0000935036-22-000035 | 10-Q | XBRL Viewer

General and administrative

$ 306,591

$ 316,914

$ 970,096

$ 903,769

Operating expenses

Cost of revenue

^[1]

171,753

158,712

517,372

476,811

Research and development

35,899

35,248

114,348

104,791

Selling and marketing

32,794

33,413

102,793

90,211

30,516

29,717

84,753

89,429

Depreciation and amortization

32,140

31,845

95,218

95,434

Total operating expenses

303,102

288,935

914,484

856,676

Operating income

3,489

27,979

55,612

47,093

Other income (expense)

Interest expense

(14,336)

(11,208)

(37,014)

(33,943)

Interest income

2,995

2,834

9,205

8,553

Other, net

41,545

(1,088)

45,801

(1,036)

Total other income (expense)

30,204

(9,462)

17,992

(26,426)

Income before income taxes

33,693

18,517

73,604

20,667

Income tax expense

10,576

4,753

21,655

2,347

Net income

$ 23,117

$ 13,764

$ 51,949

$ 18,320

Income per common share

Basic (in dollars per share)

$ 0.20

$ 0.12

$ 0.45

$ 0.16

Diluted (in dollars per share)

$ 0.20

$ 0.12

$ 0.45

$ 0.15

Weighted average common shares outstanding

Basic (in shares)

113,812

117,512

114,584

117,574

Diluted (in shares)

114,348

118,540

115,211

118,817

Software as a service and platform as a service

Revenues

$ 195,540

$ 191,456

$ 597,080

$ 583,530

License

Revenues

43,661

54,454

168,260

110,383

Maintenance

Revenues

49,163

53,519

151,143

159,037

Services

Revenues

$ 18,227

$ 17,485

$ 53,613

$ 50,819

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 23,117	$ 13,764	$ 51,949	$ 18,320
Other comprehensive loss:
Foreign currency translation adjustments	(13,459)	(4,223)	(28,179)	(5,873)
Total other comprehensive loss	(13,459)	(4,223)	(28,179)	(5,873)
Comprehensive income	$ 9,658	$ 9,541	$ 23,770	$ 12,447

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2020	$ 1,206,597	$ 702	$ 682,431	$ 1,003,490	$ (387,581)	$ (92,445)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,320			18,320
Other comprehensive loss	(5,873)					(5,873)
Stock-based compensation	20,790		20,790
Shares issued and forfeited, net, under stock plans	9,964		(20,177)		30,141
Repurchase of shares of common stock	(39,411)				(39,411)
Repurchase of stock-based compensation awards for tax withholdings	(14,833)				(14,833)
Ending balance at Sep. 30, 2021	1,195,554	702	683,044	1,021,810	(411,684)	(98,318)
Beginning balance at Jun. 30, 2021	1,178,560	702	676,399	1,008,046	(412,492)	(94,095)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	13,764			13,764
Other comprehensive loss	(4,223)					(4,223)
Stock-based compensation	6,367		6,367
Shares issued and forfeited, net, under stock plans	1,123		278		845
Repurchase of stock-based compensation awards for tax withholdings	(37)				(37)
Ending balance at Sep. 30, 2021	1,195,554	702	683,044	1,021,810	(411,684)	(98,318)
Beginning balance at Dec. 31, 2021	1,244,777	702	688,313	1,131,281	(475,972)	(99,547)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	51,949			51,949
Other comprehensive loss	(28,179)					(28,179)
Stock-based compensation	21,884		21,884
Shares issued and forfeited, net, under stock plans	4,539		(12,434)		16,973
Repurchase of shares of common stock	(90,934)				(90,934)
Repurchase of stock-based compensation awards for tax withholdings	(5,820)				(5,820)
Ending balance at Sep. 30, 2022	1,198,216	702	697,763	1,183,230	(555,753)	(127,726)
Beginning balance at Jun. 30, 2022	1,208,364	702	690,574	1,160,113	(528,758)	(114,267)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,117			23,117
Other comprehensive loss	(13,459)					(13,459)
Stock-based compensation	7,126		7,126
Shares issued and forfeited, net, under stock plans	1,313		63		1,250
Repurchase of shares of common stock	(28,227)				(28,227)
Repurchase of stock-based compensation awards for tax withholdings	(18)				(18)
Ending balance at Sep. 30, 2022	$ 1,198,216	$ 702	$ 697,763	$ 1,183,230	$ (555,753)	$ (127,726)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Repurchase of common stock (in shares)	1,154,825	3,210,313	1,000,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 51,949	$ 18,320
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation	17,052	15,838
Amortization	78,817	84,528
Amortization of operating lease right-of-use assets	8,296	7,752
Amortization of deferred debt issuance costs	3,435	3,525
Deferred income taxes	(9,059)	(11,742)
Stock-based compensation expense	21,884	20,790
Gain on divestiture	(38,452)	0
Other	2,483	(27)
Changes in operating assets and liabilities:
Receivables	5,767	55,953
Accounts payable	(3,047)	(5,080)
Accrued employee compensation	(3,872)	(1,140)
Deferred revenue	(6,367)	10,339
Other current and noncurrent assets and liabilities	(26,920)	(54,573)
Net cash flows from operating activities	101,966	144,483
Cash flows from investing activities:
Purchases of property and equipment	(8,123)	(12,968)
Purchases of software and distribution rights	(18,394)	(20,041)
Proceeds from divestiture	100,139	0
Net cash flows from investing activities	73,622	(33,009)
Cash flows from financing activities:
Proceeds from issuance of common stock	2,801	2,526
Proceeds from exercises of stock options	1,792	7,252
Repurchase of stock-based compensation awards for tax withholdings	(5,820)	(14,833)
Repurchases of common stock	(90,934)	(39,411)
Proceeds from revolving credit facility	85,000	0
Repayment of revolving credit facility	(75,000)	(55,000)
Repayment of term portion of credit agreement	(70,825)	(29,212)
Payments on or proceeds from other debt, net	(10,106)	(10,187)
Net increase (decrease) in settlement assets and liabilities	20,084	(55,470)
Net cash flows from financing activities	(143,008)	(194,335)
Effect of exchange rate fluctuations on cash	(60)	84
Net increase (decrease) in cash and cash equivalents	32,520	(82,777)
Cash and cash equivalents, including settlement deposits, beginning of period	184,142	265,382
Cash and cash equivalents, including settlement deposits, end of period	216,662	182,605
Reconciliation of cash and cash equivalents to the Consolidated Balance Sheets
Cash and cash equivalents	134,799	141,482
Settlement deposits	81,863	41,123
Total cash and cash equivalents, including settlement deposits	216,662	182,605
Supplemental cash flow information
Income taxes paid	24,987	28,131
Interest paid	$ 39,217	$ 35,966

Condensed Consolidated Financial Statements

9 Months Ended

Sep. 30, 2022

Condensed Consolidated Financial Statements

The unaudited condensed consolidated financial statements include the accounts of ACI Worldwide, Inc. and its wholly-owned subsidiaries (collectively, the “Company”). All intercompany balances and transactions have been eliminated. The condensed consolidated financial statements as of September 30, 2022, and for the three and nine months ended September 30, 2022 and 2021, are unaudited and reflect all adjustments of a normal recurring nature, which are, in the opinion of management, necessary for a fair presentation, in all material respects, of the financial position and operating results for the interim periods. The condensed consolidated balance sheet as of December 31, 2021, is derived from the audited financial statements.

The condensed consolidated financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2021, filed on February 24, 2022. Results for the three and nine months ended September 30, 2022, are not necessarily indicative of results that may be attained in the future.

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

Revision of Prior Period Financial Statements

As of December 31, 2021, the Company revised the previously reported consolidated statements of cash flows to include settlement deposits in total cash and cash equivalents and settlement receivables and settlement liabilities net activity in cash flows from financing activities, both of which were previously included in cash flows from operating activities. This immaterial revision did not have an effect on its previously reported consolidated balance sheets, statements of operations, statements of comprehensive income, or statements of stockholders' equity.

A summary of the revisions to the previously reported balances are presented in the table below for comparative purposes (in thousands):


	Nine Months Ended September 30, 2021
	As reported		Revision adjustment		As revised
Cash flows from operating activities:
Other current and noncurrent assets and liabilities	$	(51,158)	$	(3,415)	$	(54,573)
Net cash flows from operating activities	147,898		(3,415)		144,483

Cash flows from financing activities:
Net decrease in settlement assets and liabilities	$	—	$	(55,470)	$	(55,470)
Net cash flows from financing activities	(138,865)		(55,470)		(194,335)

Net decrease in cash and cash equivalents	$	(23,892)	$	(58,885)	$	(82,777)
Cash and cash equivalents, including settlement deposits, beginning of period	165,374		100,008		265,382
Cash and cash equivalents, including settlement deposits, end of period	141,482		41,123		182,605

Other Current Liabilities

The components of other current liabilities are included in the following table (in thousands):


	September 30, 2022		December 31, 2021
Vendor financed licenses	$	12,520	$	12,521
Operating lease liabilities	11,061		11,518
Accrued interest	3,026		8,776
Royalties payable	2,905		4,102
Other	45,595		42,677
Total other current liabilities	$	75,107	$	79,594

Settlement Assets and Liabilities

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

Off Balance Sheet Settlement Accounts

The Company also enters into agreements with certain Biller clients to process payment funds on their behalf. When an ACH or automated teller machine network payment transaction is processed, a transaction is initiated to withdraw funds from the designated source account and deposit them into a settlement account, which is a trust account maintained for the benefit of the Company’s clients. A simultaneous transaction is initiated to transfer funds from the settlement account to the intended destination account. These “back to back” transactions are designed to settle at the same time, usually overnight, such that the Company receives the funds from the source at the same time as it sends the funds to their destination. However, due to the transactions being with various financial institutions there may be timing differences that result in float balances. These funds are maintained in accounts for the benefit of the client, which is separate from the Company’s corporate assets. As the Company does not take ownership of the funds, these settlement accounts are not included in the Company’s balance sheet. The Company is entitled to interest earned on the fund balances. The collection of interest on these settlement accounts is considered in the Company’s determination of its fee structure for clients and represents a portion of the payment for services performed by the Company. The amount of settlement funds as of September 30, 2022, and December 31, 2021, was $308.7 million and $272.8 million, respectively.

Fair Value

The fair value of the Company’s Credit Agreement approximates the carrying value due to the floating interest rate (Level 2 of the fair value hierarchy). The Company measures the fair value of its Senior Notes based on Level 2 inputs, which include quoted market prices and interest rate spreads of similar securities. The fair value of the Company’s 5.750% Senior Notes due 2026 (“2026 Notes”) was $379.9 million and $419.0 million as of September 30, 2022, and December 31, 2021, 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, 2022, 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, 2021, annual impairment test and there have been no indications of impairment in the subsequent periods.

Changes in the carrying amount of goodwill attributable to each reporting unit during the nine months ended September 30, 2022 were as follows (in thousands):


	Banks		Merchants		Billers		Total
Balance, December 31, 2021	$	725,903	$	137,289	$	417,034	$	1,280,226
Divestiture (1)	(54,200)		—		—		(54,200)
Balance, September 30, 2022	$	671,703	$	137,289	$	417,034	$	1,226,026

(1) In connection with the divestiture, $54.2 million of goodwill from the Banks segment was allocated to the net assets sold. See Note 3, Divestiture, for further information on the divestiture.

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 $17.3 million and $19.3 million, which is included in other noncurrent assets in the condensed consolidated balance sheet as of September 30, 2022, and December 31, 2021, respectively.

Revenue

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

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 receive 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 10, 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, 2022		December 31, 2021
Billed receivables	$	137,498	$	162,479
Allowance for doubtful accounts	(3,851)		(2,861)
Billed receivables, net	133,647		159,618
Current accrued receivables, net	168,654		160,787
Long-term accrued receivables, net	248,285		276,164
Total accrued receivables, net	416,939		436,951
Total receivables, net	$	550,586	$	596,569

One customer accounted for 12.7% and 13.8% of the Company's consolidated receivables balance as of September 30, 2022 and December 31, 2021.

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, 2021	$	110,350
Deferral of revenue	89,117
Recognition of deferred revenue	(95,593)
Divestiture	(21,581)
Foreign currency translation	(6,690)
Balance, September 30, 2022	$	75,603

Revenue allocated to remaining performance obligations represents contracted revenue that will be recognized in future periods, which is comprised of deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. This does not include:

•Revenue that will be recognized in future periods from capacity overages that are accounted for as a usage-based royalty.

•SaaS and PaaS revenue from variable consideration that will be recognized in accordance with the ‘right to invoice’ practical expedient or meets the allocation objective.

Revenue allocated to remaining performance obligations was $682.0 million as of September 30, 2022, of which the Company expects to recognize approximately 51% over the next 12 months and the remainder thereafter.

During the three and nine months ended September 30, 2022 and 2021, revenue recognized by the Company from performance obligations satisfied in previous periods was not significant.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Divestiture	9 Months Ended
Divestiture	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Divestiture	Divestiture Corporate Online Banking Solutions On June 7, 2022, the Company announced a definitive agreement to divest its corporate online banking solutions related assets and liabilities to One Equity Partners ("OEP") for $100.1 million, including preliminary net working capital adjustment. The sale included employees and customer contracts as well as technology assets and intellectual property and closed on September 1, 2022. For the three and nine months ended September 30, 2022, the Company recognized a gain of $38.5 million on the sale, which is recorded in other, net in the accompanying condensed consolidated statements of operations. This gain is preliminary subject to finalization of post-closing adjustments pursuant to the definitive transaction agreement. The Company and OEP have also entered into a Transition Services Agreement ("TSA"), whereby the Company will continue to perform certain functions on OEP's behalf during a migration period not expected to exceed 18 months. The TSA is meant to reimburse the Company for direct costs in order to provide such functions, which are no longer generating revenue for the Company.

Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

As of September 30, 2022, the Company had $10.0 million, $607.3 million, and $400.0 million outstanding under its Revolving Credit Facility, Term Loans, and Senior Notes, respectively, with up to $488.5 million of unused borrowings under the Revolving Credit Facility portion of the Credit Agreement, as amended, and up to $1.5 million of unused borrowings under the Letter of Credit agreement. The amount of unused borrowings actually available varies in accordance with the terms of the agreement.

Credit Agreement

On April 5, 2019, the Company and its wholly-owned subsidiaries, ACI Worldwide Corp. and ACI Payments, Inc. entered into the Second Amended and Restated Credit Agreement (the “Credit Agreement”) with the lenders, and Bank of America, N.A., as administrative agent for the lenders, to amend and restate the Company's existing agreement, as amended, dated February 24, 2017.

On May 5, 2022, the Company and Bank of America entered into the LIBOR Transition Amendment (the "Amendment") that replaced the LIBOR reference rate with the Secured Overnight Financing Rate ("SOFR") reference rate. No other terms or conditions of the Credit Agreement were changed as a result of the Amendment.

The Credit Agreement consists of (a) a five-year $500.0 million senior secured revolving credit facility (the “Revolving Credit Facility”), which includes sublimits for (1) the issuance of standby letters of credit and (2) swingline loans, (b) a five-year $279.0 million senior secured term loan facility (the "Initial Term Loan") and (c) a five-year $500.0 million Delayed Draw Term Loan (together with the Initial Term Loan, the "Term Loans", and together with the Initial Term Loan and the Revolving Credit Facility, the “Credit Facility”). The Credit Agreement also allows the Company to request optional incremental term loans and increases in the revolving commitment. The Credit Facility will mature on April 5, 2024.

At the Company’s option, borrowings under the Credit Facility bear interest at an annual rate equal to, either (a) a base rate determined by reference to the highest of (1) the annual interest rate publicly announced by the administrative agent as its Prime Rate, (2) the federal funds effective rate plus 1/2 of 1%, or (3) SOFR rate determined by reference to the costs of funds for U.S. dollar deposits for a one-month interest period, adjusted for certain additional costs, plus 1% or (b) a SOFR rate determined by reference to the costs of funds for U.S. dollar deposits for the interest period relevant to such borrowings, adjusted for certain additional costs, plus an applicable margin. Based on the calculation of the applicable consolidated total leverage ratio, the applicable margin for borrowings under the Credit Facility is between 0.25% to 1.25% with respect to base rate borrowings and between 1.25% and 2.25% with respect to SOFR rate borrowings. Interest is due and payable monthly. The interest rate in effect for the Credit Facility as of September 30, 2022, was 4.88%.

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.

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, 2022, are as follows (in thousands):


Fiscal Year Ending December 31,
Remainder of 2022	$	14,607
2023	69,906
2024	532,823
2025	—
2026	400,000
Thereafter	—
Total	$	1,017,336

As of September 30, 2022, 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, 2022		December 31, 2021
Term loans	$	607,336	$	678,160
Revolving credit facility	10,000		—
5.750% Senior notes, due August 2026	400,000		400,000
Debt issuance costs	(8,983)		(12,418)
Total debt	1,008,353		1,065,742
Less: current portion of term loans	65,038		50,431
Less: current portion of debt issuance costs	(4,435)		(4,561)
Total long-term debt	$	947,750	$	1,019,872

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 2.250% 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, 2022, there was $75.0 million available and no amount outstanding on the overdraft facility. As of December 31, 2021, there was no amount outstanding on the overdraft facility.

Other

The Company finances certain multi-year license agreements for internal-use software. Upon execution, these arrangements have been treated as a non-cash investing and financing activity for purposes of the condensed consolidated statements of cash flows. During the nine months ended September 30, 2022, the Company financed certain multi-year license agreements for internal-use software for $10.7 million, with annual payments through April 2024. As of September 30, 2022, $9.3 million was outstanding on these and other license agreements previously entered into, of which $5.8 million and $3.5 million is included in other current liabilities and other noncurrent liabilities, respectively, in the condensed consolidated balance sheet. As of December 31, 2021, $2.9 million was outstanding on these agreements, all of which is included in other current liabilities in the condensed consolidated balance sheet.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Goodwill and Intangible Assets Disclosure [Abstract]

Software and Other Intangible Assets

9 Months Ended

Sep. 30, 2022

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, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Balance		Gross Carrying Amount		Accumulated Amortization		Net Balance
Software for internal use	$	446,394	$	(311,452)	$	134,942	$	440,242	$	(283,109)	$	157,133
Software for resale	121,801		(121,801)		—		127,904		(127,255)		649
Total software	$	568,195	$	(433,253)	$	134,942	$	568,146	$	(410,364)	$	157,782

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, 2022 and 2021, totaled $17.3 million and $17.5 million, respectively. Software for internal use amortization expense recorded during the nine months ended September 30, 2022 and 2021, totaled $51.1 million and $51.8 million, respectively. These software amortization expense amounts are reflected in depreciation and amortization in the condensed consolidated statements of operations.

Amortization of software for resale is computed using the greater of (a) the ratio of current gross revenues to the total of current and future gross revenues expected to be derived from the software or (b) the straight-line method over the remaining estimated useful life of generally five to ten years. Software for resale amortization expense recorded during the three months ended September 30, 2021 totaled $1.5 million. There was no software for resale amortization expense recorded during the three months ended September 30, 2022. Software for resale amortization expense recorded during the nine months ended September 30, 2022 and 2021, totaled $0.7 million and $4.9 million, respectively. These software amortization expense amounts are reflected in cost of revenue in the condensed consolidated statements of operations.

The carrying amount and accumulated amortization of the Company’s other intangible assets subject to amortization at each balance sheet date are as follows (in thousands):


	September 30, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Balance		Gross Carrying Amount		Accumulated Amortization		Net Balance
Customer relationships	$	457,027	$	(225,527)	$	231,500	$	507,962	$	(230,152)	$	277,810
Trademarks and trade names	22,942		(19,389)		3,553		23,839		(18,645)		5,194
Total other intangible assets	$	479,969	$	(244,916)	$	235,053	$	531,801	$	(248,797)	$	283,004

Other intangible assets amortization expense recorded during the three months ended September 30, 2022 and 2021, totaled $8.8 million and $9.3 million, respectively. Other intangible assets amortization expense recorded during the nine months ended September 30, 2022 and 2021, totaled $27.1 million and $27.8 million, respectively.

Based on capitalized intangible assets as of September 30, 2022, estimated amortization expense amounts in future fiscal years are as follows (in thousands):


Fiscal Year Ending December 31,	Software Amortization		Other Intangible Assets Amortization
Remainder of 2022	$	16,699	$	8,329
2023	51,782		33,310
2024	34,155		28,997
2025	22,985		20,747
2026	8,450		20,747
Thereafter	871		122,923
Total	$	134,942	$	235,053

Stock-Based Compensation Plans

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

Employee Stock Purchase Plan

Shares issued under the 2017 Employee Stock Purchase Plan during the nine months ended September 30, 2022 and 2021, totaled 108,149 and 86,877, respectively.

Stock Options

A summary of stock option activity is as follows:


	Number of Shares	Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value of In-the-Money Options ($)
Outstanding as of December 31, 2021	1,640,319	$	18.42
Exercised	(98,723)	18.14


Outstanding as of September 30, 2022	1,541,596	$	18.44	2.37	$	3,796,359
Exercisable as of September 30, 2022	1,541,596	$	18.44	2.37	$	3,796,359

The total intrinsic value of stock options exercised during the nine months ended September 30, 2022 and 2021, was $1.1 million and $7.8 million, respectively. There were no stock options granted during the nine months ended September 30, 2022 or 2021.

Total Shareholder Return Awards

A summary of nonvested total shareholder return awards ("TSRs") is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2021	1,154,721	$	40.10
Granted	520,020	42.99
Vested	(212,210)	45.86
Forfeited	(193,979)	39.93
Change in payout rate	(114,355)	45.92
Nonvested as of September 30, 2022	1,154,197	$	39.79

During the nine months ended September 30, 2022, a total of 212,210 TSRs granted in fiscal 2019 vested and achieved a payout rate of 65% based on the Company's total shareholder return as compared to a group of peer companies over a three-year performance period. The Company withheld 47,612 of those shares to pay the employees’ portion of the minimum payroll withholding taxes.

The fair value of TSRs granted during the nine months ended September 30, 2022 and 2021, 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,
	2022		2021
Expected life (years)	3.1		2.8
Risk-free interest rate	1.5	%	0.3	%
Expected volatility	40.0	%	41.2	%
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, 2021	946,151	$	33.57
Granted	1,071,776	29.97
Vested	(442,882)	33.00
Forfeited	(193,932)	32.63
Nonvested as of September 30, 2022	1,381,113	$	31.09

During the nine months ended September 30, 2022, a total of 442,882 RSUs vested. The Company withheld 132,707 of those shares to pay the employees’ portion of the minimum payroll withholding taxes.

As of September 30, 2022, there were unrecognized compensation costs of $33.0 million and $23.4 million related to nonvested RSUs and TSRs, respectively, which the Company expects to recognize over weighted average periods 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, 2022 and 2021, of $7.1 million and $6.4 million, respectively, with corresponding tax benefits of $1.0 million and $0.9 million, respectively. The Company recorded stock-based compensation expense recognized under ASC 718 for the nine months ended September 30, 2022 and 2021, of $21.9 million and $20.8 million, respectively, with corresponding tax benefits of $3.0 million and $3.1 million, respectively.

Common Stock and Treasury Stock	9 Months Ended
Common Stock and Treasury Stock	Sep. 30, 2022
Equity [Abstract]
Common Stock and Treasury Stock	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 December 2021, the board approved the repurchase of the Company's common stock of up to $250.0 million, in place of the remaining purchase amounts previously authorized. The Company repurchased 3,210,313 shares for $90.9 million during the nine months ended September 30, 2022. Under the program to date, the Company has repurchased 52,567,808 shares for approximately $810.6 million. As of September 30, 2022, the maximum remaining amount authorized for purchase under the stock repurchase program was $125.4 million.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is computed in accordance with ASC 260, Earnings Per Share, based on weighted average outstanding common shares. Diluted earnings 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 per share (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Weighted average shares outstanding:
Basic weighted average shares outstanding	113,812	117,512	114,584	117,574
Add: Dilutive effect of stock options and RSUs	536	1,028	627	1,243
Diluted weighted average shares outstanding	114,348	118,540	115,211	118,817

The diluted earnings per share computation excludes 2.0 million and 1.6 million RSUs and contingently issuable shares during the three months ended September 30, 2022 and 2021, respectively, as their effect would be anti-dilutive. The diluted earnings per share computation excludes 2.0 million and 1.5 million RSUs and contingently issuable shares during the nine months ended September 30, 2022 and 2021, respectively, as their effect would be anti-dilutive.

Common stock outstanding as of September 30, 2022, and December 31, 2021, was 113,201,343 and 115,730,046, respectively.

Other, Net	9 Months Ended
Other, Net	Sep. 30, 2022
Other Income and Expenses [Abstract]
Other, Net	Other, NetOther, net is primarily comprised of foreign currency transaction gains and losses and, for the three and nine months ended September 30, 2022, the $38.5 million gain on divestiture. Other, net was $41.5 million of income and $1.1 million of expense for the three months ended September 30, 2022 and 2021, respectively. Other, net was $45.8 million of income and $1.0 million of expense for the nine months ended September 30, 2022 and 2021, respectively.

Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

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.

Revenue is attributed to the reportable segments based upon the 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,
	2022		2021		2022		2021
Revenue
Banks	$	117,439	$	131,744	$	391,583	$	341,712
Merchants	35,609		38,989		113,145		115,083
Billers	153,543		146,181		465,368		446,974
Total revenue	$	306,591	$	316,914	$	970,096	$	903,769
Segment Adjusted EBITDA
Banks	$	49,793	$	67,602	$	184,667	$	159,262
Merchants	9,781		14,221		32,243		41,987
Billers	26,348		31,969		81,029		100,593
Depreciation and amortization	(32,140)		(33,380)		(95,869)		(100,366)
Stock-based compensation expense	(7,126)		(6,367)		(21,884)		(20,790)
Corporate and unallocated expenses	(43,167)		(46,066)		(124,574)		(133,593)
Interest, net	(11,341)		(8,374)		(27,809)		(25,390)
Other, net	41,545		(1,088)		45,801		(1,036)
Income before income taxes	$	33,693	$	18,517	$	73,604	$	20,667

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

The following is revenue by primary solution category for the Company’s reportable segments for the periods indicated (in thousands):


	Three Months Ended September 30, 2022
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	153,543	$	153,543
Digital Business Banking	9,001		—		—		9,001
Merchant Payments	—		35,609		—		35,609
Fraud Management	14,840		—		—		14,840
Real-Time Payments	24,904		—		—		24,904
Issuing and Acquiring	68,694		—		—		68,694
Total	$	117,439	$	35,609	$	153,543	$	306,591

	Three Months Ended September 30, 2021
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	146,181	$	146,181
Digital Business Banking	16,527		—		—		16,527
Merchant Payments	—		38,989		—		38,989
Fraud Management	6,882		—		—		6,882
Real-Time Payments	27,638		—		—		27,638
Issuing and Acquiring	80,697		—		—		80,697
Total	$	131,744	$	38,989	$	146,181	$	316,914

	Nine Months Ended September 30, 2022
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	465,368	$	465,368
Digital Business Banking	34,586		—		—		34,586
Merchant Payments	—		113,145		—		113,145
Fraud Management	30,169		—		—		30,169
Real-Time Payments	71,043		—		—		71,043
Issuing and Acquiring	255,785		—		—		255,785
Total	$	391,583	$	113,145	$	465,368	$	970,096

	Nine Months Ended September 30, 2021
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	446,974	$	446,974
Digital Business Banking	47,319		—		—		47,319
Merchant Payments	—		115,083		—		115,083
Fraud Management	23,563		—		—		23,563
Real-Time Payments	58,534		—		—		58,534
Issuing and Acquiring	212,296		—		—		212,296
Total	$	341,712	$	115,083	$	446,974	$	903,769


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Banks
Software as a service and platform as a service	$	12,394	$	14,794	$	40,331	$	43,555
License	42,188		51,062		159,569		102,993
Maintenance	44,896		48,829		138,983		146,091
Services	17,961		17,059		52,700		49,073
Total	$	117,439	$	131,744	$	391,583	$	341,712
Merchants
Software as a service and platform as a service	$	29,626	$	30,561	$	91,451	$	93,336
License	1,473		3,392		8,691		7,296
Maintenance	4,244		4,610		12,090		12,705
Services	266		426		913		1,746
Total	$	35,609	$	38,989	$	113,145	$	115,083
Billers
Software as a service and platform as a service	$	153,520	$	146,101	$	465,298	$	446,639
License	—		—		—		94
Maintenance	23		80		70		241
Services	—		—		—		—
Total	$	153,543	$	146,181	$	465,368	$	446,974

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,
	2022		2021		2022		2021
Revenue
United States	$	195,571	$	199,195	$	604,345	$	587,002
Other	111,020		117,719		365,751		316,767
Total	$	306,591	$	316,914	$	970,096	$	903,769

The following is the Company’s long-lived assets by geographic location for the periods indicated (in thousands):


	September 30, 2022		December 31, 2021
Long-lived Assets
United States	$	1,284,306	$	1,425,391
Other	712,418		745,138
Total	$	1,996,724	$	2,170,529

No single customer accounted for more than 10% of the Company’s consolidated revenues during the three and nine months ended September 30, 2022 and 2021. No other country outside the United States accounted for more than 10% of the Company's consolidated revenues during the three and nine months ended September 30, 2022 and 2021.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and nine months ended September 30, 2022, the Company's effective tax rate was 31% and 29%, respectively. The Company reported tax expense on pretax income for both the three and nine months ended September 30, 2022, with foreign entities recognizing earnings of $28.7 million and $87.0 million, respectively. The effective tax rate for the three and nine months ended September 30, 2022, was negatively impacted by excess tax expense on equity-based compensation and state income tax expense on domestic earnings. For the three and nine months ended September 30, 2021, the Company's effective tax rate was 26% and 11%, respectively. The Company reported tax expense on pretax income for both the three and nine months ended September 30, 2021, with foreign entities recognizing earnings of $18.1 million and $27.7 million, respectively. The effective tax rate for the three months ended September 30, 2021, was negatively impacted by excess tax expense on equity-based compensation. The effective tax rate for the nine months ended September 30, 2021, was positively impacted by excess tax benefits on equity-based compensation. The Company’s effective tax rate could fluctuate on a quarterly basis due to the occurrence of significant and unusual or infrequent items, such as vesting of stock-based compensation or foreign currency gains and losses. The Company’s effective tax rate could also fluctuate due to changes in the valuation of its deferred tax assets or liabilities, or by changes in tax laws, regulations, accounting principles, or interpretations thereof. In addition, the Company is occasionally subject to examination of its income tax returns by tax authorities in the jurisdictions it operates. The Company regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of its provision for income taxes. As of September 30, 2022, and December 31, 2021, the amount of unrecognized tax benefits for uncertain tax positions was $23.9 million and $24.5 million, respectively, excluding related liabilities for interest and penalties of $1.0 million and $1.1 million as of September 30, 2022, and December 31, 2021, 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 $6.0 million, due to the settlement of various audits and the expiration of statutes of limitation.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings In April 2021, ACH files associated with one of the Company's mortgage servicing customers were inadvertently transmitted to a processing bank during a test of its ACH file production system. Reversal ACH files were promptly issued, restoring affected accounts. The U.S. Consumer Financial Protection Bureau and various state regulatory agencies and attorneys general commenced investigations of this incident. The Company is cooperating with these authorities, including voluntarily furnishing information to them, and seeking to resolve these matters. There can be no assurance that the matters will be resolved without litigation, and the matters could result in material fines, penalties, and statutory damages as well as burdensome and costly injunctive remedies. Separately, the Company was named as a defendant in seven class action lawsuits filed in various federal courts purportedly on behalf of consumers whose mortgage accounts were affected by the inadvertent ACH file transmission. The Company entered into an agreement, which is subject to court approval and other conditions, to settle these lawsuits for the Company's establishment of a $5.0 million fund out of which payments would be made to class members and the Company's payment of attorneys’ fees and administrative costs, plus additional funds totaling $1.5 million that could be required to be established in certain circumstances. There can be no assurance that the conditions to settlement will be satisfied. The Company has asserted claims for insurance coverage with respect to potential losses associated with these matters. There is no assurance as to the amount of insurance that may be available.

Condensed Consolidated Financial Statements (Policies)	9 Months Ended
Condensed Consolidated Financial Statements (Policies)	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	The unaudited condensed consolidated financial statements include the accounts of ACI Worldwide, Inc. and its wholly-owned subsidiaries (collectively, the “Company”). All intercompany balances and transactions have been eliminated. The condensed consolidated financial statements as of September 30, 2022, and for the three and nine months ended September 30, 2022 and 2021, are unaudited and reflect all adjustments of a normal recurring nature, which are, in the opinion of management, necessary for a fair presentation, in all material respects, of the financial position and operating results for the interim periods. The condensed consolidated balance sheet as of December 31, 2021, is derived from the audited financial statements. The condensed consolidated financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2021, filed on February 24, 2022. Results for the three and nine months ended September 30, 2022, are not necessarily indicative of results that may be attained in the future.
Use of Estimates	The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make judgments, estimates, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are affected by management’s application of accounting policies, as well as uncertainty in the current economic environment. Actual results could differ from those estimates.
Settlement Assets and Liabilities	Settlement Assets and Liabilities Individuals and businesses settle their obligations to the Company’s various Biller clients using credit or debit cards or via automated clearing house (“ACH”) payments. The Company creates a receivable for the amount due from the credit or debit card processor and an offsetting payable to the client. Upon confirmation that the funds have been received, the Company settles the obligation to the client. Due to timing, in some instances, the Company may (1) receive the funds into bank accounts controlled by and in the Company’s name that are not disbursed to its clients by the end of the day, resulting in a settlement deposit on the Company’s books and (2) disburse funds to its clients in advance of receiving funds from the credit or debit card processor, resulting in a net settlement receivable position.
Off Balance Sheet Settlement Accounts	Off Balance Sheet Settlement AccountsThe Company also enters into agreements with certain Biller clients to process payment funds on their behalf. When an ACH or automated teller machine network payment transaction is processed, a transaction is initiated to withdraw funds from the designated source account and deposit them into a settlement account, which is a trust account maintained for the benefit of the Company’s clients. A simultaneous transaction is initiated to transfer funds from the settlement account to the intended destination account. These “back to back” transactions are designed to settle at the same time, usually overnight, such that the Company receives the funds from the source at the same time as it sends the funds to their destination. However, due to the transactions being with various financial institutions there may be timing differences that result in float balances. These funds are maintained in accounts for the benefit of the client, which is separate from the Company’s corporate assets. As the Company does not take ownership of the funds, these settlement accounts are not included in the Company’s balance sheet. The Company is entitled to interest earned on the fund balances. The collection of interest on these settlement accounts is considered in the Company’s determination of its fee structure for clients and represents a portion of the payment for services performed by the Company.
Fair Value	Fair ValueThe 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.
Goodwill	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, 2022, 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, 2021, annual impairment test and there have been no indications of impairment in the subsequent periods.
Equity Method Investment	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 $17.3 million and $19.3 million, which is included in other noncurrent assets in the condensed consolidated balance sheet as of September 30, 2022, and December 31, 2021, respectively.

Condensed Consolidated Financial Statements (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Error Corrections and Prior Period Adjustments

A summary of the revisions to the previously reported balances are presented in the table below for comparative purposes (in thousands):


	Nine Months Ended September 30, 2021
	As reported		Revision adjustment		As revised
Cash flows from operating activities:
Other current and noncurrent assets and liabilities	$	(51,158)	$	(3,415)	$	(54,573)
Net cash flows from operating activities	147,898		(3,415)		144,483

Cash flows from financing activities:
Net decrease in settlement assets and liabilities	$	—	$	(55,470)	$	(55,470)
Net cash flows from financing activities	(138,865)		(55,470)		(194,335)

Net decrease in cash and cash equivalents	$	(23,892)	$	(58,885)	$	(82,777)
Cash and cash equivalents, including settlement deposits, beginning of period	165,374		100,008		265,382
Cash and cash equivalents, including settlement deposits, end of period	141,482		41,123		182,605

Schedule of Other Current Liabilities

The components of other current liabilities are included in the following table (in thousands):


	September 30, 2022		December 31, 2021
Vendor financed licenses	$	12,520	$	12,521
Operating lease liabilities	11,061		11,518
Accrued interest	3,026		8,776
Royalties payable	2,905		4,102
Other	45,595		42,677
Total other current liabilities	$	75,107	$	79,594

Schedule of Changes in the Carrying Amount of Goodwill

Changes in the carrying amount of goodwill attributable to each reporting unit during the nine months ended September 30, 2022 were as follows (in thousands):


	Banks		Merchants		Billers		Total
Balance, December 31, 2021	$	725,903	$	137,289	$	417,034	$	1,280,226
Divestiture (1)	(54,200)		—		—		(54,200)
Balance, September 30, 2022	$	671,703	$	137,289	$	417,034	$	1,226,026

(1) In connection with the divestiture, $54.2 million of goodwill from the Banks segment was allocated to the net assets sold. See Note 3, Divestiture, for further information on the divestiture.

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Revenue from Contract with Customer [Abstract]

Revenue (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Total Receivables, Net

Total receivables, net is comprised of the following (in thousands):


	September 30, 2022		December 31, 2021
Billed receivables	$	137,498	$	162,479
Allowance for doubtful accounts	(3,851)		(2,861)
Billed receivables, net	133,647		159,618
Current accrued receivables, net	168,654		160,787
Long-term accrued receivables, net	248,285		276,164
Total accrued receivables, net	416,939		436,951
Total receivables, net	$	550,586	$	596,569

Schedule of Changes in Deferred Revenue

Changes in deferred revenue were as follows (in thousands):


Balance, December 31, 2021	$	110,350
Deferral of revenue	89,117
Recognition of deferred revenue	(95,593)
Divestiture	(21,581)
Foreign currency translation	(6,690)
Balance, September 30, 2022	$	75,603

Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Maturities on Debt Outstanding

Maturities on debt outstanding as of September 30, 2022, are as follows (in thousands):


Fiscal Year Ending December 31,
Remainder of 2022	$	14,607
2023	69,906
2024	532,823
2025	—
2026	400,000
Thereafter	—
Total	$	1,017,336

Schedule of Total Debt

Total debt is comprised of the following (in thousands):


	September 30, 2022		December 31, 2021
Term loans	$	607,336	$	678,160
Revolving credit facility	10,000		—
5.750% Senior notes, due August 2026	400,000		400,000
Debt issuance costs	(8,983)		(12,418)
Total debt	1,008,353		1,065,742
Less: current portion of term loans	65,038		50,431
Less: current portion of debt issuance costs	(4,435)		(4,561)
Total long-term debt	$	947,750	$	1,019,872

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Goodwill and Intangible Assets Disclosure [Abstract]

Software and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Carrying Amount and Accumulated Amortization of 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, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Balance		Gross Carrying Amount		Accumulated Amortization		Net Balance
Software for internal use	$	446,394	$	(311,452)	$	134,942	$	440,242	$	(283,109)	$	157,133
Software for resale	121,801		(121,801)		—		127,904		(127,255)		649
Total software	$	568,195	$	(433,253)	$	134,942	$	568,146	$	(410,364)	$	157,782

The carrying amount and accumulated amortization of the Company’s other intangible assets subject to amortization at each balance sheet date are as follows (in thousands):


	September 30, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Balance		Gross Carrying Amount		Accumulated Amortization		Net Balance
Customer relationships	$	457,027	$	(225,527)	$	231,500	$	507,962	$	(230,152)	$	277,810
Trademarks and trade names	22,942		(19,389)		3,553		23,839		(18,645)		5,194
Total other intangible assets	$	479,969	$	(244,916)	$	235,053	$	531,801	$	(248,797)	$	283,004

Schedule of Estimated Intangible Asset Amortization Expense in Future Fiscal Years

Based on capitalized intangible assets as of September 30, 2022, estimated amortization expense amounts in future fiscal years are as follows (in thousands):


Fiscal Year Ending December 31,	Software Amortization		Other Intangible Assets Amortization
Remainder of 2022	$	16,699	$	8,329
2023	51,782		33,310
2024	34,155		28,997
2025	22,985		20,747
2026	8,450		20,747
Thereafter	871		122,923
Total	$	134,942	$	235,053

Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Stock Option Activity

A summary of stock option activity is as follows:


	Number of Shares	Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value of In-the-Money Options ($)
Outstanding as of December 31, 2021	1,640,319	$	18.42
Exercised	(98,723)	18.14


Outstanding as of September 30, 2022	1,541,596	$	18.44	2.37	$	3,796,359
Exercisable as of September 30, 2022	1,541,596	$	18.44	2.37	$	3,796,359

Total Shareholder Return Awards (TSRs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Nonvested Performance Award Activity

A summary of nonvested total shareholder return awards ("TSRs") is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2021	1,154,721	$	40.10
Granted	520,020	42.99
Vested	(212,210)	45.86
Forfeited	(193,979)	39.93
Change in payout rate	(114,355)	45.92
Nonvested as of September 30, 2022	1,154,197	$	39.79

Total Shareholder Return Awards (TSRs) | Monte Carlo Simulation Model

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Grant Date Fair Value Weighted-Average Assumptions, Awards Other Than Options


	Nine Months Ended September 30,
	2022		2021
Expected life (years)	3.1		2.8
Risk-free interest rate	1.5	%	0.3	%
Expected volatility	40.0	%	41.2	%
Expected dividend yield	—		—

Restricted Share Units (RSUs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Nonvested Restricted Share Unit Activity

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, 2021	946,151	$	33.57
Granted	1,071,776	29.97
Vested	(442,882)	33.00
Forfeited	(193,932)	32.63
Nonvested as of September 30, 2022	1,381,113	$	31.09

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Reconciliation of Weighted Average Share Amounts Used to Compute Both Basic and Diluted Earnings (Loss) Per Share

The following table reconciles the weighted average share amounts used to compute both basic and diluted earnings per share (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Weighted average shares outstanding:
Basic weighted average shares outstanding	113,812	117,512	114,584	117,574
Add: Dilutive effect of stock options and RSUs	536	1,028	627	1,243
Diluted weighted average shares outstanding	114,348	118,540	115,211	118,817

Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Selected Financial Data by Reportable Segment

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,
	2022		2021		2022		2021
Revenue
Banks	$	117,439	$	131,744	$	391,583	$	341,712
Merchants	35,609		38,989		113,145		115,083
Billers	153,543		146,181		465,368		446,974
Total revenue	$	306,591	$	316,914	$	970,096	$	903,769
Segment Adjusted EBITDA
Banks	$	49,793	$	67,602	$	184,667	$	159,262
Merchants	9,781		14,221		32,243		41,987
Billers	26,348		31,969		81,029		100,593
Depreciation and amortization	(32,140)		(33,380)		(95,869)		(100,366)
Stock-based compensation expense	(7,126)		(6,367)		(21,884)		(20,790)
Corporate and unallocated expenses	(43,167)		(46,066)		(124,574)		(133,593)
Interest, net	(11,341)		(8,374)		(27,809)		(25,390)
Other, net	41,545		(1,088)		45,801		(1,036)
Income before income taxes	$	33,693	$	18,517	$	73,604	$	20,667

Schedule of Revenue by Primary Solution Category for Reportable Segments

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, 2022
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	153,543	$	153,543
Digital Business Banking	9,001		—		—		9,001
Merchant Payments	—		35,609		—		35,609
Fraud Management	14,840		—		—		14,840
Real-Time Payments	24,904		—		—		24,904
Issuing and Acquiring	68,694		—		—		68,694
Total	$	117,439	$	35,609	$	153,543	$	306,591

	Three Months Ended September 30, 2021
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	146,181	$	146,181
Digital Business Banking	16,527		—		—		16,527
Merchant Payments	—		38,989		—		38,989
Fraud Management	6,882		—		—		6,882
Real-Time Payments	27,638		—		—		27,638
Issuing and Acquiring	80,697		—		—		80,697
Total	$	131,744	$	38,989	$	146,181	$	316,914

	Nine Months Ended September 30, 2022
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	465,368	$	465,368
Digital Business Banking	34,586		—		—		34,586
Merchant Payments	—		113,145		—		113,145
Fraud Management	30,169		—		—		30,169
Real-Time Payments	71,043		—		—		71,043
Issuing and Acquiring	255,785		—		—		255,785
Total	$	391,583	$	113,145	$	465,368	$	970,096

	Nine Months Ended September 30, 2021
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	446,974	$	446,974
Digital Business Banking	47,319		—		—		47,319
Merchant Payments	—		115,083		—		115,083
Fraud Management	23,563		—		—		23,563
Real-Time Payments	58,534		—		—		58,534
Issuing and Acquiring	212,296		—		—		212,296
Total	$	341,712	$	115,083	$	446,974	$	903,769


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Banks
Software as a service and platform as a service	$	12,394	$	14,794	$	40,331	$	43,555
License	42,188		51,062		159,569		102,993
Maintenance	44,896		48,829		138,983		146,091
Services	17,961		17,059		52,700		49,073
Total	$	117,439	$	131,744	$	391,583	$	341,712
Merchants
Software as a service and platform as a service	$	29,626	$	30,561	$	91,451	$	93,336
License	1,473		3,392		8,691		7,296
Maintenance	4,244		4,610		12,090		12,705
Services	266		426		913		1,746
Total	$	35,609	$	38,989	$	113,145	$	115,083
Billers
Software as a service and platform as a service	$	153,520	$	146,101	$	465,298	$	446,639
License	—		—		—		94
Maintenance	23		80		70		241
Services	—		—		—		—
Total	$	153,543	$	146,181	$	465,368	$	446,974

Schedule of Revenue by Geographic Location

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,
	2022		2021		2022		2021
Revenue
United States	$	195,571	$	199,195	$	604,345	$	587,002
Other	111,020		117,719		365,751		316,767
Total	$	306,591	$	316,914	$	970,096	$	903,769

Schedule of Long-lived Assets by Geographic Location

The following is the Company’s long-lived assets by geographic location for the periods indicated (in thousands):


	September 30, 2022		December 31, 2021
Long-lived Assets
United States	$	1,284,306	$	1,425,391
Other	712,418		745,138
Total	$	1,996,724	$	2,170,529

Condensed Consolidated Financial Statements - Schedule of Error Corrections and Prior Period Adjustments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Other current and noncurrent assets and liabilities	$ (26,920)	$ (54,573)
Net cash flows from operating activities	101,966	144,483
Cash flows from financing activities:
Net decrease in settlement assets and liabilities	20,084	(55,470)
Net cash flows from financing activities	(143,008)	(194,335)
Net decrease in cash and cash equivalents	32,520	(82,777)
Cash and cash equivalents, including settlement deposits, beginning of period	184,142	265,382
Cash and cash equivalents, including settlement deposits, end of period	$ 216,662	182,605
As reported
Cash flows from operating activities:
Other current and noncurrent assets and liabilities		(51,158)
Net cash flows from operating activities		147,898
Cash flows from financing activities:
Net decrease in settlement assets and liabilities		0
Net cash flows from financing activities		(138,865)
Net decrease in cash and cash equivalents		(23,892)
Cash and cash equivalents, including settlement deposits, beginning of period		165,374
Cash and cash equivalents, including settlement deposits, end of period		141,482
Revision adjustment
Cash flows from operating activities:
Other current and noncurrent assets and liabilities		(3,415)
Net cash flows from operating activities		(3,415)
Cash flows from financing activities:
Net decrease in settlement assets and liabilities		(55,470)
Net cash flows from financing activities		(55,470)
Net decrease in cash and cash equivalents		(58,885)
Cash and cash equivalents, including settlement deposits, beginning of period		100,008
Cash and cash equivalents, including settlement deposits, end of period		$ 41,123

Condensed Consolidated Financial Statements - Summary of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Current Liabilities
Vendor financed licenses	$ 12,520	$ 12,521
Operating lease liabilities	11,061	11,518
Accrued interest	3,026	8,776
Royalties payable	2,905	4,102
Other	45,595	42,677
Total other current liabilities	$ 75,107	$ 79,594

Condensed Consolidated Financial Statements - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Jul. 31, 2019	Sep. 30, 2022	Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Amount of off balance sheet settlement funds		$ 308,700	$ 272,800
Goodwill		1,226,026	1,280,226
Divestiture		54,200
India payment technology and services company
Condensed Financial Statements, Captions [Line Items]
Payments to acquire investment interest	$ 18,300
Percentage of voting interests acquired	30.00%
Equity method investment, amount recorded		17,300	19,300
Banks
Condensed Financial Statements, Captions [Line Items]
Goodwill		671,703	725,903
Divestiture		54,200
Merchants
Condensed Financial Statements, Captions [Line Items]
Goodwill		137,289	137,289
Divestiture		0
Billers
Condensed Financial Statements, Captions [Line Items]
Goodwill		417,034	417,034
Divestiture		$ 0
Level 2 \| Senior Notes \| 5.750% Senior Notes due 2026
Condensed Financial Statements, Captions [Line Items]
Stated interest rate		5.75%
Fair value of long-term debt		$ 379,900	$ 419,000

Condensed Consolidated Financial Statements - Summary of Changes in the Carrying Amount of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 1,280,226
Divestiture	(54,200)
Goodwill, end of period	1,226,026
Banks
Goodwill [Roll Forward]
Goodwill, beginning of period	725,903
Divestiture	(54,200)
Goodwill, end of period	671,703
Merchants
Goodwill [Roll Forward]
Goodwill, beginning of period	137,289
Divestiture	0
Goodwill, end of period	137,289
Billers
Goodwill [Roll Forward]
Goodwill, beginning of period	417,034
Divestiture	0
Goodwill, end of period	$ 417,034

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Revenue - Summary of Total Receivables, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Billed receivables	$ 137,498	$ 162,479
Allowance for doubtful accounts	(3,851)	(2,861)
Billed receivables, net	133,647	159,618
Current accrued receivables, net	168,654	160,787
Long-term accrued receivables, net	248,285	276,164
Total accrued receivables, net	416,939	436,951
Total receivables, net	$ 550,586	$ 596,569

Revenue - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Deferred Revenue Arrangement [Line Items]
Revenue allocated to remaining performance obligations	$ 682.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Deferred Revenue Arrangement [Line Items]
Revenue percentage to be collected	51.00%
Timing of revenue to be collected	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Deferred Revenue Arrangement [Line Items]
Timing of revenue to be collected
Significant Customer \| Revenue Benchmark \| Customer Concentration Risk
Deferred Revenue Arrangement [Line Items]
Customer concentration risk, percentage	12.70%	13.80%

Revenue - Summary of Changes in Deferred Revenue (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Change in Contract with Customer, Liability [Roll Forward]
Deferred revenue, beginning balance	$ 110,350
Deferral of revenue	89,117
Recognition of deferred revenue	(95,593)
Divestiture	(21,581)
Foreign currency translation	(6,690)
Deferred revenue, ending balance	$ 75,603

Divestiture (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Divestiture (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2022	Jun. 07, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transition services agreement, migration period		18 months
Discontinued Operations, Disposed of by Sale \| One Equity Partners
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture consideration received			$ 100.1
Net after-tax gain sale	$ 38.5	$ 38.5

Debt - Additional Information (Details) - USD ($)		9 Months Ended	12 Months Ended
Debt - Additional Information (Details) - USD ($)	Apr. 05, 2019	Sep. 30, 2022	Dec. 31, 2019	Dec. 31, 2021	Aug. 21, 2018
Debt Instrument [Line Items]
Long-term debt, amount outstanding		$ 1,017,336,000
Credit Agreement
Debt Instrument [Line Items]
Effective interest rate		4.88%
Credit Agreement \| SOFR \| Option (a)
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Credit Agreement \| SOFR \| Option (b) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Credit Agreement \| SOFR \| Option (b) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%
Credit Agreement \| Base Rate \| Option (a) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%
Credit Agreement \| Base Rate \| Option (a) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Credit Agreement \| Federal Funds Effective Rate \| Option (a)
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Overdraft Facility \| Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, amount available		$ 75,000,000
Amount outstanding on overdraft facility		0		$ 0
Overdraft Facility \| Credit Agreement \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Basis spread on variable rate			2.25%
Senior Notes \| 5.750% Senior notes, due August 2026
Debt Instrument [Line Items]
Long-term debt, amount outstanding		400,000,000
Face amount					$ 400,000,000
Issue price percentage of senior notes of the principal amount					100.00%
Stated interest rate					5.75%
Other \| Multi-year License Agreement
Debt Instrument [Line Items]
Face amount		10,700,000
Other long-term debt, amount outstanding		9,300,000		$ 2,900,000
Other \| Multi-year License Agreement \| Other Current Liabilities
Debt Instrument [Line Items]
Other long-term debt, amount outstanding		5,800,000
Other \| Multi-year License Agreement \| Other Noncurrent Liabilities
Debt Instrument [Line Items]
Other long-term debt, amount outstanding		3,500,000
Revolving credit facility \| Credit Agreement
Debt Instrument [Line Items]
Line of credit, carrying amount		10,000,000
Unused borrowings		488,500,000
Debt instrument, term	5 years
Maximum borrowing capacity	$ 500,000,000
Revolving credit facility \| Letter of Credit \| Credit Agreement
Debt Instrument [Line Items]
Unused borrowings		1,500,000
Term loans \| Credit Agreement
Debt Instrument [Line Items]
Long-term debt, amount outstanding		$ 607,300,000
Initial Term Loan \| Credit Agreement
Debt Instrument [Line Items]
Debt instrument, term	5 years
Face amount	$ 279,000,000
Delayed Draw Term Loan \| Credit Agreement
Debt Instrument [Line Items]
Debt instrument, term	5 years
Face amount	$ 500,000,000

Debt - Schedule of Maturities on Long-Term Debt Outstanding (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Debt Disclosure [Abstract]
Remainder of 2022	$ 14,607
2023	69,906
2024	532,823
2025	0
2026	400,000
Thereafter	0
Total	$ 1,017,336

Debt - Schedule of Total Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Aug. 21, 2018
Debt Instrument [Line Items]
Total debt	$ 1,008,353	$ 1,065,742
Debt issuance costs	(8,983)	(12,418)
Less: current portion of term loans	60,603	45,870
Less: current portion of debt issuance costs	(4,435)	(4,561)
Total long-term debt	947,750	1,019,872
Senior Notes \| 5.750% Senior notes, due August 2026
Debt Instrument [Line Items]
Total debt	400,000	400,000
Stated interest rate			5.75%
Term loans
Debt Instrument [Line Items]
Total debt	607,336	678,160
Less: current portion of term loans	65,038	50,431
Revolving credit facility \| Line of Credit
Debt Instrument [Line Items]
Total debt	$ 10,000	$ 0

Software and Other Intangible Assets - Summary of Carrying Amount and Accumulated Amortization of Other Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Total	$ 235,053	$ 283,004
Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	568,195	568,146
Accumulated Amortization	(433,253)	(410,364)
Total	134,942	157,782
Software for internal use
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	446,394	440,242
Accumulated Amortization	(311,452)	(283,109)
Total	134,942	157,133
Software for resale
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	121,801	127,904
Accumulated Amortization	(121,801)	(127,255)
Total	0	649
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	479,969	531,801
Accumulated Amortization	(244,916)	(248,797)
Total	235,053	283,004
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	457,027	507,962
Accumulated Amortization	(225,527)	(230,152)
Total	231,500	277,810
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	22,942	23,839
Accumulated Amortization	(19,389)	(18,645)
Total	$ 3,553	$ 5,194

Software and Other Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Other intangible assets amortization expense	$ 8,800,000	$ 9,300,000	$ 27,100,000	$ 27,800,000
Software for internal use
Finite-Lived Intangible Assets [Line Items]
Software, amortization expense	17,300,000	17,500,000	51,100,000	51,800,000
Software for resale
Finite-Lived Intangible Assets [Line Items]
Software, amortization expense	$ 0	$ 1,500,000	$ 700,000	$ 4,900,000
Minimum \| Software for internal use
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life			3 years
Minimum \| Software for resale
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life			5 years
Maximum \| Software for internal use
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life			8 years
Maximum \| Software for resale
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life			10 years

Software and Other Intangible Assets - Schedule of Estimated Amortization Expense for Future Fiscal Years Based on Capitalized Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Total	$ 235,053	$ 283,004
Software Amortization
Finite-Lived Intangible Assets [Line Items]
Remainder of 2022	16,699
2023	51,782
2024	34,155
2025	22,985
2026	8,450
Thereafter	871
Total	134,942
Other Intangible Assets Amortization
Finite-Lived Intangible Assets [Line Items]
Remainder of 2022	8,329
2023	33,310
2024	28,997
2025	20,747
2026	20,747
Thereafter	122,923
Total	$ 235,053

Stock-Based Compensation Plans - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)			0	0
Stock-based compensation expense	$ 7,126	$ 6,367	$ 21,884	$ 20,790
Stock-based compensation expense, tax benefits	$ 1,000	$ 900	3,000	3,100
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of stock options exercised			$ 1,100	$ 7,800
Total Shareholder Return Awards (TSRs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested (in shares)			212,210
Payout rate	65.00%		65.00%
Vesting performance period			3 years
Shares withheld to pay employees' portion of minimum payroll withholding taxes (in shares)			47,612
Unrecognized compensation costs	$ 23,400		$ 23,400
Unrecognized compensation costs, weighted average recognition period			2 years
Restricted Share Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested (in shares)			442,882
Shares withheld to pay employees' portion of minimum payroll withholding taxes (in shares)			132,707
Unrecognized compensation costs	$ 33,000		$ 33,000
Unrecognized compensation costs, weighted average recognition period			2 years 1 month 6 days
2017 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under ESPP (in shares)			108,149	86,877

Stock-Based Compensation Plans - Summary of Stock Option Activity (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Number of Shares
Outstanding, beginning balance (in shares) \| shares	1,640,319
Exercised (in shares) \| shares	(98,723)
Outstanding, ending balance (in shares) \| shares	1,541,596
Number of shares, exercisable, ending balance (in shares) \| shares	1,541,596
Weighted Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 18.42
Exercised (in dollars per share) \| $ / shares	18.14
Ending balance (in dollars per share) \| $ / shares	18.44
Weighted average exercise price, exercisable, ending balance (in dollars per share) \| $ / shares	$ 18.44
Weighted Average Remaining Contractual Term (Years)
Weighted average remaining contractual term, outstanding, end of period	2 years 4 months 13 days
Weighted average remaining contractual term, exercisable, end of period	2 years 4 months 13 days
Aggregate Intrinsic Value of In-the-Money Options
Aggregate intrinsic value of in-the-money options, outstanding, end of period \| $	$ 3,796,359
Aggregate intrinsic value of in-the-money options, exercisable, end of period \| $	$ 3,796,359

Stock-Based Compensation Plans - Summary of Nonvested TSRs (Details) - Total Shareholder Return Awards (TSRs)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of Shares
Nonvested, beginning balance (in shares) \| shares	1,154,721
Granted (in shares) \| shares	520,020
Vested (in shares) \| shares	(212,210)
Forfeited (in shares) \| shares	(193,979)
Change in payout rate (in shares) \| shares	(114,355)
Nonvested, ending balance (in shares) \| shares	1,154,197
Weighted Average Grant Date Fair Value
Nonvested, beginning balance (in dollars per share) \| $ / shares	$ 40.10
Granted (in dollars per share) \| $ / shares	42.99
Vested (in dollars per share) \| $ / shares	45.86
Forfeited (in dollars per share) \| $ / shares	39.93
Change in payout rate (in dollars per share) \| $ / shares	45.92
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 39.79

Stock-Based Compensation Plans - Summary of Grant Date Fair Value Weighted Average Assumptions - TSRs (Details) - Total Shareholder Return Awards (TSRs) - Monte Carlo Simulation Valuation Model	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)	3 years 1 month 6 days	2 years 9 months 18 days
Risk-free interest rate	1.50%	0.30%
Expected volatility	40.00%	41.20%
Expected dividend yield	0.00%	0.00%

Stock-Based Compensation Plans - Summary of Nonvested RSUs (Details) - Restricted Share Units (RSUs)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of Shares
Nonvested, beginning balance (in shares) \| shares	946,151
Granted (in shares) \| shares	1,071,776
Vested (in shares) \| shares	(442,882)
Forfeited (in shares) \| shares	(193,932)
Nonvested, ending balance (in shares) \| shares	1,381,113
Weighted Average Grant Date Fair Value
Nonvested, beginning balance (in dollars per share) \| $ / shares	$ 33.57
Granted (in dollars per share) \| $ / shares	29.97
Vested (in dollars per share) \| $ / shares	33.00
Forfeited (in dollars per share) \| $ / shares	32.63
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 31.09

Common Stock and Treasury Stock - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Equity [Abstract]
Amount approved for repurchase				$ 250,000,000
Shares repurchased (in shares)	1,154,825	3,210,313	1,000,000
Shares repurchased, value	$ 28,227,000	$ 90,934,000	$ 39,411,000
Repurchase program, shares repurchased to date (in shares)	52,567,808	52,567,808
Repurchase program, amount paid for shares repurchased to date	$ 810,600,000	$ 810,600,000
Maximum remaining amount authorized for purchase	$ 125,400,000	$ 125,400,000

Earnings Per Share - Reconciliation of Weighted Average Share Amounts Used to Compute Basic and Diluted Earnings (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Weighted average shares outstanding:
Basic weighted average shares outstanding (in shares)	113,812	117,512	114,584	117,574
Add: Dilutive effect of stock options and RSUs (in shares)	536	1,028	627	1,243
Diluted weighted average shares outstanding (in shares)	114,348	118,540	115,211	118,817

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from earnings (loss) per share, options to purchase shares and RSUs (in shares)	2,000,000	1,600,000	2,000,000	1,500,000
Common stock outstanding (in shares)	113,201,343		113,201,343		115,730,046

Other, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Other, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other, net	$ 41,545	$ (1,088)	$ 45,801	$ (1,036)
Discontinued Operations, Disposed of by Sale \| One Equity Partners
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net after-tax gain sale	$ 38,500		$ 38,500

Segment Information - Selected Financial Data (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Revenues	$ 306,591	$ 316,914	$ 970,096	$ 903,769
Depreciation and amortization	(32,140)	(33,380)	(95,869)	(100,366)
Stock-based compensation expense	(7,126)	(6,367)	(21,884)	(20,790)
Corporate and unallocated expenses	(43,167)	(46,066)	(124,574)	(133,593)
Interest, net	(11,341)	(8,374)	(27,809)	(25,390)
Other, net	41,545	(1,088)	45,801	(1,036)
Income before income taxes	33,693	18,517	73,604	20,667
Operating Segments \| Banks
Segment Reporting Information [Line Items]
Revenues	117,439	131,744	391,583	341,712
Segment Adjusted EBITDA	49,793	67,602	184,667	159,262
Operating Segments \| Merchants
Segment Reporting Information [Line Items]
Revenues	35,609	38,989	113,145	115,083
Segment Adjusted EBITDA	9,781	14,221	32,243	41,987
Operating Segments \| Billers
Segment Reporting Information [Line Items]
Revenues	153,543	146,181	465,368	446,974
Segment Adjusted EBITDA	$ 26,348	$ 31,969	$ 81,029	$ 100,593

Segment Information - Revenue by Primary Solution Category for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 306,591	$ 316,914	$ 970,096	$ 903,769
Bill Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	153,543	146,181	465,368	446,974
Digital Business Banking
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	9,001	16,527	34,586	47,319
Merchant Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	35,609	38,989	113,145	115,083
Fraud Management
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	14,840	6,882	30,169	23,563
Real-Time Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	24,904	27,638	71,043	58,534
Issuing and Acquiring
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	68,694	80,697	255,785	212,296
License
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	43,661	54,454	168,260	110,383
Maintenance
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	49,163	53,519	151,143	159,037
Operating Segments \| Banks
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	117,439	131,744	391,583	341,712
Operating Segments \| Banks \| Bill Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0	0	0	0
Operating Segments \| Banks \| Digital Business Banking
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	9,001	16,527	34,586	47,319
Operating Segments \| Banks \| Merchant Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0	0	0	0
Operating Segments \| Banks \| Fraud Management
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	14,840	6,882	30,169	23,563
Operating Segments \| Banks \| Real-Time Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	24,904	27,638	71,043	58,534
Operating Segments \| Banks \| Issuing and Acquiring
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	68,694	80,697	255,785	212,296
Operating Segments \| Banks \| Software as a service and platform as a service
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	12,394	14,794	40,331	43,555
Operating Segments \| Banks \| License
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	42,188	51,062	159,569	102,993
Operating Segments \| Banks \| Maintenance
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	44,896	48,829	138,983	146,091
Operating Segments \| Banks \| Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	17,961	17,059	52,700	49,073
Operating Segments \| Merchants
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	35,609	38,989	113,145	115,083
Operating Segments \| Merchants \| Bill Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0	0	0	0
Operating Segments \| Merchants \| Digital Business Banking
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0	0	0	0
Operating Segments \| Merchants \| Merchant Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	35,609	38,989	113,145	115,083
Operating Segments \| Merchants \| Fraud Management
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0	0	0	0
Operating Segments \| Merchants \| Real-Time Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0	0	0	0
Operating Segments \| Merchants \| Issuing and Acquiring
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0	0	0	0
Operating Segments \| Merchants \| Software as a service and platform as a service
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	29,626	30,561	91,451	93,336
Operating Segments \| Merchants \| License
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,473	3,392	8,691	7,296
Operating Segments \| Merchants \| Maintenance
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	4,244	4,610	12,090	12,705
Operating Segments \| Merchants \| Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	266	426	913	1,746
Operating Segments \| Billers
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	153,543	146,181	465,368	446,974
Operating Segments \| Billers \| Bill Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	153,543	146,181	465,368	446,974
Operating Segments \| Billers \| Digital Business Banking
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0	0	0	0
Operating Segments \| Billers \| Merchant Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0	0	0	0
Operating Segments \| Billers \| Fraud Management
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0	0	0	0
Operating Segments \| Billers \| Real-Time Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0	0	0	0
Operating Segments \| Billers \| Issuing and Acquiring
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0	0	0	0
Operating Segments \| Billers \| Software as a service and platform as a service
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	153,520	146,101	465,298	446,639
Operating Segments \| Billers \| License
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0	0	0	94
Operating Segments \| Billers \| Maintenance
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	23	80	70	241
Operating Segments \| Billers \| Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 0

Segment Information - Revenues and Long lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 306,591	$ 316,914	$ 970,096	$ 903,769
Long-lived Assets
Total	1,996,724		1,996,724		$ 2,170,529
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	195,571	199,195	604,345	587,002
Long-lived Assets
Total	1,284,306		1,284,306		1,425,391
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	111,020	$ 117,719	365,751	$ 316,767
Long-lived Assets
Total	$ 712,418		$ 712,418		$ 745,138

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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