0000935036-23-000031 | 10-Q | XBRL Viewer

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Condensed Consolidated Financial Statements - Summary of Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Current Liabilities
Operating lease liabilities	$ 10,317	$ 11,218
Vendor financed licenses	8,915	13,525
Accrued interest	9,103	9,067
Royalties payable	2,654	3,726
Other	65,393	65,109
Total other current liabilities	$ 96,382	$ 102,645

Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

Employee Stock Purchase Plan

Shares issued under the 2017 Employee Stock Purchase Plan during the six months ended June 30, 2023 and 2022, totaled 65,770 and 70,242, 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, 2022	1,221,219	$	19.00
Exercised	(150,199)	19.10

Expired	(4,614)	19.63
Outstanding as of June 30, 2023	1,066,406	$	18.98	2.20	$	8,530,772
Exercisable as of June 30, 2023	1,066,406	$	18.98	2.20	$	8,530,772

The total intrinsic value of stock options exercised during the six months ended June 30, 2023 and 2022, was $0.8 million and $1.1 million, respectively. There were no stock options granted during the six months ended June 30, 2023 or 2022.

Performance Share Awards

During the six months ended June 30, 2023, pursuant to the Company's 2020 Equity and Incentive Compensation Plan, the Company granted performance share awards with a total shareholder return multiplier. These performance awards are earned based upon achievement, over a specified period that must not be less than one year and is typically a three-year performance period, of performance goals related to (i) net revenue growth and (ii) net adjusted EBITDA margin over the performance period as determined by the Company with a TSR multiplier up to plus or minus 20%. Up to 200% of the performance shares could be earned upon achievement of the performance goals, including the multiplier. On a quarterly basis, management evaluates the probability that the threshold performance goals will be achieved, if at all, and the anticipated level of attainment to determine the amount of compensation expense to record in the consolidated financial statements.

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


	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2022	1,011,881	$	39.21
Granted	233,404	26.94

Forfeited	(112,661)	41.08
Change in payout rate	(427,685)	30.01
Nonvested as of June 30, 2023	704,939	$	40.43

As of June 30, 2023, the TSRs granted in 2020 were earned by the employees. However, the performance goals were not met and no shares were issued.

The fair value of TSRs granted during the six months ended June 30, 2023 and 2022, 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:


	Six months ended June 30,
	2023		2022
Expected life (years)	2.9		3.1
Risk-free interest rate	3.6	%	1.5	%
Expected volatility	37.1	%	40.0	%
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, 2022	1,184,024	$	30.73
Granted	1,453,429	24.76
Vested	(438,542)	30.08
Forfeited	(273,607)	29.24
Nonvested as of June 30, 2023	1,925,304	$	26.59

During the six months ended June 30, 2023, a total of 438,542 RSUs vested. The Company withheld 127,898 of those shares to pay the employees’ portion of the minimum payroll withholding taxes.

As of June 30, 2023, there were unrecognized compensation costs of $45.5 million and $12.6 million related to nonvested RSUs and TSRs, respectively, which the Company expects to recognize over weighted average periods of 2.5 years and 2.0 years, respectively.

The Company recorded stock-based compensation expense recognized under ASC 718 for the three months ended June 30, 2023 and 2022, of $5.4 million and $6.8 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 six months ended June 30, 2023 and 2022, of $10.7 million and $14.8 million, respectively, with corresponding tax benefits of $2.0 million and $2.1 million, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Repurchase of common stock (in shares)	924,240	0	2,055,488

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate, percentage	33.00%	25.00%	27.00%	28.00%
Earnings of foreign entities	$ 24.3	$ 27.4	$ 17.1	$ 58.3
Unrecognized tax benefit for uncertain tax positions	26.4		26.4		$ 26.4
Liabilities for interest and penalties, excluded from unrecognized tax benefits for uncertain tax positions	0.6		0.6		$ 0.6
Decrease in unrecognized tax benefits due to the settlement of various audits and expiration of statutes of limitations	$ 4.6		$ 4.6

Software and Other Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Other intangible assets amortization expense	$ 8,500,000	$ 9,100,000	$ 16,900,000	$ 18,300,000
Software for internal use
Finite-Lived Intangible Assets [Line Items]
Software, amortization expense	16,000,000	17,100,000	33,000,000	33,800,000
Software for resale
Finite-Lived Intangible Assets [Line Items]
Software, amortization expense	$ 0	$ 0	$ 0	$ 700,000
Minimum \| Software for internal use
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years		3 years
Minimum \| Software for resale
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	5 years		5 years
Maximum \| Software for internal use
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	8 years		8 years
Maximum \| Software for resale
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years		10 years

Condensed Consolidated Financial Statements - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended
	Jul. 31, 2019	Jun. 30, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Amount of off balance sheet settlement funds		$ 317,000	$ 328,700
Goodwill		1,226,026	1,226,026
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		18,800	17,900
Banks
Condensed Financial Statements, Captions [Line Items]
Goodwill		671,700
Merchants
Condensed Financial Statements, Captions [Line Items]
Goodwill		137,300
Billers
Condensed Financial Statements, Captions [Line Items]
Goodwill		$ 417,000
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		$ 392,000	$ 390,000

Divestiture (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Divestiture (Details) - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	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				$ 100.0
Net after-tax gain (loss) sale	$ (0.5)	$ 38.5

Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

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

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Weighted average shares outstanding:
Basic weighted average shares outstanding	108,455	114,669	108,306	114,976
Add: Dilutive effect of stock options and RSUs	—	536	—	673
Diluted weighted average shares outstanding	108,455	115,205	108,306	115,649

The diluted earnings (loss) per share computation excludes 3.7 million and 2.2 million options to purchase shares, RSUs, and contingently issuable shares during the three months ended June 30, 2023 and 2022, respectively, as their effect would be anti-dilutive. The diluted earnings (loss) per share computation excludes 3.1 million and 2.0 million options to purchase shares, RSUs, and contingently issuable shares during the six months ended June 30, 2023 and 2022, respectively, as their effect would be anti-dilutive.

Common stock outstanding as of June 30, 2023, and December 31, 2022, was 108,595,441 and 108,068,828, respectively.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Divestiture	6 Months Ended
Divestiture	Jun. 30, 2023
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 $100.0 million, including a 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. The Company recognized a gain of $38.5 million on the sale during the three months ended September 30, 2022. During the three months ended June 30, 2023, the Company recognized a loss for the final post-closing adjustment pursuant to the definitive agreement of $0.5 million. 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.

Common Stock and Treasury Stock - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Feb. 24, 2023
Equity [Abstract]
Amount approved for repurchase				$ 200,000,000
Shares repurchased (in shares)	924,240	0	2,055,488
Repurchase program, shares repurchased to date (in shares)		57,981,733
Repurchase program, amount paid for shares repurchased to date		$ 926,200,000
Maximum remaining amount authorized for purchase		$ 200,000,000

Stock-Based Compensation Plans - Schedule of Nonvested TSRs (Details) - Total Shareholder Return Awards (TSRs)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of Shares
Nonvested, beginning balance (in shares) \| shares	1,011,881
Granted (in shares) \| shares	233,404
Forfeited (in shares) \| shares	(112,661)
Change in payout rate (in shares) \| shares	(427,685)
Nonvested, ending balance (in shares) \| shares	704,939
Weighted Average Grant Date Fair Value
Nonvested, beginning balance (in dollars per share) \| $ / shares	$ 39.21
Granted (in dollars per share) \| $ / shares	26.94
Forfeited (in dollars per share) \| $ / shares	41.08
Change in payout rate (in dollars per share) \| $ / shares	30.01
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 40.43

Revenue

6 Months Ended

Jun. 30, 2023

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):


	June 30, 2023		December 31, 2022
Billed receivables	$	161,656	$	218,611
Allowance for doubtful accounts	(3,464)		(3,779)
Billed receivables, net	158,192		214,832
Current accrued receivables, net	191,902		188,949
Long-term accrued receivables, net	269,051		297,818
Total accrued receivables, net	460,953		486,767
Total receivables, net	$	619,145	$	701,599

No customer accounted for more than 10% of the Company’s consolidated receivables balance as of June 30, 2023. One customer accounted for 10.1% of the Company's consolidated receivables balance as of December 31, 2022.

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, 2022	$	81,536
Deferral of revenue	65,853
Recognition of deferred revenue	(53,349)
Foreign currency translation	(185)
Balance, June 30, 2023	$	93,855

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 $684.0 million as of June 30, 2023, of which the Company expects to recognize approximately 50% over the next 12 months and the remainder thereafter.

During the three and six months ended June 30, 2023 and 2022, revenue recognized by the Company from performance obligations satisfied in previous periods was not significant.

- Definition

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.

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+ Details

Other, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Other, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Income and Expenses [Abstract]
Other (expense) income	$ (4,092)	$ 2,006	$ (7,487)	$ 4,256

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Weighted average shares outstanding:
Basic weighted average shares outstanding	108,455	114,669	108,306	114,976
Add: Dilutive effect of stock options and RSUs	—	536	—	673
Diluted weighted average shares outstanding	108,455	115,205	108,306	115,649

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ (39,018)	$ 28,832
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation	13,091	11,008
Amortization	49,884	52,721
Amortization of operating lease right-of-use assets	6,491	5,489
Amortization of deferred debt issuance costs	2,492	2,299
Deferred income taxes	(22,641)	(6,385)
Stock-based compensation expense	10,715	14,758
Other	311	1,124
Changes in operating assets and liabilities:
Receivables	81,856	(14,040)
Accounts payable	(1,954)	(1,319)
Accrued employee compensation	(4,628)	(10,201)
Deferred revenue	12,700	5,532
Other current and noncurrent assets and liabilities	(51,791)	(22,055)
Net cash flows from operating activities	57,508	67,763
Cash flows from investing activities:
Purchases of property and equipment	(4,576)	(3,657)
Purchases of software and distribution rights	(15,021)	(10,738)
Net cash flows from investing activities	(19,597)	(14,395)
Cash flows from financing activities:
Proceeds from issuance of common stock	1,426	1,962
Proceeds from exercises of stock options	2,869	1,397
Repurchase of stock-based compensation awards for tax withholdings	(3,320)	(5,802)
Repurchases of common stock	0	(62,707)
Proceeds from revolving credit facility	55,000	60,000
Repayment of revolving credit facility	(45,000)	(20,000)
Repayment of term portion of credit agreement	(34,081)	(21,219)
Payments on or proceeds from other debt, net	(11,830)	(9,369)
Payments for debt issuance costs	(2,160)	0
Net decrease in settlement assets and liabilities	(24,087)	(4,575)
Net cash flows from financing activities	(61,183)	(60,313)
Effect of exchange rate fluctuations on cash	5,427	(1,062)
Net decrease in cash and cash equivalents	(17,845)	(8,007)
Cash and cash equivalents, including settlement deposits, beginning of period	214,672	184,142
Cash and cash equivalents, including settlement deposits, end of period	196,827	176,135
Reconciliation of cash and cash equivalents to the Consolidated Balance Sheets
Cash and cash equivalents	132,391	118,953
Settlement deposits	64,436	57,182
Total cash and cash equivalents, including settlement deposits	196,827	176,135
Supplemental cash flow information
Income taxes paid	33,907	18,467
Interest paid	$ 36,102	$ 20,296

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, 2021	$ 1,244,777	$ 702	$ 688,313	$ 1,131,281	$ (475,972)	$ (99,547)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	28,832			28,832
Other comprehensive income (loss)	(14,720)					(14,720)
Stock-based compensation	14,758		14,758
Shares issued and forfeited, net, under stock plans	3,226		(12,497)		15,723
Repurchase of shares of common stock	(62,707)				(62,707)
Repurchase of stock-based compensation awards for tax withholdings	(5,802)				(5,802)
Ending balance at Jun. 30, 2022	1,208,364	702	690,574	1,160,113	(528,758)	(114,267)
Beginning balance at Mar. 31, 2022	1,224,667	702	685,354	1,146,771	(506,513)	(101,647)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	13,342			13,342
Other comprehensive income (loss)	(12,620)					(12,620)
Stock-based compensation	6,800		6,800
Shares issued and forfeited, net, under stock plans	1,287		(1,580)		2,867
Repurchase of shares of common stock	(24,847)				(24,847)
Repurchase of stock-based compensation awards for tax withholdings	(265)				(265)
Ending balance at Jun. 30, 2022	1,208,364	702	690,574	1,160,113	(528,758)	(114,267)
Beginning balance at Dec. 31, 2022	1,193,187	702	702,458	1,273,458	(665,771)	(117,660)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(39,018)			(39,018)
Other comprehensive income (loss)	6,608					6,608
Stock-based compensation	10,715		10,715
Shares issued and forfeited, net, under stock plans	4,354		(9,077)		13,431
Repurchase of stock-based compensation awards for tax withholdings	(3,320)				(3,320)
Ending balance at Jun. 30, 2023	1,172,526	702	704,096	1,234,440	(655,660)	(111,052)
Beginning balance at Mar. 31, 2023	1,167,627	702	701,040	1,241,150	(661,223)	(114,042)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(6,710)			(6,710)
Other comprehensive income (loss)	2,990					2,990
Stock-based compensation	5,414		5,414
Shares issued and forfeited, net, under stock plans	3,524		(2,358)		5,882
Repurchase of stock-based compensation awards for tax withholdings	(319)				(319)
Ending balance at Jun. 30, 2023	$ 1,172,526	$ 702	$ 704,096	$ 1,234,440	$ (655,660)	$ (111,052)

- Definition

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

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Earnings (Loss) Per Share - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Earnings Per Share [Abstract]
Antidilutive securities excluded from earnings (loss) per share, options to purchase shares and RSUs (in shares)	3,700,000	2,200,000	3,100,000	2,000,000
Common stock outstanding (in shares)	108,595,441		108,595,441		108,068,828

Segment Information

6 Months Ended

Jun. 30, 2023

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenue
Banks	$	117,507	$	141,946	$	205,547	$	274,144
Merchants	36,508		36,534		71,289		77,536
Billers	169,310		161,945		336,165		311,825
Total revenue	$	323,325	$	340,425	$	613,001	$	663,505
Segment Adjusted EBITDA
Banks	$	51,622	$	70,160	$	76,303	$	134,874
Merchants	9,911		7,749		16,455		22,462
Billers	31,229		28,324		60,870		54,681
Depreciation and amortization	(31,436)		(32,240)		(62,975)		(63,729)
Stock-based compensation expense	(5,414)		(6,800)		(10,715)		(14,758)
Corporate and unallocated expenses	(45,392)		(42,736)		(93,770)		(81,407)
Interest, net	(16,451)		(8,733)		(31,838)		(16,468)
Other, net	(4,092)		2,006		(7,487)		4,256
Income (loss) before income taxes	$	(10,023)	$	17,730	$	(53,157)	$	39,911

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 June 30, 2023
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	169,310	$	169,310
Digital Business Banking	742		—		—		742
Merchant Payments	—		36,508		—		36,508
Fraud Management	12,153		—		—		12,153
Real-Time Payments	26,499		—		—		26,499
Issuing and Acquiring	78,113		—		—		78,113
Total	$	117,507	$	36,508	$	169,310	$	323,325

	Three Months Ended June 30, 2022
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	161,945	$	161,945
Digital Business Banking	12,097		—		—		12,097
Merchant Payments	—		36,534		—		36,534
Fraud Management	7,552		—		—		7,552
Real-Time Payments	24,212		—		—		24,212
Issuing and Acquiring	98,085		—		—		98,085
Total	$	141,946	$	36,534	$	161,945	$	340,425

	Six Months Ended June 30, 2023
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	336,165	$	336,165
Digital Business Banking	1,591		—		—		1,591
Merchant Payments	—		71,289		—		71,289
Fraud Management	21,508		—		—		21,508
Real-Time Payments	45,897		—		—		45,897
Issuing and Acquiring	136,551		—		—		136,551
Total	$	205,547	$	71,289	$	336,165	$	613,001

	Six Months Ended June 30, 2022
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	311,825	$	311,825
Digital Business Banking	25,585		—		—		25,585
Merchant Payments	—		77,536		—		77,536
Fraud Management	15,329		—		—		15,329
Real-Time Payments	46,139		—		—		46,139
Issuing and Acquiring	187,091		—		—		187,091
Total	$	274,144	$	77,536	$	311,825	$	663,505

As discussed in Note 3, Divestiture, the Company divested its corporate online banking solution assets, which were included in

the Digital Business Banking solution category.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Banks
Software as a service and platform as a service	$	9,742	$	13,985	$	18,991	$	27,937
License	42,885		62,942		59,201		117,381
Maintenance	47,624		46,744		93,966		94,087
Services	17,256		18,275		33,389		34,739
Total	$	117,507	$	141,946	$	205,547	$	274,144
Merchants
Software as a service and platform as a service	$	30,648	$	31,058	$	59,498	$	61,825
License	1,786		1,372		3,801		7,218
Maintenance	3,743		3,808		7,480		7,846
Services	331		296		510		647
Total	$	36,508	$	36,534	$	71,289	$	77,536
Billers
Software as a service and platform as a service	$	169,286	$	161,935	$	336,117	$	311,778
License	—		—		—		—
Maintenance	24		10		48		47
Services	—		—		—		—
Total	$	169,310	$	161,945	$	336,165	$	311,825

The following is the Company's revenue by geographic location for the periods indicated (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenue
United States	$	205,199	$	209,459	$	406,468	$	408,774
Other	118,126		130,966		206,533		254,731
Total	$	323,325	$	340,425	$	613,001	$	663,505

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


	June 30, 2023		December 31, 2022
Long-lived Assets
United States	$	1,233,695	$	1,286,505
Other	732,291		754,847
Total	$	1,965,986	$	2,041,352

No single customer accounted for more than 10% of the Company’s consolidated revenues during the three and six months ended June 30, 2023 and 2022. No other country outside the United States accounted for more than 10% of the Company's consolidated revenues during the six months ended June 30, 2023 and 2022.

- Definition

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.

+ References

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+ Details

Segment Information - Selected Financial Data, Revenues and Long lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 323,325	$ 340,425	$ 613,001	$ 663,505
Long-lived Assets
Long-lived assets	1,965,986		1,965,986		$ 2,041,352
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	205,199	209,459	406,468	408,774
Long-lived Assets
Long-lived assets	1,233,695		1,233,695		1,286,505
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	118,126	130,966	206,533	254,731
Long-lived Assets
Long-lived assets	732,291		732,291		$ 754,847
Bill Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	169,310	161,945	336,165	311,825
Digital Business Banking
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	742	12,097	1,591	25,585
Merchant Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	36,508	36,534	71,289	77,536
Fraud Management
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	12,153	7,552	21,508	15,329
Real-Time Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	26,499	24,212	45,897	46,139
Issuing and Acquiring
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	78,113	98,085	136,551	187,091
License
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	44,671	64,314	63,002	124,599
Maintenance
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	51,391	50,562	101,494	101,980
Operating Segments \| Banks
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	117,507	141,946	205,547	274,144
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	742	12,097	1,591	25,585
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	12,153	7,552	21,508	15,329
Operating Segments \| Banks \| Real-Time Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	26,499	24,212	45,897	46,139
Operating Segments \| Banks \| Issuing and Acquiring
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	78,113	98,085	136,551	187,091
Operating Segments \| Banks \| Software as a service and platform as a service
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	9,742	13,985	18,991	27,937
Operating Segments \| Banks \| License
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	42,885	62,942	59,201	117,381
Operating Segments \| Banks \| Maintenance
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	47,624	46,744	93,966	94,087
Operating Segments \| Banks \| Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	17,256	18,275	33,389	34,739
Operating Segments \| Merchants
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	36,508	36,534	71,289	77,536
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	36,508	36,534	71,289	77,536
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	30,648	31,058	59,498	61,825
Operating Segments \| Merchants \| License
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,786	1,372	3,801	7,218
Operating Segments \| Merchants \| Maintenance
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	3,743	3,808	7,480	7,846
Operating Segments \| Merchants \| Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	331	296	510	647
Operating Segments \| Billers
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	169,310	161,945	336,165	311,825
Operating Segments \| Billers \| Bill Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	169,310	161,945	336,165	311,825
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	169,286	161,935	336,117	311,778
Operating Segments \| Billers \| License
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0	0	0	0
Operating Segments \| Billers \| Maintenance
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	24	10	48	47
Operating Segments \| Billers \| Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 0

Debt - Schedule of Total Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Aug. 21, 2018
Debt Instrument [Line Items]
Total debt	$ 1,066,123	$ 1,089,872
Debt issuance costs	(7,525)	(7,857)
Less: current portion of term loans	74,294	65,521
Less: current portion of debt issuance costs	(3,606)	(4,385)
Total long-term debt	991,829	1,024,351
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	558,648	592,729
Less: current portion of term loans	77,900	69,906
Revolving credit facility \| Line of Credit
Debt Instrument [Line Items]
Total debt	$ 115,000	$ 105,000

Condensed Consolidated Financial Statements (Policies)	6 Months Ended
Condensed Consolidated Financial Statements (Policies)	Jun. 30, 2023
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 June 30, 2023, and for the three and six months ended June 30, 2023 and 2022, 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, 2022, 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, 2022, filed on March 1, 2023. Results for the three and six months ended June 30, 2023, 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 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.
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	GoodwillIn 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.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, 2022, 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 $18.8 million and $17.9 million, which is included in other noncurrent assets in the condensed consolidated balance sheet as of June 30, 2023, and December 31, 2022, respectively.

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

As of June 30, 2023, the Company had $115.0 million, $558.6 million, and $400.0 million outstanding under its Revolving Credit Facility, Term Loans, and Senior Notes, respectively, with up to $383.5 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.

On April 28, 2023, the Company and Bank of America entered into the 2023 Extension Amendment to extend the term of the Credit Facility one year to April 5, 2025. All other terms remained the same.

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.

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 June 30, 2023, was 7.20%.

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 June 30, 2023, are as follows (in thousands):


Fiscal Year Ending December 31,
Remainder of 2023	$	38,950
2024	77,900
2025	556,798
2026	400,000
2027	—
Thereafter	—
Total	$	1,073,648

As of June 30, 2023, 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):


	June 30, 2023		December 31, 2022
Term loans	$	558,648	$	592,729
Revolving credit facility	115,000		105,000
5.750% Senior notes, due August 2026	400,000		400,000
Debt issuance costs	(7,525)		(7,857)
Total debt	1,066,123		1,089,872
Less: current portion of term loans	77,900		69,906
Less: current portion of debt issuance costs	(3,606)		(4,385)
Total long-term debt	$	991,829	$	1,024,351

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 June 30, 2023, there was $75.0 million available and no amount outstanding on the overdraft facility. As of December 31, 2022, 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. As of June 30, 2023, $3.6 million was outstanding on these agreements, all of which is included in other current liabilities in the condensed consolidated balance sheet. As of December 31, 2022, $9.3 million was outstanding on these agreements, of which $5.8 million and $3.5 million is included in other current liabilities and other noncurrent liabilities, respectively

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Paragraph 1
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Revenues

Revenues

$ 323,325

$ 340,425

$ 613,001

$ 663,505

Operating expenses

Cost of revenue

^[1]

181,343

179,333

359,897

345,619

Research and development

35,265

40,642

72,383

78,449

Selling and marketing

33,289

35,391

68,724

69,999

General and administrative

31,472

28,362

62,854

54,237

Depreciation and amortization

31,436

32,240

62,975

63,078

Total operating expenses

312,805

315,968

626,833

611,382

Operating income (loss)

10,520

24,457

(13,832)

52,123

Other income (expense)

Interest expense

(19,909)

(11,784)

(38,801)

(22,678)

Interest income

3,458

3,051

6,963

6,210

Other, net

(4,092)

2,006

(7,487)

4,256

Total other income (expense)

(20,543)

(6,727)

(39,325)

(12,212)

Income (loss) before income taxes

(10,023)

17,730

(53,157)

39,911

Income tax expense (benefit)

(3,313)

4,388

(14,139)

11,079

Net income (loss)

$ (6,710)

$ 13,342

$ (39,018)

$ 28,832

Income (loss) per common share

Basic (in dollars per share)

$ (0.06)

$ 0.12

$ (0.36)

$ 0.25

Diluted (in dollars per share)

$ (0.06)

$ 0.12

$ (0.36)

$ 0.25

Weighted average common shares outstanding

Basic (in shares)

108,455

114,669

108,306

114,976

Diluted (in shares)

108,455

115,205

108,306

115,649

Software as a service and platform as a service

Revenues

Revenues

$ 209,676

$ 206,978

$ 414,606

$ 401,540

License

Revenues

Revenues

44,671

64,314

63,002

124,599

Maintenance

Revenues

Revenues

51,391

50,562

101,494

101,980

Services

Revenues

Revenues

$ 17,587

$ 18,571

$ 33,899

$ 35,386

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

Software and Other Intangible Assets - Summary of Carrying Amount and Accumulated Amortization of Other Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Total	$ 212,260	$ 228,698
Software for internal use
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	453,419	454,171
Accumulated Amortization	(338,968)	(325,062)
Total	114,451	129,109
Total other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	468,316	466,427
Accumulated Amortization	(256,056)	(237,729)
Total	212,260	228,698
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	446,472	444,749
Accumulated Amortization	(236,125)	(219,057)
Total	210,347	225,692
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	21,844	21,678
Accumulated Amortization	(19,931)	(18,672)
Total	$ 1,913	$ 3,006

Condensed Consolidated Financial Statements (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Current Liabilities

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


	June 30, 2023		December 31, 2022
Operating lease liabilities	$	10,317	$	11,218
Vendor financed licenses	8,915		13,525
Accrued interest	9,103		9,067
Royalties payable	2,654		3,726
Other	65,393		65,109
Total other current liabilities	$	96,382	$	102,645

Stock-Based Compensation Plans - Schedule of Grant Date Fair Value Weighted Average Assumptions - TSRs (Details) - Total Shareholder Return Awards (TSRs) - Monte Carlo Simulation Valuation Model	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)	2 years 10 months 24 days	3 years 1 month 6 days
Risk-free interest rate	3.60%	1.50%
Expected volatility	37.10%	40.00%
Expected dividend yield	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

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-Topic 718
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Debt - Additional Information (Details) - USD ($)		3 Months Ended	6 Months Ended
Debt - Additional Information (Details) - USD ($)	Apr. 05, 2019	Sep. 30, 2020	Jun. 30, 2023	Dec. 31, 2022	Aug. 21, 2018
Debt Instrument [Line Items]
Long-term debt, amount outstanding			$ 1,073,648,000
Credit Agreement
Debt Instrument [Line Items]
Extension term		1 year
Effective interest rate			7.20%
Credit Agreement \| Federal Funds Effective Rate \| Option (a)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.50%
Credit Agreement \| SOFR \| Option (a)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.00%
Credit Agreement \| SOFR \| Option (b) \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.25%
Credit Agreement \| SOFR \| Option (b) \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2.25%
Credit Agreement \| Base Rate \| Option (a) \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.25%
Credit Agreement \| Base Rate \| Option (a) \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.25%
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]
Debt instrument, 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
Debt instrument, 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]
Other long-term debt, amount outstanding			3,600,000	9,300,000
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			115,000,000
Unused borrowings			383,500,000
Debt instrument, term	5 years
Credit facility, 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			$ 558,600,000
Initial Term Loan \| Credit Agreement
Debt Instrument [Line Items]
Debt instrument, term	5 years
Debt instrument, face amount	$ 279,000,000
Delayed Draw Term Loan \| Credit Agreement
Debt Instrument [Line Items]
Debt instrument, term	5 years
Debt instrument, face amount	$ 500,000,000

Debt - Schedule of Maturities on Long-Term Debt Outstanding (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
Remainder of 2023	$ 38,950
2024	77,900
2025	556,798
2026	400,000
2027	0
Thereafter	0
Total	$ 1,073,648

Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenue
Banks	$	117,507	$	141,946	$	205,547	$	274,144
Merchants	36,508		36,534		71,289		77,536
Billers	169,310		161,945		336,165		311,825
Total revenue	$	323,325	$	340,425	$	613,001	$	663,505
Segment Adjusted EBITDA
Banks	$	51,622	$	70,160	$	76,303	$	134,874
Merchants	9,911		7,749		16,455		22,462
Billers	31,229		28,324		60,870		54,681
Depreciation and amortization	(31,436)		(32,240)		(62,975)		(63,729)
Stock-based compensation expense	(5,414)		(6,800)		(10,715)		(14,758)
Corporate and unallocated expenses	(45,392)		(42,736)		(93,770)		(81,407)
Interest, net	(16,451)		(8,733)		(31,838)		(16,468)
Other, net	(4,092)		2,006		(7,487)		4,256
Income (loss) before income taxes	$	(10,023)	$	17,730	$	(53,157)	$	39,911

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 June 30, 2023
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	169,310	$	169,310
Digital Business Banking	742		—		—		742
Merchant Payments	—		36,508		—		36,508
Fraud Management	12,153		—		—		12,153
Real-Time Payments	26,499		—		—		26,499
Issuing and Acquiring	78,113		—		—		78,113
Total	$	117,507	$	36,508	$	169,310	$	323,325

	Three Months Ended June 30, 2022
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	161,945	$	161,945
Digital Business Banking	12,097		—		—		12,097
Merchant Payments	—		36,534		—		36,534
Fraud Management	7,552		—		—		7,552
Real-Time Payments	24,212		—		—		24,212
Issuing and Acquiring	98,085		—		—		98,085
Total	$	141,946	$	36,534	$	161,945	$	340,425

	Six Months Ended June 30, 2023
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	336,165	$	336,165
Digital Business Banking	1,591		—		—		1,591
Merchant Payments	—		71,289		—		71,289
Fraud Management	21,508		—		—		21,508
Real-Time Payments	45,897		—		—		45,897
Issuing and Acquiring	136,551		—		—		136,551
Total	$	205,547	$	71,289	$	336,165	$	613,001

	Six Months Ended June 30, 2022
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	311,825	$	311,825
Digital Business Banking	25,585		—		—		25,585
Merchant Payments	—		77,536		—		77,536
Fraud Management	15,329		—		—		15,329
Real-Time Payments	46,139		—		—		46,139
Issuing and Acquiring	187,091		—		—		187,091
Total	$	274,144	$	77,536	$	311,825	$	663,505


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Banks
Software as a service and platform as a service	$	9,742	$	13,985	$	18,991	$	27,937
License	42,885		62,942		59,201		117,381
Maintenance	47,624		46,744		93,966		94,087
Services	17,256		18,275		33,389		34,739
Total	$	117,507	$	141,946	$	205,547	$	274,144
Merchants
Software as a service and platform as a service	$	30,648	$	31,058	$	59,498	$	61,825
License	1,786		1,372		3,801		7,218
Maintenance	3,743		3,808		7,480		7,846
Services	331		296		510		647
Total	$	36,508	$	36,534	$	71,289	$	77,536
Billers
Software as a service and platform as a service	$	169,286	$	161,935	$	336,117	$	311,778
License	—		—		—		—
Maintenance	24		10		48		47
Services	—		—		—		—
Total	$	169,310	$	161,945	$	336,165	$	311,825

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenue
United States	$	205,199	$	209,459	$	406,468	$	408,774
Other	118,126		130,966		206,533		254,731
Total	$	323,325	$	340,425	$	613,001	$	663,505

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):


	June 30, 2023		December 31, 2022
Long-lived Assets
United States	$	1,233,695	$	1,286,505
Other	732,291		754,847
Total	$	1,965,986	$	2,041,352

Software and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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):


	June 30, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Balance		Gross Carrying Amount		Accumulated Amortization		Net Balance
Software for internal use	$	453,419	$	(338,968)	$	114,451	$	454,171	$	(325,062)	$	129,109

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):


	June 30, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Balance		Gross Carrying Amount		Accumulated Amortization		Net Balance
Customer relationships	$	446,472	$	(236,125)	$	210,347	$	444,749	$	(219,057)	$	225,692
Trademarks and trade names	21,844		(19,931)		1,913		21,678		(18,672)		3,006
Total other intangible assets	$	468,316	$	(256,056)	$	212,260	$	466,427	$	(237,729)	$	228,698

Schedule of Estimated Intangible Asset Amortization Expense in Future Fiscal Years

Based on capitalized intangible assets as of June 30, 2023, 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 2023	$	29,158	$	16,940
2024	41,545		29,448
2025	28,550		20,989
2026	12,057		20,989
2027	1,774		20,725
Thereafter	1,367		103,169
Total	$	114,451	$	212,260

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2023
Deferred Revenue Arrangement [Line Items]
Revenue allocated to remaining performance obligations		$ 684.0
Significant Customer \| Revenue Benchmark \| Customer Concentration Risk
Deferred Revenue Arrangement [Line Items]
Customer concentration risk, percentage	10.10%

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 132,391	$ 124,981
Receivables, net of allowances of $3,464 and $3,779, respectively	350,094	403,781
Settlement assets	453,276	540,667
Prepaid expenses	35,563	28,010
Other current assets	57,177	17,366
Total current assets	1,028,501	1,114,805
Noncurrent assets
Accrued receivables, net	269,051	297,818
Property and equipment, net	44,998	52,499
Operating lease right-of-use assets	34,544	40,031
Software, net	114,451	129,109
Goodwill	1,226,026	1,226,026
Intangible assets, net	212,260	228,698
Deferred income taxes, net	74,403	53,738
Other noncurrent assets	64,656	67,171
TOTAL ASSETS	3,068,890	3,209,895
Current liabilities
Accounts payable	48,137	47,997
Settlement liabilities	452,864	539,087
Employee compensation	40,837	45,289
Current portion of long-term debt	74,294	65,521
Deferred revenue	69,352	58,303
Other current liabilities	96,382	102,645
Total current liabilities	781,866	858,842
Noncurrent liabilities
Deferred revenue	24,503	23,233
Long-term debt	991,829	1,024,351
Deferred income taxes, net	37,294	40,371
Operating lease liabilities	29,394	33,910
Other noncurrent liabilities	31,478	36,001
Total liabilities	1,896,364	2,016,708
Commitments and contingencies
Stockholders’ equity
Preferred stock; $0.01 par value; 5,000,000 shares authorized; no shares issued at June 30, 2023, and December 31, 2022	0	0
Common stock; $0.005 par value; 280,000,000 shares authorized; 140,525,055 shares issued at June 30, 2023, and December 31, 2022	702	702
Additional paid-in capital	704,096	702,458
Retained earnings	1,234,440	1,273,458
Treasury stock, at cost, 31,929,614 and 32,456,227 shares at June 30, 2023, and December 31, 2022, respectively	(655,660)	(665,771)
Accumulated other comprehensive loss	(111,052)	(117,660)
Total stockholders’ equity	1,172,526	1,193,187
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 3,068,890	$ 3,209,895

Software and Other Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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):


	June 30, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Balance		Gross Carrying Amount		Accumulated Amortization		Net Balance
Software for internal use	$	453,419	$	(338,968)	$	114,451	$	454,171	$	(325,062)	$	129,109

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 June 30, 2023 and 2022, totaled $16.0 million and $17.1 million, respectively. Software for internal use amortization expense recorded during the six months ended June 30, 2023 and 2022, totaled $33.0 million and $33.8 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 was 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 six months ended June 30, 2022 totaled $0.7 million. Software for resale was fully amortized during the first quarter of 2022 and, therefore, there was no amortization expense recorded during the three months ended June 30, 2022, or the three and six months ended June 30, 2023. The software amortization expense amount was 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):


	June 30, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Balance		Gross Carrying Amount		Accumulated Amortization		Net Balance
Customer relationships	$	446,472	$	(236,125)	$	210,347	$	444,749	$	(219,057)	$	225,692
Trademarks and trade names	21,844		(19,931)		1,913		21,678		(18,672)		3,006
Total other intangible assets	$	468,316	$	(256,056)	$	212,260	$	466,427	$	(237,729)	$	228,698

Other intangible assets amortization expense recorded during the three months ended June 30, 2023 and 2022, totaled $8.5 million and $9.1 million, respectively. Other intangible assets amortization expense recorded during the six months ended June 30, 2023 and 2022, totaled $16.9 million and $18.3 million, respectively.

Based on capitalized intangible assets as of June 30, 2023, 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 2023	$	29,158	$	16,940
2024	41,545		29,448
2025	28,550		20,989
2026	12,057		20,989
2027	1,774		20,725
Thereafter	1,367		103,169
Total	$	114,451	$	212,260

Earnings (Loss) 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Weighted average shares outstanding:
Basic weighted average shares outstanding (in shares)	108,455	114,669	108,306	114,976
Add: Dilutive effect of stock options and RSUs (in shares)	0	536	0	673
Diluted weighted average shares outstanding (in shares)	108,455	115,205	108,306	115,649

Commitments and Contingencies (Details) $ in Millions	6 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2023 USD ($) lawsuit
ACH File Transmission
Loss Contingencies [Line Items]
Number of class action lawsuits filed \| lawsuit	7
Litigation settlement amount	$ 5.0
Litigation payments	1.5
Settled Litigation \| U.S. Consumer Financial Protection Bureau and State Attorneys General Investigation
Loss Contingencies [Line Items]
Litigation settlement amount	25.0
Settled Litigation \| State Money Transmission Regulators and State Attorneys General Investigation
Loss Contingencies [Line Items]
Litigation settlement amount	$ 20.0

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
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 into the ACH network during a test of the Company's payment processing system. The Company took immediate corrective action and issued reversing ACH files, restoring affected accounts. The Company 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 settled these lawsuits by establishing a $5.0 million fund out of which payments will be made to class members and for attorneys’ fees and administrative costs. Additional funds totaling $1.5 million could be required to be established under certain circumstances. The inadvertent ACH file transmission also gave rise to investigations by the U.S. Consumer Financial Protection Bureau (the "CFPB") and state attorneys general in all 50 states, the District of Columbia, and certain U.S. territories as well as money transmission regulators in most of those jurisdictions. The Company settled the CFPB investigation for $25.0 million plus various undertakings. The Company is proceeding to document agreements in principle to settle with the state money transmission regulators and attorneys general for a total of $20.0 million plus various undertakings. The Company believes that the CPFB and state undertakings will not adversely affect it. The Company expects that insurance will fund substantially all of the settlement payments and costs, including lawyers’ fees, subject to the retained limits and other terms of the applicable policies. The Company recorded the payable to the CFPB and a receivable from its insurance carriers, which are included in other current liabilities and other current assets, respectively, in the accompanying condensed consolidated balance sheet as of June 30, 2023, for the $25.0 million settlement. Payment was made to the CFPB and funds received from the insurance carriers subsequent to quarter-end. Funds for the potential state and money transmission regulator settlements have been deposited into an escrow account at a bank by the insurance carriers to be disbursed on finalization of the settlement. The Company is from time to time subject to other claims, litigation and investigations. While the Company believes that none of the currently pending matters is reasonably likely to have material adverse effect on it, there can be no assurance with respect thereto or future matters.

Stock-Based Compensation Plans - Schedule of Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Number of Shares
Outstanding, beginning balance (in shares) \| shares	1,221,219
Exercised (in shares) \| shares	(150,199)
Expired (in shares) \| shares	(4,614)
Outstanding, ending balance (in shares) \| shares	1,066,406
Number of shares, exercisable, ending balance (in shares) \| shares	1,066,406
Weighted Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 19.00
Exercised (in dollars per share) \| $ / shares	19.10
Expired (in dollars per share) \| $ / shares	19.63
Ending balance (in dollars per share) \| $ / shares	18.98
Weighted average exercise price, exercisable, ending balance (in dollars per share) \| $ / shares	$ 18.98
Weighted Average Remaining Contractual Term (Years)
Weighted average remaining contractual term, outstanding, end of period	2 years 2 months 12 days
Weighted average remaining contractual term, exercisable, end of period	2 years 2 months 12 days
Aggregate Intrinsic Value of In-the-Money Options
Aggregate intrinsic value of in-the-money options, outstanding, end of period \| $	$ 8,530,772
Aggregate intrinsic value of in-the-money options, exercisable, end of period \| $	$ 8,530,772

Stock-Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2023

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, 2022	1,221,219	$	19.00
Exercised	(150,199)	19.10

Expired	(4,614)	19.63
Outstanding as of June 30, 2023	1,066,406	$	18.98	2.20	$	8,530,772
Exercisable as of June 30, 2023	1,066,406	$	18.98	2.20	$	8,530,772

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, 2022	1,011,881	$	39.21
Granted	233,404	26.94

Forfeited	(112,661)	41.08
Change in payout rate	(427,685)	30.01
Nonvested as of June 30, 2023	704,939	$	40.43

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


	Six months ended June 30,
	2023		2022
Expected life (years)	2.9		3.1
Risk-free interest rate	3.6	%	1.5	%
Expected volatility	37.1	%	40.0	%
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, 2022	1,184,024	$	30.73
Granted	1,453,429	24.76
Vested	(438,542)	30.08
Forfeited	(273,607)	29.24
Nonvested as of June 30, 2023	1,925,304	$	26.59

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Software and Other Intangible Assets - Schedule of Estimated Amortization Expense for Future Fiscal Years Based on Capitalized Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Total	$ 212,260	$ 228,698
Software Amortization
Finite-Lived Intangible Assets [Line Items]
Remainder of 2023	29,158
2024	41,545
2025	28,550
2026	12,057
2027	1,774
Thereafter	1,367
Total	114,451
Other Intangible Assets Amortization
Finite-Lived Intangible Assets [Line Items]
Remainder of 2023	16,940
2024	29,448
2025	20,989
2026	20,989
2027	20,725
Thereafter	103,169
Total	$ 212,260

Common Stock and Treasury Stock	6 Months Ended
Common Stock and Treasury Stock	Jun. 30, 2023
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. On February 24, 2023, the board approved the repurchase of the Company's common stock of up to $200.0 million, in place of the remaining purchase amounts previously authorized. The Company did not repurchase any shares under the program during the six months ended June 30, 2023. Under the program to date, the Company has repurchased 57,981,733 shares for approximately $926.2 million. As of June 30, 2023, the maximum remaining amount authorized for purchase under the stock repurchase program was $200.0 million.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
-Subparagraph (g)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Stock-Based Compensation Plans - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)			0	0
Stock-based compensation expense	$ 5,414	$ 6,800	$ 10,715	$ 14,758
Stock-based compensation expense, tax benefits	1,000	$ 900	2,000	2,100
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive plan, total intrinsic value of stock options exercised			$ 800	$ 1,100
Total Shareholder Return Awards (TSRs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR multiplier			20.00%
Stock based compensation awards, award payout range, maximum			200.00%
Issued in period (in shares)			0
Unrecognized compensation costs	12,600		$ 12,600
Unrecognized compensation costs, weighted average recognition period			2 years
Total Shareholder Return Awards (TSRs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting performance period			1 year
Total Shareholder Return Awards (TSRs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting performance period			3 years
Restricted Share Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested (in shares)			438,542
Shares withheld to pay employees' portion of minimum payroll withholding taxes (in shares)			127,898
Unrecognized compensation costs	$ 45,500		$ 45,500
Unrecognized compensation costs, weighted average recognition period			2 years 6 months
2017 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under ESPP (in shares)			65,770	70,242

Revenue - Additional Information (Details)	Jun. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Deferred Revenue Arrangement [Line Items]
Revenue percentage to be collected	50.00%
Timing of revenue to be collected	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Deferred Revenue Arrangement [Line Items]
Timing of revenue to be collected

Condensed Consolidated Financial Statements

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 June 30, 2023, and for the three and six months ended June 30, 2023 and 2022, 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, 2022, 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, 2022, filed on March 1, 2023. Results for the three and six months ended June 30, 2023, are not necessarily indicative of results that may be attained in the future.

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

Other Current Liabilities

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


	June 30, 2023		December 31, 2022
Operating lease liabilities	$	10,317	$	11,218
Vendor financed licenses	8,915		13,525
Accrued interest	9,103		9,067
Royalties payable	2,654		3,726
Other	65,393		65,109
Total other current liabilities	$	96,382	$	102,645

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 June 30, 2023, and December 31, 2022, was $317.0 million and $328.7 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 $392.0 million and $390.0 million as of June 30, 2023, and December 31, 2022, 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 June 30, 2023, 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, 2022, annual impairment test and there have been no indications of impairment in the subsequent periods.

Equity Method Investment

In July 2019, the Company invested $18.3 million for a 30% non-controlling financial interest in a payment technology and services company in India. The Company accounted for this investment using the equity method in accordance with ASC 323, Investments - Equity Method and Joint Ventures. The Company records its share of earnings and losses in the investment on a one-quarter lag basis. Accordingly, the Company recorded an investment of $18.8 million and $17.9 million, which is included in other noncurrent assets in the condensed consolidated balance sheet as of June 30, 2023, and December 31, 2022, respectively.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net (loss) income	$ (6,710)	$ 13,342	$ (39,018)	$ 28,832

- Definition

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

+ References

+ Details

Revenue - Summary of Changes in Deferred Revenue (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Change in Contract with Customer, Liability [Roll Forward]
Deferred revenue, beginning balance	$ 81,536
Deferral of revenue	65,853
Recognition of deferred revenue	(53,349)
Foreign currency translation	(185)
Deferred revenue, ending balance	$ 93,855

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and six months ended June 30, 2023, the Company's effective tax rate was 33% and 27%, respectively. The Company reported tax benefit on pretax loss for both the three and six months ended June 30, 2023, with foreign entities recognizing earnings of $24.3 million and $17.1 million, respectively. For the three and six months ended June 30, 2022, the Company's effective tax rate was 25% and 28%, respectively. The Company reported tax expense on pretax income for both the three and six months ended June 30, 2022, with foreign entities recognizing earnings of $27.4 million and $58.3 million, respectively. The Company’s effective tax rate could fluctuate on a quarterly basis due to the occurrence of significant and unusual or infrequent items, such as vesting of stock-based compensation or foreign currency gains and losses. The Company’s effective tax rate could also fluctuate due to changes in the valuation of its deferred tax assets or liabilities, or by changes in tax laws, regulations, accounting principles, or interpretations thereof. In addition, the Company is occasionally subject to examination of its income tax returns by tax authorities in the jurisdictions it operates. The Company regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of its provision for income taxes. As of June 30, 2023, and December 31, 2022, the amount of unrecognized tax benefits for uncertain tax positions was $26.4 million, excluding related liabilities for interest and penalties of $0.6 million. The Company believes it is reasonably possible that the total amount of unrecognized tax benefits will decrease within the next 12 months by approximately $4.6 million, due to the settlement of various audits and the expiration of statutes of limitation.

- Definition

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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+ Details

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Maturities on Debt Outstanding

Maturities on debt outstanding as of June 30, 2023, are as follows (in thousands):


Fiscal Year Ending December 31,
Remainder of 2023	$	38,950
2024	77,900
2025	556,798
2026	400,000
2027	—
Thereafter	—
Total	$	1,073,648

Schedule of Total Debt

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


	June 30, 2023		December 31, 2022
Term loans	$	558,648	$	592,729
Revolving credit facility	115,000		105,000
5.750% Senior notes, due August 2026	400,000		400,000
Debt issuance costs	(7,525)		(7,857)
Total debt	1,066,123		1,089,872
Less: current portion of term loans	77,900		69,906
Less: current portion of debt issuance costs	(3,606)		(4,385)
Total long-term debt	$	991,829	$	1,024,351

- Definition

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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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (6,710)	$ 13,342	$ (39,018)	$ 28,832
Other comprehensive income (loss):
Foreign currency translation adjustments	2,990	(12,620)	6,608	(14,720)
Total other comprehensive income (loss)	2,990	(12,620)	6,608	(14,720)
Comprehensive income (loss)	$ (3,720)	$ 722	$ (32,410)	$ 14,112

- Definition

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

+ References

+ Details

Revenue (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Total Receivables, Net

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


	June 30, 2023		December 31, 2022
Billed receivables	$	161,656	$	218,611
Allowance for doubtful accounts	(3,464)		(3,779)
Billed receivables, net	158,192		214,832
Current accrued receivables, net	191,902		188,949
Long-term accrued receivables, net	269,051		297,818
Total accrued receivables, net	460,953		486,767
Total receivables, net	$	619,145	$	701,599

Schedule of Changes in Deferred Revenue

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


Balance, December 31, 2022	$	81,536
Deferral of revenue	65,853
Recognition of deferred revenue	(53,349)
Foreign currency translation	(185)
Balance, June 30, 2023	$	93,855

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	0-25346
Entity Registrant Name	ACI WORLDWIDE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-0772104
Entity Address, Address Line One	2811 Ponce de Leon Blvd
Entity Address, Address Line Two	PH 1
Entity Address, City or Town	Coral Gables,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33134
City Area Code	305
Local Phone Number	894-2200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		108,595,441
Title of 12(b) Security	Common Stock, $0.005 par value
Trading Symbol	ACIW
Security Exchange Name	NASDAQ
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000935036
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Receivables, allowances	$ 3,464	$ 3,779
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.005	$ 0.005
Common stock, shares authorized (in shares)	280,000,000	280,000,000
Common stock, shares issued (in shares)	140,525,055	140,525,055
Treasury stock, shares (in shares)	31,929,614	32,456,227

Revenue - Summary of Total Receivables, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Billed receivables	$ 161,656	$ 218,611
Allowance for doubtful accounts	(3,464)	(3,779)
Billed receivables, net	158,192	214,832
Current accrued receivables, net	191,902	188,949
Long-term accrued receivables, net	269,051	297,818
Total accrued receivables, net	460,953	486,767
Total receivables, net	$ 619,145	$ 701,599

Stock-Based Compensation Plans - Schedule of Nonvested RSUs (Details) - Restricted Share Units (RSUs)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of Shares
Nonvested, beginning balance (in shares) \| shares	1,184,024
Granted (in shares) \| shares	1,453,429
Vested (in shares) \| shares	(438,542)
Forfeited (in shares) \| shares	(273,607)
Nonvested, ending balance (in shares) \| shares	1,925,304
Weighted Average Grant Date Fair Value
Nonvested, beginning balance (in dollars per share) \| $ / shares	$ 30.73
Granted (in dollars per share) \| $ / shares	24.76
Vested (in dollars per share) \| $ / shares	30.08
Forfeited (in dollars per share) \| $ / shares	29.24
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 26.59

Segment Information - Selected Financial Data (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 323,325	$ 340,425	$ 613,001	$ 663,505
Depreciation and amortization	(31,436)	(32,240)	(62,975)	(63,729)
Stock-based compensation expense	(5,414)	(6,800)	(10,715)	(14,758)
Corporate and unallocated expenses	(45,392)	(42,736)	(93,770)	(81,407)
Interest, net	(16,451)	(8,733)	(31,838)	(16,468)
Other, net	(4,092)	2,006	(7,487)	4,256
Income (loss) before income taxes	(10,023)	17,730	(53,157)	39,911
Operating Segments \| Banks
Segment Reporting Information [Line Items]
Revenues	117,507	141,946	205,547	274,144
Segment Adjusted EBITDA	51,622	70,160	76,303	134,874
Operating Segments \| Merchants
Segment Reporting Information [Line Items]
Revenues	36,508	36,534	71,289	77,536
Segment Adjusted EBITDA	9,911	7,749	16,455	22,462
Operating Segments \| Billers
Segment Reporting Information [Line Items]
Revenues	169,310	161,945	336,165	311,825
Segment Adjusted EBITDA	$ 31,229	$ 28,324	$ 60,870	$ 54,681

Other, Net	6 Months Ended
Other, Net	Jun. 30, 2023
Other Income and Expenses [Abstract]
Other, Net	Other, NetOther, net is primarily comprised of foreign currency transaction gains and losses. Other, net was $4.1 million of expense and $2.0 million of income for the three months ended June 30, 2023 and 2022, respectively. Other, net was $7.5 million of expense and $4.3 million of income for the six months ended June 30, 2023 and 2022, respectively.