On February 29, 2024, ACI Worldwide Inc (ACIW, Financial), a global leader in mission-critical, real-time payments software, released its 8-K filing, disclosing financial results for the quarter and full year ended December 31, 2023. The company, known for its comprehensive suite of software products that facilitate electronic payments, operates across the Americas, EMEA, and Asia-Pacific regions, primarily serving financial institutions.
ACIW's Q4 performance highlighted a robust 5% revenue growth, reaching $477 million, and a notable 36% increase in net income to $123 million. The company's focus on recurring revenue streams paid off with a 7% increase, signaling a strong and stable financial position. Adjusted EBITDA for the quarter also grew by 8% to $210 million, reflecting improved operational efficiency.
For the full year, ACIW reported a 5% revenue increase to $1.45 billion, adjusted for foreign currency fluctuations and divestitures. The recurring revenue for the year was up by 8%, totaling $1.1 billion. The company's net income for the year was $122 million, a 7% increase from the previous year, after adjusting for the gain on the divestiture of its Corporate Online Banking business. Total adjusted EBITDA for the year was $395 million, a 10% increase from 2022.
ACIW's balance sheet remains healthy with $164 million in cash and a reduced net debt leverage ratio of 2.2x. The company's proactive capital management included the repurchase of 3 million shares for a total of $90 million in capital over the reported period and into 2024.
Looking ahead, ACIW provided guidance for 2024, expecting revenue growth between 7% to 9% and adjusted EBITDA to be in the range of $418 million to $428 million. This outlook reflects the company's confidence in its growth trajectory and operational strategies.
ACIW's earnings report demonstrates the company's continued commitment to growth and operational excellence. With a strong financial foundation and strategic initiatives in place, ACIW is well-positioned to capitalize on the expanding demand for electronic payment solutions and to deliver value to its shareholders.
For more detailed financial information and future updates, investors are encouraged to follow ACIW's progress and consider the potential opportunities it presents in the evolving digital payments landscape.
Explore the complete 8-K earnings release (here) from ACI Worldwide Inc for further details.