UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant To Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 26, 2015 (February 26, 2015)
ACI WORLDWIDE, INC.
(Exact name of registrant as specified in its charter)
Delaware | 0-25346 | 47-0772104 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
3520 Kraft Rd, Suite 300
Naples, FL 34105
(Address of principal executive offices) (Zip Code)
Registrants Telephone Number, Including Area Code: (239) 403-4600
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operation and Financial Condition. |
On February 26, 2015, ACI Worldwide, Inc. (the Company) issued a press release announcing its financial results for the three months ended December 31, 2014. A copy of this press release is attached hereto as Exhibit 99.1.
The foregoing information (including the exhibits hereto) is being furnished under Item 2.02- Results of Operations and Financial Condition and Item 7.01 Regulation FD Disclosure. Such information (including the exhibits hereto) shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
The filing of this report and the furnishing of this information pursuant to Items 2.02 and 7.01 do not mean that such information is material or that disclosure of such information is required.
Item 7.01. | Regulation FD Disclosure |
See Item 2.02 Results of Operation and Financial Condition above.
Item 9.01. | Financial Statements and Exhibits. |
99.1 | Press Release dated February 26, 2015 |
99.2 | Investor presentation materials dated February 26, 2015 |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ACI WORLDWIDE, INC. |
/s/ Scott W. Behrens |
Scott W. Behrens, Senior Executive Vice President, Chief Financial Officer, and Chief Accounting Officer |
Date: February 26, 2015
3
EXHIBIT INDEX
Exhibit |
Description | |
99.1 | Press Release dated February 26, 2015 | |
99.2 | Investor presentation materials dated February 26, 2015 |
4
Exhibit 99.1
News Release |
ACI Worldwide, Inc. Reports Financial
Results for the Quarter and Full Year Ended December 31, 2014
HIGHLIGHTS
| SNET bookings up 17% for the year |
| SaaS bookings up 61% for the year |
| Full year non-GAAP revenue of $1.02 billion, up 17% from 2013 |
| Full year adjusted EBITDA of $261 million, grew 9% over 2013 |
| Providing 2015 financial guidance |
NAPLES, FLA February 26, 2015 ACI Worldwide (NASDAQ: ACIW), a leading global provider of electronic payment and banking solutions, today announced financial results for the period ended December 31, 2014. Management will host a conference call at 8:30 am ET to discuss these results as well as 2015 guidance. Interested persons may access a real-time audio broadcast of the teleconference at http://investor.aciworldwide.com/ or use the following numbers for dial-in participation: US/Canada: (866) 914-7436, International/Local: +1 (817) 385-9117. Please provide your name, the conference name ACI Worldwide, Inc. and conference code 82246650. There will be a replay available for two weeks on (855) 859-2056 for US/Canada dial-in and +1 (404) 537- 3406 for international/local dial-in participants.
ACIs sales bookings in 2014 exceeded expectations as we set several new records, including total SNET and sequential increase in backlog, commented Phil Heasley, President and CEO, ACI Worldwide. We are seeing particularly strong demand for our newest solutions, which results in larger and more complex contracts. This new demand has created a record sales pipeline, including pending contracts, and validates our Universal Payments strategy and development efforts. Entering 2015, we are very optimistic about ACIs growing opportunity in the rapidly changing payments industry.
Q4 FINANCIAL SUMMARY
New sales bookings, net of term extensions (SNET), increased 10% compared to the prior-year quarter. New application bookings grew 118% over last year, offsetting a 14% decline in add-on and capacity sales. While these results were better than expected, the bookings mix was heavily weighted towards new application and hosted contracts, which require implementation prior to revenue recognition. Consequently a higher percentage of this revenue, and margin, was delayed until future quarters.
Revenue in Q4 was $290 million, an increase of $7 million, or 2%, over the prior-year quarter. Non-GAAP revenue in Q4 was $291 million, an increase of $6 million over the prior-year quarter. Excluding the incremental contribution from Official Payments and Retail Decisions (ReD), non-GAAP revenue declined 6%.
Operating income was $79 million for the quarter, a decline of $7 million from the prior-year quarter. Non-GAAP operating income for the quarter was $86 million, a decline of $8 million from the prior-year quarter. Q4 adjusted EBITDA of $107 million was 9% below the prior years $117 million. Operating income and adjusted EBITDA were both impacted by the sales mix and related revenue recognition delays, as discussed above.
Net income for the quarter was $46 million, or $0.40 per diluted share, compared to net income of $50 million, or $0.43 per diluted share, during the same period the prior year. Operating free cash flow in Q4 was $72 million, up from $62 million in the prior-year quarter.
We ended the year with a 60-month backlog of $4.2 billion and 12-month backlog of $903 million, up $46 million and $5 million, respectively, from September 30, 2014. After adjusting for foreign currency fluctuations, our 60-month backlog grew $79 million and our 12-month backlog grew $13 million.
FULL YEAR 2014 FINANCIAL SUMMARY
New sales bookings, net of term extensions for the year was $702 million, up 17% from $600 million in 2013. In particular, we continue to see strong demand for our hosted solutions, with our SaaS bookings up 61% over last year.
Revenue for the full year 2014 was $1.016 billion, an increase of $151 million, or 17%. Non-GAAP revenue for the full year 2014 was $1.018 billion, up 17% from the prior years $871 million. These figures include $2 million and $6 million, respectively, in deferred revenue not reportable under GAAP purchase accounting requirements. Excluding the incremental contribution from Online Resources, Official Payments and ReD, organic revenue growth declined 2% for the full year.
Operating income for the full year 2014 was $138 million, versus $123 million for the full year 2013. Non-GAAP operating income for the year was $163 million, up 5% from the prior years $155 million. Adjusted EBITDA of $261 million for the year grew 9% from the prior years $239 million. Non-GAAP figures include $2 million and $6 million of deferred revenue not reportable under GAAP purchase accounting requirements and exclude significant transaction-related expenses of $23 million and $26 million in 2014 and 2013, respectively. Excluding pass through interchange revenues of $116 million and $38 million in 2014 and 2013, respectively, net adjusted EBITDA margin represented 29% of revenue in 2014, in line with 2013.
Net income for the year ended December 31, 2014 was $68 million, or $0.58 per diluted share, compared to net income of $64 million, or $0.53 per diluted share, in the prior year. Non-GAAP net income for the year was $84 million, or $0.72 per diluted share, versus $85 million, or $0.70 per diluted share for 2013. Operating free cash flow for the year was $134 million, down from $151 million the prior year.
As of December 31, 2014, we had $77 million in cash on hand and a debt balance of $892 million, down from last quarters $946 million. We repurchased 3.6 million shares of our stock in 2014 for approximately $70 million and have approximately $138 million remaining on our current authorization.
2015 GUIDANCE
We expect to generate non-GAAP revenue in a range of $1.05 to $1.08 billion for the full year, which represents 3-6% organic growth after adjusting for foreign currency fluctuations. Adjusted EBITDA is expected to be in a range of $280 to $290 million. We expect to generate between $225 and $235 million in non-GAAP revenue the first quarter. Lastly, we expect full year 2015 net new sales bookings to increase in the upper single digit range.
About ACI Worldwide
ACI Worldwide, the Universal Payments company, powers electronic payments and banking for more than 5,600 financial institutions, retailers, billers and processors around the world. ACI software processes $13 trillion each day in payments and securities transactions for more than 300 of the leading global retailers, and 18 of the top 20 banks worldwide. Through our comprehensive suite of software products and hosted services, we deliver a broad range of solutions for payment processing; card and merchant management; online banking; mobile, branch and voice banking; fraud detection; trade finance; and electronic bill presentment and payment. To learn more about ACI, please visit www.aciworldwide.com. You can also find us on Twitter @ACI_Worldwide.
© Copyright ACI Worldwide, Inc. 2015.
ACI, ACI Payment Systems, the ACI logo and all ACI product names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties trademarks referenced are the property of their respective owners.
For more information contact:
John Kraft, Vice President, Investor Relations & Strategic Analysis
ACI Worldwide
239-403-4627
john.kraft@aciworldwide.com
To supplement our financial results presented on a GAAP basis, we use the non-GAAP measures indicated in the tables, which exclude certain business combination accounting entries related to the acquisitions of S1 Corporation and Online Resources Corporation and significant transaction-related expenses, as well as other significant non-cash expenses such as depreciation, amortization and share-based compensation, that we believe are helpful in understanding our past financial performance and our future results. The presentation of these non-GAAP financial measures should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management generally compensates for limitations in the use of non-GAAP financial measures by relying on comparable GAAP financial measures and providing investors with a reconciliation of non-GAAP financial measures only in addition to and in conjunction with results presented in accordance with GAAP. We believe that these non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. Certain non-GAAP measures include:
| Non-GAAP revenue: revenue plus deferred revenue that would have been recognized in the normal course of business by S1 and Online Resources if not for GAAP purchase accounting requirements. Non-GAAP revenue should be considered in addition to, rather than as a substitute for, revenue. |
| Non-GAAP operating income: operating income (loss) plus deferred revenue that would have been recognized in the normal course of business by S1 and Online Resources if not for GAAP purchase accounting requirements and significant transaction-related expenses. Non-GAAP operating income should be considered in addition to, rather than as a substitute for, operating income (loss). |
| Adjusted EBITDA: net income (loss) plus income tax expense (benefit), net interest income (expense), net other income (expense), depreciation, amortization and non-cash compensation, as well as deferred revenue that would have been recognized in the normal course of business by S1 and Online Resources if not for GAAP purchase accounting requirements and significant transaction related expenses. Adjusted EBITDA should be considered in addition to, rather than as a substitute for, operating income (loss). |
ACI is also presenting operating free cash flow, which is defined as net cash provided by operating activities, plus payments associated with cash settlement of acquisition related options and opening balance sheet liabilities, net after-tax payments associated with employee-related actions and facility closures, net after-tax payments associated with significant transaction-related costs, net after-tax payments associated with IBM IT outsourcing transition and termination, and less capital expenditures. Operating free cash flow is considered a non-GAAP financial measure as defined by SEC Regulation G. We utilize this non-GAAP financial measure, and believe it is useful to investors, as an indicator of cash flow available for debt repayment and other investing activities, such as capital investments and acquisitions. We utilize operating free cash flow as a further indicator of operating performance and for planning investing activities. Operating free cash flow should be considered in addition to, rather than as a substitute for, net cash provided by operating activities. A limitation of operating free cash flow is that it does not represent the total increase or decrease in the cash balance for the period. This measure also does not exclude mandatory debt service obligations and, therefore, does not represent the residual cash flow available for discretionary expenditures. We believe that operating free cash flow is useful to investors to provide disclosures of our operating results on the same basis as that used by our management.
ACI also includes backlog estimates, which include all software license fees, maintenance fees and services specified in executed contracts, as well as revenues from assumed contract renewals to the extent that we believe recognition of the related revenue will occur within the corresponding backlog period. We have historically included assumed renewals in backlog estimates based upon automatic renewal provisions in the executed contract and our historic experience with customer renewal rates.
Backlog is considered a non-GAAP financial measure as defined by SEC Regulation G. Our 60-month backlog estimate represents expected revenues from existing customers using the following key assumptions:
| Maintenance fees are assumed to exist for the duration of the license term for those contracts in which the committed maintenance term is less than the committed license term. |
| License, facilities management, and software hosting arrangements are assumed to renew at the end of their committed term at a rate consistent with our historical experiences. |
| Non-recurring license arrangements are assumed to renew as recurring revenue streams. |
| Foreign currency exchange rates are assumed to remain constant over the 60-month backlog period for those contracts stated in currencies other than the U.S. dollar. |
| Our pricing policies and practices are assumed to remain constant over the 60-month backlog period. |
Estimates of future financial results are inherently unreliable. Our backlog estimates require substantial judgment and are based on a number of assumptions as described above. These assumptions may turn out to be inaccurate or wrong, including for reasons outside of managements control. For example, our customers may attempt to renegotiate or terminate their contracts for a number of reasons, including mergers, changes in their financial condition, or general changes in economic conditions in the customers industry or geographic location, or we may experience delays in the development or delivery of products or services specified in customer contracts which may cause the actual renewal rates and amounts to differ from historical experiences. Changes in foreign currency exchange rates may also impact the amount of revenue actually recognized in future periods. Accordingly, there can be no assurance that contracts included in backlog estimates will actually generate the specified revenues or that the actual revenues will be generated within the corresponding 60-month period.
Backlog should be considered in addition to, rather than as a substitute for, reported revenue and deferred revenue.
Forward-Looking Statements
This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. Generally, forward-looking statements do not relate strictly to historical or current facts and may include words or phrases such as believes, will, expects, anticipates, intends, and words and phrases of similar impact. The forward-looking statements are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements in this press release include, but are not limited to, statements regarding: (i) particular strong demand for our newest solutions; (ii) our record sales pipeline, including pending contracts; (iii) optimism regarding ACIs growing opportunity; (iv) strong demand for our hosted solutions; (v) expectations regarding 2015 non-GAAP revenue, adjusted EBITDA and net new sales bookings; and (vi) expectations regarding Q1, 2015 non-GAAP revenue.
All of the foregoing forward-looking statements are expressly qualified by the risk factors discussed in our filings with the Securities and Exchange Commission. Such factors include but are not limited to, increased competition, the performance of our strategic product, UP BASE24-eps, demand for our products, restrictions and other financial covenants in our credit facility, consolidations and failures in the financial services industry, customer reluctance to switch to a new vendor, the accuracy of managements backlog estimates, the maturity of certain products, our strategy to migrate customers to our next generation products, ratable or deferred recognition of certain revenue associated with customer migrations and the maturity of certain of our products, failure to obtain renewals of customer contracts or to obtain such renewals on favorable terms, delay or cancellation of customer projects or inaccurate project completion estimates, volatility and disruption of the capital and credit markets and adverse changes in the global economy, our existing levels of debt, impairment of our goodwill or intangible assets, litigation, future acquisitions, strategic partnerships and investments, risks related to the expected benefits to be achieved in the transaction with Online Resources, Official Payments and ReD, the complexity of our products and services and the risk that they may contain hidden defects or be subjected to security breaches or viruses, compliance of our products with applicable legislation, governmental regulations and industry standards, our compliance
with privacy regulations, the protection of our intellectual property in intellectual property litigation, the cyclical nature of our revenue and earnings and the accuracy of forecasts due to the concentration of revenue-generating activity during the final weeks of each quarter, business interruptions or failure of our information technology and communication systems, our offshore software development activities, risks from operating internationally, including fluctuations in currency exchange rates, exposure to unknown tax liabilities, and volatility in our stock price. For a detailed discussion of these risk factors, parties that are relying on the forward-looking statements should review our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K, Registration Statement on Form S-4, and subsequent reports on Forms 10-Q and 8-K.
ACI WORLDWIDE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except share and per share amounts)
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ | 77,301 | $ | 95,059 | ||||
Receivables, net of allowances of $4,806 and $4,459, respectively |
227,106 | 203,575 | ||||||
Deferred income taxes, net |
44,349 | 47,593 | ||||||
Recoverable income taxes |
4,781 | 2,258 | ||||||
Prepaid expenses |
24,314 | 22,549 | ||||||
Other current assets |
40,417 | 65,328 | ||||||
|
|
|
|
|||||
Total current assets |
418,268 | 436,362 | ||||||
|
|
|
|
|||||
Property and equipment, net |
60,360 | 57,347 | ||||||
Software, net |
209,507 | 191,468 | ||||||
Goodwill |
781,163 | 669,217 | ||||||
Intangible assets, net |
261,436 | 237,693 | ||||||
Deferred income taxes, net |
50,187 | 48,852 | ||||||
Other noncurrent assets, including $33.8 million for assets at fair value at December 31, 2014 |
69,779 | 40,912 | ||||||
|
|
|
|
|||||
TOTAL ASSETS |
$ | 1,850,700 | $ | 1,681,851 | ||||
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities |
||||||||
Accounts payable |
$ | 50,351 | $ | 43,658 | ||||
Employee compensation |
35,299 | 35,623 | ||||||
Current portion of long-term debt |
87,352 | 47,313 | ||||||
Deferred revenue |
131,808 | 122,045 | ||||||
Income taxes payable |
6,276 | 1,192 | ||||||
Deferred income taxes, net |
225 | 753 | ||||||
Other current liabilities |
67,505 | 95,016 | ||||||
|
|
|
|
|||||
Total current liabilities |
378,816 | 345,600 | ||||||
|
|
|
|
|||||
Noncurrent liabilities |
||||||||
Deferred revenue |
49,224 | 45,656 | ||||||
Long-term debt |
804,583 | 708,070 | ||||||
Deferred income taxes, net |
13,217 | 11,000 | ||||||
Other noncurrent liabilities |
23,455 | 27,831 | ||||||
|
|
|
|
|||||
Total liabilities |
1,269,295 | 1,138,157 | ||||||
|
|
|
|
|||||
Commitments and contingencies |
||||||||
Stockholders equity |
||||||||
Preferred stock; $0.01 par value; 5,000,000 shares authorized; no shares issued at December 31, 2014 and 2013 |
| | ||||||
Common stock; $0.005 par value; 280,000,000 shares authorized; 139,820,388 shares issued at December 31, 2014 and 2013 |
698 | 698 | ||||||
Additional paid-in capital |
551,713 | 542,697 | ||||||
Retained earnings |
331,415 | 263,855 | ||||||
Treasury stock, at cost, 24,182,584 and 23,255,421 shares at December 31, 2014 and 2013, respectively |
(282,538 | ) | (240,241 | ) | ||||
Accumulated other comprehensive loss |
(19,883 | ) | (23,315 | ) | ||||
|
|
|
|
|||||
Total stockholders equity |
581,405 | 543,694 | ||||||
|
|
|
|
|||||
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY |
$ | 1,850,700 | $ | 1,681,851 | ||||
|
|
|
|
ACI WORLDWIDE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited and in thousands, except per share amounts)
FOR THE THREE MONTHS ENDED DECEMBER 31, |
||||||||
2014 | 2013 | |||||||
Revenues |
||||||||
License |
$ | 80,425 | $ | 82,625 | ||||
Maintenance |
67,421 | 69,033 | ||||||
Services |
29,811 | 40,952 | ||||||
Hosting |
112,567 | 90,552 | ||||||
|
|
|
|
|||||
Total revenues |
290,224 | 283,162 | ||||||
|
|
|
|
|||||
Operating expenses |
||||||||
Cost of license (1) |
6,499 | 7,349 | ||||||
Cost of maintenance, services and hosting (1) |
104,390 | 93,123 | ||||||
Research and development |
31,554 | 33,375 | ||||||
Selling and marketing |
29,053 | 23,118 | ||||||
General and administrative |
19,938 | 23,557 | ||||||
Depreciation and amortization |
19,519 | 16,660 | ||||||
|
|
|
|
|||||
Total operating expenses |
210,953 | 197,182 | ||||||
|
|
|
|
|||||
Operating income |
79,271 | 85,980 | ||||||
|
|
|
|
|||||
Other income (expense) |
||||||||
Interest expense |
(10,818 | ) | (9,818 | ) | ||||
Interest income |
143 | 158 | ||||||
Other, net |
1,104 | (1,821 | ) | |||||
|
|
|
|
|||||
Total other income (expense) |
(9,571 | ) | (11,481 | ) | ||||
|
|
|
|
|||||
Income before income taxes |
69,700 | 74,499 | ||||||
Income tax expense |
23,334 | 24,108 | ||||||
|
|
|
|
|||||
Net income |
$ | 46,366 | $ | 50,391 | ||||
|
|
|
|
|||||
Earnings per common share |
||||||||
Basic |
$ | 0.40 | $ | 0.43 | ||||
Diluted |
$ | 0.40 | $ | 0.43 | ||||
Weighted average common shares outstanding |
||||||||
Basic |
115,378 | 115,951 | ||||||
Diluted |
117,033 | 118,438 |
(1) | The cost of software license fees excludes charges for depreciation but includes amortization of purchased and developed software for resale. The cost of maintenance, services and hosting fees excludes charges for depreciation. |
ACI WORLDWIDE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited and in thousands, except per share amounts)
FOR THE YEARS ENDED DECEMBER 31, |
||||||||
2014 | 2013 | |||||||
Revenues |
||||||||
License |
$ | 235,157 | $ | 233,931 | ||||
Maintenance |
255,993 | 245,954 | ||||||
Services |
105,584 | 122,085 | ||||||
Hosting |
419,415 | 262,958 | ||||||
|
|
|
|
|||||
Total revenues |
1,016,149 | 864,928 | ||||||
|
|
|
|
|||||
Operating expenses |
||||||||
Cost of license (1) |
24,565 | 25,324 | ||||||
Cost of maintenance, services and hosting (1) |
430,191 | 318,515 | ||||||
Research and development |
144,207 | 142,557 | ||||||
Selling and marketing |
112,047 | 99,828 | ||||||
General and administrative |
95,065 | 99,300 | ||||||
Depreciation and amortization |
71,902 | 56,356 | ||||||
|
|
|
|
|||||
Total operating expenses |
877,977 | 741,880 | ||||||
|
|
|
|
|||||
Operating income |
138,172 | 123,048 | ||||||
|
|
|
|
|||||
Other income (expense) |
||||||||
Interest expense |
(39,738 | ) | (27,221 | ) | ||||
Interest income |
575 | 659 | ||||||
Other, net |
(240 | ) | (3,327 | ) | ||||
|
|
|
|
|||||
Total other income (expense) |
(39,403 | ) | (29,889 | ) | ||||
|
|
|
|
|||||
Income before income taxes |
98,769 | 93,159 | ||||||
Income tax expense |
31,209 | 29,291 | ||||||
|
|
|
|
|||||
Net income |
$ | 67,560 | $ | 63,868 | ||||
|
|
|
|
|||||
Earnings per common share |
||||||||
Basic |
$ | 0.59 | $ | 0.54 | ||||
Diluted |
$ | 0.58 | $ | 0.53 | ||||
Weighted average common shares outstanding |
||||||||
Basic |
114,798 | 117,885 | ||||||
Diluted |
116,771 | 120,054 |
(1) | The cost of software license fees excludes charges for depreciation but includes amortization of purchased and developed software for resale. The cost of maintenance, services and hosting fees excludes charges for depreciation. |
ACI WORLDWIDE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
FOR THE THREE MONTHS ENDED DECEMBER 31, |
||||||||
2014 | 2013 | |||||||
Cash flows from operating activities: |
||||||||
Net income |
$ | 46,366 | $ | 50,391 | ||||
Adjustments to reconcile net income to net cash flows from operating activities: |
||||||||
Depreciation |
5,406 | 5,218 | ||||||
Amortization |
18,003 | 14,966 | ||||||
Amortization of deferred debt issuance costs |
1,670 | 1,367 | ||||||
Deferred income taxes |
18,074 | 14,913 | ||||||
Stock-based compensation expense |
(2,697 | ) | 2,462 | |||||
Excess tax benefit of stock options exercised |
(1,391 | ) | (4,396 | ) | ||||
Other |
(154 | ) | (1,246 | ) | ||||
Changes in operating assets and liabilities, net of impact of acquisitions: |
||||||||
Receivables |
(13,633 | ) | (3,286 | ) | ||||
Accounts payable |
3,079 | 1,481 | ||||||
Accrued employee compensation |
(3,678 | ) | (19,494 | ) | ||||
Current income taxes |
1,623 | 3,165 | ||||||
Deferred revenue |
(194 | ) | (29,494 | ) | ||||
Other current and noncurrent assets and liabilities |
4,569 | 15,811 | ||||||
|
|
|
|
|||||
Net cash flows from operating activities |
77,043 | 51,858 | ||||||
|
|
|
|
|||||
Cash flows from investing activities: |
||||||||
Purchases of property and equipment |
(5,872 | ) | (9,622 | ) | ||||
Purchases of software and distribution rights |
(3,046 | ) | (4,619 | ) | ||||
Acquisition of businesses, net of cash acquired |
| (113,911 | ) | |||||
|
|
|
|
|||||
Net cash flows from investing activities |
(8,918 | ) | (128,152 | ) | ||||
|
|
|
|
|||||
Cash flows from financing activities: |
||||||||
Proceeds from issuance of common stock |
738 | 654 | ||||||
Proceeds from exercises of stock options |
5,355 | 9,669 | ||||||
Excess tax benefit of stock options exercised |
1,391 | 4,396 | ||||||
Repurchases of common stock |
| (264 | ) | |||||
Repurchase of restricted stock for tax withholdings |
(145 | ) | (328 | ) | ||||
Proceeds from revolving credit facility |
20,000 | 40,000 | ||||||
Repayments of revolving credit facility |
(54,500 | ) | (40,000 | ) | ||||
Repayment of term portion of credit agreement |
(19,853 | ) | (8,871 | ) | ||||
Payments on other debt and capital leases |
(432 | ) | (702 | ) | ||||
Payment for debt issuance costs |
(118 | ) | (645 | ) | ||||
|
|
|
|
|||||
Net cash flows from financing activities |
(47,564 | ) | 3,909 | |||||
|
|
|
|
|||||
Effect of exchange rate fluctuations on cash |
(3,331 | ) | 933 | |||||
|
|
|
|
|||||
Net increase (decrease) in cash and cash equivalents |
17,230 | (71,452 | ) | |||||
Cash and cash equivalents, beginning of period |
60,071 | 166,511 | ||||||
|
|
|
|
|||||
Cash and cash equivalents, end of period |
$ | 77,301 | $ | 95,059 | ||||
|
|
|
|
ACI WORLDWIDE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
FOR THE YEARS ENDED DECEMBER 31, |
||||||||
2014 | 2013 | |||||||
Cash flows from operating activities: |
||||||||
Net income |
$ | 67,560 | $ | 63,868 | ||||
Adjustments to reconcile net income to net cash flows from operating activities: |
||||||||
Depreciation |
20,506 | 18,751 | ||||||
Amortization |
66,177 | 51,216 | ||||||
Amortization of deferred debt issuance costs |
5,877 | 5,388 | ||||||
Deferred income taxes |
8,437 | 9,573 | ||||||
Stock-based compensation expense |
11,045 | 13,572 | ||||||
Excess tax benefit of stock options exercised |
(11,807 | ) | (6,960 | ) | ||||
Other |
1,852 | (593 | ) | |||||
Changes in operating assets and liabilities, net of impact of acquisitions: |
||||||||
Receivables |
(30,643 | ) | 22,496 | |||||
Accounts payable |
(3,422 | ) | (13,548 | ) | ||||
Accrued employee compensation |
(6,360 | ) | (24,501 | ) | ||||
Current income taxes |
10,968 | 9,360 | ||||||
Deferred revenue |
15,738 | (23,613 | ) | |||||
Other current and noncurrent assets and liabilities |
(6,902 | ) | 13,409 | |||||
|
|
|
|
|||||
Net cash flows from operating activities |
149,026 | 138,418 | ||||||
|
|
|
|
|||||
Cash flows from investing activities: |
||||||||
Purchases of property and equipment |
(17,627 | ) | (21,104 | ) | ||||
Purchases of software and distribution rights |
(17,273 | ) | (11,497 | ) | ||||
Acquisition of businesses, net of cash acquired |
(204,290 | ) | (378,113 | ) | ||||
Other |
(1,500 | ) | | |||||
|
|
|
|
|||||
Net cash flows from investing activities |
(240,690 | ) | (410,714 | ) | ||||
|
|
|
|
|||||
Cash flows from financing activities: |
||||||||
Proceeds from issuance of common stock |
2,780 | 2,186 | ||||||
Proceeds from exercises of stock options |
16,461 | 19,561 | ||||||
Excess tax benefit of stock options exercised |
11,807 | 6,960 | ||||||
Repurchases of common stock |
(70,000 | ) | (80,912 | ) | ||||
Repurchase of restricted stock and performance shares for tax withholdings |
(5,120 | ) | (6,222 | ) | ||||
Proceeds from revolving credit facility |
169,500 | 40,000 | ||||||
Proceeds from term portion of credit agreement |
150,000 | 300,000 | ||||||
Proceeds from issuance of senior notes |
| 300,000 | ||||||
Repayments of revolving credit facility |
(125,500 | ) | (228,000 | ) | ||||
Repayment of term portion of credit agreement |
(57,449 | ) | (30,867 | ) | ||||
Payments on other debt and capital leases |
(8,344 | ) | (14,024 | ) | ||||
Payment for debt issuance costs |
(4,662 | ) | (17,042 | ) | ||||
Distribution to noncontrolling interest |
(1,391 | ) | | |||||
|
|
|
|
|||||
Net cash flows from financing activities |
78,082 | 291,640 | ||||||
|
|
|
|
|||||
Effect of exchange rate fluctuations on cash |
(4,176 | ) | (614 | ) | ||||
|
|
|
|
|||||
Net increase (decrease) in cash and cash equivalents |
(17,758 | ) | 18,730 | |||||
Cash and cash equivalents, beginning of period |
95,059 | 76,329 | ||||||
|
|
|
|
|||||
Cash and cash equivalents, end of period |
$ | 77,301 | $ | 95,059 | ||||
|
|
|
|
ACI Worldwide, Inc.
Reconciliation of Selected GAAP Measures to Non-GAAP Measures (1)
(unaudited and in thousands, except per share data)
FOR THE THREE MONTHS ENDED December 31, | ||||||||||||||||||||||||||||||||
2014 | 2014 | 2013 | 2013 | |||||||||||||||||||||||||||||
Selected Non-GAAP Financial Data | GAAP | Adj | Non-GAAP | GAAP | Adj | Non-GAAP | $ Diff | % Diff | ||||||||||||||||||||||||
Total revenues (2) |
$ | 290,224 | $ | 324 | $ | 290,548 | $ | 283,162 | $ | 940 | $ | 284,102 | $ | 6,446 | 2 | % | ||||||||||||||||
Total expenses (3) |
210,953 | (6,319 | ) | 204,634 | 197,182 | (6,975 | ) | 190,207 | 14,427 | 8 | % | |||||||||||||||||||||
Operating income |
79,271 | 6,643 | 85,914 | 85,980 | 7,915 | 93,895 | (7,981 | ) | -8 | % | ||||||||||||||||||||||
Income before income taxes |
69,700 | 6,643 | 76,343 | 74,499 | 7,915 | 82,414 | (6,071 | ) | -7 | % | ||||||||||||||||||||||
Income tax expense (benefit) (4) |
23,334 | 2,325 | 25,659 | 24,108 | 2,770 | 26,878 | (1,219 | ) | -5 | % | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net income |
$ | 46,366 | $ | 4,318 | $ | 50,684 | $ | 50,391 | $ | 5,145 | $ | 55,536 | $ | (4,852 | ) | -9 | % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Depreciation |
5,406 | | 5,406 | 5,218 | | 5,218 | 188 | 4 | % | |||||||||||||||||||||||
Amortization - acquisition related intangibles |
6,245 | | 6,245 | 5,180 | | 5,180 | 1,065 | 21 | % | |||||||||||||||||||||||
Amortization - acquisition related software |
6,297 | | 6,297 | 4,607 | | 4,607 | 1,690 | 37 | % | |||||||||||||||||||||||
Amortization - other |
5,461 | | 5,461 | 5,179 | | 5,179 | 282 | 5 | % | |||||||||||||||||||||||
Stock-based compensation |
(2,698 | ) | | (2,698 | ) | 2,462 | | 2,462 | (5,160 | ) | -210 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted EBITDA |
$ | 99,982 | $ | 6,643 | $ | 106,625 | $ | 108,626 | $ | 7,915 | $ | 116,541 | $ | (9,916 | ) | -9 | % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Earnings per share information |
||||||||||||||||||||||||||||||||
Weighted average shares outstanding |
||||||||||||||||||||||||||||||||
Basic (5) |
115,378 | 115,378 | 115,378 | 115,951 | 115,951 | 115,951 | ||||||||||||||||||||||||||
Diluted (5) |
117,033 | 117,033 | 117,033 | 118,438 | 118,438 | 118,438 | ||||||||||||||||||||||||||
Earnings per share |
||||||||||||||||||||||||||||||||
Basic (5) |
$ | 0.40 | $ | 0.04 | $ | 0.44 | $ | 0.43 | $ | 0.04 | $ | 0.48 | $ | (0.04 | ) | -8 | % | |||||||||||||||
Diluted (5) |
$ | 0.40 | $ | 0.04 | $ | 0.43 | $ | 0.43 | $ | 0.04 | $ | 0.47 | $ | (0.04 | ) | -8 | % |
(1) | This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. |
(2) | Adjustment for ORCC deferred revenue that would have been recognized in the normal course of business but was not recognized due to GAAP purchase accounting requirements. |
(3) | Expense for significant transaction related transactions, including, $3.5 million for employee related actions, $1.1 million for data center moves, and $1.7 million for professional and other fees in 2014 and $1.2 million for employee related actions, $1.2 million for facility closures, $1.4 million for data center moves, and $3.1 million for other professional fees in 2013. |
(4) | Adjustments tax effected at 35%. |
(5) | All references to share and per share amounts have been retroactively adjusted to reflect the July 10, 2014 three-for-one stock split for all periods presented. |
Quarter Ended | ||||||||
December 31, | ||||||||
Reconciliation of Operating Free Cash Flow (millions) | 2014 | 2013 | ||||||
Net cash provided by operating activities |
$ | 77.0 | $ | 51.9 | ||||
Payments associated with cash settlement of acquisition related options (4) |
| 10.2 | ||||||
Payments associated with acquired opening balance sheet liabilities |
0.2 | 4.5 | ||||||
Net after-tax payments associated with employee-related actions (4) |
1.5 | 1.8 | ||||||
Net after-tax payments associated with lease terminations (4) |
| 0.4 | ||||||
Net after-tax payments associated with significant transaction related expenses (4) |
1.8 | 6.9 | ||||||
Less capital expenditures |
(8.9 | ) | (14.2 | ) | ||||
|
|
|
|
|||||
Operating Free Cash Flow |
$ | 71.6 | $ | 61.5 | ||||
|
|
|
|
ACI Worldwide, Inc.
Reconciliation of Selected GAAP Measures to Non-GAAP Measures (1)
(unaudited and in thousands, except per share data)
FOR THE TWELVE MONTHS ENDED December 31, | ||||||||||||||||||||||||||||||||
2014 | 2014 | 2013 | 2013 | |||||||||||||||||||||||||||||
Selected Non-GAAP Financial Data | GAAP | Adj | Non-GAAP | GAAP | Adj | Non-GAAP | $ Diff | % Diff | ||||||||||||||||||||||||
Total revenues (2) |
$ | 1,016,149 | $ | 1,777 | $ | 1,017,926 | $ | 864,928 | $ | 5,771 | $ | 870,699 | $ | 147,227 | 17 | % | ||||||||||||||||
Total expenses (3) |
877,977 | (22,892 | ) | 855,085 | 741,880 | (26,169 | ) | 715,711 | 139,374 | 19 | % | |||||||||||||||||||||
Operating income |
138,172 | 24,669 | 162,841 | 123,048 | 31,940 | 154,988 | 7,853 | 5 | % | |||||||||||||||||||||||
Income before income taxes |
98,769 | 24,669 | 123,438 | 93,159 | 31,940 | 125,099 | (1,661 | ) | -1 | % | ||||||||||||||||||||||
Income tax expense (benefit) (4) |
31,209 | 8,634 | 39,843 | 29,291 | 11,179 | 40,470 | (627 | ) | -2 | % | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net income |
$ | 67,560 | $ | 16,035 | $ | 83,595 | $ | 63,868 | $ | 20,761 | $ | 84,629 | $ | (1,034 | ) | -1 | % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Depreciation |
20,506 | | 20,506 | 18,751 | | 18,751 | 1,755 | 9 | % | |||||||||||||||||||||||
Amortization - acquisition related intangibles |
24,676 | | 24,676 | 18,526 | | 18,526 | 6,150 | 33 | % | |||||||||||||||||||||||
Amortization - acquisition related software |
22,285 | | 22,285 | 16,911 | | 16,911 | 5,374 | 32 | % | |||||||||||||||||||||||
Amortization - other |
19,216 | | 19,216 | 15,779 | | 15,779 | 3,437 | 22 | % | |||||||||||||||||||||||
Stock-based compensation |
11,045 | | 11,045 | 13,572 | | 13,572 | (2,527 | ) | -19 | % | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted EBITDA |
$ | 235,900 | $ | 24,669 | $ | 260,569 | $ | 206,587 | $ | 31,940 | $ | 238,527 | $ | 22,042 | 9 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Earnings per share information |
||||||||||||||||||||||||||||||||
Weighted average shares outstanding |
||||||||||||||||||||||||||||||||
Basic (5) |
114,798 | 114,798 | 114,798 | 117,885 | 117,885 | 117,885 | ||||||||||||||||||||||||||
Diluted (5) |
116,771 | 116,771 | 116,771 | 120,054 | 120,054 | 120,054 | ||||||||||||||||||||||||||
Earnings per share |
||||||||||||||||||||||||||||||||
Basic (5) |
$ | 0.59 | $ | 0.14 | $ | 0.73 | $ | 0.54 | $ | 0.18 | $ | 0.72 | $ | 0.01 | 1 | % | ||||||||||||||||
Diluted (5) |
$ | 0.58 | $ | 0.14 | $ | 0.72 | $ | 0.53 | $ | 0.17 | $ | 0.70 | $ | 0.01 | 2 | % |
(1) | This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. |
(2) | Adjustment for ORCC and S1 deferred revenue that would have been recognized in the normal course of business but was not recognized due to GAAP purchase accounting requirements. |
(3) | Expense for significant transaction related transactions, including, $10.4 million for employee related actions, $5.3 million for data center moves and $7.2 million for professional and other fees in 2014 and $10.6 million for employee related actions, $2.2 million for facility closures, $2.4 million for data center moves and $10.9 million for other professional fees in 2013. |
(4) | Adjustments tax effected at 35%. |
(5) | All references to share and per share amounts have been retroactively adjusted to reflect the July 10, 2014 three-for-one stock split for all periods presented. |
Year Ended December 31, | ||||||||
Reconciliation of Operating Free Cash Flow (millions) | 2014 | 2013 | ||||||
Net cash provided (used) by operating activities |
$ | 149.0 | $ | 138.4 | ||||
Payments associated with cash settlement of acquisition related options (4) |
| 10.2 | ||||||
Payments associated with acquired opening balance sheet liabilities |
4.8 | 4.5 | ||||||
Net after-tax payments associated with employee-related actions (4) |
6.3 | 9.7 | ||||||
Net after-tax payments associated with lease terminations (4) |
1.0 | 1.0 | ||||||
Net after-tax payments associated with significant transaction related expenses (4) |
8.1 | 18.1 | ||||||
Net after-tax payments associated with IBM IT Outsourcing Termination (4) |
| 1.9 | ||||||
Less capital expenditures |
(34.9 | ) | (32.5 | ) | ||||
|
|
|
|
|||||
Operating Free Cash Flow |
$ | 134.3 | $ | 151.3 | ||||
|
|
|
|
Quarterly and Year-End Results
December 31, 2014
ACI Worldwide
February 26, 2015
Exhibit 99.2 |
2
Private Securities Litigation Reform Act of 1995
Safe Harbor For Forward-Looking Statements
This
presentation
contains
forward-looking
statements
based
on
current
expectations
that
involve
a
number
of
risks
and
uncertainties.
The
forward-looking
statements
are
made
pursuant
to
safe
harbor
provisions
of
the
Private
Securities
Litigation
Reform
Act
of
1995.
A
discussion
of
these
forward-looking
statements
and
risk
factors
that
may
affect
them
is
set
forth
at
the
end
of
this
presentation.
The
Company
assumes
no
obligation
to
update
any
forward-looking
statement
in
this
presentation,
except
as
required
by
law.
MEETS THE CHALLENGE OF CHANGE |
ANNUAL OVERVIEW
Phil Heasley
Chief Executive Officer |
2014 in
Review 4
SNET bookings up 17%
Strong market interest in Universal Payments
Better-than-expected demand for new applications and hosted solutions
Large UP contracts in pipeline progressing
Completed acquisition of Retail Decisions (ReD)
Non-GAAP Revenue up 17%
Adjusted EBITDA up 9%
Repurchased 3.6 million shares
Providing 2015 guidance
MEETS THE CHALLENGE OF CHANGE |
FINANCIAL REVIEW
Scott Behrens
Chief Financial Officer |
6
Key Takeaways from the Quarter
Sales Bookings
Q4 SNET up 10%
Backlog
60-month backlog of $4.2 billion, up $79 million from Q3 2014, after adjusting
for foreign currency fluctuations
12-month backlog of $903 million, up $13 million from Q3 2014, after adjusting
for foreign currency fluctuations
Revenue Growth
Non-GAAP revenue was $291 million, up $6 million from Q4 last year
Recurring revenue grew 16% to $203 million, representing 70% of total revenue,
and offset a decline in non-recurring revenue
Adjusted EBITDA
Adjusted EBITDA of $107 million declined 9% from Q4 last year
Operating Free Cash Flow
Operating free cash flow of $72 million increased 16% from $62 million in Q4 last
year
Debt and Liquidity
Ended the year with $77 million in cash and $892 million in debt
MEETS THE CHALLENGE OF CHANGE |
Key
Takeaways from the Year
Operating free cash flow of $134 million decreased from $151 million last
year 7
MEETS THE CHALLENGE OF CHANGE
Sales Bookings
2014 new sales bookings up 17%, or 10% excluding Official Payments and ReD
Total sales bookings exceed $1 billion
Hosted bookings growth up 61% over last year
Impacts timing of revenue recognition
Revenue Growth
Non-GAAP revenue growth of 17%, down 2% organically
Continuing trend of higher recurring revenues offset by decline in
non-recurring revenues as we transition to a higher hosted mix
SaaS subscription and transaction revenues up 59% over prior year representing 41%
of total revenue
Strong Adjusted EBITDA
Adjusted EBITDA of $261 million, up 9% from 2013
Operating Free Cash Flow
Share Repurchase Activity
Repurchased ~ 3.6 million shares in 2014
$138 million remaining on share buy-back authorization
|
2015
Guidance
Guidance
-
2014 Pro forma adjusted to reflect full year impact of ReD acquisition and fx rate
changes -
Sales, net of term extensions, growth in the high single digits
-
Revenue and margin phasing by quarter consistent with seasonal history
-
Q1 non-GAAP revenue expected to represent $225 to $235 million
Other Guidance Assumptions:
-
Interest expense of $42 million and cash interest of $36 million
-
Capital expenditures to be $40-$50 million
-
Depreciation and amortization expected to approximate $95-$100 million
-
Non-cash compensation expense of approximately $20 million
-
Pass through interchange revenues to approximate $115 million
-
GAAP tax rate of 35% and cash taxes paid of $25-$30 million
-
Diluted
share
count
to
approximate
117
million
(excluding
future
share
buy-back
activity)
-
These metrics exclude approximately $8-$10 million in significant
transaction-related expenses for datacenter and facilities consolidation
and bill payment platform rationalization 8
2014
Incremental
FX
2014
Key Metrics
Actual
ReD Impact
Impact*
Pro Forma
Guidance
Low
High
Non-GAAP Revenue
1,018
28
(23)
1,023
1,050
1,080
Adjusted EBITDA
261
6
-
267
280
290
$s in millions, foreign currency rates as of 12/31/14
2015 Non-GAAP
MEETS THE CHALLENGE OF CHANGE |
APPENDIX |
Monthly Recurring Revenue
10
MEETS THE CHALLENGE OF CHANGE
Quarter Ended
Monthly Recurring Revenue (millions)
December 31,
2014
2013
Monthly Software license fees
$22.9
$23.4
Maintenance fees
67.4
60.3
Processing services
112.6
91.9
Monthly Recurring Revenue
$202.8
$175.6 |
MEETS THE CHALLENGE OF CHANGE
11
Historic Sales Bookings By Quarter 2012-2014
Quarter-End
Total Economic
Value of Sales
Sales Mix by Category
inc. Capacity
Upgrades &
Services
Term Extension
New Accounts /
New Applications
12/31/2012
$309,143
$52,206
$145,917
$111,020
12%
53%
34%
3/31/2013
$111,588
$5,778
$70,736
$35,074
5%
63%
31%
6/30/2013
$180,107
$33,717
$95,461
$50,929
19%
53%
28%
9/30/2013
$211,827
$42,345
$105,609
$63,874
20%
50%
30%
12/31/2013
$384,322
$45,846
$200,748
$137,729
12%
52%
36%
3/31/2014
$170,212
$36,928
$84,974
$48,311
22%
50%
28%
6/30/2014
$234,346
$44,321
$106,056
$83,969
19%
45%
36%
9/30/2014
$250,802
$63,396
$94,071
$93,336
25%
38%
37%
12/31/2014
$391,120
$99,972
$172,387
$118,761
26%
44%
30%
Sales
New Accounts /
New Applications
Add-on Business
inc. Capacity
Upgrades &
Services
Term Extension
DEC YTD 14
$1,046,479
$244,616
$457,487
$344,377
DEC YTD 13
$887,844
$127,685
$472,553
$287,606
Variance
$158,635
$116,930
($15,066)
$56,771
Add-on Business |
MEETS THE CHALLENGE OF CHANGE
Sales Bookings, Net of Term Extensions (SNET)
12
Sales Net of Term Extensions
Channel
Qtr Ended
Dec 14
Qtr Ended
Dec 13
% Growth or
Decline
Americas
$144,422
$117,011
23.4%
EMEA
105,631
104,408
1.2%
Asia-Pacific
22,306
25,175
-11.4%
Total Sales (Net of Term Ext.)
$272,358
$246,594
10.4% |
MEETS THE CHALLENGE OF CHANGE
Non-GAAP Operating Income
13
Quarter Ended
Non-GAAP Operating Income (millions)
December 31,
2014
2013
Operating income
$79.3
$86.0
Plus:
Deferred revenue fair value adjustment
0.3
0.9
Employee related actions
3.4
1.2
Facility closure costs
-
1.2
Significant transaction related expenses
2.9
4.5
Non-GAAP Operating Income
$
85.9 Year Ended
Non-GAAP Operating Income (millions)
December 31,
2014
2013
Operating income
$138.2
$123.0
Plus:
Deferred revenue fair value adjustment
1.8
5.8
Employee related actions
10.4
10.7
Facility closure costs
-
2.2
Significant transaction related expenses
12.5
13.2
Non-GAAP Operating Income
$ 162.9
$ 154.9
$
93.8 |
MEETS THE CHALLENGE OF CHANGE
Year Ended
Adjusted EBITDA (millions)
December 31,
2014
2013
Net income
$67.6
$63.9
Plus:
Income tax expense
31.2
29.3
Net interest expense
39.2
26.6
Net other expense (income)
0.2
3.3
Depreciation expense
20.5
18.8
Amortization expense
66.2
51.2
Non-cash compensation expense
11.0
13.6
Adjusted EBIDTA
$235.9
$206.7
Deferred revenue fair value adjustment
1.8
5.8
Employee related actions
10.4
10.7
Facility closure costs
-
2.2
Significant transaction related expenses
12.5
13.2
Adjusted EBIDTA excluding one-time transaction expenses
260.6
Adjusted EBITDA
14
Quarter Ended
Adjusted EBITDA (millions)
December 31,
2014
2013
Net income
$46.4
$50.4
Plus:
Income tax expense
23.3
24.1
Net interest expense
10.7
9.7
Net other expense (income)
(1.1)
1.8
Depreciation expense
5.4
5.2
Amortization expense
18.0
15.0
Non-cash compensation expense
(2.7)
2.5
Adjusted EBITDA
$100.0
$108.7
Deferred revenue fair value adjustment
0.3
0.9
Employee related actions
3.4
1.2
Facility closure costs
-
1.2
Significant transaction related expenses
2.9
4.5
Adjusted EBITDA excluding significant transaction related expenses
$
$
$
106.6
$
116.5
238.6 |
MEETS THE CHALLENGE OF CHANGE
Reconciliation of Operating Free Cash Flow (millions)
Quarter Ended December 31,
2014
2013
Net cash provided by operating activities
$77.0
$51.9
Payments associated with cash settlement of acquisition related options
-
10.2
Payments associated with acquired opening balance sheet liabilties
0.2
4.5
Net after-tax payments associated with employee-related actions
1.5
1.8
Net after-tax payments associated with lease terminations
-
0.4
Net after-tax payments associated with significant transaction related
expenses 1.8
6.9
Less capital expenditures
(8.9)
(14.2)
Operating Free Cash Flow
$71.6
$61.5
Operating Free Cash Flow
15
* Tax effected at 35%
Reconciliation of Operating Free Cash Flow (millions)
Year Ended December 31,
2014
2013
Net cash provided by operating activities
$149.0
$138.4
Payments associated with cash settlement of acquisition related options
-
10.2
Payments associated with acquired opening balance sheet liabilities
4.8
4.5
Net after-tax payments associated with employee-related actions
6.3
9.7
Net after-tax payments associated with lease terminations
1.0
1.0
Net after-tax payments associated with significant transaction related
expenses 8.1
18.1
Net after-tax payments associated with IBM IT Outsourcing Transition
-
1.9
Less capital expenditures
(34.9)
(32.5)
Operating Free Cash Flow
$134.3
$151.3 |
MEETS THE CHALLENGE OF CHANGE
60-Month Backlog
16
Quarter Ended
Backlog 60-Month (millions)
December 31,
December 31,
2014
2013
Americas
$3,014
$2,831
EMEA
855
747
Asia/Pacific
291
283
Backlog 60-Month
$4,160
$3,861
Deferred Revenue
$181
$168
Other
3,979
3,693
Backlog 60-Month
$4,160
$3,861 |
MEETS THE CHALLENGE OF CHANGE
Backlog as a Contributor of Quarterly Revenue
Backlog from monthly recurring revenues and project go-lives continues to
drive current quarter GAAP revenue
Revenue from current quarter sales consistent with prior quarters
17
Backlog as Contributor of Revenue (thousands)
Quarter Ended December 31,
% Growth
2014
2013
Revenue from Backlog
$
268,586 $
268,845 -0.1%
Revenue from Sales
21,638
14,317
51.1%
Total Revenue
$
290,224 $
283,162 2.5%
Revenue from Backlog
93%
95%
Revenue from Sales
7%
5% |
MEETS THE CHALLENGE OF CHANGE
Non-Cash Compensation, Acquisition Intangibles and
Software, and Significant Transaction Related Expenses
18
All references to per share amounts have been retroactively adjusted to reflect
the July 10, 2014 three-for-one stock split for all periods
presented. Acquisition Intangibles & Software, Non-cash equity
based compensation
Quarter Ended
(millions)
December 31,
2014
2013
EPS Impact
$ in Millions
(Net of Tax)
EPS Impact
$ in Millions
(Net of Tax)
Significant transaction related expenses
$
0.04
$
4.1
$
0.04 Deferred revenue fair value adjustment
0.00
0.2
0.01
0.6
Amortization of acquisition-related intangibles
0.04
4.1
0.03
3.4
Amortization of acquisition-related software
0.04
4.1
0.03
3.0
Non-cash equity-based compensation
(0.02)
(1.8)
0.01
1.6
Total
$
10.7
$ 0.11
* Tax Effected at 35%
Acquisition Intangibles & Software, Non-cash
equity based compensation
YTD
(millions)
December 31,
2014
2013
EPS Impact
$ in Millions
(Net of Tax)
EPS Impact
$ in Millions
(Net of Tax)
Significant transaction related expenses
$
0.13
$
14.9
$
0.14 Deferred revenue fair value
adjustment 0.01
1.2
0.03
3.8
Amortization of acquisition-related intangibles
0.14
16.0
0.10
12.1
Amortization of acquisition-related software
0.12
14.5
0.09
10.9
Non-cash equity-based compensation
0.06
7.2
0.07
8.9
Total
$
0.43
$ 52.6
* Tax Effected at 35%
$
4.5
$
13.1
$
0.09
16.9
$
53.8
$
0.46
$ |
MEETS THE CHALLENGE OF CHANGE
Contract Duration Metric
Represents dollar average remaining contract life (in years) for
term license software
contracts
Excludes perpetual contracts (primarily heritage S1 licensed software contracts)
Excludes all hosted contracts as both cash and revenue are ratable over the
contract term
19 |
MEETS THE CHALLENGE OF CHANGE
Non-GAAP Financial Measures
To supplement our financial results presented on a GAAP basis, we use the
non-GAAP measure indicated in the tables, which exclude certain business
combination accounting entries related to the acquisitions of Online Resources and S1 and significant transaction
related expenses, as well as other significant non-cash expenses such as
depreciation, amortization and share-based compensation, that we believe
are helpful in understanding our past financial performance and our future results. The presentation of these non-GAAP
financial
measures
should
be
considered
in
addition
to
our
GAAP
results
and
are
not
intended
to
be
considered
in
isolation
or
as
a
substitute for the financial information prepared and presented in accordance with
GAAP. Management generally compensates for limitations in the use of
non-GAAP financial measures by relying on comparable GAAP financial measures and providing investors with a
reconciliation of non-GAAP financial measures only in addition to and in
conjunction with results presented in accordance with GAAP. We believe that
these non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed
with our GAAP results, provide a more complete understanding of factors and trends
affecting our business. Certain non-GAAP measures
include:
20
Non-GAAP
revenue:
revenue
plus
deferred
revenue
that
would
have
been
recognized
in
the
normal
course
of
business
by
S1
and
Online Resources if not for GAAP purchase accounting requirements.
Non-GAAP revenue should be considered in addition to, rather than as a
substitute for, revenue. Non-GAAP operating income: operating income plus
deferred revenue that would have been recognized in the normal course of
business by S1 and Online Resources if not for GAAP purchase accounting
requirements and significant transaction related expenses.
Non-GAAP operating income should be considered in addition to, rather than as a substitute for, operating income.
Adjusted EBITDA: net income plus income tax expense, net interest income (expense),
net other income (expense), depreciation, amortization and non-cash
compensation, as well as deferred revenue that would have been recognized in the
normal course of business by S1 and Online Resources if not for GAAP purchase
accounting requirements and significant transaction
related
expenses.
Adjusted
EBITDA
should
be
considered
in
addition
to,
rather
than
as
a
substitute
for,
operating
income. |
MEETS THE CHALLENGE OF CHANGE
Non-GAAP Financial Measures
ACI is also presenting operating free cash flow, which is defined as net cash
provided by operating activities, plus payments
associated
with
cash
settlement
of
acquisition
related
options
and
opening
balance
sheet
liabilities,
net
after-
tax payments associated with employee-related actions and facility closures,
net after-tax payments associated with significant transaction related
expenses, payments associated with acquired opening balance sheet liabilities, and less
capital expenditures. Operating free cash flow is considered a non-GAAP
financial measure as defined by SEC Regulation G. We utilize this
non-GAAP financial measure, and believe it is useful to investors, as an indicator of cash
flow available for debt repayment and other investing activities, such as capital
investments and acquisitions. We utilize operating free cash flow as a
further indicator of operating performance and for planning investing activities. Operating
free cash flow should be considered in addition to, rather than as a substitute
for, net cash provided by operating activities.
A
limitation
of
operating
free
cash
flow
is
that
it
does
not
represent
the
total
increase
or
decrease
in
the
cash
balance for the period. This measure also does not exclude mandatory debt service
obligations and, therefore, does not represent the residual cash flow
available for discretionary expenditures. We believe that operating free cash flow is
useful to investors to provide disclosures of our operating results on the same
basis as that used by our management. ACI also includes backlog estimates,
which include all software license fees, maintenance fees and services specified in
executed contracts, as well as revenues from assumed contract renewals to the
extent that we believe recognition of the related revenue will occur within
the corresponding backlog period. We have historically included assumed renewals in
backlog
estimates
based
upon
automatic
renewal
provisions
in
the
executed
contract
and
our
historic
experience
with
customer renewal rates.
21 |
MEETS THE CHALLENGE OF CHANGE
Non-GAAP Financial Measures
Backlog is considered a non-GAAP financial measure as defined by SEC Regulation
G. Our 60-month backlog estimate represents expected revenues from
existing customers using the following key assumptions:
Estimates
of
future
financial
results
are
inherently
unreliable.
Our
backlog
estimates
require
substantial
judgment
and
are
based on a number of assumptions as described above. These assumptions may turn out
to be inaccurate or wrong, including
for
reasons
outside
of
managements
control.
For
example,
our
customers
may
attempt
to
renegotiate
or
terminate
their contracts for a number of reasons, including mergers, changes in their
financial condition, or general changes in economic conditions in the
customers industry or geographic location, or we may experience delays in the development or
delivery
of
products
or
services
specified
in
customer
contracts
which
may
cause
the
actual
renewal
rates
and
amounts
to
differ
from
historical
experiences.
Changes
in
foreign
currency
exchange
rates
may
also
impact
the
amount
of
revenue
actually recognized in future periods. Accordingly, there can be no assurance
that contracts included in backlog estimates will
actually
generate
the
specified
revenues
or
that
the
actual
revenues
will
be
generated
within
the
corresponding
60-month
period.
Backlog should be considered in addition to, rather than as a substitute for,
reported revenue and deferred revenue. 22
Maintenance fees are assumed to exist for the duration of the license term for
those contracts in which the committed maintenance term is less than the
committed license term. License, facilities management, and software hosting
arrangements are assumed to renew at the end of their committed term at a
rate consistent with our historical experiences. Non-recurring
license
arrangements
are
assumed
to
renew
as
recurring
revenue
streams.
Foreign currency exchange rates are assumed to remain constant over the
60-month backlog period for those contracts stated in currencies other
than the U.S. dollar. Our pricing policies and practices are assumed to
remain constant over the 60-month backlog period. |
MEETS THE CHALLENGE OF CHANGE
Forward-Looking Statements
This presentation contains forward-looking statements based on current
expectations that involve a number of risks and uncertainties. Generally,
forward-looking statements do not relate strictly to historical or current facts and may include words
or
phrases
such
as
believes,
will,
expects,
anticipates,
intends,
and
words
and
phrases
of
similar
impact.
The
forward-looking statements are made pursuant to safe harbor provisions of the
Private Securities Litigation Reform Act of 1995.
Forward-looking statements in this presentation include, but are not limited
to, statements regarding:
23
23
Strong market interest in Universal Payments;
Better-than-expected demand for new applications and hosted
solutions; Large UP contracts in pipeline progressing;
Expectations regarding 2015 financial guidance related to non-GAAP revenue,
adjusted EBITDA, Expectations regarding Q1 2015 non-GAAP revenue; and
Expectations regarding full year SNET and other guidance assumptions
|
MEETS THE CHALLENGE OF CHANGE
Forward-Looking Statements
All of the foregoing forward-looking statements are expressly qualified by the
risk factors discussed in our filings with the Securities
and
Exchange
Commission.
Such
factors
include
but
are
not
limited
to,
increased
competition,
the
performance
of
our strategic product, UP, BASE24-eps, demand for our products, restrictions
and other financial covenants in our credit facility, consolidations and
failures in the financial services industry, customer reluctance to switch to a new vendor, the
accuracy of managements backlog estimates, the maturity of certain products,
our strategy to migrate customers to our next generation products, ratable
or deferred recognition of certain revenue associated with customer migrations and the maturity of
certain of our products, failure to obtain renewals of customer contracts or to
obtain such renewals on favorable terms, delay or cancellation of customer
projects or inaccurate project completion estimates, volatility and disruption of the capital and credit
markets and adverse changes in the global economy, our existing levels of debt,
impairment of our goodwill or intangible assets, litigation, future
acquisitions, strategic partnerships and investments, risks related to the expected benefits to be
achieved
in
the
transaction
with
Online
Resources,
OPAY
and
ReD,
the
complexity
of
our
products
and
services
and
the
risk
that
they
may
contain
hidden
defects
or
be
subjected
to
security
breaches
or
viruses,
compliance
of
our
products
with
applicable legislation, governmental regulations and industry standards, our
compliance with privacy regulations, the protection of our intellectual
property in intellectual property litigation, the cyclical nature of our revenue and earnings and the accuracy of
forecasts due to the concentration of revenue generating activity during the final
weeks of each quarter, business interruptions or failure of our information
technology and communication systems, our offshore software development activities, risks from
operating internationally, including fluctuations in currency exchange rates,
exposure to unknown tax liabilities, and volatility in our stock
price. For a detailed discussion of these risk factors, parties that are relying on the forward-looking statements
should review our filings with the Securities and Exchange Commission, including
our most recently filed Annual Report on Form 10-K, Registration
Statement on Form S-4, and subsequent reports on Forms 10-Q and 8-K.
24
24 |
|
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