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目录
美国
证券交易委员会
华盛顿特区20549
___________________________
表格 10-Q
____________________________________________________________________
(标记一个)
☒根据1934年证券交易所法案第13或15(d)条的季报告
截至2024年6月30日季度结束 2024年9月30日
或者
☐​
为了从 过渡到 的过渡期
委员会档案编号 0-25346
___________________________
ACI WORLDWIDE, INC.
（依凭章程所载的完整登记名称）
___________________________
特拉华州47-0772104
(成立地或组织其他管辖区)（联邦税号）
6060 Coventry Drive

Elkhorn,
内布拉斯加
68022
(总部办公地址)（邮递区号）
(402) 390-7600
(注册人电话号码，包括区号)
______________________________________________________
请勾选表示该登记者（1）已在过去12个月（或该登记者需要提交此类报告的较短期间）内提交了证券交易所法案第13或15（d）节要求提交的所有报告，且（2）在过去90天内一直受到此类提交要求的影响。是☒ 否 ☐
请勾选表示：在过去12个月内（或在要求提交此类文件的更短期间内），公司是否按照Regulation S-t第405条的规定，以电子方式提交了每一个必须提交的互动式数据文件。是☒ 否 ☐
请用勾选表明登记人是否为大型加速递交者、加速递交者、非加速递交者、较小实报公司或新兴增长企业。 请参见《交易所法》第120亿2条中对“大型加速递交者”、“加速递交者”、“较小实报公司”和“新兴增长企业”的定义。（选择一个）：
大型加速归档人☒加速档案提交者☐
非加速归档人☐较小报告公司☐
新兴成长企业☐
如果是新兴成长型公司，请在勾选处表明，若公司已选择不适用根据《交易所法》第13(a)条提供的任何新的或修改后的财务会计标准的延长过渡期。 ☐
请用勾选标记表示是否公司属于空壳公司（依据《交易所法》第120亿2条定义）。 是 ☐ 否 ☐☒
截至2024年11月5日，Arq，Inc.的股份数量为 104,888,642 股。
根据法案第12(b)条规定登记或拟登记的证券。
每种类别的名称交易标的（s）在每个已注册的交易所上的名称
普通股，面值$0.005ACIW纳斯达克全球货币选择市场


目录
目 录
页面
项目 1

2
目录
第一部分 - 财务信息
项目 1. 基本报表
ACI WORLDWIDE, INC. AND SUBSIDIARIES
缩表合并资产负债表
(未经审计，以千元为单位，股票及每股数量除外)
2024年9月30日2023年12月31日
资产
流动资产合计
现金及现金等价物
$177,860 $164,239 
应收帐款，扣除$ 的呆帐后1,936 15.14,295、分别
424,518 452,337 
结算资产
428,479 723,039 
预付款项
31,878 31,479 
其他流动资产
22,865 35,551 
全部流动资产1,085,600 1,406,645 
非流动资产
应计账款，扣除应付款项
338,977 313,983 
物业及设备，扣除折旧后净值
31,441 37,856 
营运租赁权使用资产
29,181 34,338 
软体净值
90,313 108,418 
商誉
1,226,026 1,226,026 
无形资产，扣除累计摊销
172,310 195,646 
递延所得税资产，扣除递延所得税负债后净额
64,674 58,499 
其他非流动资产
54,463 63,328 
总资产$3,092,985 $3,444,739 
负债及股东权益
流动负债
应付账款
$47,912 $45,964 
结算负债
428,080 721,164 
员工报酬
42,806 53,892 
长期债务的当期偿还34,910 74,405 
逐步认列的收入
68,550 59,580 
其他流动负债
75,036 82,244 
流动负债合计697,294 1,037,249 
非流动负债合计
逐步认列的收入19,315 24,780 
长期负债959,387 963,599 
递延所得税资产，扣除递延所得税负债后净额38,439 40,735 
营业租赁负债23,601 29,074 
其他非流动负债25,319 25,005 
总负债1,763,355 2,120,442 
合约和可能负债
股东权益
优先股; $0.01 面值; 5,000,000 授权股份为 无 于2024年9月30日和2023年12月31日发行的股份
— — 
普通股; $0.005 面值; 280,000,000 授权股份为 140,525,055 于2024年9月30日和2023年12月31日发行的股份
702 702 
资本公积额额外增资725,724 712,994 
保留收益1,499,530 1,394,967 
按成本核算的库藏股 35,654,240 和 32,447,317 分别于2024年9月30日和2023年12月31日发行的股份
(791,353)(674,896)
累积其他全面损失(104,973)(109,470)
股东权益总额1,329,630 1,324,297 
总负债及股东权益$3,092,985 $3,444,739 
附注是简明合并财务报表的一个重要组成部分。
3
目录
ACI WORLDWIDE, INC. 及其附属公司
综合营业损益汇缩陈述
(未经审核，以千为单位，每股金额除外)
三个月结束
九月三十日		截止九个月
九月三十日
2024202320242023
收入
软体即服务，平台即服务
$223,367 $211,369 $674,498 $625,975 
授权
157,429 79,679 252,984 142,681 
保养
47,559 51,942 144,046 153,436 
服务
23,397 20,025 69,722 53,924 
总收入
451,752 363,015 1,141,250 976,016 
营运开支
收入成本 (1)
197,351 177,625 591,696 537,522 
研究与开发
37,660 33,739 108,063 106,122 
销售和营销
28,691 29,442 83,992 98,166 
一般及行政
33,949 29,821 84,942 92,675 
折旧和摊销
31,515 30,464 86,710 93,439 
营运开支总额
329,166 301,091 955,403 927,924 
营业收入
122,586 61,924 185,847 48,092 
其他收入（费用）
利息支出
(18,356)(19,840)(55,837)(58,641)
利息收入
3,871 3,495 11,833 10,458 
其他, 网
(823)1,084 (1,692)(6,403)
其他收入总额（费用）(15,308)(15,261)(45,696)(54,586)
所得税前的收入（亏损）107,278 46,663 140,151 (6,494)
所得税费用（福利）25,851 8,752 35,588 (5,387)
净收入（亏损）$81,427 $37,911 $104,563 $(1,107)
每股收入（亏损）
基本
$0.78 $0.35 $0.99 $(0.01)
稀释$0.77 $0.35 $0.98 $(0.01)
持仓普通股加权平均
基本104,770 108,667 105,651 108,428 
稀释106,018 108,933 106,552 108,428 

(1) 营业收入的成本不包括折旧和摊销费用。

随附的说明是压缩合并基本报表的一个组成部分。
4
目录
ACI环球公司及其子公司
浓缩合并全面收益（损失）表
(未经审计，单位为千)
 
截至三个月
九月三十日		截至九个月
九月三十日
2024202320242023
净利润（亏损）$81,427 $37,911 $104,563 $(1,107)
其他全面收益（损失）：
外币翻译调整9,109 (6,310)4,497 298 
其他综合收益（损失）总额9,109 (6,310)4,497 298 
综合收益（损失）$90,536 $31,601 $109,060 $(809)

随附的说明是压缩合并基本报表的一个组成部分。
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目录
ACI环球, INC. 与 子公司
浓缩合并股东权益表
(未审核且以千为单位，除股份金额外)
截至2024年9月30日的三个月
普通股额外
实收资本		留存收益库存股累计其他
综合损失		总计
截至2024年6月30日的余额$702 $718,559 $1,418,103 $(786,526)$(114,082)$1,236,756 
净利润
— — 81,427 — — 81,427 
其他综合收益
— — — — 9,109 9,109 
基于股票的补偿
— 11,346 — — — 11,346 
根据股票计划发行和注销的股份净额
— (4,181)— 6,109 — 1,928 
回购 203,317 普通股股份
— — — (7,976)— (7,976)
回购用于税务扣留的股票报酬奖励
— — — (2,960)— (2,960)
截至2024年9月30日的余额$702 $725,724 $1,499,530 $(791,353)$(104,973)$1,329,630 
截至2023年9月30日的三个月
普通股额外
实收资本		留存收益库存股累计其他
综合亏损		总计
截至2023年6月30日的余额$702 $704,096 $1,234,440 $(655,660)$(111,052)$1,172,526 
净利润
— — 37,911 — — 37,911 
其他综合损失
— — — — (6,310)(6,310)
基于股票的补偿
— 6,822 — — — 6,822 
根据股票计划发行和取消的股份，净额
— (2,412)— 3,381 — 969 
用于税款扣缴的股票奖励回购
— — — (883)— (883)
截至2023年9月30日的余额$702 $708,506 $1,272,351 $(653,162)$(117,362)$1,211,035 
随附的说明是压缩合并基本报表的一个组成部分。
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ACI WORLDWIDE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(unaudited and in thousands, except share amounts)
截至2024年9月的九个月
普通股
额外
实收资本
留存收益库存股
累计其他
综合亏损
总计
截至2023年12月31日的余额$702 $712,994 $1,394,967 $(674,896)$(109,470)$1,324,297 
净利润
— — 104,563 — 104,563 
其他综合收益
— — — — 4,497 4,497 
基于股票的补偿
— 30,165 — — — 30,165 
根据股票计划发行并注销的股票份额，净额
— (17,435)— 21,511 — 4,076 
回购 3,946,537 普通股
— — — (128,669)— (128,669)
用于税收预扣的股票补偿奖励回购
— — — (9,299)— (9,299)
截至2024年9月30日的余额$702 $725,724 $1,499,530 $(791,353)$(104,973)$1,329,630 
截至2023年9月30日的九个月
普通股
额外
实收资本
留存收益
库存股
累计其他
综合亏损
总计
截至2022年12月31日的余额$702 $702,458 $1,273,458 $(665,771)$(117,660)$1,193,187 
净损失
— — (1,107)— — (1,107)
其他综合收益
— — — — 298 298 
基于股票的补偿
— 17,537 — — — 17,537 
根据股票计划发行和注销的股份，净额
— (11,489)— 16,812 — 5,323 
股票奖励的回购用于税款扣缴
— — — (4,203)— (4,203)
截至2023年9月30日的余额$702 $708,506 $1,272,351 $(653,162)$(117,362)$1,211,035 
随附的说明是压缩合并基本报表的一个组成部分。
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目录
ACI环球公司及其子公司
简明合并现金流量表
(未经审计，单位为千)
截至九个月
九月三十日
20242023
经营活动产生的现金流：
净利润（亏损）$104,563 $(1,107)
调整净利润（亏损）与经营活动产生的现金流之间的 reconciled:
折旧
14,999 18,722 
摊销
71,711 74,716 
营业租赁使用权资产的摊销
7,337 9,190 
延期债务发行成本的摊销
2,257 3,415 
递延所得税
(2,229)(25,207)
基于股票的补偿费用
30,165 17,537 
其他
180 2,168 
经营资产和负债的变动：
应收款项
3,699 42,012 
应付账款
758 (7,198)
应计员工补偿
(11,125)(2,879)
递延收入
1,884 4,404 
其他流动和非流动资产及负债
8,067 (52,999)
来自运营活动的净现金流
232,266 82,774 
投资活动的现金流：
购买房产和设备
(8,463)(7,956)
软件及发行权的购买
(23,178)(22,571)
来自投资活动的净现金流
(31,641)(30,527)
融资活动产生的现金流:
普通股发行所得款项
2,129 2,122 
期权行使所得
1,954 3,132 
回购股票薪酬奖励以进行税款扣缴(9,299)(4,203)
回购普通股
(127,670)— 
循环信贷额度的收入
184,000 75,000 
偿还循环信贷额度
(177,000)(51,000)
信用协议的期限部分所得
500,000 — 
信用协议的期限部分偿还
(547,823)(53,556)
其他债务的支付或收益，净额(9,299)(12,473)
债务发行成本的支付(5,141)(2,160)
结算资产和负债的净增加（减少）
17,704 (4,635)
融资活动的净现金流
(170,445)(47,773)
汇率波动对现金的影响(331)4,388 
现金及现金等价物净增加额
29,849 8,862 
现金及现金等价物，包括结算存款，期初余额238,821 214,672 
现金及现金等价物，包括结算存款，期末余额$268,670 $223,534 
现金及现金等价物与合并资产负债表的调节
现金及现金等价物$177,860 $139,520 
结算存款90,810 84,014 
总现金及现金等价物，包括结算存款$268,670 $223,534 
补充现金流信息
已支付的所得税
$23,143 $43,915 
支付的利息
$59,924 $60,597 
The accompanying notes are an integral part of the condensed consolidated financial statements.
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Table of contents

ACI WORLDWIDE, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. Condensed Consolidated Financial Statements
未经审计的简明合并基本报表包括ACI环球公司及其全资子公司（统称为“公司”）的账户。所有公司内部的余额和交易均已被消除。截止至2024年9月30日的简明合并基本报表，以及截至2024年和2023年9月30日的三个月和九个月的报表，均为未经审计，并且反映了所有正常定期性质的调整，管理层认为这些调整对于在所有重大方面公正呈现中期的财务状况和运营结果是必要的。截止至2023年12月31日的简明合并资产负债表来源于经过审计的基本报表。

本所包含的合并基本报表应与公司于2024年2月29日提交的截至2023年12月31日的财政年度的10-K表格中的合并基本报表及其附注共同阅读。2024年9月30日结束的三个月和九个月的结果不一定能代表未来可能实现的结果。

编制符合美国通用会计准则（“U.S. GAAP”）的合并基本报表，需要管理层做出判断、估计和假设，这些判断、估计和假设会影响在合并基本报表日期报告的资产和负债金额以及或有资产和负债的披露，以及在报告期内报告的收入和费用金额。这些估计和假设受到管理层会计政策应用的影响，以及当前经济环境中的不确定性。实际结果可能与这些估计有所不同。

其他流动负债
其他流动负债的元件包含在以下表格中（以千为单位）：
2024年9月30日2023年12月31日
经营租赁负债$8,960 $9,348 
供应商融资许可证8,076 12,702 
应计利息3,124 9,172 
其他54,876 51,022 
其他流动负债总计$75,036 $82,244 

结算资产和负债
个人和企业通过信用卡或借记卡或通过自动清算中心（"ACH"）付款来清算对公司的各种账单客户的义务。公司为应收款项创建设备，从信用卡或借记卡处理器中获得应收金额，并相应地记入对客户的应付账款。当确认资金已收到后，公司清算对客户的义务。由于时间原因，在某些情况下，公司可能会（1）将资金收到到公司名下控制的银行账户中，而这些资金在当天结束时未分发给客户，导致公司账面上的结算存款，以及（2）在从信用卡或借记卡处理器收到资金之前，提前向客户支付资金，造成净结算应收款。

9
目录
表外结算账户
公司还与某些Biller客户签订协议，代表他们处理付款资金。在处理ACH或自动柜员机网络支付交易时，将启动一项交易，从指定的来源账户中提取资金并将其存入结算账户，结算账户是为公司客户的利益而设立的信托账户。启动同步交易，将资金从结算账户转移到预期的目标账户。这些 “背靠背” 交易旨在同时结算，通常是隔夜结算，这样，公司在将资金汇往目的地的同时从来源处收到资金。但是，由于与各种金融机构进行交易，可能存在时间差异，从而产生浮动余额。这些资金存放在账户中，以造福客户，该账户与公司的公司资产是分开的。由于公司不拥有资金的所有权，因此这些结算账户未包含在公司的资产负债表中。公司有权从基金余额中获得的利息。公司在确定客户费用结构时会考虑对这些结算账户收取的利息，并占公司提供的服务付款的一部分。 截至 2024 年 9 月 30 日和 2023 年 12 月 31 日，结算资金金额为美元315.5 百万和美元273.2 分别为百万。

公允价值
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 $399.6 million and $398.5 million as of September 30, 2024, and December 31, 2023, 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 has identified its operating segments, Banks, Merchants, and Billers, as the reporting units. As of September 30, 2024, the Company's goodwill balance of $1.2 billion was allocated $671.7 million to Banks, $137.3 million to Merchants, and $417.0 million to Billers.

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, 2023, 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. The Company records its share of earnings and losses in the investment on a one-quarter lag basis. Accordingly, the Company recorded an investment of $19.6 million and $18.5 million, which is included in other noncurrent assets in the condensed consolidated balance sheet as of September 30, 2024, and December 31, 2023, respectively.

Recently Issued Accounting Standards Not Yet Effective
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024, and early application is permitted. The Company is currently assessing the impact the adoption of ASU 2023-07 will have on its segment reporting disclosures.

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.
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Table of contents
ASU 2023-09 is effective for annual periods beginning after December 15, 2024, 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 the adoption of ASU 2023-09 will have on its income tax disclosures.

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):
September 30, 2024December 31, 2023
Billed receivables$201,577 $250,423 
Allowance for credit losses
(1,936)(4,295)
Billed receivables, net199,641 246,128 
Current accrued receivables, net224,877 206,209 
Long-term accrued receivables, net338,977 313,983 
Total accrued receivables, net563,854 520,192 
Total receivables, net$763,495 $766,320 

No customer accounted for more than 10% of the Company’s consolidated receivables balance as of September 30, 2024 and December 31, 2023.

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, 2023
$84,360 
Deferral of revenue95,861 
Recognition of deferred revenue(93,900)
Foreign currency translation1,544 
Balance, September 30, 2024
$87,865 

分配给剩余履约义务的营业收入代表将在未来期间确认的合同收入，包括递延收入以及将在未来期间开票并确认的收入。这不包括：
•将来周期内将确认的营业收入，来自作为基于使用的特许权使用费计入的超出容量的部分。
•SaaS-云计算和PaaS-云计算的营业收入来自于依据‘开票权利’的实际便捷方法或满足分配目标的变量对价。

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目录
分配的营业收入是 剩余的履约义务 截至2024年9月30日为止是$659.2 百万，其中公司预计在接下来的 51%内确认大约 12 个月，其余将在之后确认。

截至2024年9月30日的三个月和九个月期间，公司从之前期间满足的履约义务确认的营业收入为 无截至2023年9月30日的三个月和九个月期间，公司从之前期间满足的履约义务确认的营业收入为$23.3 百万和$43.7 百万，分别为。
3. 债务
截至2024年9月30日，公司在循环信贷工具、定期贷款和高级票据下分别有$131.0 百万，$471.9 百万，以及$400.0 百万未偿还款项，循环信贷工具部分根据修订后的信贷协议可使用高达$467.1 百万未使用的借款，以及高达$1.9 百万未使用的信用证协议下的借款。实际可用的未使用借款金额根据协议条款有所不同。

信用协议
2024年2月26日，ACI环球公司（以下简称“公司”）与不时作为贷款方的 subsidiary 借款人签署了第二修订和重述的信贷协议的再融资修正案（以下简称“修正案”），该信贷协议的日期为2019年4月5日（经不时修改、重述、补充或以其他方式修订，包括通过修正案，以下简称“信贷协议”），公司、在此不时担任借款方的子公司，以及不时担任贷方的贷款机构，包括美国银行（Bank of America，N.A.），作为管理代理和贷方，BofA证券公司、PNC资本市场有限责任公司、富国银行证券有限责任公司，以及TD证券（美国）有限责任公司，作为联合主承销商和联合簿记人，以及其他相关的金融机构。

修正案(一)提供了一项总本金金额为$的高级担保定期贷款信贷设施(“定期贷款设施”)500百万，(ii) 提供一项高级担保循环信贷设施(“循环贷款设施”，与定期贷款设施合称为“信贷设施”)，最高为$600百万，以及(iii) 将信贷设施的到期日延长至2029年2月26日(“到期日”)，前提是如果在到期日之前91天，该公司的 5.750%优先票据到期且在该日期未支付，而该公司在该日期没有足够的流动性，则到期日将为弹性到期日。循环贷款设施包括$35百万的备用信用证发行子额度和$20百万的短期贷款子额度。循环信贷设施下偿还的金额可以再次借入。

根据借款人选择，信用设施下的借款利率等于以下任一（A）以美国银行公开公告的最优利率（1）每年利率作为基准的最高值，（2）联邦基金有效利率加上 0.5%，（3）期限担保隔夜融资利率（"SOFR"）加上 1%，以及（4） 1%，或者（B）适用借款相关的利息期间的期限SOFR，每种情况均加上适用的利差。对信用设施下借款的适用利差，根据适用的合并总杠杆率计算，针对基准利率借款在 0.5% 到 1.5%之间，针对期限SOFR利率借款在 1.5% 2.5%之间。利息按月到期和支付。截至2024年9月30日，信用设施的有效利率为 6.70%.

The Company is also required to pay (a) a commitment fee related to the unutilized commitments under the Revolving Credit Facility, payable quarterly in arrears, (b) letter of credit fees on the maximum amount available to be drawn under all outstanding letters of credit in an amount equal to the applicable margin on SOFR rate borrowings under the Revolving Credit Facility on an annual basis, payable quarterly in arrears, and (c) customary fronting fees for the issuance of letters of credit fees and 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.

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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.

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 September 30, 2024, are as follows (in thousands):
Fiscal Year Ending December 31,
Remainder of 2024$9,375 
202537,500 
2026437,500 
202737,500 
202837,500 
Thereafter443,500 
Total$1,002,875 

As of September 30, 2024, 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):
September 30, 2024December 31, 2023
Term loans$471,875 $519,698 
Revolving credit facility131,000 124,000 
5.750% Senior notes, due August 2026
400,000 400,000 
Debt issuance costs(8,578)(5,694)
Total debt994,297 1,038,004 
Less: current portion of term loans37,500 77,900 
Less: current portion of debt issuance costs(2,590)(3,495)
Total long-term debt$959,387 $963,599 

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 September 30, 2024 and December 31, 2023, there was $75.0 million available and no amount outstanding on the overdraft facility.

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Other
The Company finances certain multi-year license agreements for internal-use software. Upon execution, these arrangements are treated as a non-cash investing and financing activity for purposes of the condensed consolidated statements of cash flows. As of September 30, 2024, no amount was outstanding on these agreements. As of December 31, 2023, $3.6 million was outstanding on these agreements, all of which was included in other current liabilities in the consolidated balance sheet.
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):
September 30, 2024December 31, 2023
Gross Carrying AmountAccumulated AmortizationNet BalanceGross Carrying AmountAccumulated AmortizationNet Balance
Software for internal use$478,291 $(387,978)$90,313 $469,325 $(360,907)$108,418 

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 September 30, 2024 and 2023, totaled $16.6 million and $16.3 million, respectively. Software for internal use amortization expense recorded during the nine months ended September 30, 2024 and 2023, totaled $47.9 million and $49.3 million, respectively. These software amortization expense amounts are reflected in depreciation and amortization in the condensed consolidated statements of operations.

截至每个资产负债表日，公司其他无形资产的账面价值和累计摊销如下（单位：千）:
2024年9月30日2023年12月31日
账面总额累计摊销净余额账面总额累计摊销净余额
客户关系$450,398 $(278,088)$172,310 $447,654 $(252,828)$194,826 
商标和商号22,065 (22,065)— 21,899 (21,079)820 
其他无形资产总计$472,463 $(300,153)$172,310 $469,553 $(273,907)$195,646 

截至2024年和2023年9月30日的三个月内，记录的其他无形资产摊销费用总计$7.1 百万和$8.5 截至2024年和2023年9月30日的九个月内，记录的其他无形资产摊销费用总计$23.8 百万和$25.4 百万，分别为。

根据截至2024年9月30日的资本化无形资产，未来财政年度的预计摊销费用如下（以千计）:
财政年度截止于12月31日，软件摊销其他无形资产摊销
2024年剩余时间$14,849 $5,672 
202544,333 21,103 
202623,498 21,103 
20275,929 20,839 
20281,661 18,441 
之后43 85,152 
总计$90,313 $172,310 

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5. 基于股票的薪酬计划
员工股票购买计划
截至2024年9月30日和2023年的九个月内，根据2017年员工股票购买计划发行的股票总计 71,181 和 101,565，分别为。

股票期权
期权活动的总结如下：
数量
股份		加权平均
行使价格（$）		加权平均
剩余合同期
期限（年）		总内在价值
价内期权
期权（$）
截至2023年12月31日的未结余额873,512 $18.76 
已行使(104,951)18.62 
截至2024年9月30日的未结余额768,561 $18.78 1.31$24,689,894 
可行使日期为2024年9月30日768,561 $18.78 1.31$24,689,894 

The total intrinsic value of stock options exercised during the nine months ended September 30, 2024 and 2023, was $2.4 million and $0.9 million, respectively. There were no stock options granted during the nine months ended September 30, 2024 or 2023.

Performance Share Awards
During the nine months ended September 30, 2024, 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, 2023673,126 $40.73 
Granted561,471 34.00 
Forfeited(70,496)33.71 
Change in payout rate(203,945)50.60 
Nonvested as of September 30, 2024960,156 $35.22 

In the first quarter of 2024, the TSRs granted in 2021 were earned by the employees. However, the performance goals were not met and no shares were issued.

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The fair value of TSRs granted during the nine months ended September 30, 2024 and 2023, 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:
Nine months ended September 30,
20242023
Expected life (years)2.72.9
Risk-free interest rate4.4 %3.6 %
Expected volatility36.8 %37.1 %
Expected dividend yield— — 

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, 20231,574,883 $26.81 
Granted1,342,737 32.36 
Vested(815,772)28.71 
Forfeited(147,618)28.29 
Nonvested as of September 30, 20241,954,230 $29.72 

During the nine months ended September 30, 2024, a total of 815,772 RSUs vested. The Company withheld 252,290 of those shares to pay the employees’ portion of the minimum payroll withholding taxes.

As of September 30, 2024, there was unrecognized compensation expense of $50.7 million related to RSUs and $22.8 million related to TSRs, which the Company expects to recognize over a weighted average period of 2.1 years and 2.0 years, respectively.

The Company recorded stock-based compensation expense recognized under ASC 718 for the three months ended September 30, 2024 and 2023, of $11.3 million and $6.8 million, respectively, with corresponding tax benefits of $1.9 million and $1.2 million, respectively. The Company recorded stock-based compensation expense recognized under ASC 718 for the nine months ended September 30, 2024 and 2023, of $30.2 million and $17.5 million, respectively, with corresponding tax benefits of $5.0 million and $3.2 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 3,946,537 shares for $128.7 million during the nine months ended September 30, 2024. Under the program to date, the Company has repurchased 62,867,837 shares for approximately $1.1 billion. As of September 30, 2024, the maximum remaining amount authorized for purchase under the stock repurchase program was $372.3 million.

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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
September 30,		Nine Months Ended
September 30,
2024202320242023
Weighted average shares outstanding:
Basic weighted average shares outstanding104,770 108,667 105,651 108,428 
Add: Dilutive effect of stock options and RSUs1,248 266 901 — 
Diluted weighted average shares outstanding106,018 108,933 106,552 108,428 

The diluted earnings (loss) per share computation excludes 1.0 million and 2.0 million options to purchase shares, RSUs, and contingently issuable shares during the three months ended September 30, 2024 and 2023, respectively, as their effect would be anti-dilutive. The diluted earnings (loss) per share computation excludes 1.2 million and 3.2 million options to purchase shares, RSUs, and contingently issuable shares during the nine months ended September 30, 2024 and 2023, respectively, as their effect would be anti-dilutive.

Common stock outstanding as of September 30, 2024, and December 31, 2023, was 104,870,815 and 108,077,738, respectively.
8. Other, Net
Other, net is primarily comprised of foreign currency transaction gains and losses. Other, net was $0.8 million of expense and $1.1 million of income for the three months ended September 30, 2024 and 2023, respectively. Other, net was $1.7 million and $6.4 million of expense for the nine months ended September 30, 2024 and 2023, respectively.
9. Segment Information
The Company reports financial performance based on its operating segments, Banks, Merchants, and Billers, and analyzes Segment Adjusted EBITDA as a measure of segment profitability.

The Company’s Chief Executive Officer is also the chief operating decision maker ("CODM"). 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.

Banks. ACI provides payment solutions to large and mid-size banks globally for retail banking, real time, 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.

Merchants. ACI’s support of merchants globally includes Tier 1 and Tier 2 merchants, online-only merchants and the payment service providers, independent selling organizations, value-added resellers, and acquirers who service them. These customers operate in a variety of verticals, including general merchandise, grocery, hospitality, dining, transportation, and others. The Company's solutions provide merchants with a secure, omni-channel payments platform that gives them independence from third-party payment providers. They also offer secure solutions to online-only merchants that provide consumers with a convenient and seamless way to shop.

Billers. Within the billers segment, ACI provides electronic bill presentment and payment (“EBPP”) services to companies operating in the consumer finance, insurance, healthcare, higher education, utility, government, and mortgage 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.

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Revenue is attributed to the reportable segments based upon customer. 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, and, therefore, Segment Adjusted EBITDA is presented in conformity with ASC 280, Segment Reporting. Segment Adjusted EBITDA is defined as earnings (loss) 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.

The following is selected financial data for the Company’s reportable segments for the periods indicated (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Revenue
Banks$222,031 $155,684 $471,109 $361,231 
Merchants50,120 36,267 123,865 107,556 
Billers179,601 171,064 546,276 507,229 
Total revenue$451,752 $363,015 $1,141,250 $976,016 
Segment Adjusted EBITDA
Banks$153,944 $91,010 $274,794 $167,313 
Merchants26,711 10,296 52,737 26,751 
Billers30,920 39,186 99,092 100,056 
Depreciation and amortization(31,515)(30,463)(86,710)(93,438)
Stock-based compensation expense(11,346)(6,822)(30,165)(17,537)
Corporate and unallocated expenses(46,128)(41,283)(123,901)(135,053)
Interest, net(14,485)(16,345)(44,004)(48,183)
Other, net(823)1,084 (1,692)(6,403)
Income (loss) before income taxes$107,278 $46,663 $140,151 $(6,494)

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

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The following is revenue by primary solution category for the Company’s reportable segments for the periods indicated (in thousands):
Three Months Ended September 30, 2024
BanksMerchantsBillersTotal
Primary Solution Categories
Bill Payments$— $— $179,601 $179,601 
Merchant Payments— 50,120 — 50,120 
Fraud Management18,451 — — 18,451 
Real-Time Payments45,376 — — 45,376 
Issuing and Acquiring158,204 — — 158,204 
Total$222,031 $50,120 $179,601 $451,752 
Three Months Ended September 30, 2023
BanksMerchantsBillersTotal
Primary Solution Categories
Bill Payments$— $— $171,064 $171,064 
Merchant Payments— 36,267 — 36,267 
Fraud Management16,543 — — 16,543 
Real-Time Payments26,374 — — 26,374 
Issuing and Acquiring112,767 — — 112,767 
Total$155,684 $36,267 $171,064 $363,015 
Nine Months Ended September 30, 2024
BanksMerchantsBillersTotal
Primary Solution Categories
Bill Payments$— $— $546,276 $546,276 
Merchant Payments— 123,865 — 123,865 
Fraud Management39,145 — — 39,145 
Real-Time Payments96,553 — — 96,553 
Issuing and Acquiring335,411 — — 335,411 
Total$471,109 $123,865 $546,276 $1,141,250 
Nine Months Ended September 30, 2023
BanksMerchantsBillersTotal
Primary Solution Categories
Bill Payments$— $— $507,229 $507,229 
Merchant Payments— 107,556 — 107,556 
Fraud Management38,051 — — 38,051 
Real-Time Payments72,271 — — 72,271 
Issuing and Acquiring250,909 — — 250,909 
Total$361,231 $107,556 $507,229 $976,016 


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Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Banks
Software as a service and platform as a service$11,697 $10,167 $33,924 $29,158 
License143,338 77,779 235,357 136,980 
Maintenance43,916 48,084 133,215 142,050 
Services23,080 19,654 68,613 53,043 
Total$222,031 $155,684 $471,109 $361,231 
Merchants
Software as a service and platform as a service$32,069 $30,162 $94,298 $89,660 
License14,091 1,900 17,627 5,701 
Maintenance3,643 3,834 10,831 11,314 
Services317 371 1,109 881 
Total$50,120 $36,267 $123,865 $107,556 
Billers
Software as a service and platform as a service$179,601 $171,040 $546,276 $507,157 
License— — — — 
Maintenance— 24 — 72 
Services— — — — 
Total$179,601 $171,064 $546,276 $507,229 

The following is the Company's revenue by geographic location for the periods indicated (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Revenue
United States$241,054 $226,911 $698,704 $633,379 
Other210,698 136,104 442,546 342,637 
Total$451,752 $363,015 $1,141,250 $976,016 

The following is the Company’s long-lived assets by geographic location for the periods indicated (in thousands):
September 30, 2024December 31, 2023
Long-lived Assets
United States$1,155,409 $1,216,158 
Other787,302 763,437 
Total$1,942,711 $1,979,595 

No single customer accounted for more than 10% of the Company's consolidated revenue during the three and nine months ended September 30, 2024 and 2023. The United Kingdom accounted for 12.0% of the Company's consolidated revenues during the three months ended September 30, 2024. No other country outside the United States accounted for more than 10% of the Company's consolidated revenues during the three months ended September 30, 2023 and nine months ended September 30, 2024 and 2023.
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10. Income Taxes

For the three and nine months ended September 30, 2024, the Company's effective tax rate was 24% and 25%, respectively. The Company reported a tax charge on pretax income for both the three and nine months ended September 30, 2024, with foreign entities recognizing earnings of $107.6 million and $148.1 million, respectively.

For the three and nine months ended September 30, 2023, the Company's effective tax rate was 19% and 83%, respectively. The Company reported a tax charge on pretax income for the three months ended September 30, 2023 and a tax benefit on pretax loss for the nine months ended September 30, 2023, with foreign entities recognizing earnings of $47.9 million and $64.9 million, respectively.

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.

The Organization for Economic Co-operation and Development Inclusive Framework on Base Erosion and Profit Shifting released Pillar Two Model Rules (“Pillar Two”) for a global minimum tax. Many countries have enacted certain aspects of the Pillar Two framework with effective dates in 2024. Entities operating in countries where Pillar Two has been enacted are required to estimate Pillar Two top-up tax obligations beginning in the first quarter of 2024.

For the nine months ended September 30, 2024, the Company did not have material Pillar Two top-up tax obligations impacting the Company’s estimated annual effective tax rate. The Company will continue to evaluate the impact of proposed and enacted legislation as new guidance becomes available.

As of September 30, 2024, and December 31, 2023, the amount of unrecognized tax benefits for uncertain tax positions was $21.0 million and $20.9 million, respectively, excluding related liabilities for interest and penalties of $0.4 million and $0.5 million, respectively.

The Company believes it is reasonably possible that the total amount of unrecognized tax benefits will decrease within the next 12 months by approximately $2.3 million, due to the settlement of various audits and the expiration of statutes of limitation.
11. Commitments and Contingencies
Legal Proceedings
In April 2021, ACH files associated with one of the Company's mortgage servicing customers were inadvertently transmitted into the ACH network during a test of the Company's payment processing system. The Company took immediate corrective action and issued reversing ACH files, restoring affected accounts.
The Company’s customer commenced an action for damages as a result of this event. The Company settled with the customer for the amount of $1.8 million, which will be funded by insurance carriers.

Funds received from or expected to be received from insurance carriers are generally subject to the respective carriers' reservation of rights.

The Company is from time to time subject to other claims, litigation and investigations. While the Company believes that none of the currently pending matters is reasonably likely to have a material adverse effect on it, there can be no assurance with respect thereto or future matters.
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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, 2023, 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, 2023, and with our financial statements and related notes contained in this Form 10-Q. Results for the three and nine months ended September 30, 2024, are not necessarily indicative of results that may be attained in the future.

Global Economy and Inflation
Since 2022, the global economy has experienced high inflation, increased interest rates, and pressures on gross domestic product. While we believe our business is resilient and can generally weather unusually high levels of inflation, inflationary pressures have had some impact on our financial performance. Specifically, inflation impacted our interchange costs associated with the Biller segment.

Overview
ACI Worldwide powers digital payments for more than 6,000 organizations around the world. More than 1,000 of the largest banks and intermediaries, as well as thousands of global merchants, rely on ACI to execute $14 trillion each day in payments and securities. In addition, myriad organizations utilize our electronic bill presentment and payment services. Through our comprehensive suite of software solutions delivered on customers' premises, through the public cloud or through ACI's private cloud, we provide real-time, immediate payments capabilities and enable the industry's most complete omni-channel payments experience.

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 and intermediaries, merchants, and billers, such as third-party electronic 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.

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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.

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, the Internet of Things, rapid growth of eCommerce and the adoption of real-time payments. COVID-19 further accelerated this growth as more people, governments, and businesses embraced digital payments - a change that has continued. 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, which is delivering greater value to banks and their customers. We are seeing global players with existing schemes working to expand capacity in anticipation of volume growth and new payment types. Mature markets, including India, the United Kingdom, Australia, Malaysia, Singapore, Thailand, and the Nordics, continue to accelerate innovation, especially in terms of overlay services and cross-border connectivity. The United States is driving real-time payments adoption through Zelle, TCH Real-Time Payments, and the FedNow service. 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 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-premise infrastructure to the public cloud, and we are supporting our customers' cloud strategies. Public and private cloud technology innovations allow the financial services ecosystem to 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.

Payments intelligence, fraud, and compliance. The accelerated adoption of real-time payments increases the urgency for industry-wide collaboration against fraud. As the threat of scams becomes a greater concern for remitting and receiving institutions, consumers are challenged with increased friction to prevent account take-over and criminals successfully persuading consumers to push transactions themselves, inadvertently, to mule accounts they have full control of, created with fake or synthetic identity, or simply "borrowed" with or without consent of the legit account holders. Regulators are beginning to litigate between consumers and financial institutions on the losses, and between emitting and receiving banks on the accountability for reimbursement. 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 see opportunity for our advanced machine learning and network intelligence capabilities to stop criminals and enable frictionless legitimate business.

Omni-commerce. Shoppers are increasingly browsing, buying, and returning items across channels, including in-store, online, and mobile. COVID-19 accelerated this trend, leading 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.

Request for Payment (RfP). Markets across the world are introducing an innovative payments service called Request for Payment (RfP). This technology is known by different names in different markets: Collect payments in India, Request 2 Pay in Europe, Request To Pay (RTP) in the United Kingdom, or Request for Payment (RfP) in the United States. RfP offers secure messaging between consumers and billers or merchants, wherein a biller or merchant can request a payment from a consumer through the use of a trusted app, most likely a banking app. RfP is primarily being implemented on top of real-time payments, which are continuing to grow and flourish as countries around the world develop and launch their real-time schemes as noted
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above. ACI is in a unique position to deliver this overlay service given our real-time payments software, our relationships with banks, merchants, and billers, and global real-time 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.

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.

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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 September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023 (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.
September 30, 2024June 30, 2024March 31, 2024December 31, 2023
Banks$2,291 $2,230 $2,235 $2,261 
Merchants757 740 741 754 
Billers3,395 3,398 3,505 3,505 
Total$6,443 $6,368 $6,481 $6,520 
September 30, 2024June 30, 2024March 31, 2024December 31, 2023
Committed$2,204 $2,362 $2,223 $2,178 
Renewal4,239 4,006 4,258 4,342 
Total$6,443 $6,368 $6,481 $6,520 

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 September 30, 2024 Compared to the Three Month Period Ended September 30, 2023
Three Months Ended September 30,
20242023
Amount% of Total
Revenue		$ Change vs 2023% Change vs 2023Amount% of Total
Revenue
Revenues:
Software as a service and platform as a service$223,367 49 %$11,998 6 %$211,369 58 %
License157,429 35 %77,750 98 %79,679 22 %
Maintenance47,559 11 %(4,383)(8)%51,942 14 %
Services23,397 5 %3,372 17 %20,025 6 %
Total revenues451,752 100 %88,737 24 %363,015 100 %
Operating expenses:
Cost of revenue197,351 44 %19,726 11 %177,625 49 %
Research and development37,660 8 %3,921 12 %33,739 9 %
Selling and marketing28,691 6 %(751)(3)%29,442 8 %
General and administrative33,949 8 %4,128 14 %29,821 8 %
Depreciation and amortization31,515 7 %1,051 3 %30,464 8 %
Total operating expenses329,166 73 %28,075 9 %301,091 82 %
Operating income
122,586 27 %60,662 98 %61,924 18 %
Other income (expense):
Interest expense(18,356)(4)%1,484 (7)%(19,840)(5)%
Interest income3,871 1 %376 11 %3,495 1 %
Other, net(823)— %(1,907)(176)%1,084 — %
Total other income (expense)
(15,308)(3)%(47)— %(15,261)(4)%
Income before income taxes
107,278 24 %60,615 130 %46,663 14 %
Income tax expense
25,851 6 %17,099 195 %8,752 2 %
Net income
$81,427 18 %$43,516 115 %$37,911 12 %

Revenues
Total revenue for the three months ended September 30, 2024, increased $88.7 million, or 24%, as compared to the same period in 2023.
•The impact of foreign currencies was not significant for the three months ended September 30, 2024, as compared to the same period in 2023.

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.

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SaaS and PaaS revenue increased $12.0 million, or 6%, during the three months ended September 30, 2024, as compared to the same period in 2023.
•The increase was primarily driven by new customer go-lives since September 30, 2023, and higher transaction volumes during the three months ended September 30, 2024, as compared to the same period in 2023.

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 $77.8 million, or 98%, during the three months ended September 30, 2024, as compared to the same period in 2023.
•The increase was driven by license renewal timing as well as the relative size of new license and capacity events during the three months ended September 30, 2024, as compared to the same period in 2023.

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

Maintenance revenue decreased $4.4 million, or 8%, during the three months ended September 30, 2024, as compared to the same period in 2023.
•The decrease was primarily driven by customers reducing premium customer support and maintenance on non-strategic products during the three months ended September 30, 2024, as compared to the same period in 2023.

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 $3.4 million, or 17%, during the three months ended September 30, 2024, as compared to the same period in 2023.
•The increase was primarily driven by the timing and magnitude of project-related work during the three months ended September 30, 2024, as compared to the same period in 2023.

Operating Expenses
Total operating expenses for the three months ended September 30, 2024, increased $28.1 million, or 9%, as compared to the same period in 2023.
•Total operating expenses for the three months ended September 30, 2024, included $5.6 million for cost reduction strategies and $0.3 million of other significant transaction-related expenses during the period, compared to $3.8 million for cost reduction strategies and $0.4 million of European data center migration expenses for the same period in 2023.
•The impact of foreign currencies was not significant for the three months ended September 30, 2024, as compared to the same period in 2023.
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•Adjusted for the impact of cost reduction strategies and significant transaction-related expenses, total operating expenses for the three months ended September 30, 2024, increased $26.5 million, or 9%, as compared to the same period in 2023.

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 $19.7 million, or 11%, during the three months ended September 30, 2024, as compared to the same period in 2023.
•The increase was primarily due to higher payment card interchange and processing fees and cloud computing fees of $14.4 million and $1.6 million, respectively. The remaining increase was due to higher personnel and related expenses of $3.7 million.

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.

R&D expense increased $3.9 million, or 12%, during the three months ended September 30, 2024, as compared to the same period in 2023.
•The increase was primarily due to higher personnel and related expenses of $3.8 million, including a $1.2 million increase in stock-based compensation expense.

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 decreased $0.8 million, or 3%, during the three months ended September 30, 2024, as compared to the same period in 2023.
•The decrease was primarily due to lower personnel and related expenses and advertising and professional fees of $0.6 million and $0.2 million, respectively.

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.

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General and administrative expense increased $4.1 million, or 14%, during the three months ended September 30, 2024, as compared to the same period in 2023.
•General and administrative expenses for the three months ended September 30, 2024, included $1.2 million related to the closure of a facility and $0.3 million of other significant transaction-related expenses, compared to $3.8 million of expense for cost reduction strategies and $0.4 million of European data center migration expenses in the same period in 2023.
•Adjusted for the impact of significant transaction-related expenses, general and administrative expense increased $6.9 million, or 27%, for the three months ended September 30, 2024, as compared to the same period in 2023.
•The increase was primarily due to higher personnel and related expenses of $8.1 million, including a $2.8 million increase in stock-based compensation expense, partially offset by a $1.2 million decrease in professional and other legal fees.

Depreciation and Amortization
Depreciation and amortization increased $1.1 million, or 3%, during the three months ended September 30, 2024, as compared to the same period in 2023.
•Depreciation and amortization for the three months ended September 30, 2024, included $4.4 million of accelerated depreciation related to the closure of a facility.
•Adjusted for the impact of the facility closure, depreciation and amortization decreased $3.3 million, or 11%, for the three months ended September 30, 2024, as compared to the same period in 2023.
•The decrease was primarily due to a $2.2 million decrease in depreciation due to prior facilities cost reduction activities, and a $1.1 million decrease in amortization for fully amortized software and intangibles acquired through acquisitions.

Other Income and Expense
Interest expense for the three months ended September 30, 2024, decreased $1.5 million, or 7%, as compared to the same period in 2023, primarily due to repayments on the Term Loan.

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 September 30, 2024, increased $0.4 million, or 11%, as compared to the same period in 2023.

Other, net is primarily comprised of foreign currency transaction gains and losses. Other, net was $0.8 million of expense and $1.1 million of income for the three months ended September 30, 2024 and 2023, 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.

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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):

Nine Month Period Ended September 30, 2024 Compared to the Nine Month Period Ended September 30, 2023
Nine Months Ended September 30,
20242023
Amount% of Total
Revenue		$ Change vs 2023% Change vs 2023Amount% of Total
Revenue
Revenues:
Software as a service and platform as a service$674,498 59 %$48,523 8 %$625,975 64 %
License252,984 22 %110,303 77 %142,681 14 %
Maintenance144,046 13 %(9,390)(6)%153,436 16 %
Services69,722 6 %15,798 29 %53,924 6 %
Total revenues1,141,250 100 %165,234 17 %976,016 100 %
Operating expenses:
Cost of revenue591,696 52 %54,174 10 %537,522 55 %
Research and development108,063 9 %1,941 2 %106,122 11 %
Selling and marketing83,992 7 %(14,174)(14)%98,166 10 %
General and administrative84,942 7 %(7,733)(8)%92,675 9 %
Depreciation and amortization86,710 8 %(6,729)(7)%93,439 10 %
Total operating expenses955,403 83 %27,479 3 %927,924 95 %
Operating income
185,847 17 %137,755 286 %48,092 5 %
Other income (expense):
Interest expense(55,837)(5)%2,804 (5)%(58,641)(6)%
Interest income11,833 1 %1,375 13 %10,458 1 %
Other, net(1,692)— %4,711 (74)%(6,403)(1)%
Total other income (expense)(45,696)(4)%8,890 (16)%(54,586)(6)%
Income (loss) before income taxes140,151 13 %146,645 2,258 %(6,494)(1)%
Income tax expense (benefit)35,588 3 %40,975 (761)%(5,387)(1)%
Net income (loss)$104,563 10 %$105,670 9,546 %$(1,107)— %

Revenues
Total revenue for the nine months ended September 30, 2024, increased $165.2 million, or 17%, as compared to the same period in 2023.
•The impact of certain foreign currencies weakening against the U.S. dollar resulted in a $0.4 million decrease in total revenue during the nine months ended September 30, 2024, as compared to the same period in 2023.
•Adjusted for the impact of foreign currency, total revenue for the nine months ended September 30, 2024, increased $165.6 million, or 17%, as compared to the same period in 2023.

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Software as a Service (“SaaS”) and Platform as a Service (“PaaS”) Revenue
SaaS and PaaS revenue increased $48.5 million, or 8%, during the nine months ended September 30, 2024, as compared to the same period in 2023.
•The impact of certain foreign currencies strengthening against the U.S. dollar resulted in $0.5 million increase in SaaS and PaaS revenue during the nine months ended September 30, 2024, as compared to the same period in 2023.
•Adjusted for the impact of foreign currency, SaaS and PaaS revenue for the nine months ended September 30, 2024, increased $48.0 million, or 8%, as compared to the same period in 2023.
•The increase was primarily driven by new customer go-lives since September 30, 2023, and higher transaction volumes during the nine months ended September 30, 2024, as compared to the same period in 2023.

License Revenue
License revenue increased $110.3 million, or 77%, during the nine months ended September 30, 2024, as compared to the same period in 2023.
•The impact of certain foreign currencies weakening against the U.S. dollar resulted in a $0.5 million decrease in license revenue during the nine months ended September 30, 2024, as compared to the same period in 2023.
•Adjusted for the impact of foreign currency, license revenue for the nine months ended September 30, 2024, increased $110.8 million, or 78%, as compared to the same period in 2023.
•The increase was driven by license renewal timing as well as the relative size of new license and capacity events during the nine months ended September 30, 2024, as compared to the same period in 2023.

Maintenance Revenue
Maintenance revenue decreased $9.4 million, or 6%, during the nine months ended September 30, 2024, as compared to the same period in 2023.
•The decrease was primarily driven by customers reducing premium customer support and maintenance on non-strategic products during the nine months ended September 30, 2024, as compared to the same period in 2023.

Services Revenue
Services revenue increased $15.8 million, or 29%, during the nine months ended September 30, 2024, as compared to the same period in 2023.
•The impact of certain foreign currencies weakening against the U.S. dollar resulted in a $0.3 million decrease in services revenue during the nine months ended September 30, 2024, as compared to the same period in 2023.
•Adjusted for the impact of foreign currency, services revenue for the nine months ended September 30, 2024, increased $16.1 million, or 30%, as compared to the same period in 2023.
•The increase was primarily driven by the timing and magnitude of project-related work during the nine months ended September 30, 2024, as compared to the same period in 2023.

Operating Expenses
Total operating expenses for the nine months ended September 30, 2024 increased $27.5 million, or 3%, as compared to the same period in 2023.
•Total operating expenses for the nine months ended September 30, 2024, included $8.6 million for cost reduction strategies and $1.0 million of other significant transaction-related expenses during the period, compared to $19.7 million for cost reduction strategies, $2.6 million of significant transaction-related expenses, $1.8 million for CEO transition, and $2.6 million of European data center migration expenses for the same period in 2023.
•The impact of certain foreign currencies weakening against the U.S. dollar resulted in a $0.3 million decrease in total operating expenses for the nine months ended September 30, 2024, as compared to the same period in 2023.
•Adjusted for the impact of cost reduction strategies, significant transaction-related expenses, and foreign currency, total operating expenses for the nine months ended September 30, 2024, increased $44.9 million, or 5%, as compared to the same period in 2023.

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Cost of Revenue
Cost of revenue increased $54.2 million, or 10%, during the nine months ended September 30, 2024, as compared to the same period in 2023.
•The impact of certain foreign currencies weakening against the U.S. dollar resulted in a $0.3 million decrease in cost of revenue during the nine months ended September 30, 2024, as compared to the same period in 2023.
•Adjusted for the impact of foreign currency, cost of revenue increased $54.5 million, or 10%, for the nine months ended September 30, 2024, as compared to the same period in 2023.
•The increase was primarily due to higher payment card interchange and processing fees and cloud computing fees of $38.6 million and $6.2 million, respectively. The remaining increase was due to higher personnel and related expenses of $9.6 million, including a $2.0 million increase in stock-based compensation expense.

Research and Development
R&D expense increased $1.9 million, or 2%, during the nine months ended September 30, 2024, as compared to the same period in 2023.
•The increase was primarily due to higher personnel and related expenses of $3.3 million, including a $2.9 million increase in stock-based compensation expense, partially offset by lower cloud computing and professional fees of $1.4 million.

Selling and Marketing
Selling and marketing expense decreased $14.2 million, or 14%, during the nine months ended September 30, 2024, as compared to the same period in 2023.
•The decrease was primarily due to lower personnel and related expenses and advertising and professional fees of $12.0 million and $2.2 million, respectively.

General and Administrative
General and administrative expense decreased $7.7 million, or 8%, during the nine months ended September 30, 2024, as compared to the same period in 2023.
•General and administrative expenses for the nine months ended September 30, 2024, included $4.3 million for cost reduction strategies and $1.0 million of other significant transaction-related expenses during the period, compared to $19.7 million for cost reduction strategies, $2.6 million of significant transaction-related expenses, $1.8 million for CEO transition, and $2.6 million of European data center migration expenses during the same period in 2023.
•Adjusted for the impact of significant transaction-related expenses, general and administrative expense increased $13.7 million, or 21%, for the nine months ended September 30, 2024, as compared to the same period in 2023.
•The increase was primarily due to higher personnel and related expenses of $16.9 million, including a $6.8 million increase in stock-based compensation expense, partially offset by a $3.2 million decrease in professional and other legal fees.

Depreciation and Amortization
Depreciation and amortization decreased $6.7 million, or 7%, during the nine months ended September 30, 2024, as compared to the same period in 2023.
•Depreciation and amortization for the nine months ended September 30, 2024, included $4.4 million of accelerated depreciation related to the closure of a facility.
•Adjusted for the impact of the facility closure, depreciation and amortization decreased $11.1 million, or 12%, for the nine months ended September 30, 2024, as compared to the same period in 2023.
•The decrease was primarily due to a $8.1 million decrease in depreciation due to prior facilities cost reduction activities, and a $3.0 million decrease in amortization for fully amortized software and intangibles acquired through acquisitions.

Other Income and Expense
Interest expense for the nine months ended September 30, 2024, decreased $2.8 million, or 5%, as compared to the same period in 2023, primarily due to repayments on the Term Loan.

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Interest income for the nine months ended September 30, 2024, increased $1.4 million, or 13%, as compared to the same period in 2023.

Other, net is primarily comprised of foreign currency transaction gains and losses. Other, net was $1.7 million and $6.4 million of expense for the nine months ended September 30, 2024 and 2023, 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
September 30,		Nine Months Ended
September 30,
2024202320242023
Revenue
Banks$222,031 $155,684 $471,109 $361,231 
Merchants50,120 36,267 123,865 107,556 
Billers179,601 $171,064 546,276 507,229 
Total revenue$451,752 $363,015 $1,141,250 $976,016 
Segment Adjusted EBITDA
Banks$153,944 $91,010 $274,794 $167,313 
Merchants26,711 10,296 52,737 26,751 
Billers30,920 39,186 99,092 100,056 
Depreciation and amortization(31,515)(30,463)(86,710)(93,438)
Stock-based compensation expense(11,346)(6,822)(30,165)(17,537)
Corporate and unallocated expenses(46,128)(41,283)(123,901)(135,053)
Interest, net(14,485)(16,345)(44,004)(48,183)
Other, net(823)1,084 (1,692)(6,403)
Income (loss) before income taxes$107,278 $46,663 $140,151 $(6,494)

Banks Segment Adjusted EBITDA increased $62.9 million for the three months ended September 30, 2024, compared to the same period in 2023, due to a $66.3 million increase in revenue primarily related to an increase in license revenues, partially offset by a $3.4 million increase in cash operating expense.

Merchants Segment Adjusted EBITDA increased $16.4 million for the three months ended September 30, 2024, compared to the same period in 2023, due to a $13.9 million increase in revenue and a $2.5 million decrease in cash operating expense.

Billers Segment Adjusted EBITDA decreased $8.3 million for the three months ended September 30, 2024, compared to the same period in 2023, due to a $16.8 million increase in cash operating expense primarily for payment card interchange and other processing fees, partially offset by a $8.5 million increase in revenue.

Banks Segment Adjusted EBITDA increased $107.5 million for the nine months ended September 30, 2024, compared to the same period in 2023, due to a $109.9 million increase in revenue primarily related to an increase in license and capacity revenue, partially offset by a $2.4 million increase in cash operating expense.
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Merchants Segment Adjusted EBITDA increased $26.0 million for the nine months ended September 30, 2024, compared to the same period in 2023, due to a $16.3 million increase in revenue and a $9.7 million decrease in cash operating expense.

Billers Segment Adjusted EBITDA decreased $1.0 million for the nine months ended September 30, 2024, compared to the same period in 2023, due to a $40.0 million increase in cash operating expense primarily for payment card interchange and other processing fees, partially offset by a $39.0 million increase in revenue.
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.

Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less. As of September 30, 2024, we had $177.9 million of cash and cash equivalents, of which $68.2 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 September 30, 2024, only the earnings in our Indian foreign subsidiaries are indefinitely reinvested. We are also permanently reinvested for outside book/tax basis difference related to foreign subsidiaries. These outside basis differences could reverse through sales of the foreign subsidiaries, as well as various other events, none of which are considered probable as of September 30, 2024.

Available Liquidity
The following table sets forth our available liquidity for the dates indicated (in thousands):
September 30, 2024December 31, 2023
Cash and cash equivalents$177,860 $164,239 
Availability under revolving credit facility467,100 373,900 
Total liquidity$644,960 $538,139 

The increase in total liquidity is primarily attributable to the $100.0 million increase in the maximum amount available under the revolving credit facility.

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 September 30, 2024, the full $75.0 million was available.

On February 26, 2024, we 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”) with ACI Worldwide Corp and ACI Payments, Inc. as co-borrowers, the lenders, and Bank of America N.A, as administrative agent and lender. The Amendment, among other things, (i) provides a senior secured term loan facility in an aggregate principal amount of $500 million, (ii) provides a senior secured revolving credit facility in an aggregate principal amount of $600 million, and (iii) extends the maturity date of the Facilities to February 26, 2029. The proceeds of the borrowings under the Amendment, together with cash on hand, were used to refinance all outstanding borrowings and replace all existing revolving commitments under the Credit Agreement immediately prior to the date of the Amendment and will be used to provide ongoing working capital and for other general corporate purposes.

Stock Repurchase Program
Our 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.

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We repurchased 3,946,537 shares for $128.7 million under the program during the nine months ended September 30, 2024. Under the program to date, we have repurchased 62,867,837 shares for approximately $1.1 billion. As of September 30, 2024, the maximum remaining amount authorized for purchase under the stock repurchase program was approximately $372.3 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):
Nine Months Ended
September 30,
20242023
Net cash provided by (used by):
Operating activities$232,266 $82,774 
Investing activities(31,641)(30,527)
Financing activities(170,445)(47,773)

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 were $149.5 million higher for the nine months ended September 30, 2024, compared to the same period in 2023. Our operating cash flows for the current quarter increased primarily due to $20.8 million less in income tax payments, as well as cash flows generated from $104.6 million in net income for the nine months ended September 30, 2024, as compared to a $1.1 million net loss for the same period in 2023.

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 nine months of 2024, we used cash of $31.6 million to purchase software, property, and equipment, as compared to $30.5 million during the same period in 2023.

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 nine months of 2024, we repaid a net $47.8 million on the Term Loan under the Amendment, $9.3 million of other debt payments, and $5.1 million of debt issuance costs. In addition, we used $127.7 million to repurchase common stock and $9.3 million for the repurchase of stock-based compensation awards for tax withholdings. We received net proceeds of $7.0 million on the Revolving Credit Facility, proceeds of $4.1 million from the exercise of stock options and the issuance of common stock under our 2017 Employee Stock Purchase Plan, as amended, and $17.7 million for settlement assets and liabilities due to processing timing. During the first nine months of 2023, we repaid $53.6 million on the Term Loan, $12.5 million of other debt payments, and $2.2 million of debt issuance costs. In addition, we used $4.2 million for the repurchase of stock-based compensation awards for tax withholdings, and $4.6 million for settlement assets and liabilities due to processing timing. We received net proceeds of $24.0 million on the Revolving Credit Facility, and proceeds of $5.3 million from the exercise of stock options and the issuance of common stock under our 2017 Employee Stock Purchase Plan, as amended.
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Contractual Obligations and Commercial Commitments
For the nine months ended September 30, 2024, 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, 2023.
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.

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
•Business Combinations
•Stock-Based Compensation
•Accounting for Income Taxes

During the nine months ended September 30, 2024, 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, 2023, 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 nine months ended September 30, 2024. 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 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 September 30, 2024, a hypothetical ten percent increase or decrease in effective interest rates would increase or decrease interest income by $0.2 million annually.

We had approximately $1.0 billion of debt outstanding as of September 30, 2024, with $602.9 million outstanding under our Credit Facility and $400.0 million in 2026 Notes. Our Credit Facility has a floating rate, which was 6.70% as of September 30, 2024. 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 $4.0 million.
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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 September 30, 2024.

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 September 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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第二部分 – 其他信息
项目 1. 法律诉讼
有关我们材料未决法律程序的描述，请参阅第11条， 承诺和或有事项， 有关更多信息，请参阅本表10-Q第I部分。
项目1A. 风险因素
截至2023年12月31日的财务年度，我们的10-K表格第1A项所披露的风险因素没有实质性变化。其他风险和不确定性，包括目前未知的风险和不确定性，或者我们目前认为不重要的风险，也可能对我们的业务、财务状况和/或运营结果产生不利影响。
项目 2. 未注册的股权证券销售及收益使用
发行人回购股权证券
以下表格提供了截至2024年9月30日的三个月内我们回购普通股的信息：
期间总数量
股票		平均价格
每股支付		总股份数
作为一部分购买的
公开宣布的计划		大致美元价值
可能仍可购买的股份
根据该计划可购买的股份
2024年7月1日至2024年7月31日203,380 (1)$39.23 203,317 $372,314,000 
2024年8月1日至2024年8月31日32,411 (1)46.69 — 372,314,000 
2024年9月1日至2024年9月30日29,744 (1)48.58 — 372,314,000 
总计265,535 $41.19 203,317 

(1)根据我们2016年和2020年的股权及绩效激励计划，我们授予了限制性股票单位（RSUs）。在每项安排中，股票是无直接成本地发放给员工的。在截至2024年9月30日的三个月中，有191,285股RSUs归属。我们扣留了62,218股用于支付员工应缴纳的最低工资扣除部分。

在2005年，我们的董事会批准了一项股票回购计划，授权我们根据市场和业务状况的需要，收购我们的普通股，并定期授权额外的所有基金类型用于该计划，意图使用现有的现金及现金等价物来资助这些回购。到2024年6月，董事会批准回购公司普通股，金额上限为40000万，取代之前授权的剩余购买金额。截止到2024年9月30日，根据股票回购计划授权的最大剩余购买金额约为37230万。

我们无法保证将回购的具体股份数量。回购的股份将返回为授权但未发行的普通股状态。2005年3月，我们的董事会根据《1934年证券交易法》第10b5-1条批准了一项计划，以便在现有的股票回购计划下促使回购普通股。根据我们的第10b5-1计划，我们已将回购的时机和数量的权力委托给不具备公司内部信息的独立经纪人。第10b5-1条允许我们通过独立经纪人在我们通常因自我施加的交易黑暗期而不会进行市场交易时购入股份，比如在财务季度结束前立即到我们季度财报发布后的两个工作日这一期间。








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ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
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 September 30, 2024.
项目 6. 附件
以下是作为本季度报告的一部分提交的文件清单：
展览编号
描述
3.01(1)
3.02(2)
4.01(3)
普通股证书形式 (P)
31.01
31.02
32.01**
32.02**
101.INS
XBRL实例文档 - 实例文档未出现在互动数据文件中，因为其XBRL标签嵌入在内联XBRL文档中。
101.SCH
XBRL 分类法扩展架构
101.CAL
XBRL 分类法扩展计算链接库
101.LAB
XBRL分类法扩展标签链接库
101.PRE
XBRL分类法扩展展示链接库
101.DEF
XBRL 分类法扩展定义链接库
104
封面交互数据文件（格式为Inline XBRL，并包含在展览101中）
____________

**    该认证不被视为根据1934年证券交易法第18节“提交”，也不因此节的责任而受到影响。除非公司特别通过引用将其纳入，否则该认证不会被视为被纳入任何根据1933年证券法或1934年证券交易法的提交文件中。
纸质展览
(1)本文件引用了在2017年8月17日提交的注册人8-k表格当前报告的附录3.1。
(2)通过引用2022年4月1日提交的8-K表格的当前报告中的展览3.1将其纳入本文件。
(3)特此通过引用纳入注册人注册声明号码33-88292上的S-1表格的附件4.01。

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签名

根据1934年证券交易法的要求，注册机构特此通过其代表，由授权签署本报告的被授权人。
ACI环球, INC.
(登记单位)
日期：2024年11月7日
作者：
/s/ SCOTT W. BEHRENS
斯科特·W·比伦斯
执行副总裁，首席财务官和首席会计官
（财务总监）

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