Attached files
| file | filename |
|---|---|
| 8-K - 8-K - ACI WORLDWIDE, INC. | d544839d8k.htm |
 May
2013 ACI Worldwide Investor Conferences
May & June, 2013
Exhibit 99.1 |
 May
2013 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.
1 |
 May
2013 About ACI Worldwide
24 of the top 25 and
67 of the top 100
global banks are
customers
60-Month Backlog
~$3.1BN
We are rated in the
#1 or #2 position by
industry analysts in
nearly all categories
We control 6% of the
market spend
1/3 of all SWIFT
transactions
65% of all fed wires
ACI software enables
$13 trillion in
payments each day
Revenue
2013
$895
-
$915MM
EBITDA
2013
$266
-
$276MM
Founded in 1975, ACI is a leading provider of electronic payments
and transaction banking software solutions for financial
institutions, retailers, processors and billers worldwide
Leadership
•
Global payments company with a diversified, blue-chip
customer base, >96% retention rates, and >70% annual
recurring revenue
•
High quality products, ~20% of revenue invested in R&D,
and substantial switching costs drive recurring revenue
with strong renewal rates and significant competitive
barriers
•
Provide mission critical software meeting increased
regulatory demands
•
Market leader focused on increasing scale and improving
competitive positioning within attractive markets
•
Low ongoing capital expenditures with a solid balance
sheet and significant liquidity
1
Financial metrics represent 2013 guidance range
2
1
1
Op. Inc. 2013
$170 -
$180MM
1 |
 May
2013 Global Distribution and Customer Base
Note: Figures include Online Resources
3
AMERICAS
1,950+ customers
EMEA
500+ customers
ASIA/PACIFIC
150+ customers
~ 2,600 customers in over 80 countries rely on ACI solutions
~ 4,200 employees in 36 countries
Customers: ~ 180
processors globally
Customers: ~ 290
retailers globally
Customers: 600+
US billers
Headquarters
Regional Offices
Distributors |
 4
ACI is a Leading Provider of Electronic Payments and Transaction
Banking Solutions
Retail Payments
43%
Online Banking
14%
Community
Banking
10%
•
U.S. and Int’l corporate online
banking and cash management
•
U.S. and Int’l branch systems
•
Trade finance
•
Mobile banking
•
In-house or hosted solution
•
Sold to large FIs globally
Online Banking
•
U.S. business and consumer
online banking
•
U.S. branch system
•
Mobile banking
•
Hosted solutions
•
Sold to community FIs and credit
unions
Community Banking
•
U.S. and Int’l merchant retail
payments engines
•
In-store integration
•
PCI compliance
•
Loyalty / stored value
•
Serves Retailers of all sizes
Merchant Retail
•
Analytics
•
Payments Infrastructure
•
Testing tools
Tools
•
Wholesale payments engines
•
Transaction banking
•
Serves FIs globally
Wholesale Payments
•
Payments transaction fraud
•
Enterprise financial crimes
•
Case management
Fraud Management
Retail Payments
•
Retail payments engines
•
Card and account management
•
Authentication, authorization,
acquiring, clearing and settlement
•
Single message format
•
Mobile payments
•
Sold to FIs and processors of all
sizes globally
•
Bank Bill Pay (consolidator model)
•
Biller Direct (Biller Direct model)
•
Virtual Collections
•
Serves FIs, Billers, & Issuers
•
Hosted solutions
Bill Pay / Collections
ACI Product Family as % of 2012 Pro Forma Revenue
Bill Pay / Collections
17%
Note: Figures represent Pro Forma GAAP Revenue for Online Resources
May 2013 |
 Universal Payments
Platform (UPP) Strategy 5
Retail
Wholesale
Online
Fraud
Bill Pay
Universal Payments Platform (UPP)
Service Management and Orchestration
Today
Orchestrated
integration:
Past
Customers burdened
with integration
issues:
Retail
Wholesale
Online
Fraud
Bill Pay
FI Core Systems
Reference Architecture
FI Core Systems
Reference Architecture
•
Massive customization
needs
•
High cost of
maintenance
•
Slow time to market
•
Difficult to achieve
differentiation
•
Simplified
•
Lower cost
•
Faster time to market
•
Increased differentiation
May 2013 |
 May
2013 6
Our Customers are Top Global Banks, Processors and
Retailers
Customers are Top Global Banks, Processors, Billers, and Retailers |
 7
Large & Growing Worldwide Payment Opportunity
Source: IDC Financial Insights 2011, ACI Internal Analysis
8,949
9,864
10,881
11,914
12,989
14,184
5.8%
10.6%
10.5%
10.2%
7.7%
7.2%
796
5,625
556
604
381
987
844
6,259
619
644
429
1,068
898
6,965
688
691
483
1,155
957
7,695
760
744
510
1,247
1,005
8,456
834
796
562
1,335
1,057
9,307
916
854
619
1,430
Retail Banking
Payments
Merchant Retailer
Payments
5YR CAGR (2011-16)=
9.6%
Wholesale Banking
Payments
2011 ESTIMATED SHARE
SERVICEABLE SOFTWARE
INDUSTRY SPEND IN 2016 = $14.2B
Tools and
Infrastructure
Online Banking and
Cash Management
Fraud Management
($ in millions)
BPO (e.g..
processors)
IT SERVICES
SOFTWARE
FundTech
Bottomline
NICE (Actimize)
BAE (Norkom & Detica)
Clear2Pay
Dovetail
FIS
16%
38%
46%
OTHER
(Homegrown &
Regional)
IBM
ACI
–
2011
Estimated Share of 8%
FAIR ISAAC (FICO)
INTUIT (Digital
Insight)
SAS
Note: ACI market share pro forma for S1 acquisition
Source: IDC Financial Insights, June 2011; Company reports and ACI analysis
May 2013 |
 •
Shift from paper to electronic
•
Compounding regulatory
requirements
•
Revenue and profitability pressures
•
Complexity from globalization
FIs looking to transform their businesses by:
•
Driving down unit costs
•
Launching new products quicker
•
Reducing risks
•
Improving customer satisfaction and loyalty
•
Vendor Consolidation
8
Favorable Industry and Customer Trends
Customer
Trends
Industry
Dynamics
•
Total addressable market growing 9.6% CAGR ~$10bn in 2012
•
50% of addressable market is in-sourced (homegrown) applications
•
Global transaction volume growth expected to be 9% CAGR through 2020
Market
Sizing
•
Increasing fraud costs
•
Convergence of payments; real-time
•
Legacy systems increasingly difficult to
update
May 2013 |
 9
Strategy to Drive Superior Performance
Continued focus on Control, Profitability and Growth
•
Continue to increase recurring revenue base while maintaining
industry leading retention rates
•
Expand customer relationships by cross-selling (on average
customers use less than 3 ACI products)
•
Lead payments transformation with Universal Payments Platform
delivering technology-enabled efficiencies
•
Expand geographically
Growth
Drivers
•
Expand margins through operating leverage and process-driven
operating philosophy
•
Realize cost synergies derived from recent acquisitions
Continuous
Improvements to
Drive Margin Expansion
•
Buy, build or partner to fill-in product gaps or expand customer base
•
Recent acquisitions have added product, scale and market breadth
Disciplined Acquisition/
Investment Strategy
May 2013 |
 Financial
Overview May 2013 |
 May
2013 11
Financial
Summary
(2008
–
2013E)
17% CAGR
Note: Dollars are in Millions. Total Revenue, Adjusted EBITDA and Operating Income are presented
on a non-GAAP basis adding back deferred revenue haircuts and other one-time
expenses. 2013 estimates assume the midpoint of company guidance.
39% CAGR
52% CAGR
$28
$37
$65
$30
$63
$67
$24
$54
2008
2009
2010
2011
2012
LTM
3/31/2013
Operating Free Cash Flow
IBM Alliance Prepayment
$418
$406
$418
$465
$689
$905
2008
2009
2010
2011
2012
2013E
Operating Free Cash Flow
Non-GAAP Operating Income & Margin
Adjusted EBITDA & Margin
Non-GAAP Revenue
$22
$42
$54
$73
$128
$175
5%
10%
13%
16%
19%
19%
2008
2009
2010
2011
2012
2013E
Operating Income
Operating Margin %
$52
$73
$88
$113
$191
$271
12%
18%
21%
24%
28%
30%
2008
2009
2010
2011
2012
2013E
Adjusted EBITDA
% Margin |
 May
2013 12
Large & Growing Backlog Provides Revenue and Earnings Visibility
Note: Dollars are in Millions, data as of 3/31/2013
•
Backlog from monthly recurring revenues and scheduled project go-lives drives
80%+ of GAAP revenue, leading to very high visibility on an annual basis
•
Recurring revenues (maintenance, license, and hosting fees) comprise majority
of 60-month backlog
•
Backlog assumes continued >96% retention and excludes growth in users and
incidental capacity
Monthly
Recurring,
82%
Non
-
Recurring,
18%
Committed,
48%
Renewal,
52%
12-Month
Backlog
-
$743MM
60-Month
Backlog
-
$3.1BN |
 13
Low Attrition & Fixed Term Licenses Produce Recurring Revenue Model
60 Month Backlog
Sales Bookings
Note: Dollars are in Millions. Revenue presented on a GAAP basis; Pro Forma includes Online
Resources for full 12 months.
•
>70% recurring revenue (includes
maintenance, license and hosting fees)
•
80% of annual revenue comes from
backlog
•
95% of our contracts are transaction
based
•
5-year fixed term licenses
–
Legacy S1 contracts are generally perpetual license
fees and 3-year fixed term for hosting
–
Legacy ORCC contracts are generally transaction-
based and recurring
•
Renewal rates across ACI products >96%
•
New Account / New Product Sales –
revenue generally split evenly among
license, maintenance and service
$323
$293
$315
$330
$501
$136
$132
$210
$226
$265
$460
$425
$525
$556
$766
2008
2009
2010
2011
2012
ACI Sales, Net of Term Extensions
ACI Term Extensions
$2,396
$660
$1,407
$1,517
$1,566
$1,617
$2,416
$3,056
2008
2009
2010
2011
2012
3/31/2013
ACI 60-Month Backlog
ORCC 60-Month Backlog
13
May 2013 |
 May
2013 14
Diversified Revenue Base by Geography & Type
LTM 3/31/2013 Revenue by Region
LTM 3/31/2013 Revenue by Type
•
Diversified global company with
customers spanning more than 80
countries
•
Approximately 80% of business
denominated in U.S. dollars
•
EMEA is comprised of ~30% UK-
derived revenue, 20% Middle
East/Africa and 50% Europe
(inclusive of 32 countries)
•
Online Resources business is
100% U.S. focused and 95%
hosting with the remainder split
between maintenance / services
•
Higher margin revenues
(maintenance, license and hosting
fees) comprise >80% of revenue
Note: Revenue percentages based on GAAP and includes Online Resources for full 12 months.
Americas
63%
EMEA
26%
Asia/ Pacific
11%
Licenses
25%
Maintenance
25%
Services
16%
Hosting
34% |
 May
2013 15
Diversified Customer Base with Significant Cross Sales Opportunity
•
Historically, no ACI
customer has accounted for
more than 4% of total
revenue
•
In FY 2012, the largest
customer represented 3.3%
of total pro forma revenue,
utilizing 8 different products
(includes a combination of
legacy ACI, S1 and ORCC)
•
Average customers uses <3
products, representing large
cross selling opportunity
ACI Pro Forma FY 2012 Revenue by Customer
Customer
% of Total
Customer #1
3.3%
Customer #2
1.7%
Customer #3
1.7%
Customer #4
1.4%
Customer #5
1.1%
Customer #6
1.1%
Customer #7
0.9%
Customer #8
0.9%
Customer #9
0.9%
Customer #10
0.9%
Customer #11
0.9%
Customer #12
0.9%
Customer #13
0.8%
Customer #14
0.7%
Customer #15
0.7%
Customer #16
0.7%
Customer #17
0.7%
Customer #18
0.7%
Customer #19
0.7%
Customer #20
0.7%
Top 20
21.4%
All Others
78.6%
Total ACI Pro Forma 2012 Revenue
100.0%
No single customer represents more than 4% of pro forma 2012 revenue
|
 May
2013 >70% Annual Recurring Revenue and Growing
Recurring revenue has increased in dollar amount and as a percent of revenue
Virtually
all
components
of
revenue
are
seasonally
stronger
in
the
back
half
•
Revenue have averaged 44% in 1H and 56% in 2H
•
Sales bookings higher in Q4 given customer’s “budget flush”
•
Project “Go Lives”
often occur in Q4
•
Recurring annual license payments mostly occur in Q4
•
~40% -
50% of incidental capacity revenues historically occur in Q4
•
Implementation accounting causes quarter-quarter variability
•
Services for implementation projects are expensed as incurred, while revenue is often deferred
until “Go-Live” events, which causes this revenue to be very high
margin 16
(50,000)
50,000
100,000
150,000
200,000
250,000
Q108
Q208
Q308
Q408
Q109
Q209
Q309
Q409
Q110
Q210
Q310
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Ongoing services,
implementations,
increased capacity
sales and other
Recurring revenue:
(hosting,
maintenance and
license fees (paid
monthly, quarterly
or annually)
- |
  May
2013 17
2013 Outlook
Guidance
•
Represents 9
2/3
months of financial results of ORCC
•
Includes 7.5 months of annual cost synergies of $12 million to be realized in 2013
•
Excludes impact of one-time transaction and integration expenses expected to be
approximately $14 million
•
Excludes impact of deferred revenue haircut of approximately $6 million
•
Guidance assumes estimates for non-cash purchase accounting adjustments, intangible
valuations and deferred revenue haircut
First Half 2013 Revenue Outlook
•
Expected to be in a range of 41%-42% of full year revenue guidance
Current
Non-GAAP
Guidance
ORCC
Guidance
$'s in millions
Range
Impact*
Range
Revenue
$765 - $785
$128 - $132
$895 - $915
Operating Income
$150 - $160
$19 - $21
$170 - $180
Adjusted EBITDA
$230 - $240
$35 - $37
$266 - $276
* ORCC results are for the period March 11, 2013 through December 31, 2013 and
exclude the impact of deferred revenue haircut and one-time expenses
|
 May
2013 Questions? |
 May
2013 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
and expenses related to the acquisitions of ORCC and S1, 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: 19
•
Non-GAAP
revenue:
revenue
plus
deferred
revenue
that
would
have
been
recognized
in
the
normal
course
of business by S1 and ORCC 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 ORCC if not for GAAP
purchase accounting requirements and one-time expense related to the acquisitions
of ORCC and S1. Non-GAAP operating income should be considered in addition
to, rather than as a substitute for, operating income. •
Adjusted EBITDA: net income (loss) 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
ORCC
if
not
for
GAAP
purchase accounting requirements and one-time expense related to the acquisitions of ORCC
and S1. Adjusted
EBITDA
should
be
considered
in
addition
to,
rather
than
as
a
substitute
for,
operating
income. |
 May
2013 Non-GAAP Financial Measures
20
Non-GAAP Revenue (millions)
2012
2011
2010
2009
2008
Revenue
$ 667
$ 465
$ 418
$ 406
$ 418
Plus:
Deferred revenue fair value adjustment
22
-
-
-
-
Non-GAAP Revenue
$ 689
$ 465
$ 418
$ 406
$ 418
Non-GAAP Operating Income (millions)
2012
2011
2010
2009
2008
Operating income
$ 74
$ 66
$ 54
$ 42
$ 22
Plus:
Deferred revenue fair value adjustment
22
-
-
-
-
Employee related actions
15
-
-
-
-
Facility closure costs
5
-
-
-
-
IT exit costs
3
-
-
-
-
Other one-time S1 related expenses
9
7
-
-
-
Non-GAAP Operating Income
$ 128
$ 73
$ 54
$ 42
$ 22
For the Years ended December 31,
For the Years ended December 31, |
 May
2013 21
Non-GAAP Financial Measures
Adjusted EBITDA (millions)
2012
2011
2010
2009
2008
Net income
$ 49
$ 46
$ 27
$ 20
$ 11
Plus:
Income tax expense
16
18
22
13
17
Net interest expense
10
1
1
2
2
Net other expense (income)
-
1
3
7
(8)
Depreciation expense
13
8
7
6
6
Amortization expense
38
21
20
17
16
Non-cash compensation expense
15
11
8
8
8
Adjusted EBIDTA
141
106
88
73
52
Deferred revenue fair value adjustment
22
-
-
-
-
Employee related actions
11
-
-
-
-
Facility closure costs
5
-
-
-
-
IT exit costs
3
-
-
-
-
Other one-time S1 related expenses
9
7
-
-
-
Adjusted EBIDTA excluding one-time transaction expenses
$ 191
$ 113
$ 88
$ 73
$ 52
For the Years ended December 31, |
 May
2013 Non-GAAP Financial Measures
ACI is also presenting operating free cash flow, which is defined as net cash provided by
operating activities, plus net after-tax payments associated with
employee-related actions and facility closures, net after-tax payments
associated with acquisition related transaction 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. 22
Reconciliation
of
Operating
Free
Cash
Flow
(millions)
2012
2011
2010
2009
2008
Net
cash
provided
(used)
by
operating
activities
$ (9)
$ 84
$ 81
$ 44
$ 78
Net after-tax payments associated with employee-related actions
6
-
-
3
4
Net after-tax payments associated with lease terminations
3
-
-
-
1
Net after-tax payments associated with S1 related transaction costs
9
3
-
-
-
Net
after-tax
payments
associated
with
cash
settlement
of
S1
options
10
-
-
-
-
Net
after-tax
payments
associated
with
IBM
IT
Outsourcing
Transition
1
1
1
-
-
Plus
IBM
Alliance
liability
repayment
21
-
-
-
-
Less
capital
expenditures
(17)
(19)
(13)
(10)
(12)
Less
Alliance
technical
enablement
expenditures
-
(2)
(6)
(7)
(6)
Operating Free Cash Flow
$ 24
$ 67
$ 63
$ 30
$ 65
For the Years ended December 31, |
 May
2013 Non-GAAP Financial Measures
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: 23
•
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 and facilities management 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. |
 May
2013 Non-GAAP Financial Measures
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 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.
24 |
 May
2013 Forward-Looking Statements
25
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 that we will generate $19.5 million in annual cost synergies, of which $12
million will be realized in 2013, and that additional cost synergies will be realized
from facilities and data center consolidation.
•
Expectations regarding 2013 financial guidance related to revenue, operating income and
adjusted EBITDA.
•
Expectations of future growth by increasing our recurring revenue base, cross-selling more
products, expanding
geographically,
utilizing
our
Universal
Payment
Platform,
leveraging
Online
Resources’
base of
biller
connections,
and
capitalizing
on
industry
and
customer
trends
•
Expectations that our margins will increase through operating leverage and cost savings
synergies from recent acquisitions |
 May
2013 Forward-Looking Statements
26
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, 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 Online Resources, 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. |
 May
2013 ACI’s software underpins electronic payments throughout
retail and wholesale banking, and commerce all the time,
without fail.
www.aciworldwide.com |