Attached files
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| 8-K/A - 8-K/A - ACI WORLDWIDE, INC. | d683810d8ka.htm |
Exhibit 99.1
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, | ||||||||||||||||||||||||||||||||
| 2013 | 2013 | 2012 | 2012 | |||||||||||||||||||||||||||||
| Selected Non-GAAP Financial Data | GAAP | Adj | Non-GAAP | GAAP | Adj | Non-GAAP | $ Diff | % Diff | ||||||||||||||||||||||||
| Total revenues (2) |
$ | 864,928 | $ | 5,771 | $ | 870,699 | $ | 666,579 | $ | 22,461 | $ | 689,040 | $ | 181,659 | 26 | % | ||||||||||||||||
| Total expenses (3) |
741,880 | (26,169 | ) | 715,711 | 592,207 | (31,464 | ) | 560,743 | 154,968 | 28 | % | |||||||||||||||||||||
| Operating income |
123,048 | 31,940 | 154,988 | 74,372 | 53,925 | 128,297 | 26,691 | 21 | % | |||||||||||||||||||||||
| Income before income taxes |
93,159 | 31,940 | 125,099 | 65,268 | 53,925 | 119,193 | 5,906 | 5 | % | |||||||||||||||||||||||
| Income tax expense (benefit) (4) |
29,291 | 11,179 | 40,470 | 16,422 | 18,874 | 35,296 | 5,174 | 15 | % | |||||||||||||||||||||||
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| Net income |
$ | 63,868 | $ | 20,761 | $ | 84,629 | $ | 48,846 | $ | 35,051 | $ | 83,897 | $ | 732 | 1 | % | ||||||||||||||||
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| Depreciation |
18,751 | — | 18,751 | 13,284 | — | 13,284 | 5,467 | 41 | % | |||||||||||||||||||||||
| Amortization - acquisition related intangibles |
18,526 | — | 18,526 | 12,102 | — | 12,102 | 6,424 | 53 | % | |||||||||||||||||||||||
| Amortization - acquisition related software |
16,911 | — | 16,911 | 12,837 | — | 12,837 | 4,074 | 32 | % | |||||||||||||||||||||||
| Amortization - other |
15,779 | — | 15,779 | 12,558 | — | 12,558 | 3,221 | 26 | % | |||||||||||||||||||||||
| Stock-based compensation (5) |
13,572 | — | 13,572 | 15,186 | (2,822 | ) | 12,364 | 1,208 | 10 | % | ||||||||||||||||||||||
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| Adjusted EBITDA |
$ | 206,587 | $ | 31,940 | $ | 238,527 | $ | 140,339 | $ | 51,103 | $ | 191,442 | $ | 47,085 | 25 | % | ||||||||||||||||
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| Earnings per share information |
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| Weighted average shares outstanding |
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| Basic |
39,295 | 39,295 | 39,295 | 38,696 | 38,696 | 38,696 | ||||||||||||||||||||||||||
| Diluted |
40,018 | 40,018 | 40,018 | 39,905 | 39,905 | 39,905 | ||||||||||||||||||||||||||
| Earnings per share |
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| Basic |
$ | 1.63 | $ | 0.53 | $ | 2.15 | $ | 1.26 | $ | 0.91 | $ | 2.17 | $ | (0.01 | ) | -1 | % | |||||||||||||||
| Diluted |
$ | 1.60 | $ | 0.52 | $ | 2.11 | $ | 1.22 | $ | 0.88 | $ | 2.10 | $ | 0.01 | 1 | % | ||||||||||||||||
| (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 deferred revenue that would have been recognized in the normal course of business by ORCC and S1 but was not recognized due to GAAP purchase accounting requirements. |
| (3) | Expense for significant transaction related transactions, including, $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 professional and other fees in 2013 and $14.0 million for employee related actions, $4.9 million for facility closures, $3.2 million for IT exit costs and $9.3 million for other professional fees in 2012. |
| (4) | Adjustments tax effected at 35%. |
| (5) | Accelerated stock compensation expense for terminated employees related to the S1 acquisition. |
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December |
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| Reconciliation of Operating Free Cash Flow (millions) | 2013 | 2012 | ||||||||||
| Net cash provided (used) by operating activities |
$ | 138.4 | $ | (9.3 | ) | |||||||
| Payments associated with cash settlement of acquisition related options (4) |
10.2 | 10.2 | ||||||||||
| Payments associated with acquired opening balance sheet liabilities |
4.5 | — | ||||||||||
| Net after-tax payments associated with employee-related actions (4) |
9.7 | 6.2 | ||||||||||
| Net after-tax payments associated with lease terminations (4) |
1.0 | 2.7 | ||||||||||
| Net after-tax payments associated with significant transaction related expenses (4) |
18.1 | 8.8 | ||||||||||
| Net after-tax payments associated with IBM IT Outsourcing Termination (4) |
1.9 | 0.9 | ||||||||||
| Plus IBM Alliance liability payment |
— | 20.7 | ||||||||||
| Less capital expenditures |
(32.5 | ) | (16.7 | ) | ||||||||
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| Operating Free Cash Flow |
$ | 151.3 | $ | 23.5 | ||||||||
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