8-K

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 25, 2016 (February 25, 2016)

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)

Registrant’s 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 25, 2016, ACI Worldwide, Inc. (“the Company”) issued a press release announcing its financial results for the three months ended December 31, 2015. 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 25, 2016
99.2	Investor presentation materials dated February 25, 2016

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 25, 2016

3

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated February 25, 2016
99.2	Investor presentation materials dated February 25, 2016

4

EX-99.1

Exhibit 99.1

News Release

ACI Worldwide, Inc. Reports Financial Results for the

Quarter and Full Year Ended December 31, 2015

HIGHLIGHTS

• Organic revenue up 7% in Q4 and 3% for the year, FX adjusted

• Cash flow from operations grew to $183 million, up 23% from last year

• Total sales bookings up 14% in Q4 and 19% for the year, FX adjusted

• Net new sales bookings (SNET) up 10% in Q4 and 8% for the year, FX adjusted

• 60-month backlog up $162 million in 2015 to $4.3 billion, organic and FX adjusted

• Providing 2016 guidance: accelerating organic growth combined with margin expansion

NAPLES, FLA — February 25, 2016 — ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced financial results for the quarter and full year ended December 31, 2015.

“We delivered our strongest organic SNET growth of the year in Q4 and set a new sales bookings record. With the retailer segment showing particular interest in our omni-channel offering and with the introduction of our new Universal Payments support for our legacy BASE24 customers, we are increasingly confident our recent strategic moves position the Company well for long-term growth,” commented Phil Heasley, President and CEO, ACI Worldwide. “We look forward to capitalizing on the acceleration in broad market interest we are seeing for our payment solutions in 2016 and beyond.”

Q4 FINANCIAL SUMMARY

During the quarter new sales bookings, net of term extensions, (SNET) grew 10% after adjusting for foreign currency fluctuations. Overall bookings, including term extensions, grew 14% after adjusting for foreign currency fluctuations. This term extension growth was higher than anticipated, which resulted in higher commissions and related selling expenses, resulting in a near-term impact to profit.

GAAP revenue in Q4 was $309 million, up 6% from last year. Excluding incremental contribution from the PAY.ON acquisition and adjusting for foreign currency fluctuations, Q4 revenue increased 7% from the same quarter last year.

Q4 adjusted EBITDA of $115 million grew $8 million, or up 8%, from Q4 2014.

We ended the year with a 60-month backlog of $4.3 billion and a 12-month backlog of $918 million. Excluding incremental PAY.ON contribution and adjusting for foreign currency fluctuations, our 60-month backlog increased $110 million and our 12-month backlog grew $27 million from Q3 2015.

FULL YEAR 2015 FINANCIAL SUMMARY

Full year new sales bookings, net of term extensions (SNET) grew 8% after adjusting for foreign currency fluctuations. Overall bookings, including term extensions, grew 19% to $1.24 billion after adjusting for foreign currency fluctuations.

Full year GAAP revenue was $1.046 billion, up $55 million, or 5% over 2014, after adjusting for foreign currency fluctuations.

Adjusted EBITDA of $260 million was flat with last year. After adjusting for pass through interchange revenues of $130 million and $118 million in 2015 and 2014, respectively, net adjusted EBITDA margin represented 28.4% in 2015 versus 28.9% in 2014. Adjusted EBITDA figures exclude significant transaction-related expenses of $15 million and $23 million in 2015 and 2014, respectively.

GAAP net income for the year was $85 million, or $0.72 per diluted share, up 26% and 24%, respectively. Operating free cash flow for the year was $143 million, up 6% from $134 million in 2014. GAAP cash flow from operations was $183 million, up 23% from last year. As of December 31, 2015, we had $102 million in cash on hand, a debt balance of $939 million, and $138 million remaining under our share repurchase authorization.

2016 GUIDANCE

Excluding contribution from the CFS business, we expect to generate revenue from ongoing operations in a range of $990 million to $1.02 billion in 2016, which represents 4-7% organic growth after adjusting for the PAY.ON acquisition and foreign currency fluctuations. Adjusted EBITDA is expected to be in a range of $265 million to $275 million, which excludes any contribution from the CFS business and approximately $15 million in one-time integration related expenses for PAY.ON, the CFS divestiture, data center and facilities consolidation, and bill payment platform rationalization. We expect to generate between $205 million and $215 million of revenue in the first quarter, which excludes up to $23 million in incremental revenue from the CFS business, depending on transaction close date. We expect full year 2016 net new sales bookings to grow in the upper single digit range.

CONFERENCE CALL TO DISCUSS FINANCIAL RESULTS AND OUTLOOK

Management will host a conference call at 8:30 am ET to discuss these results as well as 2016 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: +1 (817) 385-9117.    Please provide your name, the conference name ACI Worldwide, Inc. and conference code 51057338. There will be a replay available for two weeks on (855) 859-2056 for US/Canada callers and +1 (404) 537- 3406 for international participants.

About ACI Worldwide

ACI Worldwide, the Universal Payments (UP) company, powers electronic payments for more than 5,000 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries as well as 300 of the leading global retailers rely on ACI to execute $14 trillion each day in payments. In addition, thousands of organizations utilize our electronic bill presentment and payment services. Through our comprehensive suite of software and SaaS-based solutions, we deliver real-time, any-to-any payments capabilities and enable the industry’s most complete omni-channel payments experience. To learn more about ACI, please visit www.aciworldwide.com. You can also find us on Twitter @ACI_Worldwide.

© Copyright ACI Worldwide, Inc. 2015.

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 acquisition of Online Resources Corporation and significant transaction-related expenses, as well as other significant non-cash expenses such as depreciation, amortization and non-cash 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 to view 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 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 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 (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 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.

ACI is also presenting operating free cash flow, which is defined as net cash provided by operating activities, plus payments associated with acquired 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, 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 license, maintenance, services, and hosting 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, but not limited to, reasons outside of management’s 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 customer’s 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) expectations regarding our confidence that our recent strategic moves position the Company well for long-term growth; (ii) that we look forward to capitalizing on the acceleration in broad market interest for our payment solutions; (iii) expectations regarding revenue, adjusted EBITDA, net new sales bookings in 2016; (iv) expectations regarding organic revenue growth after adjusting for CFS divestiture; (v) expectations regarding revenue for Q1 2016; and (vi) expectations regarding CFS contribution during the first quarter.

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 management’s 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 PAY.ON, 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 and our Quarterly Reports on Form 10-Q.

ACI WORLDWIDE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands, except share and per share amounts)

	December 31, 2015			December 31, 2014
ASSETS
Current assets
Cash and cash equivalents	$	102,239		$	77,301
Receivables, net of allowances of $5,045 and $4,806, respectively		219,116			227,106
Recoverable income taxes		12,048			4,781
Prepaid expenses		27,461			24,314
Other current assets		27,220			40,417
Total current assets		388,084			373,919
Noncurrent assets
Property and equipment, net		60,630			60,360
Software, net		237,941			209,507
Goodwill		913,261			781,163
Intangible assets, net		256,925			261,436
Deferred income taxes, net		90,872			94,536
Other noncurrent assets, including $33,824 for assets at fair value at December 31, 2014		42,499			69,779
TOTAL ASSETS	$	1,990,212		$	1,850,700
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	55,420		$	50,351
Employee compensation		31,213			35,299
Current portion of long-term debt		95,293			87,352
Deferred revenue		128,559			131,808
Income taxes payable		4,734			6,276
Other current liabilities		75,225			67,505
Total current liabilities		390,444			378,591
Noncurrent liabilities
Deferred revenue		42,081			49,224
Long-term debt		843,290			804,583
Deferred income taxes, net		28,067			13,442
Other noncurrent liabilities		31,930			23,455
Total liabilities		1,335,812			1,269,295
Commitments and contingencies
Stockholders’ equity
Preferred stock; $0.01 par value; 5,000,000 shares authorized; no shares issued at December 31, 2015 and 2014		—			—
Common stock; $0.005 par value; 280,000,000 shares authorized; 140,525,055 and 139,820,388 shares issued at December 31, 2015 and 2014, respectively		702			698
Additional paid-in capital		561,379			551,713
Retained earnings		416,851			331,415
Treasury stock, at cost, 21,491,285 and 24,182,584 shares at December 31, 2015 and 2014, respectively		(252,956	)		(282,538	)
Accumulated other comprehensive loss		(71,576	)		(19,883	)
Total stockholders’ equity		654,400			581,405
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,990,212		$	1,850,700

ACI WORLDWIDE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share amounts)

	FOR THE THREE MONTHS ENDED DECEMBER 31,						FOR THE YEARS ENDED DECEMBER 31,
	2015			2014			2015			2014
Revenues
License	$	94,230		$	80,425		$	251,205		$	235,157
Maintenance		63,000			67,421			241,895			255,993
Services		34,371			29,811			106,820			105,584
Hosting		117,036			112,567			446,057			419,415
Total revenues		308,637			290,224			1,045,977			1,016,149
Operating expenses
Cost of license (1)		5,810			6,499			23,245			24,565
Cost of maintenance, services and hosting (1)		111,285			104,390			449,054			430,191
Research and development		33,285			31,554			145,924			144,207
Selling and marketing		40,747			29,053			129,407			112,047
General and administrative		20,552			19,938			87,419			95,065
Depreciation and amortization		22,985			19,519			82,980			71,902
Total operating expenses		234,664			210,953			918,029			877,977
Operating income		73,973			79,271			127,948			138,172
Other income (expense)
Interest expense		(10,198	)		(10,818	)		(41,372	)		(39,738	)
Interest income		132			143			386			575
Other, net		(1,284	)		1,104			26,411			(240	)
Total other income (expense)		(11,350	)		(9,571	)		(14,575	)		(39,403	)
Income before income taxes		62,623			69,700			113,373			98,769
Income tax expense		18,856			23,334			27,937			31,209
Net income	$	43,767		$	46,366		$	85,436		$	67,560
Earnings per common share
Basic	$	0.37		$	0.40		$	0.73		$	0.59
Diluted	$	0.36		$	0.40		$	0.72		$	0.58
Weighted average common shares outstanding
Basic		118,739			115,378			117,465			114,798
Diluted		120,167			117,033			118,919			116,771

(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

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

	FOR THE THREE MONTHS ENDED DECEMBER 31,						FOR THE YEARS ENDED DECEMBER 31,
	2015			2014			2015			2014
Cash flows from operating activities:
Net income	$	43,767		$	46,366		$	85,436		$	67,560
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation		5,737			5,406			21,656			20,506
Amortization		20,846			18,003			75,775			66,177
Amortization of deferred debt issuance costs		1,490			1,670			6,244			5,877
Deferred income taxes		15,555			18,074			19,328			8,437
Stock-based compensation expense		8,330			(2,697	)		18,380			11,045
Excess tax benefit of stock compensation		(71	)		(1,391	)		(4,923	)		(11,807	)
Gain on available for sale securities		—			—			(24,465	)		—
Other		258			(154	)		2,725			1,852
Changes in operating assets and liabilities, net of impact of acquisitions:
Receivables		(42,921	)		(13,633	)		(11,355	)		(30,643	)
Accounts payable		13,998			3,079			8,557			(3,422	)
Accrued employee compensation		(9,139	)		(3,678	)		(1,998	)		(6,360	)
Current income taxes		(164	)		1,623			(8,244	)		10,968
Deferred revenue		300			(194	)		(4,513	)		15,738
Other current and noncurrent assets and liabilities		6,094			4,569			468			(6,902	)
Net cash flows from operating activities		64,080			77,043			183,071			149,026
Cash flows from investing activities:
Purchases of property and equipment		(7,737	)		(5,872	)		(27,283	)		(17,627	)
Purchases of software and distribution rights		(9,605	)		(3,046	)		(21,622	)		(17,273	)
Proceeds from available-for-sale securities		—			—			35,311			—
Acquisition of businesses, net of cash acquired		(179,367	)		—			(179,367	)		(204,290	)
Other		—			—			(7,000	)		(1,500	)
Net cash flows from investing activities		(196,709	)		(8,918	)		(199,961	)		(240,690	)
Cash flows from financing activities:
Proceeds from issuance of common stock		806			738			3,104			2,780
Proceeds from exercises of stock options		621			5,355			12,175			16,461
Excess tax benefit of stock compensation		71			1,391			4,923			11,807
Repurchases of common stock		—			—			—			(70,000	)
Repurchase of restricted stock and performance shares for tax withholdings		(96	)		(145	)		(4,649	)		(5,120	)
Proceeds from revolving credit facility		186,000			20,000			298,000			169,500
Proceeds from term portion of credit agreement		—			—			—			150,000
Repayments of revolving credit facility		(8,000	)		(54,500	)		(164,000	)		(125,500	)
Repayment of term portion of credit agreement		(23,822	)		(19,853	)		(87,352	)		(57,449	)
Payments on other debt and capital leases		(853	)		(432	)		(12,638	)		(8,344	)
Payment for debt issuance costs		—			(118	)		—			(4,662	)
Distribution to noncontrolling interest		—			—			—			(1,391	)
Net cash flows from financing activities		154,727			(47,564	)		49,563			78,082
Effect of exchange rate fluctuations on cash		(716	)		(3,331	)		(7,735	)		(4,176	)
Net increase (decrease) in cash and cash equivalents		21,382			17,230			24,938			(17,758	)
Cash and cash equivalents, beginning of period		80,857			60,071			77,301			95,059
Cash and cash equivalents, end of period	$	102,239		$	77,301		$	102,239		$	77,301

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,
	2015 GAAP		Adj			2015 Non-GAAP		2014 GAAP			Adj			2014 Non-GAAP			$ Diff			% Diff
Selected Non-GAAP Financial Data
Total revenues (2)	$	308,637	$	147		$	308,784	$	290,224		$	324		$	290,548		$	18,236			6	%
Total expenses (3)		234,664		(5,774	)		228,890		210,953			(6,319	)		204,634			24,256			12	%
Operating income		73,973		5,921			79,894		79,271			6,643			85,914			(6,020	)		-7	%
Income before income taxes		62,623		5,921			68,544		69,700			6,643			76,343			(7,799	)		-10	%
Income tax expense (benefit) (4)		18,856		2,072			20,928		23,334			2,325			25,659			(4,731	)		-18	%
Net income	$	43,767	$	3,849		$	47,616	$	46,366		$	4,318		$	50,684		$	(3,068	)		-6	%
Depreciation		5,737		—			5,737		5,406			—			5,406			331			6	%
Amortization - acquisition related intangibles		5,891		—			5,891		6,245			—			6,245			(354	)		-6	%
Amortization - acquisition related software		7,322		—			7,322		6,297			—			6,297			1,025			16	%
Amortization - other		7,633		—			7,633		5,461			—			5,461			2,172			40	%
Stock-based compensation		8,330		—			8,330		(2,698	)		—			(2,698	)		11,028			-409	%
Adjusted EBITDA	$	108,886	$	5,921		$	114,807	$	99,982		$	6,643		$	106,625		$	8,182			8	%
Earnings per share information
Weighted average shares outstanding
Basic		118,739		118,739			118,739		115,378			115,378			115,378
Diluted		120,167		120,167			120,167		117,033			117,033			117,033
Earnings per share
Basic	$	0.37	$	0.03		$	0.40	$	0.40		$	0.04		$	0.44		$	(0.04	)		-9	%
Diluted	$	0.36	$	0.03		$	0.40	$	0.40		$	0.04		$	0.43		$	(0.03	)		-7	%

(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 w as not recognized due to GAAP purchase accounting requirements.

(3) Expense for significant transaction related transactions, including, $2.4 million for employee related actions, $1.0 million for technology projects, and $2.4 million for professional and other fees in 2015 and $3.4 million for employee related actions, $1.1 million for data center moves, and $1.8 million for professional and other fees in 2014.

(4) Adjustments tax effected at 35%.

	Quarter Ended December 31,
Reconciliation of Operating Free Cash Flow (millions)	2015			2014
Net cash provided by operating activities	$	64.1		$	77.0
Payments associated with acquired opening balance sheet liabilities		—			0.2
Net after-tax payments associated with employee-related actions (4)		2.0			1.5
Net after-tax payments associated with significant transaction related expenses (4)		1.1			1.8
Less capital expenditures		(17.3	)		(8.9	)
Operating Free Cash Flow	$	49.9		$	71.6

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,
	2015 GAAP		Adj			2015 Non-GAAP		2014 GAAP		Adj			2014 Non-GAAP		$ Diff			% Diff
Selected Non-GAAP Financial Data
Total revenues (2)	$	1,045,977	$	743		$	1,046,720	$	1,016,149	$	1,777		$	1,017,926	$	28,794			3	%
Total expenses (3)		918,029		(15,041	)		902,988		877,977		(22,892	)		855,085		47,903			6	%
Operating income		127,948		15,784			143,732		138,172		24,669			162,841		(19,109	)		-12	%
Income before income taxes		113,373		15,784			129,157		98,769		24,669			123,438		5,719			5	%
Income tax expense (benefit) (4)		27,937		5,524			33,461		31,209		8,634			39,843		(6,382	)		-16	%
Net income	$	85,436	$	10,260		$	95,696	$	67,560	$	16,035		$	83,595	$	12,101			14	%
Depreciation		21,656		—			21,656		20,506		—			20,506		1,150			6	%
Amortization - acquisition related intangibles		22,959		—			22,959		24,676		—			24,676		(1,717	)		-7	%
Amortization - acquisition related software		25,787		—			25,787		22,285		—			22,285		3,502			16	%
Amortization - other		27,029		—			27,029		19,216		—			19,216		7,813			41	%
Stock-based compensation		18,380		—			18,380		11,045		—			11,045		7,335			66	%
Adjusted EBITDA	$	243,759	$	15,784		$	259,543	$	235,900	$	24,669		$	260,569	$	(1,026	)		0	%
Earnings per share information
Weighted average shares outstanding
Basic		117,465		117,465			117,465		114,798		114,798			114,798
Diluted		118,919		118,919			118,919		116,771		116,771			116,771
Earnings per share
Basic	$	0.73	$	0.09		$	0.81	$	0.59	$	0.14		$	0.73	$	0.09			12	%
Diluted	$	0.72	$	0.09		$	0.80	$	0.58	$	0.14		$	0.72	$	0.09			12	%

(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 w as not recognized due to GAAP purchase accounting requirements.

(3) Expense for significant transaction related transactions, including, $6.3 million for employee related actions, $5.6 million for transition and technology costs, and $3.1 million for professional and other fees in 2015, and $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.

(4) Adjustments tax effected at 35%.

	Year Ended December 31,
Reconciliation of Operating Free Cash Flow (millions)	2015			2014
Net cash provided (used) by operating activities	$	183.1		$	149.0
Payments associated with acquired opening balance sheet liabilities		0.1			4.8
Net after-tax payments associated with employee-related actions (4)		5.0			6.3
Net after-tax payments associated with lease terminations (4)		0.3			1.0
Net after-tax payments associated with significant transaction related expenses (4)		3.3			8.1
Less capital expenditures		(48.9	)		(34.9	)
Operating Free Cash Flow	$	142.9		$	134.3

EX-99.2

Quarterly and Full Year Results December 31, 2015 ACI Worldwide February 25, 2016 Exhibit 99.2

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.

2015 IN REVIEW Phil Heasley Chief Executive Officer

2015 in Review Total sales bookings up 19% from 2014, FX adjusted Net new bookings (SNET) up 8% for the year, FX adjusted Merchant retailer sales bookings nearly doubled in 2015 Cash flows from operations of $183 million, up 23% for the year 60-month backlog grew to $4.3 billion Acquisition of PAY.ON enhances retailer offering and global connectivity CFS divesture Accelerating organic growth in 2016

FINANCIAL REVIEW Scott Behrens Chief Financial Officer

Key Takeaways from the Quarter Sales Bookings Q4 net new sales bookings up 10% over Q4 2014, FX adjusted Strong growth in new account and new application sales Key Universal Payments (UP) sale to one of Australia’s largest banks as part of a broader next-generation/modernization project Q4 total sales bookings up 14% over Q4 2014, FX adjusted Backlog 12-month backlog of $918 million, up $27 million from Q3 2015, after adjusting for FX fluctuations 60-month backlog of $4.3 billion, up $110 million from Q3 2015, after adjusting for FX fluctuations Backlog growth excludes PAY.ON acquisition, which contributed $12 million and $57 million to the 12-month and 60-month backlogs, respectively Revenue Growth Revenue of $309 million, up 8% over Q4 2014, or 7% organically, FX adjusted Adjusted EBITDA Adjusted EBITDA of $115 million, up 8% from Q4 2014

Key Takeaways from the Year Sales Bookings 2015 new sales bookings up 8% over 2014 or 11% excluding CFS business, FX adjusted Total sales bookings up 19% over 2014 or 21% excluding CFS business, FX adjusted Revenue Growth Revenue up 5% over 2014 or 7% excluding CFS business, FX adjusted Adjusted EBITDA Adjusted EBITDA of $260 million, flat with 2014 or up 2% excluding CFS business Operating Free Cash Flow Operating free cash flow of $143 million, up 6% over 2014 or up 8% excluding CFS business GAAP cash flows from operating activities up 23% over 2014 Debt and Liquidity Ended the year with $102 million in cash and $939 million in debt Received cash proceeds of $35 million and recognized a $24 million gain on the sale of Yodlee $200 million of proceeds expected from sale of CFS business $138 million remaining on share buy-back authorization

2016 Guidance Guidance 2015 pro forma adjusted to exclude CFS business and reflect a full-year impact of PAY.ON acquisition and fx rate changes 2016 guidance excludes any contribution from CFS business Net new sales growth expected to be in the upper single digits Revenue and margin phasing by quarter consistent with seasonal history Q1 non-GAAP revenue expected to represent $205 to $215 million, excluding CFS CFS may contribute up to $23 million of incremental revenue in Q1 2016

2016 Guidance Other Guidance Assumptions Interest expense of $42 million and cash interest of $36 million Capital expenditures to be $50-$60 million, excluding one-time investments in EMEA data center of $20 million and cyber security of $5 million Depreciation and amortization expected to approximate $95-$100 million Non-cash compensation expense of approximately $48 million including $6 million related to acquisition of PAY.ON Pass through interchange revenues to approximate $140 million GAAP tax rate of 35% and cash taxes paid of $25-$30 million Diluted share count to approximate 120 million (excluding future share buy-back activity) These metrics exclude approximately $15 million in one-time integration related expenses for PAY.ON, the CFS divestiture, data center and facilities consolidation, and bill payment platform rationalization CFS transaction completed in Q1 2016. ACI and Fiserv will be operating under a Transition Services Agreement through the remainder of 2016. Financial impact of this agreement will be separately disclosed from the ongoing business operations.

APPENDIX

Monthly Recurring Revenue Backlog as Contributor of Revenue (thousands) Quarter Ended December 31, % Growth 2015 2014 Revenue from Backlog $0 $,268,586 -100.0% Revenue from Sales 0 21,638 -100.0% Total Revenue $0 $,290,224 -100.0% Revenue from Backlog #DIV/0! 0.92544379513754893 Revenue from Sales #DIV/0! 7.455620486245107E-2 Reconciliation of Operating Free Cash Flow (millions) Quarter Ended December 31, Reconciliation of Operating Free Cash Flow (millions) Year Ended December 31, 2015 2014 2015 2014 Net cash provided by operating activities $63.2 $77 Net cash provided by operating activities $182.2 $149 Payments associated with acquired opening balance sheet liabilties 0 0.2 Payments associated with acquired opening balance sheet liabilties 0.1 4.8 Net after-tax payments associated with employee-related actions 2 1.5 Net after-tax payments associated with employee-related actions 5 6.3 Net after-tax payments associated with lease terminations 0 0 Net after-tax payments associated with lease terminations 0.3 1 Net after-tax payments associated with significant transaction related expenses 1.1000000000000001 1.8 Net after-tax payments associated with significant transaction related expenses 3.3 8.1 Less capital expenditures -18.100000000000001 -8.9 Less capital expenditures -49.7 -34.9 Operating Free Cash Flow $48.199999999999996 $71.599999999999994 $-23.4 Operating Free Cash Flow $141.19999999999999 $134.30000000000001 -0.32681564245810057 $6.8999999999999773 Quarter Ended Backlog 60-Month (millions) December 31, December 31, 2015 2014 Americas $3,081 $3,014 EMEA 899 855 Asia/Pacific 318 291 Backlog 60-Month $4,298 $4,160 $138 3.3173076923076923E-2 Deferred Revenue $171 $181.03137058999999 Other 4127 3978.9686294100002 Backlog 60-Month $4,298 $4,160 Quarter Ended Year Ended Monthly Recurring Revenue (millions) December 31, Monthly Recurring Revenue (millions) December 31, 2015 2014 2015 2014 Monthly Software license fees $20.6 $22.852897859999999 Monthly Software license fees $76.900000000000006 $91.7 Maintenance fees 63 67.420774129999998 Maintenance fees 241.9 256 Processing services 117 112.56627300999999 Processing services 446.1 419.4 Monthly Recurring Revenue $200.6 $202.839945 $-2.2399450000000058 Monthly Recurring Revenue $764.90000000000009 $767.09999999999991 -1.1042918592785094E-2 EPS impact of non-cash and signficant transaction related items Quarter Ended EPS impact of non-cash and signficant transaction related items YTD Diluted Shares Outstanding (adjusted for split) (millions) December 31, (millions) December 31, QTD 2015 2014 2015 2014 2015 120.167 EPS Impact $ in Millions(Net of Tax) EPS Impact $ in Millions(Net of Tax) EPS Impact $ in Millions(Net of Tax) EPS Impact $ in Millions(Net of Tax) 2014 117.033 Significant transaction related expenses $0.03 $3.8 $3.503285398135568E-2 $4.0999999999999996 Significant transaction related expenses $0.08 $9.8000000000000007 $0.13 $14.9 Deferred revenue fair value adjustment 0 0.1 1.7089197064075945E-3 0.2 Deferred revenue fair value adjustment 0 0.5 0.01 1.2 YTD Amortization of acquisition-related intangibles 0.03 3.8 3.503285398135568E-2 4.0999999999999996 Amortization of acquisition-related intangibles 0.13 14.9 0.14000000000000001 16 2015 118.919 Amortization of acquisition-related software 0.04 4.8 3.503285398135568E-2 4.0999999999999996 Amortization of acquisition-related software 0.14000000000000001 16.8 0.12 14.5 2014 116.771 Non-cash equity-based compensation 0.04 5.4 -1.5380277357668351E-2 -1.8 Non-cash equity-based compensation 0.1 11.9 0.06 7.2 Total $0.14000000000000001 $17.899999999999999 $9.1427204292806291E-2 $10.699999999999998 Total $0.45000000000000007 $53.9 $0.46 $53.800000000000004 * Tax Effected at 35% * Tax Effected at 35% Quarter Ended Year Ended Adjusted EBITDA (millions) December 31, Adjusted EBITDA (millions) December 31, 2015 2014 2015 2014 Net income $43.8 $46.4 Net income $85.4 $67.599999999999994 Plus: Plus: Income tax expense 18.899999999999999 23.3 Income tax expense 27.9 31.2 Net interest expense 10.1 10.7 Net interest expense 41 39.200000000000003 Net other expense (income) 1.3 -1.1000000000000001 Net other expense (income) -26.4 0.2 Depreciation expense 5.7 5.4 Depreciation expense 21.7 20.5 Amortization expense 20.8 18 Amortization expense 75.8 66.2 Non-cash compensation expense 8.3000000000000007 -2.7 Non-cash compensation expense 18.399999999999999 11 Adjusted EBITDA $108.89999999999999 $100.00000000000001 $8.8999999999999773 Adjusted EBIDTA $243.79999999999998 $235.89999999999998 $7.9000000000000057 Deferred revenue fair value adjustment 0.1 0.3 8.899999999999976E-2 Deferred revenue fair value adjustment 0.7 1.8 3.3488766426451912E-2 Employee related actions 2.4 3.4 Employee related actions 6.3 10.4 Significant transaction related expenses 3.4 2.9 Significant transaction related expenses 8.6999999999999993 12.5 Adjusted EBITDA excluding significant transaction related expenses $114.8 $106.60000000000002 $8.1999999999999744 Adjusted EBIDTA excluding one-time transaction expenses $259.5 $260.60000000000002 $-1.1000000000000227 7.7% -0.4% Quarter Ended Year Ended Non-GAAP Operating Income (millions) December 31, Non-GAAP Operating Income (millions) December 31, 2015 2014 2015 2014 Operating income $74 $79.3 Operating income $127.9 $138.19999999999999 Plus: Plus: Deferred revenue fair value adjustment 0.1 0.3 Deferred revenue fair value adjustment 0.7 1.8 Employee related actions 2.4 3.4 Employee related actions 6.3 10.4 Significant transaction related expenses 3.4 2.9 Significant transaction related expenses 8.6999999999999993 12.5 Non-GAAP Operating Income $79.900000000000006 $85.9 $-6 Non-GAAP Operating Income $143.6 $162.9 -6.9848661233993012 $-19.300000000000011 -0.11847759361571523 Recurring Revenue Q4 2015 Q3 2015 Q2 2015 Q1 2015 Q4 2014 Q3 2014 Q2 2014 Q1 2014 Q4 2013 Q3 2013 Q2 2013 Q1 2013 Q4 2012 Q3 2012 Q2 2012 Q1 2012 YTD 2012 Q4 2011 Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010 Total 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Total 2009 Monthly Software license fees $20.6 $18.399999999999999 $18.600000000000001 $19.2 $22.852897859999999 $21.812064770000003 $22.989802509999997 $23.279385659999999 $23.378741270000006 $22.1 $21.9 $24.7 $21.4 $24.7 $24.5 $25.5 $96.1 $26.1 $23.5 $31.4 $31.2 $32.5 $29.2 $20.3 $19.600000000000001 $101.6 $17.899999999999999 $19.2 $16.8 $17.399999999999999 $71.299999999999983 Maintenance fees 63 59.3 60.1 59.5 67.420774129999998 63.764221540000008 62.309352029999999 60.998535520000004 60.333193139999992 60.5 57.8 58.6 54.699999999999996 47.6 49.4 42.1 193.79999999999998 38.299999999999997 36.5 35.6 33.5 $34.4 32.5 34.200000000000003 33.4 $134.5 35.799999999999997 33.299999999999997 31.9 29.9 $130.9 Processing services 117 103.4 115.4 110.3 112.56627300999999 100.03325805 105.58523129 101.38013619 91.897730510000002 68.400000000000006 68.599999999999994 35.299999999999997 32.9 33 31.4 21.3 118.60000000000001 14.3 12.75 14.1 12.6 $13.700000000000001 13.7 10.5 10.3 $48.2 10.200000000000003 10.4 11.1 10.1 $41.800000000000004 Monthly Recurring Revenue $200.6 $181.1 $194.10000000000002 $189 $202.839945 $185.60954436000003 $190.88438582999999 $185.65805736999999 $175.60966492 $151 $148.29999999999998 $118.6 $109 $105.3 $105.30000000000001 $88.899999999999991 $408.5 $78.7 $72.75 $81.099999999999994 $77.3 $80.600000000000009 $75.400000000000006 $65 $63.3 $284.3 $63.9 $62.9 $59.800000000000004 $57.4 $244 0.6499544772661735 $17.799999999999997 418.42399999999998 405.755 $-2.2399450000000058 0.18474083704567615 0.70066912299293915 -1.1042918592785094E-2

Historic Sales Bookings By Quarter

Sales Bookings, Net of Term Extensions (SNET)

Non-GAAP Operating Income

Adjusted EBITDA

Operating Free Cash Flow * Tax effected at 35%

60-Month Backlog

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

EPS Impact of Non-Cash and Significant Transaction Related Items

Historical Financials from CFS Operations

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

Non-GAAP Financial Measures 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 acquisition of Online Resources Corporation and significant transaction related expenses, as well as other significant non-cash expenses such as depreciation, amortization, and non-cash 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 to view 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 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 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 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.

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 acquired 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 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 license, maintenance, services, and hosting 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.

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: 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, but not limited to, reasons outside of management’s 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 customer’s 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 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: Expectations regarding 2016 financial guidance related to revenue and adjusted EBITDA; Expectations regarding net new sales bookings; Expectations regarding Q1 2016 revenue; Expectations regarding CFS contribution and pro forma impact of excluding CFS; Expectations regarding full year pass through interchange revenues; and Expectations regarding other guidance assumptions.

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 management’s 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 PAY.ON, 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 and our Quarterly Reports on Form 10-Q.