Sign In  |  Register  |  About Mill Valley  |  Contact Us

Mill Valley, CA
September 01, 2020 1:29pm
7-Day Forecast | Traffic
  • Search Hotels in Mill Valley

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

ACI Worldwide, Inc. Reports Financial Results for the Quarter and Full Year Ended December 31, 2022

2022 HIGHLIGHTS

  • Revenue of $1.422 billion, up 7% from 2021 adjusted for FX and divestiture1
  • ARR2 bookings up 35% from 2021
  • Repurchased 8.6 million shares for $207 million
  • Increased repurchase authorization up to $200 million

ACI Worldwide (NASDAQ: ACIW), the global leader in mission-critical, real-time payments software, announced financial results today for the quarter and full year ended December 31, 2022.

"2022 was an important year for ACI, with significant new business wins, solid organic revenue growth and accelerating ARR bookings,” said Thomas Warsop, Interim President and CEO of ACI Worldwide. “Looking forward, we are excited about the opportunities across our businesses, particularly in Real Time and the Cloud, and confident in our ability to achieve our long term revenue growth target of 7-9% by 2024. We are making progress in our CEO search and expect to conclude the search in the coming months.”

FINANCIAL SUMMARY

In Q4 2022, revenue was $452 million, down from $467 million in Q4 2021. Net income was $90 million, versus $109 million in Q4 2021. Adjusted EBITDA in Q4 2022 was $194 million, versus $205 million in Q4 2021.

Full-year 2022 total revenue was $1.422 billion, up 4% from 2021, or 7% adjusted for FX and the divestiture. Net income of $142 million increased 11% from $128 million in 2021. Total adjusted EBITDA in 2022 was $373 million compared to $384 million in 2021. Consolidated ARR bookings for 2022 grew 35% over 2021.

  • Bank segment revenue increased 9% and Bank segment adjusted EBITDA increased 4%, versus 2021, adjusted for FX and the divestiture.
  • Merchant segment revenue increased 5% and Merchant segment adjusted EBITDA decreased 4%, versus 2021 on a constant currency basis, driven by investment that is expected to increase growth in 2023.
  • Biller segment revenue increased 6%, while Biller segment adjusted EBITDA decreased 17%, versus 2021, driven by increased interchange costs due to inflationary increases in average bill size.

ACI ended 2022 with $125 million in cash on hand and a debt balance of $1 billion, which represents a net debt leverage ratio of 2.6x. The company repurchased 8.6 million shares for $207 million during the year and the Board has approved an increase in the share repurchase authorization up to $200 million.

“The ACI Board continues to actively pursue opportunities to enhance shareholder value, as evidenced by the increase in the share repurchase authorization,” Warsop concluded.

2023 GUIDANCE

For the full year of 2023, we expect revenue growth to be in the mid-single-digits on a constant currency and divestiture-adjusted basis, or in the range of $1.436 billion to $1.466 billion. We expect adjusted EBITDA to be in the range of $380 million to $395 million with net adjusted EBITDA margin expansion. We expect revenue to be between $280 million and $290 million and adjusted EBITDA of $20 million to $30 million in Q1 2023. This excludes one-time charges related to the move of our European data centers to the public cloud and one-time costs to implement certain efficiency strategies.

1 Corporate Online Banking divestiture

2 “ARR”' is annual recurring revenue expected to be generated from new bookings signed in the quarter, including new accounts, new applications and add-on sales

CONFERENCE CALL TO DISCUSS FINANCIAL RESULTS

Today, management will host a conference call at 8:30 am ET to discuss these results. Interested persons may access a real-time audio broadcast of the teleconference at http://investor.aciworldwide.com/ or use the following number for dial-in participation: toll-free 1 (888) 660-6377; and conference code 3153574. A call replay will be available for two weeks on (855) 859-2056 for US/Canada callers and +1 (404) 537-3406 for international participants.

About ACI Worldwide

ACI Worldwide is a global leader in mission-critical, real-time payments software. Our proven, secure and scalable software solutions enable leading corporations, fintechs and financial disruptors to process and manage digital payments, power omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with a local presence to drive the real-time digital transformation of payments and commerce.

© Copyright ACI Worldwide, Inc. 2023.

ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties' trademarks referenced are the property of their respective owners.

To supplement our financial results presented on a GAAP basis, we use the non-GAAP measures indicated in the tables, which exclude significant transaction-related expenses, as well as other significant non-cash expenses such as depreciation, amortization, and stock-based compensation, that we believe are helpful in understanding our past financial performance and our future results. The presentation of these non-GAAP financial measures should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management generally compensates for limitations in the use of non-GAAP financial measures by relying on comparable GAAP financial measures and providing investors with a reconciliation of non-GAAP financial measures only in addition to and in conjunction with results presented in accordance with GAAP.

We believe that these non-GAAP financial measures reflect an additional way to view aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. Certain non-GAAP measures include:

  • Adjusted EBITDA: net income (loss) plus income tax expense (benefit), net interest income (expense), net other income (expense), depreciation, amortization and stock-based compensation, as well as significant transaction-related expenses. Adjusted EBITDA should be considered in addition to, rather than as a substitute for, net income (loss).
  • Net Adjusted EBITDA Margin: Adjusted EBITDA divided by revenue net of pass-through interchange revenue. Net Adjusted EBITDA Margin should be considered in addition to, rather than as a substitute for, net income (loss).
  • Diluted EPS adjusted for non-cash and significant transaction related items: diluted EPS plus tax effected significant transaction related items, amortization of acquired intangibles and software, and non-cash stock-based compensation. Diluted EPS adjusted for non-cash and significant transaction related items should be considered in addition to, rather than as a substitute for, diluted EPS.
  • Recurring revenue: revenue from software as a service and platform as a service fees and maintenance fees. Recurring revenue should be considered in addition to, rather than as a substitute for, total revenue.
  • *ARR: Annual recurring revenue expected to be generated from new accounts, new applications, and add-on sales bookings contracts signed in the quarter.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. Generally, forward-looking statements do not relate strictly to historical or current facts and may include words or phrases such as “believes,” “will,” “expects,” “anticipates,” “intends,” and words and phrases of similar impact. The forward-looking statements are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements in this press release include, but are not limited to: (i) excitement about the opportunities across our businesses, particularly in Real Time and the Cloud, (ii) confidence in our ability to achieve our long term revenue growth of 7-9% by 2024, (iii) progress in our CEO search and expectations to conclude the search in the coming months, (iv) the ACI Board continuing to actively pursue opportunities to enhance shareholder value, and (v) statements regarding Q1 2023 and full year 2023 revenue and adjusted EBITDA financial guidance.

All of the foregoing forward-looking statements are expressly qualified by the risk factors discussed in our filings with the Securities and Exchange Commission. Such factors include, but are not limited to, increased competition, business interruptions or failure of our information technology and communication systems, security breaches or viruses, our ability to attract and retain senior management personnel and skilled technical employees, future acquisitions, strategic partnerships and investments, divestitures and other restructuring activities, implementation and success of our strategy, impact if we convert some or all on-premise licenses from fixed-term to subscription model, anti-takeover provisions, exposure to credit or operating risks arising from certain payment funding methods, customer reluctance to switch to a new vendor, our ability to adequately defend our intellectual property, litigation, our offshore software development activities, risks from operating internationally, including fluctuations in currency exchange rates, events in eastern Europe, adverse changes in the global economy, compliance of our products with applicable legislation, governmental regulations and industry standards, the complexity of our products and services and the risk that they may contain hidden defects, complex regulations applicable to our payments business, our compliance with privacy and cybersecurity regulations, our involvement in investigations, lawsuits and other expense and time-consuming legal proceedings, exposure to unknown tax liabilities, changes in tax laws and regulations, consolidations and failures in the financial services industry, volatility in our stock price, demand for our products, failure to obtain renewals of customer contracts or to obtain such renewals on favorable terms, delay or cancellation of customer projects or inaccurate project completion estimates, impairment of our goodwill or intangible assets, the accuracy of management’s backlog estimates, the cyclical nature of our revenue and earnings and the accuracy of forecasts due to the concentration of revenue-generating activity during the final weeks of each quarter, restrictions and other financial covenants in our debt agreements, our existing levels of debt, events outside of our control including natural disasters, wars, and outbreaks of disease, and revenues or revenue mix. For a detailed discussion of these risk factors, parties that are relying on the forward-looking statements should review our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q.

ACI WORLDWIDE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands, except share and per share amounts)

 

December 31,

 

2022

 

2021

ASSETS

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

124,981

 

$

122,059

Receivables, net of allowances

 

403,781

 

 

320,405

Settlement assets

 

540,667

 

 

452,396

Prepaid expenses

 

28,010

 

 

24,698

Other current assets

 

17,366

 

 

17,876

Total current assets

 

1,114,805

 

 

937,434

Noncurrent assets

 

 

 

Accrued receivables, net

 

297,818

 

 

276,164

Property and equipment, net

 

52,499

 

 

63,050

Operating lease right-of-use assets

 

40,031

 

 

47,825

Software, net

 

129,109

 

 

157,782

Goodwill

 

1,226,026

 

 

1,280,226

Intangible assets, net

 

228,698

 

 

283,004

Deferred income taxes, net

 

53,738

 

 

50,778

Other noncurrent assets

 

67,171

 

 

62,478

TOTAL ASSETS

$

3,209,895

 

$

3,158,741

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities

 

 

 

Accounts payable

$

47,997

 

$

41,312

Settlement liabilities

 

539,087

 

 

451,575

Employee compensation

 

45,289

 

 

51,379

Current portion of long-term debt

 

65,521

 

 

45,870

Deferred revenue

 

58,303

 

 

84,425

Other current liabilities

 

102,645

 

 

79,594

Total current liabilities

 

858,842

 

 

754,155

Noncurrent liabilities

 

 

 

Deferred revenue

 

23,233

 

 

25,925

Long-term debt

 

1,024,351

 

 

1,019,872

Deferred income taxes, net

 

40,371

 

 

36,122

Operating lease liabilities

 

33,910

 

 

43,346

Other noncurrent liabilities

 

36,001

 

 

34,544

Total liabilities

 

2,016,708

 

 

1,913,964

Stockholders’ equity

 

 

 

Preferred stock

 

 

 

Common stock

 

702

 

 

702

Additional paid-in capital

 

702,458

 

 

688,313

Retained earnings

 

1,273,458

 

 

1,131,281

Treasury stock

 

(665,771)

 

 

(475,972)

Accumulated other comprehensive loss

 

(117,660)

 

 

(99,547)

Total stockholders’ equity

 

1,193,187

 

 

1,244,777

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

3,209,895

 

$

3,158,741

ACI WORLDWIDE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share amounts)

 

Three Months Ended

December 31,

 

Years Ended December 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenues

 

 

 

 

 

 

 

Software as a service and platform as a service

$

205,800

 

 

$

190,812

 

 

$

802,880

 

 

$

774,342

 

License

 

179,874

 

 

 

209,484

 

 

 

348,134

 

 

 

319,867

 

Maintenance

 

48,902

 

 

 

51,462

 

 

 

200,045

 

 

 

210,499

 

Services

 

17,229

 

 

 

15,071

 

 

 

70,842

 

 

 

65,890

 

Total revenues

 

451,805

 

 

 

466,829

 

 

 

1,421,901

 

 

 

1,370,598

 

Operating expenses

 

 

 

 

 

 

 

Cost of revenue (1)

 

178,699

 

 

 

162,060

 

 

 

696,071

 

 

 

638,871

 

Research and development

 

31,963

 

 

 

39,519

 

 

 

146,311

 

 

 

144,310

 

Selling and marketing

 

32,019

 

 

 

36,328

 

 

 

134,812

 

 

 

126,539

 

General and administrative

 

29,441

 

 

 

34,372

 

 

 

114,194

 

 

 

123,801

 

Depreciation and amortization

 

31,460

 

 

 

31,746

 

 

 

126,678

 

 

 

127,180

 

Total operating expenses

 

303,582

 

 

 

304,025

 

 

 

1,218,066

 

 

 

1,160,701

 

Operating income

 

148,223

 

 

 

162,804

 

 

 

203,835

 

 

 

209,897

 

Other income (expense)

 

 

 

 

 

 

 

Interest expense

 

(16,179

)

 

 

(11,117

)

 

 

(53,193

)

 

 

(45,060

)

Interest income

 

3,342

 

 

 

2,969

 

 

 

12,547

 

 

 

11,522

 

Other, net

 

(2,355

)

 

 

(258

)

 

 

43,446

 

 

 

(1,294

)

Total other income (expense)

 

(15,192

)

 

 

(8,406

)

 

 

2,800

 

 

 

(34,832

)

Income before income taxes

 

133,031

 

 

 

154,398

 

 

 

206,635

 

 

 

175,065

 

Income tax expense

 

42,803

 

 

 

44,927

 

 

 

64,458

 

 

 

47,274

 

Net income

$

90,228

 

 

$

109,471

 

 

$

142,177

 

 

$

127,791

 

Income per common share

 

 

 

 

 

 

 

Basic

$

0.81

 

 

$

0.94

 

 

$

1.25

 

 

$

1.09

 

Diluted

$

0.81

 

 

$

0.93

 

 

$

1.24

 

 

$

1.08

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

Basic

 

111,077

 

 

 

116,912

 

 

 

113,700

 

 

 

117,407

 

Diluted

 

111,354

 

 

 

118,141

 

 

 

114,238

 

 

 

118,647

 

(1) The cost of revenue excludes charges for depreciation but includes amortization of purchased and developed software for resale.

ACI WORLDWIDE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

 

Three Months Ended

December 31,

 

Years Ended December 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$

90,228

 

 

$

109,471

 

 

$

142,177

 

 

$

127,791

 

Adjustments to reconcile net income to net cash flows from operating activities:

 

 

 

 

 

 

 

Depreciation

 

6,129

 

 

 

5,062

 

 

 

23,181

 

 

 

20,900

 

Amortization

 

25,330

 

 

 

27,965

 

 

 

104,147

 

 

 

112,493

 

Amortization of operating lease right-of-use assets

 

2,740

 

 

 

2,763

 

 

 

11,036

 

 

 

10,515

 

Amortization of deferred debt issuance costs

 

1,126

 

 

 

1,160

 

 

 

4,561

 

 

 

4,685

 

Deferred income taxes

 

10,662

 

 

 

15,475

 

 

 

1,603

 

 

 

3,733

 

Stock-based compensation expense

 

7,869

 

 

 

6,452

 

 

 

29,753

 

 

 

27,242

 

Gain on divestiture

 

 

 

 

 

 

 

(38,452

)

 

 

 

Other

 

545

 

 

 

882

 

 

 

3,028

 

 

 

855

 

Changes in operating assets and liabilities, net of impact of acquisitions:

 

 

 

 

 

 

 

Receivables

 

(137,961

)

 

 

(99,783

)

 

 

(132,194

)

 

 

(43,830

)

Accounts payable

 

10,777

 

 

 

6,488

 

 

 

7,730

 

 

 

1,408

 

Accrued employee compensation

 

711

 

 

 

4,814

 

 

 

(3,161

)

 

 

3,674

 

Deferred revenue

 

3,390

 

 

 

(27,671

)

 

 

(2,977

)

 

 

(17,332

)

Other current and noncurrent assets and liabilities

 

19,869

 

 

 

22,913

 

 

 

(7,051

)

 

 

(31,661

)

Net cash flows from operating activities

 

41,415

 

 

 

75,991

 

 

 

143,381

 

 

 

220,473

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property and equipment

 

(4,980

)

 

 

(7,614

)

 

 

(13,103

)

 

 

(20,582

)

Purchases of software and distribution rights

 

(8,396

)

 

 

(4,745

)

 

 

(26,790

)

 

 

(24,786

)

Proceeds from divestiture

 

 

 

 

 

 

 

100,139

 

 

 

 

Net cash flows from investing activities

 

(13,376

)

 

 

(12,359

)

 

 

60,246

 

 

 

(45,368

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from issuance of common stock

 

780

 

 

 

914

 

 

 

3,581

 

 

 

3,440

 

Proceeds from exercises of stock options

 

2,792

 

 

 

1,610

 

 

 

4,584

 

 

 

8,862

 

Repurchase of stock-based compensation awards for tax withholdings

 

(1,163

)

 

 

 

 

 

(6,983

)

 

 

(14,833

)

Repurchases of common stock

 

(115,603

)

 

 

(67,967

)

 

 

(206,537

)

 

 

(107,378

)

Proceeds from revolving credit facility

 

95,000

 

 

 

35,000

 

 

 

180,000

 

 

 

35,000

 

Repayment of revolving credit facility

 

 

 

 

(35,000

)

 

 

(75,000

)

 

 

(90,000

)

Repayment of term portion of credit agreement

 

(14,606

)

 

 

(9,738

)

 

 

(85,431

)

 

 

(38,950

)

Payments on or proceeds from other debt, net

 

(2,017

)

 

 

(4,998

)

 

 

(12,123

)

 

 

(15,185

)

Net increase (decrease) in settlement assets and liabilities

 

6,765

 

 

 

17,635

 

 

 

26,849

 

 

 

(37,834

)

Net cash flows from financing activities

 

(28,052

)

 

 

(62,544

)

 

 

(171,060

)

 

 

(256,878

)

Effect of exchange rate fluctuations on cash

 

(1,977

)

 

 

449

 

 

 

(2,037

)

 

 

533

 

Net increase (decrease) in cash and cash equivalents

 

(1,990

)

 

 

1,537

 

 

 

30,530

 

 

 

(81,240

)

Cash and cash equivalents, including settlement deposits, beginning of period

 

216,662

 

 

 

182,605

 

 

 

184,142

 

 

 

265,382

 

Cash and cash equivalents, including settlement deposits, end of period

$

214,672

 

 

$

184,142

 

 

$

214,672

 

 

$

184,142

 

Reconciliation of cash and cash equivalents to the Consolidated Balance Sheets

 

 

 

 

 

 

 

Cash and cash equivalents

$

124,981

 

 

$

122,059

 

 

$

124,981

 

 

$

122,059

 

Settlement deposits

 

89,691

 

 

 

62,083

 

 

 

89,691

 

 

 

62,083

 

Total cash and cash equivalents

$

214,672

 

 

$

184,142

 

 

$

214,672

 

 

$

184,142

 

Adjusted EBITDA (millions)

Three Months Ended

December 31,

 

Years Ended December 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net income

$

90.2

 

 

$

109.5

 

 

$

142.2

 

 

$

127.8

 

Plus:

 

 

 

 

 

 

 

Income tax expense

 

42.8

 

 

 

44.9

 

 

 

64.5

 

 

 

47.3

 

Net interest expense

 

12.8

 

 

 

8.1

 

 

 

40.6

 

 

 

33.5

 

Net other (income) expense

 

2.4

 

 

 

0.3

 

 

 

(43.4

)

 

 

1.3

 

Depreciation expense

 

6.1

 

 

 

5.1

 

 

 

23.2

 

 

 

20.9

 

Amortization expense

 

25.3

 

 

 

28.0

 

 

 

104.1

 

 

 

112.5

 

Non-cash stock-based compensation expense

 

7.9

 

 

 

6.4

 

 

 

29.8

 

 

 

27.2

 

Adjusted EBITDA before significant transaction-related expenses

$

187.5

 

 

$

202.3

 

 

$

361.0

 

 

$

370.5

 

Significant transaction-related expenses:

 

 

 

 

 

 

 

CEO transition

 

3.6

 

 

 

 

 

 

3.6

 

 

 

 

Employee related actions

 

 

 

 

2.2

 

 

 

 

 

 

10.3

 

European datacenter migration

 

2.4

 

 

 

 

 

 

5.8

 

 

 

 

Divestiture transaction related

 

0.4

 

 

 

 

 

 

3.0

 

 

 

 

Other

 

 

 

 

0.6

 

 

 

 

 

 

3.1

 

Adjusted EBITDA

$

193.9

 

 

$

205.1

 

 

$

373.4

 

 

$

383.9

 

Revenue, net of interchange:

 

 

 

 

 

 

 

Revenue

$

451.8

 

 

$

466.8

 

 

$

1,421.9

 

 

$

1,370.6

 

Interchange

 

111.2

 

 

 

90.0

 

 

 

406.6

 

 

 

352.7

 

Revenue, net of interchange

$

340.6

 

 

$

376.8

 

 

$

1,015.3

 

 

$

1,017.9

 

 

 

 

 

 

 

 

 

Net adjusted EBITDA Margin

 

57

%

 

 

54

%

 

 

37

%

 

 

38

%

Segment Information (millions)

Three Months Ended

December 31,

 

Years Ended December 31,

 

2022

 

2021

 

2022

 

2021

Revenue

 

 

 

 

 

 

 

Banks

$

247.0

 

$

283.4

 

$

638.6

 

$

625.1

Merchants

 

40.8

 

 

37.9

 

 

153.9

 

 

153.0

Billers

 

164.0

 

 

145.5

 

 

629.4

 

 

592.5

Total

$

451.8

 

$

466.8

 

$

1,421.9

 

$

1,370.6

Recurring revenue

 

 

 

 

 

 

 

Banks

$

53.6

 

$

61.0

 

$

232.9

 

$

250.6

Merchants

 

37.1

 

 

35.8

 

 

140.6

 

 

141.8

Billers

 

164.0

 

 

145.5

 

 

629.4

 

 

592.4

Total

$

254.7

 

$

242.3

 

$

1,002.9

 

$

984.8

Segment adjusted EBITDA

 

 

 

 

 

 

 

Banks

$

186.3

 

$

213.6

 

$

371.0

 

$

372.9

Merchants

 

16.8

 

 

12.3

 

 

49.0

 

 

54.3

Billers

 

26.4

 

 

28.4

 

 

107.4

 

 

129.0

EPS Impact of Non-cash and Significant Transaction-related Items (millions)

Three Months Ended December 31,

 

2022

 

2021

 

EPS Impact

 

$ in Millions

(Net of Tax)

 

EPS Impact

 

$ in Millions

(Net of Tax)

GAAP net income

$

0.81

 

$

90.2

 

$

0.93

 

$

109.5

Adjusted for:

 

 

 

 

 

 

 

Significant transaction-related expenses

 

0.04

 

 

4.9

 

 

0.02

 

 

2.1

Amortization of acquisition-related intangibles

 

0.06

 

 

6.4

 

 

0.06

 

 

7.0

Amortization of acquisition-related software

 

0.04

 

 

4.5

 

 

0.05

 

 

5.5

Non-cash stock-based compensation

 

0.05

 

 

6.0

 

 

0.04

 

 

4.9

Total adjustments

$

0.19

 

$

21.8

 

$

0.17

 

$

19.5

Diluted EPS adjusted for non-cash and significant

transaction-related items

$

1.00

 

$

112.0

 

$

1.10

 

$

129.0

EPS Impact of Non-cash and Significant Transaction-related Items (millions)

Years Ended December 31,

 

2022

 

2021

 

EPS Impact

 

$ in Millions

(Net of Tax)

 

EPS Impact

 

$ in Millions

(Net of Tax)

GAAP net income

$

1.24

 

 

$

142.2

 

 

$

1.08

 

$

127.8

Adjusted for:

 

 

 

 

 

 

 

Gain on divestiture

 

(0.26

)

 

 

(29.2

)

 

 

 

 

Significant transaction-related expenses

 

0.08

 

 

 

9.6

 

 

 

0.09

 

 

10.2

Amortization of acquisition-related intangibles

 

0.24

 

 

 

27.0

 

 

 

0.24

 

 

28.1

Amortization of acquisition-related software

 

0.16

 

 

 

18.6

 

 

 

0.21

 

 

24.6

Non-cash stock-based compensation

 

0.20

 

 

 

22.6

 

 

 

0.17

 

 

20.7

Total adjustments

$

0.42

 

 

$

48.6

 

 

$

0.71

 

$

83.6

Diluted EPS adjusted for non-cash and significant transaction-related items

$

1.66

 

 

$

190.8

 

 

$

1.79

 

$

211.4

Recurring Revenue (millions)

Three Months Ended

December 31,

 

Years Ended December 31,

 

2022

 

2021

 

2022

 

2021

SaaS and PaaS fees

$

205.8

 

$

190.8

 

$

802.9

 

$

774.3

Maintenance fees

 

48.9

 

 

51.5

 

 

200.0

 

 

210.5

Recurring revenue

$

254.7

 

$

242.3

 

$

1,002.9

 

$

984.8

Annual Recurring Revenue (ARR) Bookings (millions)

Three Months Ended

December 31,

 

Years Ended December 31,

 

2022

 

2021

 

2022

 

2021

ARR bookings

$

40.2

 

$

31.8

 

$

109.7

 

$

81.5

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 MillValley.com & California Media Partners, LLC. All rights reserved.