ACI Worldwide Inc (ACIW) Reports 21% Revenue Growth and 64% Increase in Net Income for Q3 2023
Total revenue for Q3 2023 grew by 21% to $363 million
Net income of $38 million, a significant increase of 64% from the same period last year
Total EBITDA grew by a staggering 147% to $103 million
Company reiterates guidance for full-year 2023
ACI Worldwide Inc (NASDAQ:ACIW), a global leader in real-time payments software, announced its financial results for the quarter ended September 30, 2023, on November 2, 2023. The company reported solid third-quarter results, with total revenue growing by 21% to $363 million, compared to the same period in 2022. The net income for the quarter was $38 million, a significant increase of 64% from $23 million last year.
Financial Highlights
The company's total recurring revenue grew by 10%, and total EBITDA saw a substantial increase of 147% to $103 million. The Bank segment showed encouraging trends with a 13% adjusted recurring revenue growth. The Biller segment also accelerated due to new customer onboarding and the company's interchange improvement program.
ACI Worldwide Inc (NASDAQ:ACIW) ended the quarter with $140 million in cash on hand and a debt balance of $1 billion. The company did not repurchase any shares in the quarter and has $200 million available on the share repurchase authorization.
Company's Outlook
For the full year of 2023, the company expects revenue growth to be in the mid-single digits on a constant currency and divestiture-adjusted basis, or in the range of $1.436 billion to $1.466 billion. The company expects adjusted EBITDA to be in the range of $380 million to $395 million with net adjusted EBITDA margin expansion.
Key Financial Tables
ACI Worldwide Inc (NASDAQ:ACIW)'s balance sheet shows a healthy financial position with total assets of $3.254 billion as of September 30, 2023. The company's total liabilities stand at $2.043 billion, leaving a total stockholders equity of $1.211 billion.
The company's consolidated statement of operations shows a net income of $37.9 million for the three months ended September 30, 2023. The total revenues for the same period were $363 million.
ACI Worldwide Inc (NASDAQ:ACIW) continues to demonstrate strong financial performance and operational efficiency, making it a noteworthy player in the real-time payments software industry.
Explore the complete 8-K earnings release (here) from ACI Worldwide Inc for further details.
This article first appeared on GuruFocus.
