株探米国株
日本語 英語
エドガーで原本を確認する
0000935036false00009350362025-05-082025-05-080000935036exch:XNGS2025-05-082025-05-08

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM 8-K
___________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 8, 2025

Commission File Number 0-25346

ACI WORLDWIDE, INC.
(Exact name of registrant as specified in its charter)
Delaware 47-0772104
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
6060 Coventry Drive Elkhorn, Nebraska

68022
(Address of Principal Executive Offices) (Zip Code)
(402) 390-7600
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.005 par value ACIW Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02. Results of Operation and Financial Condition.
On May 8, 2025, the Company issued a press release announcing its financial results for the three months ended March 31, 2025. A copy of this press release is attached hereto as Exhibit 99.1.

The foregoing information (including the exhibits hereto) is being furnished under “Item 2.02 – Results of Operations and Financial Condition” and “Item 7.01 – Regulation FD Disclosure.” Such information (including the exhibits hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

The filing of this report and the furnishing of this information pursuant to Items 2.02 and 7.01 do not mean that such information is material or that disclosure of such information is required.

Item 7.01. Regulation FD Disclosure.
See “Item 2.02 – Results of Operation and Financial Condition” above.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 8, 2025, Scott Behrens announced his retirement as Executive Vice President, Chief Financial Officer and Chief Accounting Officer of ACI Worldwide, Inc. (the "Company"), effective on a date to be determined. The Company is in the process of identifying a successor.

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Press Release dated May 8, 2025
Investor presentation materials dated May 8, 2025
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURE

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


EX-99.1 2 aciw-20250508ex_991.htm EX-99.1 Document
Exhibit 99.1
aciw-logoa.jpg



ACI Worldwide, Inc. Reports Financial Results for the
Quarter Ending March 31, 2025


Q1 2025 HIGHLIGHTS
•Revenue up 25% versus Q1 2024
•Net income of $59 million versus net loss of $8 million in Q1 2024
•Adjusted EBITDA up 95% versus Q1 2024
•Repurchased 1 million shares for $52 million YTD
•Raising guidance range for full-year 2025

OMAHA, Neb. — May 8, 2025 — ACI Worldwide (NASDAQ: ACIW), an original innovator in global payments technology, announced financial results today for the quarter ending March 31, 2025.

"We are happy to report Q1 results that were again ahead of our expectations," said Thomas Warsop, president and CEO of ACI Worldwide. “Our newly formed Payment Software segment, which is the combination of our former Bank and Merchant segments, grew revenue 42%. We continue to see strength in our Issuing and Acquiring solutions driven by large financial institutions’ modernization efforts. Our Biller business was also strong with revenue up 11%.”

Warsop continued, “We had a strong start to the year and our financial position continues to improve. This strong start makes us even more confident in our full-year financial expectations. We remain focused on the execution of our strategy, delivering transformative software solutions that power intelligent payment orchestration in real time.”
Q1 2025 FINANCIAL SUMMARY
In Q1 2025, revenue was $395 million, up 25% from Q1 2024. Recurring revenue of $286 million grew 8% and represented 72% of total revenue in the quarter. Net income of $59 million compares to a net loss of $8 million in Q1 2024 and includes a $22 million after tax gain on the sale of our minority interest in India-based Mindgate. Adjusted EBITDA in Q1 2025 was $94 million, up 95% from Q1 2024. Cash flow from operating activities in Q1 2025 was $78 million, versus $123 million in Q1 2024.
•Payment Software segment revenue grew 42% and segment adjusted EBITDA increased 104% versus Q1 2024.
•Biller segment revenue grew 11% and segment adjusted EBITDA increased 1% versus Q1 2024.

ACI ended Q1 2025 with $230 million in cash on hand and a debt balance of $853 million, which represents a net debt leverage ratio of 1.2x adjusted EBITDA. Year to date, the company has repurchased 1 million shares for approximately $52 million in capital. The company has approximately $320 million remaining available on the share repurchase authorization.



RAISING 2025 GUIDANCE
Given our strong start to the year and to account for the impact of changes in foreign currency rates, we are raising our revenue guidance for the full year of 2025. We now expect revenue to be in the range of $1.690 billion to $1.720 billion. We continue to expect adjusted EBITDA to be in the range of $480 million to $495 million. For Q2 2025, we expect revenue to be between $375 million and $385 million and adjusted EBITDA of $55 million to $65 million.
CONFERENCE CALL TO DISCUSS FINANCIAL RESULTS
Today, management will host a conference call at 8:30 a.m. ET to discuss these results. Interested persons may access a real-time teleconference webcast at http://investor.aciworldwide.com/. To join the live audio call, please dial +1 (800) 715-9871, provide your name, the conference name of ACI Worldwide, Inc. and conference ID 88945; alternatively, to reduce operator assisted delays joining the call, we invite you to register in advance by visiting https://registrations.events/direct/Q4I88945397. This process will provide you with a unique passcode allowing you to join the call without operator assistance.
About ACI Worldwide
ACI Worldwide, an original innovator in global payments technology, delivers transformative software solutions that power intelligent payments orchestration in real time so banks, billers, and merchants can drive growth, while continuously modernizing their payment infrastructures, simply and securely. With nearly 50 years of trusted payments expertise, we combine our global footprint with a local presence to offer enhanced payment experiences to stay ahead of constantly changing payment challenges and opportunities.
© Copyright ACI Worldwide, Inc. 2025.
ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties' trademarks referenced are the property of their respective owners.
For more information contact:

Investor Relations
John Kraft
305-894-2223 / john.kraft@aciworldwide.com




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

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

•Adjusted EBITDA: net income (loss) plus income tax expense (benefit), net interest income (expense), net other income (expense), depreciation, amortization and stock-based compensation, as well as significant transaction-related expenses. Adjusted EBITDA should be considered in addition to, rather than as a substitute for, net income (loss).

•Net Adjusted EBITDA Margin: Adjusted EBITDA divided by revenue net of pass-through interchange revenue. Net Adjusted EBITDA Margin should be considered in addition to, rather than as a substitute for, net income (loss).

•Diluted EPS adjusted for non-cash and significant transaction related items: diluted EPS plus tax effected significant transaction related items, amortization of acquired intangibles and software, and non-cash stock-based compensation. Diluted EPS adjusted for non-cash and significant transaction related items should be considered in addition to, rather than as a substitute for, diluted EPS.

•Recurring Revenue: revenue from software as a service and platform as a service fees and maintenance fees. Recurring revenue should be considered in addition to, rather than as a substitute for, total revenue.

•ARR: New annual recurring revenue expected to be generated from new accounts, new applications, and add-on sales bookings contracts signed in the period.




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

Forward-looking statements in this press release include, but are not limited to: (i) we continue to see strength in our Issuing and Acquiring solutions driven by large financial institutions’ modernization efforts, (ii) our financial position continues to improve, (iii) this strong start makes us even more confident in our full-year financial expectations, (iv) we remain focused on the execution of our strategy, delivering transformative software solutions that power intelligent payment orchestration in real time, and (v) Q2 2025 and full-year 2025 revenue and adjusted EBITDA financial guidance.
All of the foregoing forward-looking statements are expressly qualified by the risk factors discussed in our filings with the Securities and Exchange Commission. Such factors include, but are not limited to, increased competition, business interruptions, cybersecurity incidents or failure of our information technology and communication systems, security breaches, our ability to attract and retain senior management personnel and skilled technical employees, future acquisitions, strategic partnerships and investments, divestitures and other restructuring activities, implementation and success of our strategy, impact if we convert some or all on-premise licenses from fixed-term to subscription model, anti-takeover provisions, exposure to credit or operating risks arising from certain payment funding methods, loss caused by theft or fraud, customer reluctance to switch to a new vendor, our ability to adequately defend our intellectual property, litigation, consent orders and other compliance agreements, our offshore software development activities, risks from operating internationally, including fluctuations in currency exchange rates, events in eastern Europe and the Middle East, adverse changes in the global economy, compliance of our products with applicable legislation, governmental regulations and industry standards, the complexity of our products and services and the risk that they may contain hidden defects, legal and business risks from artificial intelligence technology incorporated into our products, risks to our business from the use of artificial intelligence by our workforce, complex regulations applicable to our payments business, our compliance with privacy and cybersecurity regulations, compliance with requirements of the payment card networks and Nacha, exposure to unknown tax liabilities, changes in tax laws and regulations, consolidations and failures in the financial services industry, volatility in our stock price, demand for our products, failure to obtain renewals of customer contracts or to obtain such renewals on favorable terms, delay or cancellation of customer projects or inaccurate project completion estimates, changes in card association and debit network fees or products, impairment of our goodwill or intangible assets, the accuracy of management’s backlog estimates, the cyclical nature of our revenue and earnings and the accuracy of forecasts due to the concentration of revenue-generating activity during the final weeks of each quarter, restrictions and other financial covenants in our debt agreements, our existing levels of debt, incurring additional debt, events outside of our control including natural disasters, wars, and outbreaks of disease, and revenues or revenue mix below expectations. For a detailed discussion of these risk factors, parties that are relying on the forward-looking statements should review our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q.




ACI WORLDWIDE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands)
March 31, 2025 December 31, 2024
ASSETS
Current assets
Cash and cash equivalents $ 230,057  $ 216,394 
Receivables, net of allowances 386,083  414,399 
Settlement assets 543,245  318,871 
Prepaid expenses 35,885  29,218 
Other current assets 13,430  11,940 
Total current assets 1,208,700  990,822 
Noncurrent assets
Accrued receivables, net 353,767  360,079 
Property and equipment, net 33,712  35,069 
Operating lease right-of-use assets 26,460  28,864 
Software, net 83,738  92,893 
Goodwill 1,226,026  1,226,026 
Intangible assets, net 160,716  165,377 
Deferred income taxes, net 76,681  72,713 
Other noncurrent assets 33,462  53,450 
TOTAL ASSETS $ 3,203,262  $ 3,025,293 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable $ 52,521  $ 45,422 
Settlement liabilities 542,092  317,484 
Employee compensation 30,780  55,567 
Current portion of long-term debt 34,945  34,928 
Deferred revenue 72,449  75,419 
Other current liabilities 71,727  73,808 
Total current liabilities 804,514  602,628 
Noncurrent liabilities
Deferred revenue 18,437  19,304 
Long-term debt 810,906  889,649 
Deferred income taxes, net 40,942  39,920 
Operating lease liabilities 20,934  22,592 
Other noncurrent liabilities 24,929  26,873 
Total liabilities 1,720,662  1,600,966 
Commitments and contingencies
Stockholders’ equity
Preferred stock —  — 
Common stock 702  702 
Additional paid-in capital 735,751  731,927 
Retained earnings 1,656,955  1,598,085 
Treasury stock (797,214) (784,914)
Accumulated other comprehensive loss (113,594) (121,473)
Total stockholders’ equity 1,482,600  1,424,327 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 3,203,262  $ 3,025,293 




ACI WORLDWIDE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except per share amounts)
Three Months Ended March 31,
2025 2024
Revenues
Software as a service and platform as a service $ 237,083  $ 215,732 
License 84,493  29,973 
Maintenance 48,642  47,754 
Services 24,347  22,560 
Total revenues 394,565  316,019 
Operating expenses
Cost of revenue (1) 213,378  191,107 
Research and development 38,908  34,993 
Selling and marketing 32,186  26,750 
General and administrative 27,592  26,000 
Depreciation and amortization 23,985  27,609 
Total operating expenses 336,049  306,459 
Operating income 58,516  9,560 
Other income (expense)
Interest expense (14,683) (19,010)
Interest income 4,064  4,009 
Other, net 23,740  (2,025)
Total other income (expense) 13,121  (17,026)
Income (loss) before income taxes 71,637  (7,466)
Income tax expense (benefit) 12,767  285 
Net income (loss) $ 58,870  $ (7,751)
Income (loss) per common share
Basic $ 0.56  $ (0.07)
Diluted $ 0.55  $ (0.07)
Weighted average common shares outstanding
Basic 105,350  106,799 
Diluted 106,827  106,799 
(1) The cost of revenue excludes charges for depreciation and amortization.



ACI WORLDWIDE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
Three Months Ended March 31,
2025 2024
Cash flows from operating activities:
Net income (loss) $ 58,870  $ (7,751)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation 3,156  3,631 
Amortization 20,829  23,978 
Amortization of operating lease right-of-use assets 2,435  2,568 
Amortization of deferred debt issuance costs 650  936 
Deferred income taxes (2,463) 1,006 
Stock-based compensation expense 11,627  8,099 
Gain on sale of equity investment (25,927) — 
Other (718) (1,311)
Changes in operating assets and liabilities:
Receivables 41,640  127,269 
Accounts payable 7,479  (448)
Accrued employee compensation (25,182) (26,453)
Deferred revenue (4,648) 13,907 
Other current and noncurrent assets and liabilities (9,527) (22,190)
Net cash flows from operating activities 78,221  123,241 
Cash flows from investing activities:
Purchases of property and equipment (2,170) (3,208)
Purchases of software and distribution rights (6,759) (14,582)
Proceeds from sale of equity investment 46,021  — 
Net cash flows from investing activities 37,092  (17,790)
Cash flows from financing activities:
Proceeds from issuance of common stock 813  693 
Proceeds from exercises of stock options 582  475 
Repurchase of stock-based compensation awards for tax withholdings (7,070) (3,302)
Repurchases of common stock (14,408) (62,515)
Proceeds from revolving credit facility —  164,000 
Repayment of revolving credit facility (70,000) (152,000)
Proceeds from term portion of credit agreement —  500,000 
Repayment of term portion of credit agreement (9,375) (529,073)
Payments for debt issuance costs —  (5,141)
Payments on or proceeds from other debt, net (4,217) (2,694)
Net increase (decrease) in settlement assets and liabilities 88,324  (18,933)
Net cash flows from financing activities (15,351) (108,490)
Effect of exchange rate fluctuations on cash 1,791  2,314 
Net increase (decrease) in cash and cash equivalents 101,753  (725)
Cash and cash equivalents, including settlement deposits, beginning of period 265,018  238,821 
Cash and cash equivalents, including settlement deposits, end of period $ 366,771  $ 238,096 
Reconciliation of cash and cash equivalents to the Consolidated Balance Sheets
Cash and cash equivalents $ 230,057  $ 183,393 
Settlement deposits 136,714  54,703 
Total cash and cash equivalents $ 366,771  $ 238,096 









Three Months Ended March 31,
Adjusted EBITDA (millions) 2025 2024
Net income (loss) $ 58.9  $ (7.8)
Plus:
Income tax expense 12.8  0.3 
Net interest expense 10.6  15.0 
Net other (income) expense (23.7) 2.0 
Depreciation expense 3.2  3.6 
Amortization expense 20.8  24.0 
Non-cash stock-based compensation expense 11.6  8.1 
Adjusted EBITDA before significant transaction-related expenses $ 94.1  $ 45.2 
Significant transaction-related expenses:
Cost reduction strategies $ —  $ 2.6 
Other —  0.3 
Adjusted EBITDA $ 94.1  $ 48.1 
Revenue, net of interchange:
Revenue $ 394.6  $ 316.0 
Interchange 130.8  112.4 
Revenue, net of interchange $ 263.8  $ 203.6 
Net Adjusted EBITDA Margin 36  % 24  %

Three Months Ended March 31,
Segment Information (millions) 2025 2024
Revenue
Payment Software $ 200.7  $ 141.1 
Biller 193.9  174.9 
Total $ 394.6  $ 316.0 
Recurring Revenue
Payment Software $ 91.9  $ 88.6 
Biller 193.8  174.9 
Total $ 285.7  $ 263.5 
Segment Adjusted EBITDA
Payment Software $ 106.6  $ 52.3 
Biller 30.9  30.7 

Note: Amounts may not recalculate due to rounding.




Three Months Ended March 31,
2025 2024
EPS Impact of Non-cash and Significant Transaction-related Items (millions) EPS Impact $ in Millions
(Net of Tax)
EPS Impact $ in Millions
(Net of Tax)
GAAP net income (loss) $ 0.55  $ 58.9  $ (0.07) $ (7.8)
Adjusted for:
Gain on sale of equity investment (0.20) (21.7) —  — 
Significant transaction-related expenses —  —  0.02  2.2 
Amortization of acquisition-related intangibles 0.04  4.1  0.06  6.4 
Amortization of acquisition-related software 0.03  3.2  0.03  3.4 
Non-cash stock-based compensation 0.09  9.2  0.06  6.2 
Total adjustments $ (0.04) $ (5.2) $ 0.17  $ 18.2 
Diluted EPS adjusted for non-cash and significant transaction-related items $ 0.51  $ 53.7  $ 0.10  $ 10.4 

Three Months Ended March 31,
Recurring Revenue (millions) 2025 2024
SaaS and PaaS fees $ 237.1  $ 215.7 
Maintenance fees 48.6  47.8 
Recurring Revenue $ 285.7  $ 263.5 

New Bookings (millions) Three Months Ended March 31, TTM Ended March 31,
2025 2024 2025 2024
Annual recurring revenue (ARR) bookings $ 8.9  $ 6.4  $ 68.3  $ 68.4 
License and services bookings 50.0  27.2  312.8  243.4 

Note: Amounts may not recalculate due to rounding.


EX-99.2 3 aciw-20250508_ex992.htm EX-99.2 aciw-20250508_ex992
Q1 2025 Earnings Presentation May 8, 2025 Exhibit 99.2


 
This presentation contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. The forward-looking statements are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. A discussion of these forward-looking statements and risk factors that may affect them is set forth at the end of this presentation. The Company assumes no obligation to update any forward-looking statement in this presentation, except as required by law. Private Securities Litigation Reform Act of 1995 Safe Harbor for Forward-Looking Statements


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


 
Q1 2025 Highlights 4 Balance SheetSegment Results*Consolidated Results


 
Increasing 2025 Financial Guidance 5 Q2 2025 financial guidance • Revenue expected to be between $375 million and $385 million and adjusted EBITDA to be between $55 million and $65 million Low High Low High Revenue 1,685 1,715 1,690 1,720 Adjusted EBITDA 480 495 480 495 $'s in millions Prior 2025 Guidance New 2025 Guidance


 
Supplemental Financial Data 6Confidential Three Months Ended March 31, 20242025Recurring Revenue (millions) $ 215.7$ 237.1SaaS and PaaS fees 47.848.6Maintenance fees $ 263.5$ 285.7Recurring Revenue TTM Ended March 31,Three Months Ended March 31, 2024202520242025New Bookings (millions) $ 68.4$ 68.3$ 6.4$ 8.9Annual recurring revenue (ARR) bookings 243.4312.827.250.0License and services bookings Note: Amounts may not recalculate due to rounding.


 
Supplemental Financial Data 7Confidential Three Months Ended March 31, 20242025Adjusted EBITDA (millions) $ (7.8)$ 58.9Net income (loss) Plus: 0.312.8Income tax expense 15.010.6Net interest expense 2.0(23.7)Net other (income) expense 3.63.2Depreciation expense 24.020.8Amortization expense 8.111.6Non-cash stock-based compensation expense $ 45.2$ 94.1Adjusted EBITDA before significant transaction-related expenses Significant transaction-related expenses: 2.6—Cost reduction strategies 0.3—Other $ 48.1$ 94.1Adjusted EBITDA Revenue, net of interchange $ 316.0$ 394.6Revenue 112.4130.8Interchange $ 203.6$ 263.8Revenue, net of interchange 24 %36 %Net Adjusted EBITDA Margin Note: Amounts may not recalculate due to rounding.


 
Supplemental Financial Data 8Confidential Three Months Ended March 31, 20242025Segment Information (millions) Revenue $ 141.1$ 200.7Payment Software 174.9193.8Biller $ 316.0$ 394.6Total Revenue Recurring Revenue $ 88.6$ 91.9Payment Software 174.9193.8Biller $ 263.5$ 285.7Total Segment Adjusted EBITDA $ 52.3$ 106.6Payment Software 30.730.9Biller Note: Amounts may not recalculate due to rounding.


 
Supplemental Financial Data 9Confidential Three Months Ended March 31, EPS Impact of Non-cash and Significant Transaction-related Items (millions) 20242025 $ in Millions (Net of Tax)EPS Impact $ in Millions (Net of Tax)EPS Impact $ (7.8)$ (0.07)$ 58.9$ 0.55GAAP net income (loss) Adjusted for: ——(21.7)(0.20)Gain on sale of equity investment 2.20.02——Significant transaction-related expenses 6.40.064.10.04Amortization of acquisition-related intangibles 3.40.033.20.03Amortization of acquisition-related software 6.20.069.20.09Non-cash stock-based compensation 18.20.17(5.2)(0.04)Total adjustments $ 10.4$ 0.10$ 53.7$ 0.51 Diluted EPS adjusted for non-cash and significant transaction- related items Note: Amounts may not recalculate due to rounding.


 
Non-GAAP Financial Measures 10Confidential To supplement our financial results presented on a GAAP basis, we use the non-GAAP measures indicated in the tables, which exclude significant transaction related expenses, as well as other significant non-cash expenses such as depreciation, amortization, and non-cash compensation, that we believe are helpful in understanding our past financial performance and our future results. The presentation of these non-GAAP financial measures should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management generally compensates for limitations in the use of non-GAAP financial measures by relying on comparable GAAP financial measures and providing investors with a reconciliation of non-GAAP financial measures only in addition to and in conjunction with results presented in accordance with GAAP. We believe that these non-GAAP financial measures reflect an additional way to view aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. Certain non-GAAP measures include: ◦ Adjusted EBITDA: net income (loss) plus income tax expense (benefit), net interest income (expense), net other income (expense), depreciation, amortization, and non-cash compensation, as well as significant transaction related expenses. Adjusted EBITDA should be considered in addition to, rather than as a substitute for, net income (loss). ◦ Net Adjusted EBITDA Margin: Adjusted EBITDA divided by revenue net of pass-through interchange revenue. Net Adjusted EBITDA Margin should be considered in addition to, rather than as a substitute for, net income (loss). ◦ Diluted EPS adjusted for non-cash and significant transaction related items: diluted EPS plus tax effected significant transaction related items, amortization of acquired intangibles and software, and non-cash stock-based compensation. Diluted EPS adjusted for non-cash and significant transaction related items should be considered in addition to, rather than as a substitute for, diluted EPS. ◦ Recurring Revenue: revenue from software as a service and platform service fees and maintenance fees. Recurring revenue should be considered in addition to, rather than as a substitute for, total revenue. ◦ ARR: New annual recurring revenue expected to be generated from new accounts, new applications, and add-on sales bookings contracts signed in the period.


 
Forward Looking Statements 11Confidential This presentation contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. Generally, forward- looking statements do not relate strictly to historical or current facts and may include words or phrases such as “believes,” “will,” “expects,” “anticipates,” “intends,” and words and phrases of similar impact. The forward-looking statements are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, but are not limited to, statements regarding financial guidance, including Q2 2025 and full year 2025 revenue and adjusted EBITDA and additional guidance metrics. All of the foregoing forward-looking statements are expressly qualified by the risk factors discussed in our filings with the Securities and Exchange Commission. Such factors include, but are not limited to, increased competition, business interruptions, cybersecurity incidents or failure of our information technology and communication systems, security breaches, our ability to attract and retain senior management personnel and skilled technical employees, future acquisitions, strategic partnerships and investments, divestitures and other restructuring activities, implementation and success of our strategy, impact if we convert some or all on-premise licenses from fixed-term to subscription model, anti-takeover provisions, exposure to credit or operating risks arising from certain payment funding methods, loss caused by theft or fraud, customer reluctance to switch to a new vendor, our ability to adequately defend our intellectual property, litigation, consent orders and other compliance agreements, our offshore software development activities, risks from operating internationally, including fluctuations in currency exchange rates, events in eastern Europe and the Middle East, adverse changes in the global economy, compliance of our products with applicable legislation, governmental regulations and industry standards, the complexity of our products and services and the risk that they may contain hidden defects, legal and business risks from artificial intelligence incorporated into our products, risks to our business from the use of artificial intelligence by our workforce, complex regulations applicable to our payments business, our compliance with privacy and cybersecurity regulations, compliance with requirements of the payment card networks and Nacha, exposure to unknown tax liabilities, changes in tax laws and regulations, consolidations and failures in the financial services industry, volatility in our stock price, demand for our products, failure to obtain renewals of customer contracts or to obtain such renewals on favorable terms, delay or cancellation of customer projects or inaccurate project completion estimates, changes in card association and debit network fees or products, impairment of our goodwill or intangible assets, the accuracy of management’s backlog estimates, the cyclical nature of our revenue and earnings and the accuracy of forecasts due to the concentration of revenue-generating activity during the final weeks of each quarter, restrictions and other financial covenants in our debt agreements, our existing levels of debt, incurring additional debt, events outside of our control including natural disasters, wars, and outbreaks of disease, and revenues or revenue mix below expectations. For a detailed discussion of these risk factors, parties that are relying on the forward-looking statements should review our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q.


 
12Confidential