.2 million of other debt payments. In addition, we used $14.4 million to repurchase common stock and $7.1 million for the repurchase of stock-based compensation awards for tax withholdings. We received net proceeds of $1.4 million from the exercise of stock options and the issuance of common stock under our 2017 Employee Stock Purchase Plan, as amended, and $88.3 million for settlement assets and liabilities due to processing timing. During the first three months of 2024, we repaid a net $29.1 million on the Term Loan under the Amendment, $2.7 million of other debt payments, and $5.1 million of debt issuance costs. In addition, we used $62.5 million to repurchase common stock, $3.3 million for the repurchase of stock-based compensation awards for tax withholdings, and $18.9 million for settlement assets and liabilities due to processing timing. We received net proceeds of $12.0 million on the Revolving Credit Facility, and proceeds of $1.2 million from the exercise of stock options and the issuance of common stock under our 2017 Employee Stock Purchase Plan, as amended.
    Contractual Obligations and Commercial Commitments
    For the three months ended March 31, 2025, there have been no material changes to the contractual obligations and commercial commitments disclosed in Item 7 of our Form 10-K for the fiscal year ended December 31, 2024.
    Critical Accounting Estimates
    The preparation of the condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We base our estimates on historical experience and other assumptions we believe to be proper and reasonable under the circumstances. We continually evaluate the appropriateness of estimates and assumptions used in the preparation of our condensed consolidated financial statements. Actual results could differ from those estimates.

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    Table of contents
    The accounting policies that reflect our more significant estimates, judgments, and assumptions, and that we believe are the most critical to aid in fully understanding and evaluating our reported financial results, include the following:
    •Revenue Recognition
    •Intangible Assets and Goodwill
    •Stock-Based Compensation
    •Accounting for Income Taxes

    During the three months ended March 31, 2025, there were no significant changes to our critical accounting policies and estimates. Please refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in Part II, Item 7 of our Annual Report on Form 10-K for our fiscal year ended December 31, 2024, for a more complete discussion of our critical accounting policies and estimates.
    ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    Excluding the impact of changes in interest rates, inflationary pressures, and the uncertainty in the global financial markets, there have been no material changes to our market risk for the three months ended March 31, 2025. We conduct business in all parts of the world and are thereby exposed to market risks related to fluctuations in foreign currency exchange rates. The U.S. dollar is the single largest currency in which our revenue contracts are denominated. Any decline in the value of local foreign currencies against the U.S. dollar results in our products and services being more expensive to a potential foreign customer. In those instances where our goods and services have already been sold, receivables may be more difficult to collect. Additionally, in jurisdictions where the revenue contracts are denominated in U.S. dollars and operating expenses are incurred in the local currency, any decline in the value of the U.S. dollar will have an unfavorable impact to operating margins. At times, we enter into revenue contracts that are denominated in the country’s local currency, primarily in Australia, Canada, the United Kingdom, other European countries, Brazil, India, and Singapore. This practice serves as a natural hedge to finance the local currency expenses incurred in those locations. We have not entered into any foreign currency hedging transactions. We do not purchase or hold any derivative financial instruments for speculation or arbitrage.

    The primary objective of our cash investment policy is to preserve principal without significantly increasing risk. If we maintained similar cash investments for a period of one year based on our cash investments and interest rates at March 31, 2025, a hypothetical ten percent increase or decrease in effective interest rates would increase or decrease interest income by $0.1 million annually.

    We had approximately $0.9 billion of debt outstanding as of March 31, 2025, with $453.1 million outstanding under our Credit Facility and $400.0 million in 2026 Notes. Our Credit Facility has a floating rate, which was 6.17% as of March 31, 2025. Our 2026 Notes are fixed-rate long-term debt obligations with a 5.750% interest rate. A hypothetical ten percent increase or decrease in effective interest rates would increase or decrease interest expense related to the Credit Facility by approximately $2.8 million.
    ITEM 4. CONTROLS AND PROCEDURES
    Disclosure Controls and Procedures
    Management, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, performed an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded our disclosure controls and procedures are effective as of March 31, 2025.

    Changes in Internal Control over Financial Reporting
    There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) under the Exchange Act) during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

    31

    Table of contents
    PART II – OTHER INFORMATION
    ITEM 1. LEGAL PROCEEDINGS
    From time to time, we are involved in various litigation matters arising in the ordinary course of our business. We are not currently a party to any legal proceedings the adverse outcome of which, individually or in the aggregate, we believe would be likely to have a material effect on our financial condition or results of operations.
    ITEM 1A. RISK FACTORS
    There have been no material changes to the risk factors disclosed in Item 1A of our Form 10-K for the fiscal year ended December 31, 2024. Additional risks and uncertainties, including risks and uncertainties not presently known to us, or that we currently deem immaterial, could also have an adverse effect on our business, financial condition and/or results of operations.
    ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
    Issuer Purchases of Equity Securities
    The following table provides information regarding our repurchases of common stock during the three months ended March 31, 2025:
    PeriodTotal Number of
    Shares Purchased
    Average Price
    Paid per Share
    Total Number of Shares
    Purchased as Part of
    Publicly Announced Program
    Approximate Dollar Value of
    Shares that May Yet Be
    Purchased Under the Program
    January 1, 2025 through January 31, 2025— $— — 
    February 1, 2025 through February 28, 202531,143 (1)52.36 — 
    March 1, 2025 through March 31, 2025362,565 (1)54.74 264,936 
    Total393,708 $358,120,000 

    (1)Pursuant to our 2020 Equity and Performance Incentive Plan, we granted RSUs. Under each arrangement, shares are issued without direct cost to the employee. During the three months ended March 31, 2025, 362,138 shares of RSUs vested. We withheld 128,772 of these RSUs to pay the employees’ portion of the applicable minimum payroll withholding taxes.

    In 2005, the board approved a stock repurchase program authorizing us, as market and business conditions warrant, to acquire our common stock and periodically authorizes additional funds for the program, with the intention of using existing cash and cash equivalents to fund these repurchases. In June 2024, the board approved the repurchase of the Company's common stock of up to $400.0 million, in place of the remaining purchase amounts previously authorized. As of March 31, 2025, the maximum remaining amount authorized for purchase under the stock repurchase program was approximately $358.1 million.

    There is no guarantee as to the exact number of shares we will repurchase. Repurchased shares are returned to the status of authorized but unissued shares of common stock. In March 2005, the board approved a plan under Rule 10b5-1 of the Securities Exchange Act of 1934 to facilitate the repurchase of shares of common stock under the existing stock repurchase program. Under our Rule 10b5-1 plan, we have delegated authority over the timing and amount of repurchases to an independent broker who does not have access to inside information about the Company. Rule 10b5-1 allows us, through the independent broker, to purchase shares at times when we ordinarily would not be in the market because of self-imposed trading blackout periods, such as the time immediately preceding the end of the fiscal quarter through a period of three business days following our quarterly earnings release.
    ITEM 3. DEFAULTS UPON SENIOR SECURITIES
    Not applicable.
    ITEM 4. MINE SAFETY DISCLOSURES
    Not applicable.
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    Table of contents
    ITEM 5. OTHER INFORMATION
    Rule 10b5-1 Plans
    None of the Company’s directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the three months ended March 31, 2025.
    ITEM 6. EXHIBITS
    The following lists exhibits filed as part of this quarterly report on Form 10-Q:
    Exhibit No.
    Description
    3.01(1)
    ACI Worldwide, Inc. Restated Certificate of Incorporation
    3.02(2)
    ACI Worldwide, Inc. Amended and Restated Bylaws of the Company
    4.01(3)
    Form of Common Stock Certificate (P)
    10.01
    Performance Share Award Agreement
    10.02
    Restricted Share Unit Award Agreement
    31.01
    Certification of Principal Executive Officer pursuant to SEC Rule 13a-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
    31.02
    Certification of Principal Financial Officer pursuant to SEC Rule 13a-14, as adopted pursuant to Section  302 of the Sarbanes-Oxley Act of 2002
    32.01**
    Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
    32.02**
    Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
    101.INS
    XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
    101.SCH
    XBRL Taxonomy Extension Schema
    101.CAL
    XBRL Taxonomy Extension Calculation Linkbase
    101.LAB
    XBRL Taxonomy Extension Label Linkbase
    101.PRE
    XBRL Taxonomy Extension Presentation Linkbase
    101.DEF
    XBRL Taxonomy Extension Definition Linkbase
    104
    Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
    ____________

    **    This certification is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Company specifically incorporates it by reference.

    (P)Paper Exhibit
    (1)Incorporated herein by reference to Exhibit 3.1 to the registrant’s current report on Form 8-K filed August 17, 2017.
    (2)Incorporated herein by reference to Exhibit 3.1 to the registrant’s current report on Form 8-K filed April 1, 2022.
    (3)Incorporated herein by reference to Exhibit 4.01 to the registrant’s Registration Statement No. 33-88292 on Form S-1.


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    Table of contents
    SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
    ACI WORLDWIDE, INC.
    (Registrant)
    Date: May 8, 2025
    By:
    /s/ SCOTT W. BEHRENS
    Scott W. Behrens
    Executive Vice President, Chief Financial Officer and Chief Accounting Officer
    (Principal Financial Officer)

    34
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    • ACI Worldwide, Inc. Reports Financial Results for the Quarter and Full Year Ended December 31, 2024

      2024 HIGHLIGHTS Total revenue of $1.594 billion grew 10% Net income of $203 million grew 67% Total adjusted EBITDA of $466 million grew 18% Cash flow from operating activities of $359 million grew 113% Expect 7-9% revenue growth in 2025 ACI Worldwide (NASDAQ:ACIW), an original innovator in global payments technology, announced financial results today for the quarter and full year ended December 31, 2024. "We are proud to have finished 2024 with stronger results than we expected across our key financial metrics, and that strength has continued as we start 2025. In 2024, we grew revenue 10%, increased adjusted EBITDA margin by more than 300 basis points to 41%, and more th

      2/27/25 6:00:00 AM ET
      $ACIW
      Computer Software: Prepackaged Software
      Technology

    $ACIW
    Insider Trading

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    • Chief Financial Officer Behrens Scott W was granted 60,480 shares and returned $1,412,342 worth of shares to the company (27,046 units at $52.22), increasing direct ownership by 7% to 539,406 units (SEC Form 4)

      4 - ACI WORLDWIDE, INC. (0000935036) (Issuer)

      4/17/25 9:05:54 PM ET
      $ACIW
      Computer Software: Prepackaged Software
      Technology
    • Chief Revenue Officer Silva Alessandro was granted 13,956 shares and returned $351,963 worth of shares to the company (6,740 units at $52.22), increasing direct ownership by 11% to 75,490 units (SEC Form 4)

      4 - ACI WORLDWIDE, INC. (0000935036) (Issuer)

      4/17/25 8:58:38 PM ET
      $ACIW
      Computer Software: Prepackaged Software
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    • New insider Litch Erich J claimed ownership of 19,511 shares (SEC Form 3)

      3 - ACI WORLDWIDE, INC. (0000935036) (Issuer)

      4/4/25 6:09:25 PM ET
      $ACIW
      Computer Software: Prepackaged Software
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    $ACIW
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • ACI Worldwide downgraded by DA Davidson with a new price target

      DA Davidson downgraded ACI Worldwide from Buy to Neutral and set a new price target of $60.00 from $57.00 previously

      11/8/24 7:31:45 AM ET
      $ACIW
      Computer Software: Prepackaged Software
      Technology
    • ACI Worldwide downgraded by Stephens

      Stephens downgraded ACI Worldwide from Overweight to Equal-Weight

      10/18/24 8:03:10 AM ET
      $ACIW
      Computer Software: Prepackaged Software
      Technology
    • Jefferies initiated coverage on ACI Worldwide with a new price target

      Jefferies initiated coverage of ACI Worldwide with a rating of Buy and set a new price target of $38.00

      3/8/24 7:20:14 AM ET
      $ACIW
      Computer Software: Prepackaged Software
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    $ACIW
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    • ACI Worldwide, Inc. Reports Financial Results for the Quarter Ending March 31, 2025

      Q1 2025 HIGHLIGHTS Revenue up 25% versus Q1 2024 Net income of $59 million versus net loss of $8 million in Q1 2024 Adjusted EBITDA up 95% versus Q1 2024 Repurchased 1 million shares for $52 million YTD Raising guidance range for full-year 2025 ACI Worldwide (NASDAQ:ACIW), an original innovator in global payments technology, announced financial results today for the quarter ending March 31, 2025. "We are happy to report Q1 results that were again ahead of our expectations," said Thomas Warsop, president and CEO of ACI Worldwide. "Our newly formed Payment Software segment, which is the combination of our former Bank and Merchant segments, grew revenue 42%. We continue to see str

      5/8/25 6:00:00 AM ET
      $ACIW
      Computer Software: Prepackaged Software
      Technology
    • ACI Worldwide, Inc. to Release Financial Results for the Quarter Ending March 31, 2025

      Conference Call Scheduled for Thursday, May 8, 2025, at 8:30 a.m. ET ACI Worldwide (NASDAQ:ACIW), an original innovator in global payments technology, announced today that it will report its financial results for the first quarter 2025 on Thursday, May 8, 2025. Management will host a conference call at 8:30 a.m. Eastern time to discuss these results. Interested persons may access a real-time teleconference webcast at http://investor.aciworldwide.com/. To join the live audio call, please dial +1 (800) 715-9871 and provide your name, the conference name of ACI Worldwide, Inc., and conference ID 88945; alternatively, to reduce operator-assisted delays joining the call, we invite you to regis

      4/21/25 6:00:00 AM ET
      $ACIW
      Computer Software: Prepackaged Software
      Technology
    • ACI Worldwide Survey Shows Nearly 40% of Taxpayers Will Use Refunds for Debt Relief

      Digital and alternative payment methods continue to increase in popularity among younger taxpayers A new income tax survey from ACI Worldwide (NASDAQ:ACIW), an original innovator in global payments technology, developed in partnership with YouGov, shows that nearly 40% of taxpayers would use their tax refund to pay debt (e.g., credit cards, loans, etc.), suggesting that the inflationary economy is eroding disposable income as Americans turn to tax refunds for debt relief. The survey also reveals that 44% of respondents chose to save their tax refunds, signaling a growing sense of financial caution and declining economic optimism. This year's survey also highlights an uptick in digital pay

      4/10/25 7:00:00 AM ET
      $ACIW
      Computer Software: Prepackaged Software
      Technology

    $ACIW
    SEC Filings

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    • SEC Form 10-Q filed by ACI Worldwide Inc.

      10-Q - ACI WORLDWIDE, INC. (0000935036) (Filer)

      5/8/25 11:48:12 AM ET
      $ACIW
      Computer Software: Prepackaged Software
      Technology
    • ACI Worldwide Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Leadership Update, Financial Statements and Exhibits

      8-K - ACI WORLDWIDE, INC. (0000935036) (Filer)

      5/8/25 9:10:24 AM ET
      $ACIW
      Computer Software: Prepackaged Software
      Technology
    • SEC Form DEFA14A filed by ACI Worldwide Inc.

      DEFA14A - ACI WORLDWIDE, INC. (0000935036) (Filer)

      4/21/25 6:09:55 AM ET
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      Computer Software: Prepackaged Software
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    Large Ownership Changes

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    • SEC Form SC 13G/A filed by ACI Worldwide Inc. (Amendment)

      SC 13G/A - ACI WORLDWIDE, INC. (0000935036) (Subject)

      2/14/24 2:53:46 PM ET
      $ACIW
      Computer Software: Prepackaged Software
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    • SEC Form SC 13G/A filed by ACI Worldwide Inc. (Amendment)

      SC 13G/A - ACI WORLDWIDE, INC. (0000935036) (Subject)

      2/13/24 4:55:55 PM ET
      $ACIW
      Computer Software: Prepackaged Software
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    • SEC Form SC 13G/A filed by ACI Worldwide Inc. (Amendment)

      SC 13G/A - ACI WORLDWIDE, INC. (0000935036) (Subject)

      1/30/24 12:02:40 PM ET
      $ACIW
      Computer Software: Prepackaged Software
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    Leadership Updates

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    • Amerant Bancorp Announces the Appointment of Two New Board Members

      Amerant Bancorp Inc. (NYSE:AMTB) ("Amerant" or the "Company") and its subsidiary, Amerant Bank, announced the appointment of Lisa Lutoff-Perlo and Odilon Almeida Júnior to its Board of Directors. "I am pleased to welcome Lisa and Odilon to our Board of Directors. Both are well respected, locally based leaders with strong community ties and significant C-suite and public company board experience," said Jerry Plush, Chairman and CEO of Amerant Bancorp. "The expertise, connections and strategic vision of these two exceptional individuals will play a key role in guiding Amerant towards continued growth and success." Lisa Lutoff-Perlo is a South Florida trailblazer in the global hospitality

      1/22/25 9:00:00 AM ET
      $ACIW
      $AMTB
      $AN
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      Computer Software: Prepackaged Software
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    • ACI Worldwide Announces Appointment of Philip Bruno as Chief Strategy and Growth Officer

      ACI Worldwide (NASDAQ:ACIW), an original innovator in global payments technology, today announced the appointment of Philip Bruno as chief strategy and growth officer. "ACI is executing on the strategy we launched in 2024 to become the global leader in Intelligent Payments Orchestration," said Thomas Warsop, president and CEO of ACI Worldwide. "The addition of Phil to our already strong executive leadership team is critical to further enhancing our corporate strategy and increasing our growth opportunities. He brings the strong vision and business expertise necessary to build the foundation for sustained growth and deliver on our commitments to customers and shareholders." Philip Bruno

      1/15/25 7:00:00 AM ET
      $ACIW
      Computer Software: Prepackaged Software
      Technology
    • ACI Worldwide and RS2 Launch One-Stop Solution for Acquirers and Issuers in Brazil

      New offering combines the best of ACI's and RS2's acquiring and issuing capabilities to launch a joint solution for the Brazilian market Cloud-enabled platform allows payment companies to launch new products and services quickly ACI Worldwide (NASDAQ:ACIW), a global leader in mission-critical, real-time payments software, and RS2, a global payments processor and technology provider, have joined forces to offer a one-stop solution for acquirers and issuers in Brazil. The new offering combines the best of ACI's and RS2's acquiring and issuing capabilities, supporting financial institutions, integrated software vendors, payment facilitators, independent sales organizations and payment p

      6/25/24 2:00:00 AM ET
      $ACIW
      Computer Software: Prepackaged Software
      Technology