0000935036-23-000039 | 10-Q | XBRL Viewer

Revenue

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

In accordance with ASC 606, Revenue From Contracts With Customers, revenue is recognized upon transfer of control of promised products and/or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products and services. Revenue is recognized net of any taxes collected from customers and subsequently remitted to governmental authorities. See Note 10, Segment Information, for additional information, including disaggregation of revenue based on primary solution category.

Total receivables represent amounts billed and amounts earned that are to be billed in the future (i.e., accrued receivables). Included in accrued receivables are services, software as a service ("SaaS"), and platform as a service ("PaaS") revenues earned in the current period but billed in the following period, and amounts due under multi-year software license arrangements with extended payment terms for which the Company has an unconditional right to invoice and receive payment subsequent to invoicing.

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


	September 30, 2023		December 31, 2022
Billed receivables	$	177,512	$	218,611
Allowance for doubtful accounts	(4,900)		(3,779)
Billed receivables, net	172,612		214,832
Current accrued receivables, net	198,154		188,949
Long-term accrued receivables, net	279,303		297,818
Total accrued receivables, net	477,457		486,767
Total receivables, net	$	650,069	$	701,599

No customer accounted for more than 10% of the Company’s consolidated receivables balance as of September 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	87,130
Recognition of deferred revenue	(83,066)
Foreign currency translation	(1,055)
Balance, September 30, 2023	$	84,545

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 $627.6 million as of September 30, 2023, of which the Company expects to recognize approximately 41% over the next 12 months and the remainder thereafter.

During the three and nine months ended September 30, 2023, revenue recognized by the Company from performance obligations satisfied in previous periods was $23.3 million and $43.7 million, respectively.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

Stock-Based Compensation Plans - Schedule of Nonvested Restricted Share Unit Awards ("RSUs") (Details) - Restricted Share Units (RSUs)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Number of Shares
Nonvested, beginning balance (in shares) \| shares	1,184,024
Granted (in shares) \| shares	1,457,471
Vested (in shares) \| shares	(553,490)
Forfeited (in shares) \| shares	(433,528)
Nonvested, ending balance (in shares) \| shares	1,654,477
Weighted Average Grant Date Fair Value
Nonvested, beginning balance (in dollars per share) \| $ / shares	$ 30.73
Granted (in dollars per share) \| $ / shares	24.75
Vested (in dollars per share) \| $ / shares	29.04
Forfeited (in dollars per share) \| $ / shares	28.34
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 26.66

Debt - Narrative (Details) - USD ($)			9 Months Ended
Debt - Narrative (Details) - USD ($)	Apr. 28, 2023	Apr. 05, 2019	Sep. 30, 2023	Dec. 31, 2022	Aug. 21, 2018
Debt Instrument [Line Items]
Long-term debt, amount outstanding			$ 1,068,173,000
Credit Agreement
Debt Instrument [Line Items]
Extension term	1 year
Effective interest rate			7.42%
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			129,000,000
Unused borrowings			368,200,000
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			2,800,000
Term loans \| Credit Agreement
Debt Instrument [Line Items]
Long-term debt, amount outstanding			$ 539,200,000
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

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt

As of September 30, 2023, the Company had $129.0 million, $539.2 million, and $400.0 million outstanding under its Revolving Credit Facility, Term Loans, and Senior Notes, respectively, with up to $368.2 million of unused borrowings under the Revolving Credit Facility portion of the Credit Agreement, as amended, and up to $2.8 million of unused borrowings under the Letter of Credit agreements. 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 September 30, 2023, was 7.42%.

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

Senior Notes

On August 21, 2018, the Company completed a $400.0 million offering of the 2026 Notes at an issue price of 100% of the principal amount in a private placement for resale to qualified institutional buyers. The 2026 Notes bear interest at an annual rate of 5.750%, payable semi-annually in arrears on February 15 and August 15 of each year. The 2026 Notes will mature on August 15, 2026.

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


Fiscal Year Ending December 31,
Remainder of 2023	$	19,475
2024	77,900
2025	570,798
2026	400,000
2027	—
Thereafter	—
Total	$	1,068,173

As of September 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):


	September 30, 2023		December 31, 2022
Term loans	$	539,173	$	592,729
Revolving credit facility	129,000		105,000
5.750% Senior notes, due August 2026	400,000		400,000
Debt issuance costs	(6,602)		(7,857)
Total debt	1,061,571		1,089,872
Less: current portion of term loans	77,900		69,906
Less: current portion of debt issuance costs	(3,550)		(4,385)
Total long-term debt	$	987,221	$	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 September 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 September 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
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+ Details

Condensed Consolidated Financial Statements

9 Months Ended

Sep. 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 September 30, 2023, and for the three and nine months ended September 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 nine months ended September 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):


	September 30, 2023		December 31, 2022
Operating lease liabilities	$	9,659	$	11,218
Vendor financed licenses	8,378		13,525
Accrued interest	3,498		9,067
Royalties payable	2,536		3,726
Other	53,839		65,109
Total other current liabilities	$	77,910	$	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 September 30, 2023, and December 31, 2022, was $278.4 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 $388.0 million and $390.0 million as of September 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 September 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 $18.3 million and $17.9 million, which is included in other noncurrent assets in the condensed consolidated balance sheet as of September 30, 2023, and December 31, 2022, respectively.

Debt - Schedule of Total Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Aug. 21, 2018
Debt Instrument [Line Items]
Total debt	$ 1,061,571	$ 1,089,872
Debt issuance costs	(6,602)	(7,857)
Less: current portion of term loans	74,350	65,521
Less: current portion of debt issuance costs	(3,550)	(4,385)
Total long-term debt	987,221	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	539,173	592,729
Less: current portion of term loans	77,900	69,906
Revolving credit facility \| Line of Credit
Debt Instrument [Line Items]
Total debt	$ 129,000	$ 105,000

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 income (loss)	51,949			51,949
Other comprehensive income (loss)	(28,179)					(28,179)
Stock-based compensation	21,884		21,884
Shares issued and forfeited, net, under stock plans	4,539		(12,434)		16,973
Repurchase of shares of common stock	(90,934)				(90,934)
Repurchase of stock-based compensation awards for tax withholdings	(5,820)				(5,820)
Ending balance at Sep. 30, 2022	1,198,216	702	697,763	1,183,230	(555,753)	(127,726)
Beginning balance at Jun. 30, 2022	1,208,364	702	690,574	1,160,113	(528,758)	(114,267)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	23,117			23,117
Other comprehensive income (loss)	(13,459)					(13,459)
Stock-based compensation	7,126		7,126
Shares issued and forfeited, net, under stock plans	1,313		63		1,250
Repurchase of shares of common stock	(28,227)				(28,227)
Repurchase of stock-based compensation awards for tax withholdings	(18)				(18)
Ending balance at Sep. 30, 2022	1,198,216	702	697,763	1,183,230	(555,753)	(127,726)
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 income (loss)	(1,107)			(1,107)
Other comprehensive income (loss)	298					298
Stock-based compensation	17,537		17,537
Shares issued and forfeited, net, under stock plans	5,323		(11,489)		16,812
Repurchase of stock-based compensation awards for tax withholdings	(4,203)				(4,203)
Ending balance at Sep. 30, 2023	1,211,035	702	708,506	1,272,351	(653,162)	(117,362)
Beginning balance at Jun. 30, 2023	1,172,526	702	704,096	1,234,440	(655,660)	(111,052)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	37,911			37,911
Other comprehensive income (loss)	(6,310)					(6,310)
Stock-based compensation	6,822		6,822
Shares issued and forfeited, net, under stock plans	969		(2,412)		3,381
Repurchase of stock-based compensation awards for tax withholdings	(883)				(883)
Ending balance at Sep. 30, 2023	$ 1,211,035	$ 702	$ 708,506	$ 1,272,351	$ (653,162)	$ (117,362)

- 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

Commitments and Contingencies (Details) $ in Millions	1 Months Ended	9 Months Ended
Commitments and Contingencies (Details) $ in Millions	Nov. 02, 2023 USD ($)	Sep. 30, 2023 USD ($) lawsuit
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 \| Subsequent Event
Loss Contingencies [Line Items]
Litigation settlement amount	$ 20.0
ACH File Transmission
Loss Contingencies [Line Items]
Number of class action lawsuits filed \| lawsuit		7
Litigation settlement amount		$ 5.0
Litigation payments		$ 1.5

Divestiture	9 Months Ended
Divestiture	Sep. 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 and nine months ended September 30, 2022. During the nine months ended September 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.

Software and Other Intangible Assets

9 Months Ended

Sep. 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):


	September 30, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Balance		Gross Carrying Amount		Accumulated Amortization		Net Balance
Software for internal use	$	456,840	$	(351,516)	$	105,324	$	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 September 30, 2023 and 2022, totaled $16.3 million and $17.3 million, respectively. Software for internal use amortization expense recorded during the nine months ended September 30, 2023 and 2022, totaled $49.3 million and $51.1 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 nine months ended September 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 September 30, 2022, or the three and nine months ended September 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):


	September 30, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Balance		Gross Carrying Amount		Accumulated Amortization		Net Balance
Customer relationships	$	444,046	$	(242,276)	$	201,770	$	444,749	$	(219,057)	$	225,692
Trademarks and trade names	21,667		(20,300)		1,367		21,678		(18,672)		3,006
Total other intangible assets	$	465,713	$	(262,576)	$	203,137	$	466,427	$	(237,729)	$	228,698

Other intangible assets amortization expense recorded during the three months ended September 30, 2023 and 2022, totaled $8.5 million and $8.8 million, respectively. Other intangible assets amortization expense recorded during the nine months ended September 30, 2023 and 2022, totaled $25.4 million and $27.1 million, respectively.

Based on capitalized intangible assets as of September 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	$	14,853	$	8,423
2024	44,330		29,311
2025	30,212		20,916
2026	12,752		20,916
2027	2,063		20,652
Thereafter	1,114		102,919
Total	$	105,324	$	203,137

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Receivables, allowances	$ 4,900	$ 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)	31,802,520	32,456,227

Segment Information (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue
Banks	$	155,684	$	117,439	$	361,231	$	391,583
Merchants	36,267		35,609		107,556		113,145
Billers	171,064		153,543		507,229		465,368
Total revenue	$	363,015	$	306,591	$	976,016	$	970,096
Segment Adjusted EBITDA
Banks	$	91,010	$	49,793	$	167,313	$	184,667
Merchants	10,296		9,781		26,751		32,243
Billers	39,186		26,348		100,056		81,029
Depreciation and amortization	(30,463)		(32,140)		(93,438)		(95,869)
Stock-based compensation expense	(6,822)		(7,126)		(17,537)		(21,884)
Corporate and unallocated expenses	(41,283)		(43,167)		(135,053)		(124,574)
Interest, net	(16,345)		(11,341)		(48,183)		(27,809)
Other, net	1,084		41,545		(6,403)		45,801
Income (loss) before income taxes	$	46,663	$	33,693	$	(6,494)	$	73,604

Schedule of Revenue by Primary Solution Category for Reportable Segments

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


	Three Months Ended September 30, 2023
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	171,064	$	171,064
Digital Business Banking	702		—		—		702
Merchant Payments	—		36,267		—		36,267
Fraud Management	16,543		—		—		16,543
Real-Time Payments	26,374		—		—		26,374
Issuing and Acquiring	112,065		—		—		112,065
Total	$	155,684	$	36,267	$	171,064	$	363,015

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

	Nine Months Ended September 30, 2023
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	507,229	$	507,229
Digital Business Banking	2,293		—		—		2,293
Merchant Payments	—		107,556		—		107,556
Fraud Management	38,051		—		—		38,051
Real-Time Payments	72,271		—		—		72,271
Issuing and Acquiring	248,616		—		—		248,616
Total	$	361,231	$	107,556	$	507,229	$	976,016

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Banks
Software as a service and platform as a service	$	10,167	$	12,394	$	29,158	$	40,331
License	77,779		42,188		136,980		159,569
Maintenance	48,084		44,896		142,050		138,983
Services	19,654		17,961		53,043		52,700
Total	$	155,684	$	117,439	$	361,231	$	391,583
Merchants
Software as a service and platform as a service	$	30,162	$	29,626	$	89,660	$	91,451
License	1,900		1,473		5,701		8,691
Maintenance	3,834		4,244		11,314		12,090
Services	371		266		881		913
Total	$	36,267	$	35,609	$	107,556	$	113,145
Billers
Software as a service and platform as a service	$	171,040	$	153,520	$	507,157	$	465,298
License	—		—		—		—
Maintenance	24		23		72		70
Services	—		—		—		—
Total	$	171,064	$	153,543	$	507,229	$	465,368

Schedule of Revenue by Geographic Location

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue
United States	$	226,911	$	195,571	$	633,379	$	604,345
Other	136,104		111,020		342,637		365,751
Total	$	363,015	$	306,591	$	976,016	$	970,096

Schedule of Long-lived Assets by Geographic Location

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


	September 30, 2023		December 31, 2022
Long-lived Assets
United States	$	1,218,402	$	1,286,505
Other	734,268		754,847
Total	$	1,952,670	$	2,041,352

Revenue - Schedule of Total Receivables, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Billed receivables	$ 177,512	$ 218,611
Allowance for doubtful accounts	(4,900)	(3,779)
Billed receivables, net	172,612	214,832
Current accrued receivables, net	198,154	188,949
Long-term accrued receivables, net	279,303	297,818
Total accrued receivables, net	477,457	486,767
Total receivables, net	$ 650,069	$ 701,599

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Repurchase of common stock (in shares)	1,154,825	0	3,210,313

Earnings (Loss) Per Share

9 Months Ended

Sep. 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 September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Weighted average shares outstanding:
Basic weighted average shares outstanding	108,667	113,812	108,428	114,584
Add: Dilutive effect of stock options and RSUs	266	536	—	627
Diluted weighted average shares outstanding	108,933	114,348	108,428	115,211

The diluted earnings (loss) per share computation excludes 2.0 million options to purchase shares, RSUs, and contingently issuable shares during both the three months ended September 30, 2023 and 2022, as their effect would be anti-dilutive. The diluted earnings (loss) per share computation excludes 3.2 million and 2.0 million options to purchase shares, RSUs, and contingently issuable shares during the nine months ended September 30, 2023 and 2022, respectively, as their effect would be anti-dilutive.

Common stock outstanding as of September 30, 2023, and December 31, 2022, was 108,722,535 and 108,068,828, respectively.

Condensed Consolidated Financial Statements - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Current Liabilities
Operating lease liabilities	$ 9,659	$ 11,218
Vendor financed licenses	8,378	13,525
Accrued interest	3,498	9,067
Royalties payable	2,536	3,726
Other	53,839	65,109
Total other current liabilities	$ 77,910	$ 102,645

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Deferred Revenue Arrangement [Line Items]
Revenue allocated to remaining performance obligations	$ 627.6	$ 627.6
Performance obligation satisfied in previous periods	$ 23.3	$ 43.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Deferred Revenue Arrangement [Line Items]
Revenue percentage to be collected	41.00%	41.00%
Timing of revenue to be collected	12 months	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Deferred Revenue Arrangement [Line Items]
Timing of revenue to be collected
Significant Customer \| Revenue Benchmark \| Customer Concentration Risk
Deferred Revenue Arrangement [Line Items]
Customer concentration risk, percentage			10.10%

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		108,722,535
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	Q3
Entity Central Index Key	0000935036
Current Fiscal Year End Date	--12-31

Condensed Consolidated Financial Statements (Policies)	9 Months Ended
Condensed Consolidated Financial Statements (Policies)	Sep. 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 September 30, 2023, and for the three and nine months ended September 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 nine months ended September 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 $18.3 million and $17.9 million, which is included in other noncurrent assets in the condensed consolidated balance sheet as of September 30, 2023, and December 31, 2022, respectively.

Debt - Schedule of Maturities on Debt Outstanding (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Debt Disclosure [Abstract]
Remainder of 2023	$ 19,475
2024	77,900
2025	570,798
2026	400,000
2027	0
Thereafter	0
Total	$ 1,068,173

Other, Net	9 Months Ended
Other, Net	Sep. 30, 2023
Other Income and Expenses [Abstract]
Other, Net	Other, NetOther, net is primarily comprised of foreign currency transaction gains and losses and, for the three and nine months ended September 30, 2022, the $38.5 million gain on the divestiture. Other, net was $1.1 million and $41.5 million of income for the three months ended September 30, 2023 and 2022, respectively. Other, net was $6.4 million of expense and $45.8 million of income for the nine months ended September 30, 2023 and 2022, respectively.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and nine months ended September 30, 2023, the Company's effective tax rate was 19% and 83%, respectively. The Company reported a tax charge on pretax income for the three months ended September 30, 2023 and a tax benefit on pretax loss for the nine months ended September 30, 2023, with foreign entities recognizing earnings of $47.9 million and $64.9 million, respectively. For the three and nine months ended September 30, 2022, the Company's effective tax rate was 31% and 29%, respectively. The Company reported tax expense on pretax income for both the three and nine months ended September 30, 2022, with foreign entities recognizing earnings of $28.7 million and $87.0 million, respectively. On July 21, 2023, the Internal Revenue Service issued Notice 2023-55 providing guidance to taxpayers in determining whether a foreign tax is eligible for a U.S. foreign tax credit for tax years 2022 and 2023 effectively delaying the application of an unfavorable foreign tax credit regulation until 2024. As a result of this guidance, the Company recorded a tax benefit of $6.0 million during the three months ended September 30, 2023. The Company’s effective tax rate could fluctuate on a quarterly basis due to the occurrence of significant and unusual or infrequent items, such as vesting of stock-based compensation or foreign currency gains and losses. The Company’s effective tax rate could also fluctuate due to changes in the valuation of its deferred tax assets or liabilities, or by changes in tax laws, regulations, accounting principles, or interpretations thereof. In addition, the Company is occasionally subject to examination of its income tax returns by tax authorities in the jurisdictions it operates. The Company regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of its provision for income taxes. As of September 30, 2023, and December 31, 2022, the amount of unrecognized tax benefits for uncertain tax positions was $22.7 million and $26.4 million, respectively, 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

Condensed Consolidated Financial Statements - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
	Jul. 31, 2019	Sep. 30, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Amount of off balance sheet settlement funds		$ 278,400	$ 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		18,300	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		$ 388,000	$ 390,000

Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Total Receivables, Net

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


	September 30, 2023		December 31, 2022
Billed receivables	$	177,512	$	218,611
Allowance for doubtful accounts	(4,900)		(3,779)
Billed receivables, net	172,612		214,832
Current accrued receivables, net	198,154		188,949
Long-term accrued receivables, net	279,303		297,818
Total accrued receivables, net	477,457		486,767
Total receivables, net	$	650,069	$	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	87,130
Recognition of deferred revenue	(83,066)
Foreign currency translation	(1,055)
Balance, September 30, 2023	$	84,545

Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Maturities on Debt Outstanding

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


Fiscal Year Ending December 31,
Remainder of 2023	$	19,475
2024	77,900
2025	570,798
2026	400,000
2027	—
Thereafter	—
Total	$	1,068,173

Schedule of Total Debt

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


	September 30, 2023		December 31, 2022
Term loans	$	539,173	$	592,729
Revolving credit facility	129,000		105,000
5.750% Senior notes, due August 2026	400,000		400,000
Debt issuance costs	(6,602)		(7,857)
Total debt	1,061,571		1,089,872
Less: current portion of term loans	77,900		69,906
Less: current portion of debt issuance costs	(3,550)		(4,385)
Total long-term debt	$	987,221	$	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

Common Stock and Treasury Stock	9 Months Ended
Common Stock and Treasury Stock	Sep. 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 nine months ended September 30, 2023. Under the program to date, the Company has repurchased 57,981,733 shares for approximately $926.2 million. As of September 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

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ (1,107)	$ 51,949
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation	18,722	17,052
Amortization	74,716	78,817
Amortization of operating lease right-of-use assets	9,190	8,296
Amortization of deferred debt issuance costs	3,415	3,435
Deferred income taxes	(25,207)	(9,059)
Stock-based compensation expense	17,537	21,884
Gain on divestiture	0	(38,452)
Other	2,168	2,483
Changes in operating assets and liabilities:
Receivables	42,012	5,767
Accounts payable	(7,198)	(3,047)
Accrued employee compensation	(2,879)	(3,872)
Deferred revenue	4,404	(6,367)
Other current and noncurrent assets and liabilities	(52,999)	(26,920)
Net cash flows from operating activities	82,774	101,966
Cash flows from investing activities:
Purchases of property and equipment	(7,956)	(8,123)
Purchases of software and distribution rights	(22,571)	(18,394)
Proceeds from divestiture	0	100,139
Net cash flows from investing activities	(30,527)	73,622
Cash flows from financing activities:
Proceeds from issuance of common stock	2,122	2,801
Proceeds from exercises of stock options	3,132	1,792
Repurchase of stock-based compensation awards for tax withholdings	(4,203)	(5,820)
Repurchases of common stock	0	(90,934)
Proceeds from revolving credit facility	75,000	85,000
Repayment of revolving credit facility	(51,000)	(75,000)
Repayment of term portion of credit agreement	(53,556)	(70,825)
Payments on or proceeds from other debt, net	(12,473)	(10,106)
Payments for debt issuance costs	(2,160)	0
Net increase (decrease) in settlement assets and liabilities	(4,635)	20,084
Net cash flows from financing activities	(47,773)	(143,008)
Effect of exchange rate fluctuations on cash	4,388	(60)
Net increase in cash and cash equivalents	8,862	32,520
Cash and cash equivalents, including settlement deposits, beginning of period	214,672	184,142
Cash and cash equivalents, including settlement deposits, end of period	223,534	216,662
Reconciliation of cash and cash equivalents to the Consolidated Balance Sheets
Cash and cash equivalents	139,520	134,799
Settlement deposits	84,014	81,863
Total cash and cash equivalents, including settlement deposits	223,534	216,662
Supplemental cash flow information
Income taxes paid	43,915	24,987
Interest paid	$ 60,597	$ 39,217

Other, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Other, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Gain on divestiture		$ 38,500		$ 38,500
Other income (expense)	$ 1,084	$ 41,545	$ (6,403)	$ 45,801

Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)				0	0
Stock-based compensation expense	$ 6,822		$ 7,126	$ 17,537	$ 21,884
Stock-based compensation expense, tax benefits	1,200		$ 1,000	3,200	3,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive plan, total intrinsic value of stock options exercised				$ 900	$ 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	10,000			$ 10,000
Unrecognized compensation costs, weighted average recognition period				1 year 9 months 18 days
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)				553,490
Shares withheld to pay employees' portion of minimum payroll withholding taxes (in shares)				165,440
Unrecognized compensation costs	$ 36,400			$ 36,400
Unrecognized compensation costs, weighted average recognition period				2 years 3 months 18 days
2017 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under ESPP (in shares)				101,565	108,149

Software and Other Intangible Assets - Schedule of Carrying Amount and Accumulated Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Total	$ 203,137	$ 228,698
Software for internal use
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	456,840	454,171
Accumulated Amortization	(351,516)	(325,062)
Total	105,324	129,109
Total other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	465,713	466,427
Accumulated Amortization	(262,576)	(237,729)
Total	203,137	228,698
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	444,046	444,749
Accumulated Amortization	(242,276)	(219,057)
Total	201,770	225,692
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	21,667	21,678
Accumulated Amortization	(20,300)	(18,672)
Total	$ 1,367	$ 3,006

Common Stock and Treasury Stock (Details) - USD ($)	3 Months Ended	9 Months Ended
Common Stock and Treasury Stock (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Feb. 24, 2023
Equity [Abstract]
Amount approved for repurchase				$ 200,000,000
Shares repurchased (in shares)	1,154,825	0	3,210,313
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

Earnings (Loss) Per Share - Schedule of Reconciliation of Weighted Average Share Amounts Used to Compute both Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Weighted average shares outstanding:
Basic weighted average shares outstanding (in shares)	108,667	113,812	108,428	114,584
Add: Dilutive effect of stock options and RSUs (in shares)	266	536	0	627
Diluted weighted average shares outstanding (in shares)	108,933	114,348	108,428	115,211

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 139,520	$ 124,981
Receivables, net of allowances of $4,900 and $3,779, respectively	370,766	403,781
Settlement assets	649,494	540,667
Prepaid expenses	32,176	28,010
Other current assets	34,754	17,366
Total current assets	1,226,710	1,114,805
Noncurrent assets
Accrued receivables, net	279,303	297,818
Property and equipment, net	41,098	52,499
Operating lease right-of-use assets	33,609	40,031
Software, net	105,324	129,109
Goodwill	1,226,026	1,226,026
Intangible assets, net	203,137	228,698
Deferred income taxes, net	75,448	53,738
Other noncurrent assets	64,173	67,171
TOTAL ASSETS	3,254,828	3,209,895
Current liabilities
Accounts payable	40,951	47,997
Settlement liabilities	648,956	539,087
Employee compensation	42,025	45,289
Current portion of long-term debt	74,350	65,521
Deferred revenue	61,438	58,303
Other current liabilities	77,910	102,645
Total current liabilities	945,630	858,842
Noncurrent liabilities
Deferred revenue	23,107	23,233
Long-term debt	987,221	1,024,351
Deferred income taxes, net	33,687	40,371
Operating lease liabilities	28,657	33,910
Other noncurrent liabilities	25,491	36,001
Total liabilities	2,043,793	2,016,708
Commitments and contingencies
Stockholders’ equity
Preferred stock; $0.01 par value; 5,000,000 shares authorized; no shares issued at September 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 September 30, 2023, and December 31, 2022	702	702
Additional paid-in capital	708,506	702,458
Retained earnings	1,272,351	1,273,458
Treasury stock, at cost, 31,802,520 and 32,456,227 shares at September 30, 2023, and December 31, 2022, respectively	(653,162)	(665,771)
Accumulated other comprehensive loss	(117,362)	(117,660)
Total stockholders’ equity	1,211,035	1,193,187
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 3,254,828	$ 3,209,895

Software and Other Intangible Assets - Schedule of Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Total	$ 203,137	$ 228,698
Software Amortization
Finite-Lived Intangible Assets [Line Items]
Remainder of 2023	14,853
2024	44,330
2025	30,212
2026	12,752
2027	2,063
Thereafter	1,114
Total	105,324
Other Intangible Assets Amortization
Finite-Lived Intangible Assets [Line Items]
Remainder of 2023	8,423
2024	29,311
2025	20,916
2026	20,916
2027	20,652
Thereafter	102,919
Total	$ 203,137

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 37,911	$ 23,117	$ (1,107)	$ 51,949

- Definition

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

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 37,911	$ 23,117	$ (1,107)	$ 51,949
Other comprehensive income (loss):
Foreign currency translation adjustments	(6,310)	(13,459)	298	(28,179)
Total other comprehensive income (loss)	(6,310)	(13,459)	298	(28,179)
Comprehensive income (loss)	$ 31,601	$ 9,658	$ (809)	$ 23,770

- Definition

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

+ References

+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 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. The $5.0 million was funded from insurance. 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. Payment was made to the CFPB and funds received from the insurance carriers during the three months ended September 30, 2023. Subsequent to September 30, 2023, the Company settled with the state money transmission regulators and attorneys general for a total of $20.0 million plus various undertakings. Funds for the state and money transmission regulator settlements were previously received from the insurance carriers and deposited into an escrow account. The Company believes that the CPFB and state undertakings will not adversely affect it. The Company’s customer commenced an action for damages as a result of this event. The customer action remains pending and the Company presently intends to vigorously defend it. The Company expects that insurance will fund payments and costs associated with the defense of the customer action, and other claims that may be asserted against it, subject to the policy limits and other terms of the applicable policies. Funds received from or expected to be received from insurance carriers are generally subject to the respective carriers' reservation of rights. The Company is from time to time subject to other claims, litigation and investigations. While the Company believes that none of the currently pending matters is reasonably likely to have material adverse effect on it, there can be no assurance with respect thereto or future matters.

Earnings (Loss) Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 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)	2,000,000	2,000,000	3,200,000	2,000,000
Common stock outstanding (in shares)	108,722,535		108,722,535		108,068,828

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 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

Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Reconciliation of Weighted Average Share Amounts Used to Compute both Basic and Diluted Earnings Per Share

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Weighted average shares outstanding:
Basic weighted average shares outstanding	108,667	113,812	108,428	114,584
Add: Dilutive effect of stock options and RSUs	266	536	—	627
Diluted weighted average shares outstanding	108,933	114,348	108,428	115,211

Segment Information

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue
Banks	$	155,684	$	117,439	$	361,231	$	391,583
Merchants	36,267		35,609		107,556		113,145
Billers	171,064		153,543		507,229		465,368
Total revenue	$	363,015	$	306,591	$	976,016	$	970,096
Segment Adjusted EBITDA
Banks	$	91,010	$	49,793	$	167,313	$	184,667
Merchants	10,296		9,781		26,751		32,243
Billers	39,186		26,348		100,056		81,029
Depreciation and amortization	(30,463)		(32,140)		(93,438)		(95,869)
Stock-based compensation expense	(6,822)		(7,126)		(17,537)		(21,884)
Corporate and unallocated expenses	(41,283)		(43,167)		(135,053)		(124,574)
Interest, net	(16,345)		(11,341)		(48,183)		(27,809)
Other, net	1,084		41,545		(6,403)		45,801
Income (loss) before income taxes	$	46,663	$	33,693	$	(6,494)	$	73,604

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

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


	Three Months Ended September 30, 2023
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	171,064	$	171,064
Digital Business Banking	702		—		—		702
Merchant Payments	—		36,267		—		36,267
Fraud Management	16,543		—		—		16,543
Real-Time Payments	26,374		—		—		26,374
Issuing and Acquiring	112,065		—		—		112,065
Total	$	155,684	$	36,267	$	171,064	$	363,015

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

	Nine Months Ended September 30, 2023
	Banks		Merchants		Billers		Total
Primary Solution Categories
Bill Payments	$	—	$	—	$	507,229	$	507,229
Digital Business Banking	2,293		—		—		2,293
Merchant Payments	—		107,556		—		107,556
Fraud Management	38,051		—		—		38,051
Real-Time Payments	72,271		—		—		72,271
Issuing and Acquiring	248,616		—		—		248,616
Total	$	361,231	$	107,556	$	507,229	$	976,016

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

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Banks
Software as a service and platform as a service	$	10,167	$	12,394	$	29,158	$	40,331
License	77,779		42,188		136,980		159,569
Maintenance	48,084		44,896		142,050		138,983
Services	19,654		17,961		53,043		52,700
Total	$	155,684	$	117,439	$	361,231	$	391,583
Merchants
Software as a service and platform as a service	$	30,162	$	29,626	$	89,660	$	91,451
License	1,900		1,473		5,701		8,691
Maintenance	3,834		4,244		11,314		12,090
Services	371		266		881		913
Total	$	36,267	$	35,609	$	107,556	$	113,145
Billers
Software as a service and platform as a service	$	171,040	$	153,520	$	507,157	$	465,298
License	—		—		—		—
Maintenance	24		23		72		70
Services	—		—		—		—
Total	$	171,064	$	153,543	$	507,229	$	465,368

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue
United States	$	226,911	$	195,571	$	633,379	$	604,345
Other	136,104		111,020		342,637		365,751
Total	$	363,015	$	306,591	$	976,016	$	970,096

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


	September 30, 2023		December 31, 2022
Long-lived Assets
United States	$	1,218,402	$	1,286,505
Other	734,268		754,847
Total	$	1,952,670	$	2,041,352

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

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-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Software and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount and Accumulated Amortization

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


	September 30, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Balance		Gross Carrying Amount		Accumulated Amortization		Net Balance
Software for internal use	$	456,840	$	(351,516)	$	105,324	$	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):


	September 30, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Balance		Gross Carrying Amount		Accumulated Amortization		Net Balance
Customer relationships	$	444,046	$	(242,276)	$	201,770	$	444,749	$	(219,057)	$	225,692
Trademarks and trade names	21,667		(20,300)		1,367		21,678		(18,672)		3,006
Total other intangible assets	$	465,713	$	(262,576)	$	203,137	$	466,427	$	(237,729)	$	228,698

Schedule of Estimated Amortization Expense

Based on capitalized intangible assets as of September 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	$	14,853	$	8,423
2024	44,330		29,311
2025	30,212		20,916
2026	12,752		20,916
2027	2,063		20,652
Thereafter	1,114		102,919
Total	$	105,324	$	203,137

Stock-Based Compensation Plans - Schedule of Nonvested Total Shareholder Return Awards ("TSRs") (Details) - Total Shareholder Return Awards (TSRs)	9 Months Ended
	Sep. 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	(135,452)
Change in payout rate (in shares) \| shares	(427,685)
Nonvested, ending balance (in shares) \| shares	682,148
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	40.06
Change in payout rate (in dollars per share) \| $ / shares	30.01
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 40.62

Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 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	(164,092)	19.09

Expired	(4,614)	19.63
Outstanding as of September 30, 2023	1,052,513	$	18.98	1.90	$	8,419,789
Exercisable as of September 30, 2023	1,052,513	$	18.98	1.90	$	8,419,789

Total Shareholder Return Awards (TSRs)

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

Schedule of Nonvested Total Shareholder Return Awards ("TSRs")

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	(135,452)	40.06
Change in payout rate	(427,685)	30.01
Nonvested as of September 30, 2023	682,148	$	40.62

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 - TSRs

The fair value of TSRs granted during the nine months ended September 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:


	Nine Months Ended September 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 Awards ("RSUs")

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	1,457,471	24.75
Vested	(553,490)	29.04
Forfeited	(433,528)	28.34
Nonvested as of September 30, 2023	1,654,477	$	26.66

- 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
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-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information - Schedule of Revenues by Primary Solution Categories, Geographical Location and Long Lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 363,015	$ 306,591	$ 976,016	$ 970,096
Long-lived Assets
Long-lived assets	1,952,670		1,952,670		$ 2,041,352
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	226,911	195,571	633,379	604,345
Long-lived Assets
Long-lived assets	1,218,402		1,218,402		1,286,505
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	136,104	111,020	342,637	365,751
Long-lived Assets
Long-lived assets	734,268		734,268		$ 754,847
Bill Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	171,064	153,543	507,229	465,368
Digital Business Banking
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	702	9,001	2,293	34,586
Merchant Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	36,267	35,609	107,556	113,145
Fraud Management
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	16,543	14,840	38,051	30,169
Real-Time Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	26,374	24,904	72,271	71,043
Issuing and Acquiring
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	112,065	68,694	248,616	255,785
License
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	79,679	43,661	142,681	168,260
Maintenance
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	51,942	49,163	153,436	151,143
Operating Segments \| Banks
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	155,684	117,439	361,231	391,583
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	702	9,001	2,293	34,586
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	16,543	14,840	38,051	30,169
Operating Segments \| Banks \| Real-Time Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	26,374	24,904	72,271	71,043
Operating Segments \| Banks \| Issuing and Acquiring
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	112,065	68,694	248,616	255,785
Operating Segments \| Banks \| Software as a service and platform as a service
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	10,167	12,394	29,158	40,331
Operating Segments \| Banks \| License
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	77,779	42,188	136,980	159,569
Operating Segments \| Banks \| Maintenance
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	48,084	44,896	142,050	138,983
Operating Segments \| Banks \| Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	19,654	17,961	53,043	52,700
Operating Segments \| Merchants
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	36,267	35,609	107,556	113,145
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	36,267	35,609	107,556	113,145
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	30,162	29,626	89,660	91,451
Operating Segments \| Merchants \| License
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,900	1,473	5,701	8,691
Operating Segments \| Merchants \| Maintenance
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	3,834	4,244	11,314	12,090
Operating Segments \| Merchants \| Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	371	266	881	913
Operating Segments \| Billers
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	171,064	153,543	507,229	465,368
Operating Segments \| Billers \| Bill Payments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	171,064	153,543	507,229	465,368
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	171,040	153,520	507,157	465,298
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	23	72	70
Operating Segments \| Billers \| Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 0

Divestiture (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Divestiture (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 07, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net after-tax gain (loss) sale	$ 38.5		$ 38.5
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	$ 38.5	$ 0.5	$ 38.5

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Contingency [Line Items]
Effective tax rate, percentage	19.00%	31.00%	83.00%	29.00%
Earnings of foreign entities	$ 47.9	$ 28.7	$ 64.9	$ 87.0
Unrecognized tax benefit for uncertain tax positions	22.7		22.7		$ 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
Internal Revenue Service (IRS)
Income Tax Contingency [Line Items]
Increase in unrecognized tax benefits resulting from pending regulation updates with taxing authorities	$ 6.0

Stock-Based Compensation Plans - Schedule of Stock Option Activity (Details)	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Number of Shares
Outstanding, beginning balance (in shares) \| shares	1,221,219
Exercised (in shares) \| shares	(164,092)
Expired (in shares) \| shares	(4,614)
Outstanding, ending balance (in shares) \| shares	1,052,513
Number of shares, exercisable (in shares) \| shares	1,052,513
Weighted Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 19.00
Exercised (in dollars per share) \| $ / shares	19.09
Expired (in dollars per share) \| $ / shares	19.63
Ending balance (in dollars per share) \| $ / shares	18.98
Weighted average exercise price, exercisable (in dollars per share) \| $ / shares	$ 18.98
Weighted Average Remaining Contractual Term (Years)
Weighted average remaining contractual term, outstanding, end of period	1 year 10 months 24 days
Weighted average remaining contractual term, exercisable	1 year 10 months 24 days
Aggregate Intrinsic Value of In-the-Money Options
Aggregate intrinsic value of in-the-money options, outstanding, end of period \| $	$ 8,419,789
Aggregate intrinsic value of in-the-money options, exercisable \| $	$ 8,419,789

Condensed Consolidated Financial Statements (Tables)

9 Months Ended

Sep. 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):


	September 30, 2023		December 31, 2022
Operating lease liabilities	$	9,659	$	11,218
Vendor financed licenses	8,378		13,525
Accrued interest	3,498		9,067
Royalties payable	2,536		3,726
Other	53,839		65,109
Total other current liabilities	$	77,910	$	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	9 Months Ended
	Sep. 30, 2023	Sep. 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

+ Details

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

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Revenues

Revenues

$ 363,015

$ 306,591

$ 976,016

$ 970,096

Operating expenses

Cost of revenue

^[1]

177,625

171,753

537,522

517,372

Research and development

33,739

35,899

106,122

114,348

Selling and marketing

29,442

32,794

98,166

102,793

General and administrative

29,821

30,516

92,675

84,753

Depreciation and amortization

30,464

32,140

93,439

95,218

Total operating expenses

301,091

303,102

927,924

914,484

Operating income

61,924

3,489

48,092

55,612

Other income (expense)

Interest expense

(19,840)

(14,336)

(58,641)

(37,014)

Interest income

3,495

2,995

10,458

9,205

Other, net

1,084

41,545

(6,403)

45,801

Total other income (expense)

(15,261)

30,204

(54,586)

17,992

Income (loss) before income taxes

46,663

33,693

(6,494)

73,604

Income tax expense (benefit)

8,752

10,576

(5,387)

21,655

Net income (loss)

$ 37,911

$ 23,117

$ (1,107)

$ 51,949

Income (loss) per common share

Basic (in dollars per share)

$ 0.35

$ 0.20

$ (0.01)

$ 0.45

Diluted (in dollars per share)

$ 0.35

$ 0.20

$ (0.01)

$ 0.45

Weighted average common shares outstanding

Basic (in shares)

108,667

113,812

108,428

114,584

Diluted (in shares)

108,933

114,348

108,428

115,211

Software as a service and platform as a service

Revenues

Revenues

$ 211,369

$ 195,540

$ 625,975

$ 597,080

License

Revenues

Revenues

79,679

43,661

142,681

168,260

Maintenance

Revenues

Revenues

51,942

49,163

153,436

151,143

Services

Revenues

Revenues

$ 20,025

$ 18,227

$ 53,924

$ 53,613

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

Software and Other Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Other intangible assets amortization expense	$ 8,500,000	$ 8,800,000	$ 25,400,000	$ 27,100,000
Software for Internal Use
Finite-Lived Intangible Assets [Line Items]
Software, amortization expense	16,300,000	17,300,000	49,300,000	51,100,000
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

Stock-Based Compensation Plans

9 Months Ended

Sep. 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 nine months ended September 30, 2023 and 2022, totaled 101,565 and 108,149, 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	(164,092)	19.09

Expired	(4,614)	19.63
Outstanding as of September 30, 2023	1,052,513	$	18.98	1.90	$	8,419,789
Exercisable as of September 30, 2023	1,052,513	$	18.98	1.90	$	8,419,789

The total intrinsic value of stock options exercised during the nine months ended September 30, 2023 and 2022, was $0.9 million and $1.1 million, respectively. There were no stock options granted during the nine months ended September 30, 2023 or 2022.

Performance Share Awards

During the nine months ended September 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	(135,452)	40.06
Change in payout rate	(427,685)	30.01
Nonvested as of September 30, 2023	682,148	$	40.62

In the first quarter of 2023, the TSRs granted in 2020 were earned by the employees. However, the performance goals were not met and no shares were issued.


	Nine Months Ended September 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	1,457,471	24.75
Vested	(553,490)	29.04
Forfeited	(433,528)	28.34
Nonvested as of September 30, 2023	1,654,477	$	26.66

During the nine months ended September 30, 2023, a total of 553,490 RSUs vested. The Company withheld 165,440 of those shares to pay the employees’ portion of the minimum payroll withholding taxes.

As of September 30, 2023, there were unrecognized compensation costs of $36.4 million and $10.0 million related to nonvested RSUs and TSRs, respectively, which the Company expects to recognize over weighted average periods of 2.3 years and 1.8 years, respectively.

The Company recorded stock-based compensation expense recognized under ASC 718 for the three months ended September 30, 2023 and 2022, of $6.8 million and $7.1 million, respectively, with corresponding tax benefits of $1.2 million and $1.0 million, respectively. The Company recorded stock-based compensation expense recognized under ASC 718 for the nine months ended September 30, 2023 and 2022, of $17.5 million and $21.9 million, respectively, with corresponding tax benefits of $3.2 million and $3.0 million, respectively.

Revenue - Schedule of Changes in Deferred Revenue (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Change in Contract with Customer, Liability [Roll Forward]
Deferred revenue, beginning balance	$ 81,536
Deferral of revenue	87,130
Recognition of deferred revenue	(83,066)
Foreign currency translation	(1,055)
Deferred revenue, ending balance	$ 84,545

Segment Information - Schedule of Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 363,015	$ 306,591	$ 976,016	$ 970,096
Depreciation and amortization	(30,463)	(32,140)	(93,438)	(95,869)
Stock-based compensation expense	(6,822)	(7,126)	(17,537)	(21,884)
Corporate and unallocated expenses	(41,283)	(43,167)	(135,053)	(124,574)
Interest, net	(16,345)	(11,341)	(48,183)	(27,809)
Other, net	1,084	41,545	(6,403)	45,801
Income (loss) before income taxes	46,663	33,693	(6,494)	73,604
Operating Segments \| Banks
Segment Reporting Information [Line Items]
Revenues	155,684	117,439	361,231	391,583
Segment Adjusted EBITDA	91,010	49,793	167,313	184,667
Operating Segments \| Merchants
Segment Reporting Information [Line Items]
Revenues	36,267	35,609	107,556	113,145
Segment Adjusted EBITDA	10,296	9,781	26,751	32,243
Operating Segments \| Billers
Segment Reporting Information [Line Items]
Revenues	171,064	153,543	507,229	465,368
Segment Adjusted EBITDA	$ 39,186	$ 26,348	$ 100,056	$ 81,029