ACI Worldwide (ACIW) FY2023 results: revenue $1.5 billion, up 2.2% on the year

ACI Worldwide, Inc. (ACIW) reported revenue of $1.5 billion for fiscal 2023, the year ended 31 December 2023, up 2.2% on the year before. Net income was $122 million, down 14.5%, and diluted earnings per share $1.12. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue

$1.5 billion

+2.2% on the year

FY2016FY2023

Operating margin

15.2%

14.3% a year earlier

FY2016FY2023

Net income

$122 million

-14.5% on the year

FY2016FY2023

Diluted EPS

$1.12

-9.7% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,453	1,422	1,371	+2.2%
Cost of revenue	719	696	639	+3.3%
Gross profit	733	726	732	+1.0%
Gross margin	50.5%	51.0%	53.4%
Operating income	220	204	210	+8.1%
Operating margin	15.2%	14.3%	15.3%
Interest expense	78.5	53.2	45.1	+47.5%
Pre-tax income	148	207	175	-28.6%
Income tax	26.1	64.5	47.3	-59.5%
Effective tax rate	17.7%	31.2%	27.0%
Net income	122	142	128	-14.5%
Net margin	8.4%	10.0%	9.3%
Diluted EPS	$1.12	$1.24	$1.08	-9.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	169	143	220	+17.5%
Capital expenditure	8.9	13.1	20.6	-31.9%
Free cash flow	160	130	200	+22.5%
Free cash flow margin	11.0%	9.2%	14.6%
Cash from investing	-37.8	60.2	-45.4
Cash from financing	-112	-171	-257
Depreciation and amortisation	122	127	133	-3.9%
Share-based compensation	24.5	29.8	27.2	-17.5%
Buybacks	27.6	207	107	-86.6%
Diluted shares, weighted	109m	114m	119m	-4.7%
Shares outstanding at period end	108m	108m	116m	+0.0%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,324	1,193	1,245	+11.0%
Debt	1,038	1,090	1,066	-4.8%
Operating lease liabilities	29.1	33.9	43.3	-14.3%
Other liabilities	1,053	893	805	+18.0%
Total liabilities and equity	3,445	3,210	3,159	+7.3%
Fixed assets	37.9	52.5	63.0	-27.9%
Goodwill	1,226	1,226	1,280	0.0%
Intangible assets	196	229	283	-14.5%
Cash and equivalents	164	125	122	+31.4%
Receivables	452	404	320	+12.0%
Other assets	1,369	1,174	1,090	+16.6%
Total assets	3,445	3,210	3,159	+7.3%

10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.