Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 06, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | ACI WORLDWIDE, INC. | |
Entity Central Index Key | 0000935036 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | ACIW | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 110,563,189 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 176,173 | $ 148,502 |
Receivables, net of allowances of $3,663 and $3,912, respectively | 265,750 | 348,182 |
Prepaid expenses | 31,464 | 23,277 |
Other current assets | 40,830 | 46,516 |
Total current assets | 514,217 | 566,477 |
Noncurrent assets | ||
Accrued receivables, net | 177,407 | 189,010 |
Property and equipment, net | 70,909 | 72,729 |
Operating lease right-of-use assets | 60,978 | |
Software, net | 130,812 | 137,228 |
Goodwill | 909,691 | 909,691 |
Intangible assets, net | 162,845 | 168,127 |
Deferred income taxes, net | 38,408 | 27,048 |
Other noncurrent assets | 48,875 | 52,145 |
TOTAL ASSETS | 2,114,142 | 2,122,455 |
Current liabilities | ||
Accounts payable | 28,046 | 39,602 |
Employee compensation | 29,570 | 38,115 |
Current portion of long-term debt | 20,788 | 20,767 |
Deferred revenue | 91,369 | 104,843 |
Other current liabilities | 90,604 | 93,293 |
Total current liabilities | 260,377 | 296,620 |
Noncurrent liabilities | ||
Deferred revenue | 60,853 | 51,292 |
Long-term debt | 645,784 | 650,989 |
Deferred income taxes, net | 24,705 | 31,715 |
Operating lease liabilities | 50,636 | |
Other noncurrent liabilities | 39,203 | 43,608 |
Total liabilities | 1,081,558 | 1,074,224 |
Commitments and contingencies | ||
Stockholders' equity | ||
Preferred stock; $0.01 par value; 5,000,000 shares authorized; no shares issued at March 31, 2019, and December 31, 2018 | ||
Common stock; $0.005 par value; 280,000,000 shares authorized; 140,525,055 shares issued at March 31, 2019, and December 31, 2018 | 702 | 702 |
Additional paid-in capital | 636,960 | 632,235 |
Retained earnings | 837,805 | 863,768 |
Treasury stock, at cost, 23,994,620 and 24,401,694 shares at March 31, 2019, and December 31, 2018, respectively | (351,587) | (355,857) |
Accumulated other comprehensive loss | (91,296) | (92,617) |
Total stockholders' equity | 1,032,584 | 1,048,231 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 2,114,142 | $ 2,122,455 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Receivables, allowances | $ 3,663 | $ 3,912 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.005 | $ 0.005 |
Common stock, shares authorized | 280,000,000 | 280,000,000 |
Common stock, shares issued | 140,525,055 | 140,525,055 |
Treasury stock, shares | 23,994,620 | 24,401,694 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Revenues | |||
Total revenues | $ 205,855 | $ 209,310 | |
Operating expenses | |||
Cost of revenue | [1] | 114,941 | 107,336 |
Research and development | 36,194 | 36,791 | |
Selling and marketing | 29,430 | 31,893 | |
General and administrative | 31,517 | 28,649 | |
Depreciation and amortization | 21,866 | 21,345 | |
Total operating expenses | 233,948 | 226,014 | |
Operating loss | (28,093) | (16,704) | |
Other income (expense) | |||
Interest expense | (11,614) | (9,365) | |
Interest income | 3,033 | 2,744 | |
Other, net | (1,912) | (55) | |
Total other income (expense) | (10,493) | (6,676) | |
Loss before income taxes | (38,586) | (23,380) | |
Income tax benefit | (12,623) | (3,952) | |
Net loss | $ (25,963) | $ (19,428) | |
Loss per common share | |||
Basic | $ (0.22) | $ (0.17) | |
Diluted | $ (0.22) | $ (0.17) | |
Weighted average common shares outstanding | |||
Basic | 116,090 | 115,642 | |
Diluted | 116,090 | 115,642 | |
Software as a service and platform as a service [Member] | |||
Revenues | |||
Total revenues | $ 108,557 | $ 104,280 | |
License [Member] | |||
Revenues | |||
Total revenues | 21,078 | 28,046 | |
Maintenance [Member] | |||
Revenues | |||
Total revenues | 55,111 | 56,659 | |
Services [Member] | |||
Revenues | |||
Total revenues | $ 21,109 | $ 20,325 | |
[1] | The cost of revenue excludes charges for depreciation but includes amortization of purchased and developed software for resale. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (25,963) | $ (19,428) |
Other comprehensive income: | ||
Foreign currency translation adjustments | 1,321 | 5,659 |
Total other comprehensive income | 1,321 | 5,659 |
Comprehensive loss | $ (24,642) | $ (13,769) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2017 | $ 764,597 | $ 702 | $ 610,345 | $ 550,866 | $ (319,960) | $ (77,356) |
Net loss | (19,428) | (19,428) | ||||
Other comprehensive income | 5,659 | 5,659 | ||||
Stock-based compensation | 6,362 | 6,362 | ||||
Shares issued and forfeited, net, under stock plans including income tax benefits | 9,877 | 206 | 9,671 | |||
Repurchase of common stock | (31,113) | (31,113) | ||||
Repurchase of restricted share awards and restricted share units for tax withholdings | (914) | (914) | ||||
Cumulative effect of accounting change, ASC 606 | 243,981 | 243,981 | ||||
Ending balance at Mar. 31, 2018 | 979,021 | 702 | 616,913 | 775,419 | (342,316) | (71,697) |
Beginning balance at Dec. 31, 2018 | 1,048,231 | 702 | 632,235 | 863,768 | (355,857) | (92,617) |
Net loss | (25,963) | (25,963) | ||||
Other comprehensive income | 1,321 | 1,321 | ||||
Stock-based compensation | 6,585 | 6,585 | ||||
Shares issued and forfeited, net, under stock plans including income tax benefits | 5,665 | (1,860) | 7,525 | |||
Repurchase of common stock | (631) | (631) | ||||
Repurchase of restricted share awards and restricted share units for tax withholdings | (2,624) | (2,624) | ||||
Ending balance at Mar. 31, 2019 | $ 1,032,584 | $ 702 | $ 636,960 | $ 837,805 | $ (351,587) | $ (91,296) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - shares | 3 Months Ended | 79 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | |
Repurchase of common stock, shares | 23,802 | 1,346,427 | 44,153,195 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (25,963) | $ (19,428) |
Adjustments to reconcile net loss to net cash flows from operating activities: | ||
Depreciation | 5,901 | 5,926 |
Amortization | 18,951 | 19,067 |
Amortization of operating lease right-of-use assets | 3,383 | |
Amortization of deferred debt issuance costs | 753 | 699 |
Deferred income taxes | (17,414) | (4,827) |
Stock-based compensation expense | 6,585 | 6,362 |
Other | 574 | (663) |
Changes in operating assets and liabilities | ||
Receivables | 94,549 | 68,741 |
Accounts payable | (10,297) | (2,611) |
Accrued employee compensation | (8,598) | (14,743) |
Current income taxes | (1,041) | (3,569) |
Deferred revenue | (4,127) | 11,326 |
Other current and noncurrent assets and liabilities | (20,829) | (21,144) |
Net cash flows from operating activities | 42,427 | 45,136 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (5,250) | (5,937) |
Purchases of software and distribution rights | (4,578) | (6,652) |
Net cash flows from investing activities | (9,828) | (12,589) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 831 | 753 |
Proceeds from exercises of stock options | 4,857 | 9,118 |
Repurchase of restricted share awards and restricted share units for tax withholdings | (2,624) | (914) |
Repurchases of common stock | (631) | (31,113) |
Proceeds from revolving credit facility | 48,000 | |
Repayment of revolving credit facility | (50,000) | |
Repayment of term portion of credit agreement | (5,937) | (5,187) |
Payments on other debt | (1,857) | (352) |
Net cash flows from financing activities | (5,361) | (29,695) |
Effect of exchange rate fluctuations on cash | 433 | 1,719 |
Net increase in cash and cash equivalents | 27,671 | 4,571 |
Cash and cash equivalents, beginning of period | 148,502 | 69,710 |
Cash and cash equivalents, end of period | 176,173 | 74,281 |
Supplemental cash flow information | ||
Income taxes paid | 5,949 | 8,263 |
Interest paid | $ 14,388 | $ 13,127 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidated Financial Statements | 1. Condensed Consolidated Financial Statements The unaudited condensed consolidated financial statements include the accounts of ACI Worldwide, Inc. and its wholly-owned subsidiaries (collectively, the “Company”). All intercompany balances and transactions have been eliminated. The condensed consolidated financial statements as of March 31, 2019, and for the three months ended March 31, 2019 and 2018, are unaudited and reflect all adjustments of a normal recurring nature, which are, in the opinion of management, necessary for a fair presentation, in all material respects, of the financial position and operating results for the interim periods. The condensed consolidated balance sheet as of December 31, 2018, is derived from the audited financial statements. The condensed consolidated financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2018, filed on March 1, 2019. Results for the three months ended March 31, 2019, are not necessarily indicative of results that may be attained in the future. The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make judgments, estimates, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Other Current Assets and Other Current Liabilitie s (in thousands) March 31, 2019 December 31, 2018 Settlement receivables $ 13,842 $ 8,605 Settlement deposits 10,549 23,651 Other 16,439 14,260 Total other current assets $ 40,830 $ 46,516 (in thousands) March 31, 2019 December 31, 2018 Settlement payables $ 23,552 $ 31,605 Operating lease liabilities 14,334 — Royalties payable 14,751 11,318 Vendor financed licenses 4,152 3,551 Accrued interest 4,848 8,407 Other 28,967 38,412 Total other current liabilities $ 90,604 $ 93,293 Individuals and businesses settle their obligations to the Company’s various clients, primarily utility and other public-sector clients, using credit or debit cards or via automated clearing house (“ACH”) payments. The Company creates a receivable for the amount due from the credit or debit card company and an offsetting payable to the client. Upon confirmation that the funds have been received, the Company settles the obligation to the client. Due to timing, in some instances, the Company may receive the funds into bank accounts controlled by and in the Company’s name that are not disbursed to its clients by the end of the day, resulting in a settlement deposit on the Company’s books. Off Balance Sheet Settlement Accounts The Company also enters into agreements with certain clients to process payment funds on their behalf. When an ACH or automated teller machine network payment transaction is processed, a transaction is initiated to withdraw funds from the designated source account and deposit them into a settlement account, which is a trust account maintained for the benefit of the Company’s clients. A simultaneous transaction is initiated to transfer funds from the settlement account to the intended destination account. These “back to back” transactions are designed to settle at the same time, usually overnight, such that the Company receives the funds from the source at the same time as it sends the funds to their destination. However, due to the transactions being with various financial institutions there may be timing differences that result in float balances. These funds are maintained in accounts for the benefit of the client, which is separate from the Company’s corporate assets. As the Company does not take ownership of the funds, the settlement accounts are not included in the Company’s balance sheet. The Company is entitled to interest earned on the fund balances. The collection of interest on these settlement accounts is considered in the Company’s determination of its fee structure for clients and represents a portion of the payment for services performed by the Company. The amount of settlement funds as of March 31, 2019, and December 31, 2018, was $199.6 million and $256.5 million, respectively. Fair Value The fair value of the Company’s Credit Agreement approximates the carrying value due to the floating interest rate (Level 2 of the fair value hierarchy). The Company measures the fair value of its Senior Notes based on Level 2 inputs, which include quoted market prices and interest rate spreads of similar securities. The fair value of the Company’s 5.750% Senior Notes due 2026 (“2026 Notes”) as of March 31, 2019, and December 31, 2018, was $409.5 million and $395.0 million respectively. The fair values of cash and cash equivalents approximate the carrying values due to the short period of time to maturity (Level 2 of the fair value hierarchy). Goodwill In accordance with the Accounting Standards Codification (“ASC”) 350, Intangibles – Goodwill and Other, $909.7 million was allocated to its two reporting units, with $725.9 million allocated to ACI On Premise and $183.8 million allocated to ACI On Demand. Recoverability of goodwill is measured using a discounted cash flow model incorporating discount rates commensurate with the risks involved. Use of a discounted cash flow model is common practice in impairment testing in the absence of available transactional market evidence to determine the fair value. The calculated fair value was substantially in excess of the current carrying value for all reporting units based upon the October 1, 2018, annual impairment test and there have been no indications of impairment in the subsequent periods. New Accounting Standards Recently Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases $63.3 million and $68.6 million, respectively. Refer to Note 13, Leases In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This ASU provides an option to reclassify stranded tax effects within accumulated other comprehensive income (“AOCI”) to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the 2017 U.S. Tax Cuts and Jobs Act (or portion thereof) is recorded. This ASU requires disclosure of a description of the accounting policy for releasing income tax effects from AOCI; whether election is made to reclassify the stranded income tax effects from the 2017 U.S. Tax Cuts and Jobs Act; and information about the income tax effects that are reclassified. The Company adopted ASU 2018-02 as of January 1, 2019. The adoption of ASU 2018-02 did not have an impact on the condensed consolidated balance sheet, results of operations, and statement of cash flows. Recently Issued Accounting Standards Not Yet Effective In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. Codification Improvements to Topic 326, Financial Instruments - Credit Losses |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 2. Revenue In accordance with ASC 606, Revenue From Contracts With Customers Segment Information, location. Total receivables represent amounts billed and amounts earned that are to be billed in the future (i.e., accrued receivables). Included in accrued receivables are services and SaaS and PaaS revenues earned in the current period but billed in the following period and amounts due under multi-year software license arrangements with extended payment terms for which the Company has an unconditional right to invoice and receive payment subsequent to invoicing. March 31, December 31, (in thousands) 2019 2018 Billed receivables $ 158,807 $ 239,275 Allowance for doubtful accounts (3,663 ) (3,912 ) Billed receivables, net $ 155,144 $ 235,363 Accrued receivables 320,575 336,858 Significant financing component (32,562 ) (35,029 ) Total accrued receivables, net 288,013 301,829 Less: current accrued receivables 120,569 123,053 Less: current significant financing component (9,963 ) (10,234 ) Total long-term accrued receivables, net $ 177,407 $ 189,010 Total receivables, net $ 443,157 $ 537,192 No customer accounted for more than 10% of the Company’s consolidated receivables balance as of March 31, 2019, or December 31, 2018. Deferred revenue includes amounts due or received from customers for software licenses, maintenance, services, and/or SaaS and PaaS services in advance of recording the related revenue. Changes in deferred revenue were as follows (in thousands): Balance, December 31, 2018 $ 156,135 Deferral of revenue 42,533 Recognition of deferred revenue (46,701 ) Foreign currency translation 255 Balance, March 31, 2019 $ 152,222 Revenue allocated to remaining performance obligations represents contracted revenue that will be recognized in future periods, which is comprised of deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. This does not include: • Revenue that will be recognized in future periods from capacity overages that are accounted for as a usage-based royalty. • SaaS and PaaS revenue from variable consideration that will be recognized in accordance with the ‘right to invoice’ practical expedient. • SaaS and PaaS revenue from variable consideration that will be recognized in accordance with the direct allocation method. Revenue allocated to remaining performance obligations was $628.3 million as of March 31, 2019, of which the Company expects to recognize approximately 46% over the next 12 months and the remainder thereafter. During the three months ended March 31, 2019, 2018, revenue recognized by the Company from performance obligations satisfied in previous periods was . |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisition | 3. Acquisition Speedpay On May 9, 2019, the Company acquired Speedpay, the U.S. bill pay business of Western Union Company (“WU”) for $750.0 million in cash, subject to adjustments, pursuant to a Stock Purchase Agreement, among the Company, WU, and ACI Worldwide Corp., a wholly owned subsidiary of the Company. The combination of the Company and Speedpay bill pay solutions will serve more than 4,000 customers across the U.S., bringing expanded reach in existing and complementary market segments such as consumer finance, insurance, healthcare, higher education, utilities, government, and mortgage. The acquisition of Speedpay will increase the scale of the Company’s On Demand platform business and allow the acceleration of platform innovation. The acquisition of Speedpay will be accounted for using the acquisition method of accounting, where the Company will record all assets acquired and liabilities assumed at their respective acquisition-date fair values. The Company has not completed the valuation analysis and calculations necessary to finalize the required purchase price allocations. In addition to goodwill, the final purchase price allocation may include allocations to intangible assets such as trademarks and tradenames, developed technology, and customer-related assets. Effective April 5, 2019, the Company entered into an amendment agreement (the “amendment”) with ACI Worldwide Corp., Official Payments Corporation, the lenders, and Bank of America, N.A., as administrative agent for the lenders, to amend and restate the Company’s Credit Agreement, dated February 24, 2017. The amendment permitted the Company to borrow up to $500.0 million in the form of a senior secured term loan; extended the revolver and the term loan maturity date from February 24, 2022, to April 5, 2024; and increased the maximum consolidated senior secured net leverage ratio covenant from 3.50:1.00 to 3.75:1.00; among other things. The Company used the funds from the new term loan, in addition to drawing $250.0 million on the available Revolving Credit Facility, to fund the acquisition. Through March 31, 2019, the Company expensed approximately $4.7 million of costs related to the acquisition of Speedpay. These costs, which consist primarily of consulting and legal fees, are included in general and administrative expenses in the condensed consolidated statements of operations. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 4. Debt As of March 31, 2019, the Company had $279.0 million and $400.0 million outstanding under its Term Credit Facility and Senior Notes, respectively, with up to $500.0 million of unused borrowings under the Revolving Credit Facility portion of the Credit Agreement, as amended. Credit Agreement On February 24, 2017, the Company entered into an amended and restated credit agreement replacing the existing agreement with a syndicate of financial institutions, as lenders, and Bank of America, N.A., as the administrative agent, providing for revolving loans, swingline loans, letters of credit, and a term loan. The Credit Agreement consists of (a) a five-year $500.0 million senior secured revolving credit facility (the “Revolving Credit Facility”), which includes sublimits for (1) the issuance of standby letters of credit and (2) swingline loans, and (b) a five-year $415.0 million senior secured term loan facility (the “Term Credit Facility” and, together with the Revolving Credit Facility, the “Credit Facility”). The Credit Agreement also allows the Company to request optional incremental term loans and increases in the revolving commitment. At the Company’s option, borrowings under the Credit Facility bear interest at an annual rate equal to, either (a) a base rate determined by reference to the highest of (1) the annual interest rate publicly announced by the administrative agent as its Prime Rate, (2) the federal funds effective rate plus 1/2 of 1%, or (3) a London Interbank Offered Rate (“LIBOR”) rate determined by reference to the costs of funds for U.S. dollar deposits for a one-month interest period, adjusted for certain additional costs, plus 1% or (b) a LIBOR rate determined by reference to the costs of funds for U.S. dollar deposits for the interest period relevant to such borrowings, adjusted for certain additional costs, plus an applicable margin. Based on the calculation of the applicable consolidated total leverage ratio, the applicable margin for borrowings under the Credit Facility is between 0.25% to 1.25% with respect to base rate borrowings and between 1.25% and 2.25% with respect to LIBOR rate borrowings. Interest is due and payable monthly. The interest rate in effect as of March 31, 2019, for the Credit Facility was 4.25%. The Company is also required to pay (a) a commitment fee related to the unutilized commitments under the Revolving Credit Facility, payable quarterly in arrears, (b) letter of credit fees on the maximum amount available to be drawn under all outstanding letters of credit in an amount equal to the applicable margin on LIBOR rate borrowings under the Revolving Credit Facility on an annual basis, payable quarterly in arrears, and (c) customary fronting fees for the issuance of letters of credit fees and agency fees. The Company’s obligations under the Credit Facility and cash management arrangements entered into with lenders under the Credit Facility (or affiliates thereof) and the obligations of the subsidiary guarantors are secured by first-priority security interests in substantially all assets of the Company and any guarantor, including 100% of the capital stock of ACI Worldwide Corp. and each domestic subsidiary of the Company, each domestic subsidiary of any guarantor, and 65% of the voting capital stock of each foreign subsidiary of the Company that is directly owned by the Company or a guarantor, in each case subject to certain exclusions set forth in the credit documentation governing the Credit Facility. On October 9, 2018, the Company entered into the first amendment to the collateral agreement of the Credit Agreement. This amendment released the lien on certain assets of Official Payments Corporation (“OPAY”), our electronic bill presentment and payment affiliate, to allow OPAY to comply with certain eligible securities and unencumbered asset requirements related to money transmitter or transfer license rules and regulations. The Credit Agreement contains a number of covenants that, among other things and subject to certain exceptions, restrict the Company’s ability and, as applicable, the ability of its subsidiaries to: create, incur, assume or suffer to exist any additional indebtedness; create, incur, assume or suffer to exist any liens; enter into agreements and other arrangements that include negative pledge clauses; pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; create restrictions on the payment of dividends or other distributions by subsidiaries; make investments, loans, advances and acquisitions; merge, consolidate or enter into any similar combination or sell assets, including equity interests of the subsidiaries; enter into sale and leaseback transactions; directly or indirectly engage in transactions with affiliates; alter in any material respect the character or conduct of the business; enter into amendments of or waivers under subordinated indebtedness, organizational documents and certain other material agreements; and hold certain assets and incur certain liabilities. Senior Notes On August 21, 2018, the Company completed a $400.0 million offering of the 2026 Notes at an issue price of 100% of the principal amount, in a private placement for resale to qualified institutional buyers. The 2026 Notes bear interest at an annual rate of 5.750%, payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2019. Interest accrued from August 21, 2018. The 2026 Notes will mature on August 15, 2026 The Company used the net proceeds of the offering described above to redeem in full the Company’s outstanding 6.375% Senior Notes due 2020, including accrued interest, and repaid a portion of the outstanding amount under the Term Credit Facility. Maturities on long-term debt outstanding as of March 31, 2019, are as follows (in thousands): Fiscal year ending December 31, 2019 $ 17,810 2020 23,747 2021 31,662 2022 205,804 2023 — Thereafter 400,000 Total $ 679,023 The Credit Agreement and 2026 Notes also contain certain customary mandatory prepayment provisions. As specified in the Credit Agreement and 2026 Notes agreement, if certain events shall occur, the Company may be required to repay all or a portion of the amounts outstanding under the Credit Facility or 2026 Notes. The Credit Facility will mature on February 24, 2022, and the 2026 Notes will mature on August 15, 2026. The Revolving Credit Facility and 2026 Notes do not amortize. The Term Credit Facility does amortize, with principal payable in consecutive quarterly installments. The Credit Agreement and 2026 Notes contain certain customary affirmative covenants and negative covenants that limit or restrict, subject to certain exceptions, the incurrence of liens, indebtedness of subsidiaries, mergers, advances, investments, acquisitions, transactions with affiliates, change in nature of business and the sale of the assets. The Company is also required to maintain a consolidated leverage ratio at or below a specified amount and an interest coverage ratio at or above a specified amount. As specified in the Credit Agreement and 2026 Notes agreement, if an event of default shall occur and be continuing, the Company may be required to repay all amounts outstanding under the Credit Facility and 2026 Notes. As of March 31, 2019, and at all times during the period, the Company was in compliance with its financial debt covenants. Total debt is comprised of the following (in thousands): March 31, 2019 December 31, 2018 Term credit facility $ 279,023 $ 284,959 5.750% Senior notes, due August 2026 400,000 400,000 Debt issuance costs (12,451 ) (13,203 ) Total debt 666,572 671,756 Less: current portion of term credit facility 23,747 23,747 Less: current portion of debt issuance costs (2,959 ) (2,980 ) Total long-term debt $ 645,784 $ 650,989 Other As of March 31, 2019, $9.4 million is outstanding related to certain multi-year license agreements for internal use software, of which $2.5 million and $6.9 million is included in other current liabilities and other noncurrent liabilities, respectively, in the condensed consolidated balance sheet. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | 5. Stock-Based Compensation Plans Employee Stock Purchase Plan Shares issued under the 2017 Employee Stock Purchase Plan during the three months ended March 31, 2019 and 2018, totaled 32,174 and 38,145, respectively. Stock Options A summary of stock option activity is as follows: Stock Options Number of Shares Weighted- Average Exercise Price ($) Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value of In-the-Money Options ($) Outstanding as of December 31, 2018 4,864,836 $ 17.76 Exercised (313,282 ) 15.50 Forfeited (3,496 ) 17.89 Outstanding as of March 31, 2019 4,548,058 $ 17.91 6.02 $ 68,018,687 Exercisable as of March 31, 2019 3,946,163 $ 17.58 5.80 $ 60,350,648 The weighted-average grant date fair value of stock options granted during the three months ended March 31, 2018, was $7.03. The total intrinsic value of stock options exercised during the three months ended March 31, 2019 and 2018, was $5.3 million and $7.2 million, The fair value of options granted during the three months ended March 31, 2018, were estimated on the date of grant using the Black-Scholes option-pricing model, acceptable under ASC 718, Compensation – Stock Compensation Three Months Ended March 31, 2018 Expected life (years) 5.6 Risk-free interest rate 2.7 % Expected volatility 26.4 % Expected dividend yield — Expected volatilities are based on the Company’s historical common stock volatility, derived from historical stock price data for periods commensurate with the options’ expected life. The expected life of the options granted represents the period of time options are expected to be outstanding, based primarily on historical employee option exercise behavior. The risk-free interest rate is based on the implied yield currently available on U.S. Treasury zero coupon bonds issued with a term equal to the expected life at the date of grant of the options. The expected dividend yield is zero, as the Company has historically paid no dividends and does not anticipate dividends to be paid in the future. Long-term Incentive Program Performance Share Awards A summary of nonvested long-term incentive program performance share awards (“LTIP performance shares”) is as follows: Nonvested LTIP Performance Shares Number of Shares at Expected Attainment Weighted- Grant Date Fair Value Nonvested as of December 31, 2018 540,697 $ 19.83 Forfeited (1,036 ) 20.12 Nonvested as of March 31, 2019 539,661 $ 19.83 Restricted Share Awards A summary of nonvested restricted share awards (“RSAs”) is as follows: Nonvested Restricted Share Awards Number of Shares Weighted- Nonvested as of December 31, 2018 213,337 $ 20.21 Vested (98,769 ) 20.12 Forfeited (3,975 ) 20.12 Nonvested as of March 31, 2019 110,593 $ 20.29 During the three months ended March 31, 2019, a total of 98,769 RSAs vested. The Company withheld 30,878 of those shares to pay the employees’ portion of the minimum payroll withholding taxes. Total Shareholder Return Awards A summary of nonvested total shareholder return awards (“TSRs”) is as follows: Nonvested Total Shareholder Return Awards Number of Shares Weighted- Nonvested as of December 31, 2018 718,931 $ 29.25 Granted 436,674 47.90 Forfeited (5,457 ) 31.31 Nonvested as of March 31, 2019 1,150,148 $ 36.32 The fair value of TSRs granted during the three months ended March 31, 2019 and 2018, were estimated on the date of grant using the Monte Carlo simulation model, acceptable under ASC 718, using the following weighted-average assumptions: Three Months Ended March 31, 2019 2018 Expected life (years) 2.8 2.9 Risk-free interest rate 2.5 % 2.4 % Expected volatility 29.3 % 28.0 % Expected dividend yield — — Restricted Share Units A summary of nonvested restricted share unit awards (“RSUs”) is as follows: Nonvested Restricted Share Units Number of Shares Weighted- Nonvested as of December 31, 2018 651,045 $ 23.82 Granted 550,091 33.07 Vested (173,547 ) 23.36 Forfeited (8,346 ) 23.36 Nonvested as of March 31, 2019 1,019,243 $ 28.90 During the three months ended March 31, 2019, a total of 173,547 RSUs vested. The Company withheld 53,274 of those shares to pay the employees’ portion of the minimum payroll withholding taxes. As of March 31, 2019, there were unrecognized compensation costs of $31.6 million related to nonvested TSRs, $26.7 million related to nonvested RSUs, $3.0 million related to nonvested LTIP performance shares, $1.1 million related to nonvested stock options, and $1.9 million related to nonvested RSAs, which the Company expects to recognize over weighted-average periods of 2.3 years, 1.9 years, 1.0 years, 0.9 years, and 0.9 years, respectively. The Company recorded stock-based compensation expense recognized under ASC 718 for the three months ended March 31, 2019 and 2018, of $6.6 million and $6.4 million, respectively, with corresponding tax benefits of $1.2 million and $1.0 million, respectively. |
Software and Other Intangible A
Software and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Software and Other Intangible Assets | 6. Software and Other Intangible Assets As of March 31, 2019, software net book value totaled $130.8 million, net of $261.1 million of accumulated amortization. Included in this net book value amount is software for resale of $24.8 million and software acquired or developed for internal use of $106.0 million. As of December 31, 2018, software net book value totaled $137.2 million, net of $252.2 million of accumulated amortization. Included in this net book value amount is software for resale of $27.5 million and software acquired or developed for internal use of $109.7 million. Amortization of software for resale is computed using the greater of (a) the ratio of current revenues to total current and future revenues expected to be derived from the software or (b) the straight-line method over an estimated useful life of generally three to ten years. Software for resale amortization expense recorded during the three months ended March 31, 2019 and 2018, totaled $3.0 million and $3.6 million, respectively. These software amortization expense amounts are reflected in cost of revenue in the condensed consolidated statements of operations. Amortization of software for internal use is computed using the straight-line method over an estimated useful life of generally three to ten years. Software for internal use amortization expense recorded during the three months ended March 31, 2019 and 2018, totaled $10.4 million and $10.5 million, respectively. These software amortization expense amounts are reflected in depreciation and amortization in the condensed consolidated statements of operations. The carrying amount and accumulated amortization of the Company’s other intangible assets subject to amortization at each balance sheet date are as follows (in thousands): March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Balance Gross Carrying Amount Accumulated Amortization Net Balance Customer relationships $ 298,459 $ (136,628 ) $ 161,831 $ 297,991 $ (131,187 ) $ 166,804 Trademarks and tradenames 16,346 (15,332 ) 1,014 16,348 (15,025 ) 1,323 $ 314,805 $ (151,960 ) $ 162,845 $ 314,339 $ (146,212 ) $ 168,127 Other intangible assets amortization expense during the three months ended March 31, 2019 and 2018, totaled $5.5 million and $4.9 million, respectively Based on capitalized intangible assets as of March 31 , 2019 , estimated amortization expense amounts in future fiscal years are as follows (in thousands): Fiscal Year Ending December 31, Software Amortization Other Intangible Assets Amortization Remainder of 2019 $ 37,383 $ 16,340 2020 40,353 20,992 2021 27,637 20,506 2022 13,167 20,359 2023 6,633 20,053 Thereafter 5,639 64,595 Total $ 130,812 $ 162,845 |
Corporate Restructuring and Oth
Corporate Restructuring and Other Organizational Changes | 3 Months Ended |
Mar. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Corporate Restructuring and Other Organizational Changes | 7. Corporate Restructuring and Other Organizational Changes The components of corporate restructuring and other reorganization from prior acquisitions are included in the following table (in thousands): Balance, December 31, 2018 $ 4,127 Amounts paid during the period (389 ) Foreign currency translation adjustments 42 Balance, March 31, 2019 $ 3,780 Of the $3.8 million restructuring liability, $1.6 million and $2.2 million are recorded in other current liabilities and operating lease liabilities, respectively, in the condensed consolidated balance sheet as of March 31, 2019. |
Common Stock and Treasury Stock
Common Stock and Treasury Stock | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Common Stock and Treasury Stock | 8. Common Stock and Treasury Stock In 2005, the board approved a stock repurchase program authorizing the Company, as market and business conditions warrant, to acquire its common stock and periodically authorize additional funds for the program. In February 2018, the board approved the repurchase of up to $200.0 million of the Company’s common stock, in place of the remaining purchase amounts previously authorized. The Company repurchased 23,802 shares for $0.6 million under the program during the three months ended March 31, 2019. Under the program to date, the Company has repurchased 44,153,195 shares for approximately $548.5 million. As of March 31, 2019, the maximum remaining amount authorized for purchase under the stock repurchase program was $176.0 million. |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 9. Loss Per Share Basic loss per share is computed in accordance with ASC 260, Earnings per Share The following table reconciles the weighted average share amounts used to compute both basic and diluted loss per share (in thousands): Three Months Ended March 31, 2019 2018 Weighted average shares outstanding: Basic weighted average shares outstanding 116,090 115,642 Add: Dilutive effect of stock options and RSUs — — Diluted weighted average shares outstanding 116,090 115,642 The diluted loss per share computation excludes 7.4 million and 8.6 million options to purchase shares, RSUs, and contingently issuable shares during the three months ended March 31, 2019 and 2018, respectively, as their effect would be anti-dilutive. Common stock outstanding as of March 31, 2019, and December 31, 2018, was 116,530,435 and 116,123,361, respectively. |
Other, Net
Other, Net | 3 Months Ended |
Mar. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other, Net | 10. Other, Net Other, net is comprised of foreign currency transaction losses of $1.9 million and $0.1 million for the three months ended March 31, 2019 and 2018, respectively. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 11. Segment Information The Company reports financial performance based on its segments, ACI On Premise and ACI On Demand, and analyzes Segment Adjusted EBITDA as a measure of segment profitability. The Company’s Chief Executive Officer is also the chief operating decision maker (“CODM”). The CODM, together with other senior management personnel, focus their review on consolidated financial information and the allocation of resources based on operating results, including revenues and Segment Adjusted EBITDA, for each segment, separate from Corporate operations. ACI On Premise serves customers who manage their software on site. These on-premise customers use the Company’s software to develop sophisticated solutions, which are often part of a larger system located and managed at the customer specified site. These customers require a level of control and flexibility that ACI On Premise solutions can offer, and they have the resources and expertise to take a lead role in managing these solutions. ACI On Demand serves the needs of banks, merchants and corporates who use payments to facilitate their core business. These on-demand solutions are maintained and delivered through the cloud via our global data centers and are available in either a single-tenant environment for SaaS offerings, or in a multi-tenant environment for PaaS offerings. Revenue is attributed to the reportable segments based upon the product sold and mechanism for delivery to the customer. Expenses are attributed to the reportable segments in one of three methods: (1) direct costs of the segment, (2) labor costs that can be attributed based upon time tracking for individual products, or (3) costs that are allocated. Allocated costs are generally marketing and sales related activities as well as information technology and facilities related expense for which multiple segments benefit. The Company also allocates certain depreciation costs to the segments. Segment Adjusted EBITDA is the measure reported to the CODM for purposes of making decisions on allocating resources and assessing the performance of the Company’s segments, and, therefore, Segment Adjusted EBITDA is presented in conformity with ASC 280, Segment Reporting. Segment Adjusted EBITDA is defined as earnings (loss) from operations before interest, income tax expense (benefit), depreciation and amortization (“EBITDA”) adjusted to exclude stock-based compensation, and net other income (expense). Corporate and unallocated expenses consists of the corporate overhead costs that are not allocated to reportable segments. These overhead costs relate to human resources, finance, legal, accounting, merger and acquisition activity, and other costs that are not considered when management evaluates segment performance. The following is selected financial data for the Company’s reportable segments (in thousands): Three Months Ended March 31, 2019 2018 Revenue ACI On Premise $ 96,007 $ 105,030 ACI On Demand 109,848 104,280 Total revenue $ 205,855 $ 209,310 Segment Adjusted EBITDA ACI On Premise $ 28,268 $ 38,898 ACI On Demand (262 ) (4,233 ) Depreciation and amortization (24,852 ) (24,993 ) Stock-based compensation expense (6,585 ) (6,362 ) Corporate and unallocated expenses (24,662 ) (20,014 ) Interest, net (8,581 ) (6,621 ) Other, net (1,912 ) (55 ) Loss before income taxes $ (38,586 ) $ (23,380 ) Depreciation and amortization ACI On Premise $ 3,030 $ 2,975 ACI On Demand 7,562 7,736 Corporate 14,260 14,282 Total depreciation and amortization $ 24,852 $ 24,993 Stock-based compensation expense ACI On Premise $ 1,956 $ 1,467 ACI On Demand 1,951 1,463 Corporate 2,678 3,432 Total stock-based compensation expense $ 6,585 $ 6,362 Assets are not allocated to segments, and the Company’s CODM does not evaluate operating segments using discrete asset information. The following is revenue by primary geographic market and primary solution category for the Company’s reportable segments (in thousands): Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 ACI On Premise ACI On Demand Total ACI On Premise ACI On Demand Total Primary Geographic Markets Americas - United States $ 26,422 $ 93,036 $ 119,458 $ 30,864 $ 88,946 $ 119,810 Americas - Other 10,945 2,743 13,688 16,784 2,319 19,103 EMEA 42,451 12,068 54,519 38,686 12,009 50,695 Asia Pacific 16,189 2,001 18,190 18,696 1,006 19,702 Total $ 96,007 $ 109,848 $ 205,855 $ 105,030 $ 104,280 $ 209,310 Primary Solution Categories Bill Payments $ — $ 68,967 $ 68,967 $ — $ 66,168 $ 66,168 Digital Channels 8,725 9,788 18,513 11,363 10,644 22,007 Merchant Payments 5,022 19,339 24,361 5,010 12,371 17,381 Payments Intelligence 7,037 8,981 16,018 10,420 11,798 22,218 Real-Time Payments 14,715 618 15,333 13,641 450 14,091 Retail Payments 60,508 2,155 62,663 64,596 2,849 67,445 Total $ 96,007 $ 109,848 $ 205,855 $ 105,030 $ 104,280 $ 209,310 The following is the Company’s long-lived assets by geographic location (in thousands): March 31, 2019 December 31, 2018 Long-lived assets United States $ 829,953 $ 811,435 Other 731,564 717,495 $ 1,561,517 $ 1,528,930 No single customer accounted for more than 10% of the Company’s consolidated revenues during the three months ended March 31, 2019 and 2018. No other country outside the United States accounted for more than 10% of the Company’s consolidated revenues during the three months ended March 31, 2019 and 2018. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The effective tax rate for the three months ended March 31, 2019, was 33%. The Company reported an overall tax benefit on a pretax loss for the three months ended March 31, 2019. The losses of the Company’s foreign entities for the three months ended March 31, 2019, were $6.1 million. The effective tax rate for the three months ended March 31, 2019, was positively impacted by equity compensation excess tax benefits and state income tax benefits on domestic loss. The effective tax rate for the three months ended March 31, 2018, was 17%. The losses of the Company’s foreign entities for the three months ended March 31, 2018, were $1.8 million. The effective tax rate for the three months ended March 31, 2018, was negatively impacted by losses in certain foreign jurisdictions taxed at lower rates and domestic taxes resulting from the current GILTI tax, partially offset by equity compensation tax benefits. The Company’s effective tax rate could fluctuate on a quarterly basis due to the occurrence of significant and unusual or infrequent items, such as vesting of stock-based compensation or foreign currency gains and losses. The Company’s effective tax rate could also fluctuate due to changes in the valuation of its deferred tax assets or liabilities, or by changes in tax laws, regulations, accounting principles, or interpretations thereof. In addition, the Company is occasionally subject to examination of its income tax returns by tax authorities in the jurisdictions it operates. The Company regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of its provision for income taxes. As of March 31, 2019, and December 31, 2018, the amount of unrecognized tax benefits for uncertain tax positions was $28.3 million and $28.4 million, respectively, excluding related liabilities for interest and penalties of $1.2 million as of March 31, 2019 and December 31, 2018. The Company believes it is reasonably possible that the total amount of unrecognized tax benefits will decrease within the next 12 months by approximately $3.9 million, due to the settlement of various audits and the expiration of statutes of limitation. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | 13. Leases The Company has operating leases for corporate offices and datacenters. Excluding office leases, leases with an initial term of 12 months or less (that do not include an option to purchase the underlying asset) are not recorded on the condensed consolidated balance sheet, and are expensed on a straight-line basis over the lease term. The Company’s leases typically include certain renewal options to extend the leases for up to 25 years, some of which include options to terminate the leases within one year. The exercise of lease renewal options is at the Company’s sole discretion. The Company combines lease and non-lease components of its leases and currently has no leases with options to purchase the leased property. The Company accounts for payments of maintenance and property tax costs paid by it as variable lease cost, which are expensed as incurred. The components of lease cost are as follows (in thousands): Three Months Ended March 31, 2019 Operating lease cost $ 4,036 Variable lease cost 986 Sublease income (139 ) Total lease cost $ 4,883 Supplemental cash flow information related to leases is as follows (in thousands): Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,411 Right-of-use assets obtained in exchange for new lease obligations: Operating leases 1,218 Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate): March 31, 2019 Assets: Operating lease right-of-use assets $ 60,978 Liabilities: Other current liabilities $ 14,334 Operating lease liabilities 50,636 Total operating lease liabilities $ 64,970 Weighted average remaining operating lease term 7.02 Weighted average operating lease discount rate 3.96 % The Company uses its incremental borrowing rate as the discount rate. As the Company enters into operating leases in multiple jurisdictions and denominated in currencies other than the U.S. dollar, judgment is used to determine the Company’s incremental borrowing rate including (1) conversion of its subordinated borrowing rate (using published yield curves) to an unsubordinated and collateralized rate (2) adjusting the rate to align with the term of each lease and (3) adjusting the rate to incorporate the effects of the currency in which the lease is denominated. Maturities on lease liabilities as of March 31, 2019, are as follows (in thousands): Fiscal year ending December 31, 2019 $ 12,471 2020 14,895 2021 10,915 2022 8,387 2023 6,698 Thereafter 21,122 Total lease payments 74,488 Less: imputed interest 9,518 Total lease liability $ 64,970 Future payments under operating lease agreements accounted for under ASC 840, Leases, Fiscal Year Ending December 31, 2019 $ 16,925 2020 14,212 2021 10,538 2022 8,178 2023 6,529 Thereafter 21,196 Total minimum lease payments $ 77,578 As of March 31, 2019, the Company has additional operating leases for office facilities that have not yet commenced with minimum lease payments of $3.7 million. These operating leases will commence between fiscal year 2019 and 2020 with lease terms of one to seven years. |
Condensed Consolidated Financ_2
Condensed Consolidated Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Other Current Assets and Other Current Liabilities | Other Current Assets and Other Current Liabilitie s (in thousands) March 31, 2019 December 31, 2018 Settlement receivables $ 13,842 $ 8,605 Settlement deposits 10,549 23,651 Other 16,439 14,260 Total other current assets $ 40,830 $ 46,516 (in thousands) March 31, 2019 December 31, 2018 Settlement payables $ 23,552 $ 31,605 Operating lease liabilities 14,334 — Royalties payable 14,751 11,318 Vendor financed licenses 4,152 3,551 Accrued interest 4,848 8,407 Other 28,967 38,412 Total other current liabilities $ 90,604 $ 93,293 Individuals and businesses settle their obligations to the Company’s various clients, primarily utility and other public-sector clients, using credit or debit cards or via automated clearing house (“ACH”) payments. The Company creates a receivable for the amount due from the credit or debit card company and an offsetting payable to the client. Upon confirmation that the funds have been received, the Company settles the obligation to the client. Due to timing, in some instances, the Company may receive the funds into bank accounts controlled by and in the Company’s name that are not disbursed to its clients by the end of the day, resulting in a settlement deposit on the Company’s books. |
Off Balance Sheet Settlement Accounts | Off Balance Sheet Settlement Accounts The Company also enters into agreements with certain clients to process payment funds on their behalf. When an ACH or automated teller machine network payment transaction is processed, a transaction is initiated to withdraw funds from the designated source account and deposit them into a settlement account, which is a trust account maintained for the benefit of the Company’s clients. A simultaneous transaction is initiated to transfer funds from the settlement account to the intended destination account. These “back to back” transactions are designed to settle at the same time, usually overnight, such that the Company receives the funds from the source at the same time as it sends the funds to their destination. However, due to the transactions being with various financial institutions there may be timing differences that result in float balances. These funds are maintained in accounts for the benefit of the client, which is separate from the Company’s corporate assets. As the Company does not take ownership of the funds, the settlement accounts are not included in the Company’s balance sheet. The Company is entitled to interest earned on the fund balances. The collection of interest on these settlement accounts is considered in the Company’s determination of its fee structure for clients and represents a portion of the payment for services performed by the Company. The amount of settlement funds as of March 31, 2019, and December 31, 2018, was $199.6 million and $256.5 million, respectively. |
Fair Value | Fair Value The fair value of the Company’s Credit Agreement approximates the carrying value due to the floating interest rate (Level 2 of the fair value hierarchy). The Company measures the fair value of its Senior Notes based on Level 2 inputs, which include quoted market prices and interest rate spreads of similar securities. The fair value of the Company’s 5.750% Senior Notes due 2026 (“2026 Notes”) as of March 31, 2019, and December 31, 2018, was $409.5 million and $395.0 million respectively. The fair values of cash and cash equivalents approximate the carrying values due to the short period of time to maturity (Level 2 of the fair value hierarchy). |
Goodwill and Other Intangibles | Goodwill In accordance with the Accounting Standards Codification (“ASC”) 350, Intangibles – Goodwill and Other, $909.7 million was allocated to its two reporting units, with $725.9 million allocated to ACI On Premise and $183.8 million allocated to ACI On Demand. Recoverability of goodwill is measured using a discounted cash flow model incorporating discount rates commensurate with the risks involved. Use of a discounted cash flow model is common practice in impairment testing in the absence of available transactional market evidence to determine the fair value. The calculated fair value was substantially in excess of the current carrying value for all reporting units based upon the October 1, 2018, annual impairment test and there have been no indications of impairment in the subsequent periods. |
New Accounting Standards Recently Adopted | New Accounting Standards Recently Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases $63.3 million and $68.6 million, respectively. Refer to Note 13, Leases In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This ASU provides an option to reclassify stranded tax effects within accumulated other comprehensive income (“AOCI”) to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the 2017 U.S. Tax Cuts and Jobs Act (or portion thereof) is recorded. This ASU requires disclosure of a description of the accounting policy for releasing income tax effects from AOCI; whether election is made to reclassify the stranded income tax effects from the 2017 U.S. Tax Cuts and Jobs Act; and information about the income tax effects that are reclassified. The Company adopted ASU 2018-02 as of January 1, 2019. The adoption of ASU 2018-02 did not have an impact on the condensed consolidated balance sheet, results of operations, and statement of cash flows. |
Recently Issued Accounting Standards Not Yet Effective | Recently Issued Accounting Standards Not Yet Effective In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. Codification Improvements to Topic 326, Financial Instruments - Credit Losses |
Condensed Consolidated Financ_3
Condensed Consolidated Financial Statements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Components of Other Current Assets and Other Current Liabilities | Other Current Assets and Other Current Liabilitie s (in thousands) March 31, 2019 December 31, 2018 Settlement receivables $ 13,842 $ 8,605 Settlement deposits 10,549 23,651 Other 16,439 14,260 Total other current assets $ 40,830 $ 46,516 (in thousands) March 31, 2019 December 31, 2018 Settlement payables $ 23,552 $ 31,605 Operating lease liabilities 14,334 — Royalties payable 14,751 11,318 Vendor financed licenses 4,152 3,551 Accrued interest 4,848 8,407 Other 28,967 38,412 Total other current liabilities $ 90,604 $ 93,293 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Total Receivables | Total receivables represent amounts billed and amounts earned that are to be billed in the future (i.e., accrued receivables). Included in accrued receivables are services and SaaS and PaaS revenues earned in the current period but billed in the following period and amounts due under multi-year software license arrangements with extended payment terms for which the Company has an unconditional right to invoice and receive payment subsequent to invoicing. March 31, December 31, (in thousands) 2019 2018 Billed receivables $ 158,807 $ 239,275 Allowance for doubtful accounts (3,663 ) (3,912 ) Billed receivables, net $ 155,144 $ 235,363 Accrued receivables 320,575 336,858 Significant financing component (32,562 ) (35,029 ) Total accrued receivables, net 288,013 301,829 Less: current accrued receivables 120,569 123,053 Less: current significant financing component (9,963 ) (10,234 ) Total long-term accrued receivables, net $ 177,407 $ 189,010 Total receivables, net $ 443,157 $ 537,192 |
Changes in Deferred Revenue | Deferred revenue includes amounts due or received from customers for software licenses, maintenance, services, and/or SaaS and PaaS services in advance of recording the related revenue. Changes in deferred revenue were as follows (in thousands): Balance, December 31, 2018 $ 156,135 Deferral of revenue 42,533 Recognition of deferred revenue (46,701 ) Foreign currency translation 255 Balance, March 31, 2019 $ 152,222 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Maturities on Long-Term Debt Outstanding | Maturities on long-term debt outstanding as of March 31, 2019, are as follows (in thousands): Fiscal year ending December 31, 2019 $ 17,810 2020 23,747 2021 31,662 2022 205,804 2023 — Thereafter 400,000 Total $ 679,023 |
Schedule of Total Debt | March 31, 2019 December 31, 2018 Term credit facility $ 279,023 $ 284,959 5.750% Senior notes, due August 2026 400,000 400,000 Debt issuance costs (12,451 ) (13,203 ) Total debt 666,572 671,756 Less: current portion of term credit facility 23,747 23,747 Less: current portion of debt issuance costs (2,959 ) (2,980 ) Total long-term debt $ 645,784 $ 650,989 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Summary of Stock Option Activity | A summary of stock option activity is as follows: Stock Options Number of Shares Weighted- Average Exercise Price ($) Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value of In-the-Money Options ($) Outstanding as of December 31, 2018 4,864,836 $ 17.76 Exercised (313,282 ) 15.50 Forfeited (3,496 ) 17.89 Outstanding as of March 31, 2019 4,548,058 $ 17.91 6.02 $ 68,018,687 Exercisable as of March 31, 2019 3,946,163 $ 17.58 5.80 $ 60,350,648 |
Summary of Nonvested Restricted Share Awards | A summary of nonvested restricted share awards (“RSAs”) is as follows: Nonvested Restricted Share Awards Number of Shares Weighted- Nonvested as of December 31, 2018 213,337 $ 20.21 Vested (98,769 ) 20.12 Forfeited (3,975 ) 20.12 Nonvested as of March 31, 2019 110,593 $ 20.29 |
Black-Scholes Option-Pricing Model [Member] | |
Summary of Grant Date Fair Value Weighted-Average Assumptions | The fair value of options granted during the three months ended March 31, 2018, were estimated on the date of grant using the Black-Scholes option-pricing model, acceptable under ASC 718, Compensation – Stock Compensation Three Months Ended March 31, 2018 Expected life (years) 5.6 Risk-free interest rate 2.7 % Expected volatility 26.4 % Expected dividend yield — |
LTIP Performance Shares [Member] | |
Summary of Nonvested Performance Award Activity | A summary of nonvested long-term incentive program performance share awards (“LTIP performance shares”) is as follows: Nonvested LTIP Performance Shares Number of Shares at Expected Attainment Weighted- Grant Date Fair Value Nonvested as of December 31, 2018 540,697 $ 19.83 Forfeited (1,036 ) 20.12 Nonvested as of March 31, 2019 539,661 $ 19.83 |
Total Shareholder Return Awards (TSRs) [Member] | |
Summary of Nonvested Performance Award Activity | A summary of nonvested total shareholder return awards (“TSRs”) is as follows: Nonvested Total Shareholder Return Awards Number of Shares Weighted- Nonvested as of December 31, 2018 718,931 $ 29.25 Granted 436,674 47.90 Forfeited (5,457 ) 31.31 Nonvested as of March 31, 2019 1,150,148 $ 36.32 |
Total Shareholder Return Awards (TSRs) [Member] | Monte Carlo Simulation Model [Member] | |
Summary of Grant Date Fair Value Weighted-Average Assumptions | The fair value of TSRs granted during the three months ended March 31, 2019 and 2018, were estimated on the date of grant using the Monte Carlo simulation model, acceptable under ASC 718, using the following weighted-average assumptions: Three Months Ended March 31, 2019 2018 Expected life (years) 2.8 2.9 Risk-free interest rate 2.5 % 2.4 % Expected volatility 29.3 % 28.0 % Expected dividend yield — — |
Restricted Share Units (RSUs) [Member] | |
Summary of Nonvested Restricted Share Unit Activity | A summary of nonvested restricted share unit awards (“RSUs”) is as follows: Nonvested Restricted Share Units Number of Shares Weighted- Nonvested as of December 31, 2018 651,045 $ 23.82 Granted 550,091 33.07 Vested (173,547 ) 23.36 Forfeited (8,346 ) 23.36 Nonvested as of March 31, 2019 1,019,243 $ 28.90 |
Software and Other Intangible_2
Software and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount and Accumulated Amortization of Other Intangible Assets | The carrying amount and accumulated amortization of the Company’s other intangible assets subject to amortization at each balance sheet date are as follows (in thousands): March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Balance Gross Carrying Amount Accumulated Amortization Net Balance Customer relationships $ 298,459 $ (136,628 ) $ 161,831 $ 297,991 $ (131,187 ) $ 166,804 Trademarks and tradenames 16,346 (15,332 ) 1,014 16,348 (15,025 ) 1,323 $ 314,805 $ (151,960 ) $ 162,845 $ 314,339 $ (146,212 ) $ 168,127 |
Estimated Intangible Asset Amortization Expense in Future Fiscal Years | Based on capitalized intangible assets as of March 31 , 2019 , estimated amortization expense amounts in future fiscal years are as follows (in thousands): Fiscal Year Ending December 31, Software Amortization Other Intangible Assets Amortization Remainder of 2019 $ 37,383 $ 16,340 2020 40,353 20,992 2021 27,637 20,506 2022 13,167 20,359 2023 6,633 20,053 Thereafter 5,639 64,595 Total $ 130,812 $ 162,845 |
Corporate Restructuring and O_2
Corporate Restructuring and Other Organizational Changes (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Components of Corporate Restructuring and Other Reorganization Activities from Prior Acquisitions | The components of corporate restructuring and other reorganization from prior acquisitions are included in the following table (in thousands): Balance, December 31, 2018 $ 4,127 Amounts paid during the period (389 ) Foreign currency translation adjustments 42 Balance, March 31, 2019 $ 3,780 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Share Amounts used to Compute Both Basic and Diluted Loss Per Share | The following table reconciles the weighted average share amounts used to compute both basic and diluted loss per share (in thousands): Three Months Ended March 31, 2019 2018 Weighted average shares outstanding: Basic weighted average shares outstanding 116,090 115,642 Add: Dilutive effect of stock options and RSUs — — Diluted weighted average shares outstanding 116,090 115,642 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Selected Financial Data by Reportable Segment | The following is selected financial data for the Company’s reportable segments (in thousands): Three Months Ended March 31, 2019 2018 Revenue ACI On Premise $ 96,007 $ 105,030 ACI On Demand 109,848 104,280 Total revenue $ 205,855 $ 209,310 Segment Adjusted EBITDA ACI On Premise $ 28,268 $ 38,898 ACI On Demand (262 ) (4,233 ) Depreciation and amortization (24,852 ) (24,993 ) Stock-based compensation expense (6,585 ) (6,362 ) Corporate and unallocated expenses (24,662 ) (20,014 ) Interest, net (8,581 ) (6,621 ) Other, net (1,912 ) (55 ) Loss before income taxes $ (38,586 ) $ (23,380 ) Depreciation and amortization ACI On Premise $ 3,030 $ 2,975 ACI On Demand 7,562 7,736 Corporate 14,260 14,282 Total depreciation and amortization $ 24,852 $ 24,993 Stock-based compensation expense ACI On Premise $ 1,956 $ 1,467 ACI On Demand 1,951 1,463 Corporate 2,678 3,432 Total stock-based compensation expense $ 6,585 $ 6,362 |
Schedule of Revenue by Primary Geographic Markets and Primary Solution Categories | The following is revenue by primary geographic market and primary solution category for the Company’s reportable segments (in thousands): Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 ACI On Premise ACI On Demand Total ACI On Premise ACI On Demand Total Primary Geographic Markets Americas - United States $ 26,422 $ 93,036 $ 119,458 $ 30,864 $ 88,946 $ 119,810 Americas - Other 10,945 2,743 13,688 16,784 2,319 19,103 EMEA 42,451 12,068 54,519 38,686 12,009 50,695 Asia Pacific 16,189 2,001 18,190 18,696 1,006 19,702 Total $ 96,007 $ 109,848 $ 205,855 $ 105,030 $ 104,280 $ 209,310 Primary Solution Categories Bill Payments $ — $ 68,967 $ 68,967 $ — $ 66,168 $ 66,168 Digital Channels 8,725 9,788 18,513 11,363 10,644 22,007 Merchant Payments 5,022 19,339 24,361 5,010 12,371 17,381 Payments Intelligence 7,037 8,981 16,018 10,420 11,798 22,218 Real-Time Payments 14,715 618 15,333 13,641 450 14,091 Retail Payments 60,508 2,155 62,663 64,596 2,849 67,445 Total $ 96,007 $ 109,848 $ 205,855 $ 105,030 $ 104,280 $ 209,310 |
Schedule of Long-lived Assets by Geographic Location | The following is the Company’s long-lived assets by geographic location (in thousands): March 31, 2019 December 31, 2018 Long-lived assets United States $ 829,953 $ 811,435 Other 731,564 717,495 $ 1,561,517 $ 1,528,930 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Components of Lease Cost | The components of lease cost are as follows (in thousands): Three Months Ended March 31, 2019 Operating lease cost $ 4,036 Variable lease cost 986 Sublease income (139 ) Total lease cost $ 4,883 |
Supplemental Cash Flow Information | Supplemental cash flow information related to leases is as follows (in thousands): Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,411 Right-of-use assets obtained in exchange for new lease obligations: Operating leases 1,218 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate): March 31, 2019 Assets: Operating lease right-of-use assets $ 60,978 Liabilities: Other current liabilities $ 14,334 Operating lease liabilities 50,636 Total operating lease liabilities $ 64,970 Weighted average remaining operating lease term 7.02 Weighted average operating lease discount rate 3.96 % |
Maturities on Lease Liabilities | Maturities on lease liabilities as of March 31, 2019, are as follows (in thousands): Fiscal year ending December 31, 2019 $ 12,471 2020 14,895 2021 10,915 2022 8,387 2023 6,698 Thereafter 21,122 Total lease payments 74,488 Less: imputed interest 9,518 Total lease liability $ 64,970 |
Future payments under operating lease agreements | Future payments under operating lease agreements accounted for under ASC 840, Leases, Fiscal Year Ending December 31, 2019 $ 16,925 2020 14,212 2021 10,538 2022 8,178 2023 6,529 Thereafter 21,196 Total minimum lease payments $ 77,578 |
Condensed Consolidated Financ_4
Condensed Consolidated Financial Statements - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Summary Of Significant Accounting Policies [Line Items] | |||
Amount of off balance sheet settlement funds | $ 199,600 | $ 256,500 | |
Goodwill | 909,691 | 909,691 | |
Operating Lease Liability | 64,970 | ||
Right-of-use Asset (ROU) | 60,978 | ||
ACI On Premise [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Goodwill | 725,900 | ||
ACI On Demand [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Goodwill | 183,800 | ||
Accounting Standards Update 2016-02 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Operating Lease Liability | $ 63,300 | ||
Right-of-use Asset (ROU) | $ 68,600 | ||
Level 2 [Member] | Senior Notes [Member] | 5.750% Senior Notes due 2026 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Fair value of long-term debt | $ 409,500 | $ 395,000 | |
State interest rate | 5.75% |
Condensed Consolidated Financ_5
Condensed Consolidated Financial Statements - Components of Other Current Assets and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Other Current Assets | ||
Other | $ 16,439 | $ 14,260 |
Total other current assets | 40,830 | 46,516 |
Other Current Liabilities | ||
Settlement payables | 23,552 | 31,605 |
Operating lease liabilities | 14,334 | |
Royalties payable | 14,751 | 11,318 |
Vendor financed licenses | 4,152 | 3,551 |
Accrued interest | 4,848 | 8,407 |
Other | 28,967 | 38,412 |
Total other current liabilities | 90,604 | 93,293 |
Settlement deposits [Member] | ||
Other Current Assets | ||
Settlement current asset | 10,549 | 23,651 |
Settlement receivables [Member] | ||
Other Current Assets | ||
Settlement current asset | $ 13,842 | $ 8,605 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Revenue [Line Items] | |
Revenue allocated to remaining performance obligations | $ 628.3 |
Percentage of revenue allocated to remaining performance obligations to be recognized over the next 12 months | 46.00% |
Performance obligation satisfied in previous period | $ 3.9 |
Revenue - Total Receivables (De
Revenue - Total Receivables (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable, Net, Current [Abstract] | ||
Billed receivables | $ 158,807 | $ 239,275 |
Allowance for doubtful accounts | (3,663) | (3,912) |
Billed receivables, net | 155,144 | 235,363 |
Accrued receivables | 320,575 | 336,858 |
Significant financing component | (32,562) | (35,029) |
Total accrued receivables, net | 288,013 | 301,829 |
Less current accrued receivables | 120,569 | 123,053 |
Less current significant financing component | (9,963) | (10,234) |
Total long-term accrued receivables, net | 177,407 | 189,010 |
Total receivables, net | $ 443,157 | $ 537,192 |
Revenue - Changes in Deferred R
Revenue - Changes in Deferred Revenue (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Deferred Revenue Disclosure [Abstract] | |
Deferred revenue, beginning balance | $ 156,135 |
Deferral of revenue | 42,533 |
Recognition of deferred revenue | (46,701) |
Foreign currency translation | 255 |
Deferred revenue, ending balance | $ 152,222 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - SpeedPay [Member] $ in Millions | May 09, 2019USD ($)Customers | Apr. 05, 2019USD ($) | Mar. 31, 2019USD ($) |
Business Acquisition [Line Items] | |||
Acquisition-related costs | $ 4.7 | ||
Subsequent Event [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition purchase price | $ 750 | ||
Number of customers | Customers | 4,000 | ||
Bank of America [Member] | Subsequent Event [Member] | |||
Business Acquisition [Line Items] | |||
Line of credit facility, covenant terms | The amendment permitted the Company to borrow up to $500.0 million in the form of a senior secured term loan; extended the revolver and the term loan maturity date from February 24, 2022, to April 5, 2024; and increased the maximum consolidated senior secured net leverage ratio covenant from 3.50:1.00 to 3.75:1.00; among other things. | ||
Bank of America [Member] | Subsequent Event [Member] | Senior Secured Term Loan [Member] | |||
Business Acquisition [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 500 | ||
Bank of America [Member] | Subsequent Event [Member] | Revolving Credit Facility [Member] | |||
Business Acquisition [Line Items] | |||
Line of credit, carrying amount | $ 250 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 21, 2018 | Feb. 24, 2017 | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Other current liabilities | $ 4,152 | $ 3,551 | ||
Long-term debt, amount outstanding | 666,572 | 671,756 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Unused borrowings | 500,000 | |||
Term Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit, amount outstanding | 279,000 | |||
Long-term debt, amount outstanding | $ 279,023 | 284,959 | ||
Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, interest rate margin above federal fund rate | 0.50% | |||
Credit facility, interest rate margin above one-month LIBOR rate | 1.00% | |||
Credit facility, borrowing rate | 4.25% | |||
Credit Facility maturity date | Feb. 24, 2022 | |||
Credit Agreement [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, interest rate margin above base rate | 0.25% | |||
Credit facility, interest rate margin above LIBOR rate | 1.25% | |||
Credit Agreement [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, interest rate margin above base rate | 1.25% | |||
Credit facility, interest rate margin above LIBOR rate | 2.25% | |||
Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facilities, maximum borrowing capacity | $ 500,000 | |||
Credit facilities, maturity | 5 years | |||
Credit Agreement [Member] | Term Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facilities, maximum borrowing capacity | $ 415,000 | |||
Credit facilities, maturity | 5 years | |||
Multi-year License Agreement [Member] | Notes Payable, Other Payables [Member] | ||||
Debt Instrument [Line Items] | ||||
Other current liabilities | $ 2,500 | |||
Other non-current liabilities | 6,900 | |||
Outstanding other Long-term Debt | 9,400 | |||
5.750% Senior Notes, due August 2026 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Issue price percentage of senior notes of the principal amount | 100.00% | |||
Stated interest rate | 5.75% | |||
Maturity date of senior notes | Aug. 15, 2026 | |||
Long-term debt, amount outstanding | $ 400,000 | $ 400,000 | ||
Debt instrument, face amount | $ 400,000 | |||
6.375% Senior Notes, due August 2020 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 6.375% | |||
Parent Company and Domestic Subsidiaries [Member] | Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of capital stock pledged as collateral | 100.00% | |||
Foreign Subsidiaries [Member] | Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of capital stock pledged as collateral | 65.00% |
Debt - Maturities on Long-Term
Debt - Maturities on Long-Term Debt Outstanding (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2019 | $ 17,810 |
2020 | 23,747 |
2021 | 31,662 |
2022 | 205,804 |
2023 | 0 |
Thereafter | 400,000 |
Total | $ 679,023 |
Debt - Summary of Total Debt (D
Debt - Summary of Total Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Debt issuance costs | $ (12,451) | $ (13,203) |
Total debt | 666,572 | 671,756 |
Less: current portion of term credit facility | 20,788 | 20,767 |
Less: current portion of debt issuance costs | (2,959) | (2,980) |
Total long-term debt | 645,784 | 650,989 |
5.750% Senior Notes, due August 2026 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 400,000 | 400,000 |
Term Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 279,023 | 284,959 |
Less: current portion of term credit facility | $ 23,747 | $ 23,747 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 6,585 | $ 6,362 |
Stock-based compensation expense, tax benefits | 1,200 | $ 1,000 |
Total Shareholder Return (TSRs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation costs | $ 31,600 | |
Unrecognized compensation costs, weighted-average recognition period | 2 years 3 months 18 days | |
Restricted Share Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares vested | 173,547 | |
Shares withheld to pay employees' portion of minimum payroll withholding taxes | 53,274 | |
Unrecognized compensation costs | $ 26,700 | |
Unrecognized compensation costs, weighted-average recognition period | 1 year 10 months 24 days | |
LTIP Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation costs | $ 3,000 | |
Unrecognized compensation costs, weighted-average recognition period | 1 year | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Incentive plan, weighted-average grant date fair value of stock options granted | $ 7.03 | |
Incentive plan, total intrinsic value of stock options exercised | $ 5,300 | $ 7,200 |
Unrecognized compensation costs | $ 1,100 | |
Unrecognized compensation costs, weighted-average recognition period | 10 months 24 days | |
Restricted Share Awards (RSAs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares vested | 98,769 | |
Shares withheld to pay employees' portion of minimum payroll withholding taxes | 30,878 | |
Unrecognized compensation costs | $ 1,900 | |
Unrecognized compensation costs, weighted-average recognition period | 10 months 24 days | |
Employee Stock Purchase Plan 2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares issued under ESPP | 32,174 | 38,145 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) | 3 Months Ended |
Mar. 31, 2019USD ($)$ / sharesshares | |
Number of Shares | |
Outstanding, Beginning Balance | shares | 4,864,836 |
Exercised | shares | (313,282) |
Forfeited | shares | (3,496) |
Outstanding, Ending Balance | shares | 4,548,058 |
Number of Shares Exercisable, Ending Balance | shares | 3,946,163 |
Weighted-Average Exercise Price | |
Beginning Balance | $ / shares | $ 17.76 |
Exercised | $ / shares | 15.50 |
Forfeited | $ / shares | 17.89 |
Ending Balance | $ / shares | 17.91 |
Weighted-Average Exercise Price Exercisable, Ending Balance | $ / shares | $ 17.58 |
Weighted-Average Remaining Contractual Term (Years) | |
Weighted Average Remaining Contractual Term (Years), Outstanding as of end of period | 6 years 7 days |
Weighted-Average Remaining Contractual Term (Years), Exercisable as of end of period | 5 years 9 months 18 days |
Aggregate Intrinsic Value of In-the-Money Options | |
Aggregate Intrinsic Value of In-the-Money Options, Outstanding as of end of period | $ | $ 68,018,687 |
Aggregate Intrinsic Value of In-the-Money Options, Exercisable as of end of period | $ | $ 60,350,648 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Grant Date Fair Value Weighted-Average Assumptions - Options (Detail) - Black-Scholes Option-Pricing Model [Member] - Stock Option [Member] | 3 Months Ended |
Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life (years) | 5 years 7 months 6 days |
Risk-free interest rate | 2.70% |
Expected volatility | 26.40% |
Expected dividend yield | 0.00% |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Summary of Nonvested LTIP Performance Shares (Detail) - LTIP Performance Shares [Member] | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Number of Shares at Expected Attainment | |
Beginning Balance | shares | 540,697 |
Forfeited | shares | (1,036) |
Ending Balance | shares | 539,661 |
Weighted-Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 19.83 |
Forfeited | $ / shares | 20.12 |
Ending Balance | $ / shares | $ 19.83 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans - Summary of Nonvested RSAs (Detail) - Restricted Share Awards (RSAs) [Member] | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Number of Shares | |
Beginning Balance | shares | 213,337 |
Vested | shares | (98,769) |
Forfeited | shares | (3,975) |
Ending Balance | shares | 110,593 |
Weighted-Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 20.21 |
Vested | $ / shares | 20.12 |
Forfeited | $ / shares | 20.12 |
Ending Balance | $ / shares | $ 20.29 |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans - Summary of Nonvested TSRs (Detail) - Total Shareholder Return (TSRs) [Member] | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Number of Shares | |
Beginning Balance | shares | 718,931 |
Granted | shares | 436,674 |
Forfeited | shares | (5,457) |
Ending Balance | shares | 1,150,148 |
Weighted-Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 29.25 |
Granted | $ / shares | 47.90 |
Forfeited | $ / shares | 31.31 |
Ending Balance | $ / shares | $ 36.32 |
Stock-Based Compensation Plan_7
Stock-Based Compensation Plans - Grant Date Fair Value Weighted-Average Assumptions - TSRs (Detail) - Total Shareholder Return [Member] - Monte Carlo Simulation Model [Member] | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 2 years 9 months 18 days | 2 years 10 months 24 days |
Risk-free interest rate | 2.50% | 2.40% |
Expected volatility | 29.30% | 28.00% |
Expected dividend yield | 0.00% | 0.00% |
Stock-Based Compensation Plan_8
Stock-Based Compensation Plans - Summary of Nonvested RSUs (Detail) - Restricted Share Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Number of Shares | |
Beginning Balance | shares | 651,045 |
Granted | shares | 550,091 |
Vested | shares | (173,547) |
Forfeited | shares | (8,346) |
Ending Balance | shares | 1,019,243 |
Weighted-Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 23.82 |
Granted | $ / shares | 33.07 |
Vested | $ / shares | 23.36 |
Forfeited | $ / shares | 23.36 |
Ending Balance | $ / shares | $ 28.90 |
Software and Other Intangible_3
Software and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Software, net | $ 130,812 | $ 137,228 | |
Software, accumulated amortization | 261,100 | 252,200 | |
Other intangible assets amortization expense | 5,500 | $ 4,900 | |
Software Marketed for Resale [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Software, net | 24,800 | 27,500 | |
Software, amortization expense | 3,000 | 3,600 | |
Software Acquired or Developed for Internal Use [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Software, net | 106,000 | $ 109,700 | |
Software, amortization expense | $ 10,400 | $ 10,500 |
Software and Other Intangible_4
Software and Other Intangible Assets - Carrying Amount and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 314,805 | $ 314,339 |
Accumulated Amortization | (151,960) | (146,212) |
Net Balance | 162,845 | 168,127 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 298,459 | 297,991 |
Accumulated Amortization | (136,628) | (131,187) |
Net Balance | 161,831 | 166,804 |
Trademarks and Tradenames [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,346 | 16,348 |
Accumulated Amortization | (15,332) | (15,025) |
Net Balance | $ 1,014 | $ 1,323 |
Software and Other Intangible_5
Software and Other Intangible Assets - Estimated Amortization Expense for Future Fiscal Years Based on Capitalized Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Net Balance | $ 162,845 | $ 168,127 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2019 | 37,383 | |
2020 | 40,353 | |
2021 | 27,637 | |
2022 | 13,167 | |
2023 | 6,633 | |
Thereafter | 5,639 | |
Net Balance | 130,812 | |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2019 | 16,340 | |
2020 | 20,992 | |
2021 | 20,506 | |
2022 | 20,359 | |
2023 | 20,053 | |
Thereafter | 64,595 | |
Net Balance | $ 162,845 |
Corporate Restructuring and O_3
Corporate Restructuring and Other Organizational Changes - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 3,780 | $ 4,127 |
Other Current Liabilities [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 1,600 | |
Operating Lease Liabilities [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 2,200 |
Corporate Restructuring and O_4
Corporate Restructuring and Other Organizational Changes - Components of Corporate Restructuring and Other Reorganization Activities from Prior Acquisitions (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Beginning balance | $ 4,127 |
Amounts paid during the period | (389) |
Foreign currency translation adjustments | 42 |
Ending balance | $ 3,780 |
Common Stock and Treasury Sto_2
Common Stock and Treasury Stock - Additional Information (Detail) - USD ($) | 3 Months Ended | 79 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Feb. 28, 2018 | |
Equity [Abstract] | ||||
Stock authorized to purchase under stock repurchase program | $ 200,000,000 | |||
Repurchase of common stock, shares | 23,802 | 1,346,427 | 44,153,195 | |
Repurchase of common stock, value | $ 631,000 | $ 31,113,000 | $ 548,500,000 | |
Remaining value of shares authorized for purchase under the stock repurchase program | $ 176,000,000 | $ 176,000,000 |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Detail) - shares | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Options to purchase shares, RSUs, and contingently issuable shares excluded from the diluted loss per share computation | 7,400,000 | 8,600,000 | |
Common stock outstanding | 116,530,435 | 116,123,361 |
Loss Per Share - Reconciliation
Loss Per Share - Reconciliation of Average Share Amounts used to Compute Both Basic and Diluted Loss Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Weighted average shares outstanding: | ||
Basic weighted average shares outstanding | 116,090,000 | 115,642,000 |
Add: Dilutive effect of stock options and RSUs | 0 | 0 |
Diluted weighted average shares outstanding | 116,090,000 | 115,642,000 |
Other, Net - Additional Informa
Other, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other Income and Expenses [Abstract] | ||
Foreign currency transaction gains (losses) | $ (1.9) | $ (0.1) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2019 | |
Customer Concentration Risk [Member] | |
Segment Reporting Information [Line Items] | |
Description of customer revenue accounted for more than 10% of consolidated revenue | No single customer accounted for more than 10% of the Company’s consolidated revenues during the three months ended March 31, 2019 and 2018. |
Geographic Concentration Risk [Member] | |
Segment Reporting Information [Line Items] | |
Description of customer revenue accounted for more than 10% of consolidated revenue | No other country outside the United States accounted for more than 10% of the Company’s consolidated revenues during the three months ended March 31, 2019 and 2018. |
Segment Information - Selected
Segment Information - Selected Financial Data (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 205,855 | $ 209,310 |
Depreciation and amortization expense | (24,852) | (24,993) |
Stock-based compensation expense | (6,585) | (6,362) |
Corporate and unallocated expenses | (24,662) | (20,014) |
Interest, net | (8,581) | (6,621) |
Other, net | (1,912) | (55) |
Income (loss) before income taxes | (38,586) | (23,380) |
Operating Segments [Member] | ACI On Premise [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 96,007 | 105,030 |
Segment Adjusted EBITDA | 28,268 | 38,898 |
Depreciation and amortization expense | 3,030 | 2,975 |
Stock-based compensation expense | 1,956 | 1,467 |
Operating Segments [Member] | ACI On Demand [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 109,848 | 104,280 |
Segment Adjusted EBITDA | (262) | (4,233) |
Depreciation and amortization expense | 7,562 | 7,736 |
Stock-based compensation expense | 1,951 | 1,463 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization expense | 14,260 | 14,282 |
Stock-based compensation expense | $ 2,678 | $ 3,432 |
Segment Information - Selecte_2
Segment Information - Selected Financial Data, Revenues and Long lived Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 205,855 | $ 209,310 | |
Long lived assets | |||
Long lived assets | 1,561,517 | $ 1,528,930 | |
Bill Payments [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 68,967 | 66,168 | |
Digital Channels [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 18,513 | 22,007 | |
Merchant Payments [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 24,361 | 17,381 | |
Payment Intelligence [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 16,018 | 22,218 | |
Real Time Payments [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 15,333 | 14,091 | |
Retail Payments [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 62,663 | 67,445 | |
Americas - United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 119,458 | 119,810 | |
Long lived assets | |||
Long lived assets | 829,953 | 811,435 | |
Americas - Other [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 13,688 | 19,103 | |
EMEA [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 54,519 | 50,695 | |
Asia Pacific [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 18,190 | 19,702 | |
Other [Member] | |||
Long lived assets | |||
Long lived assets | 731,564 | $ 717,495 | |
Operating Segments [Member] | ACI On Premise [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 96,007 | 105,030 | |
Operating Segments [Member] | ACI On Premise [Member] | Digital Channels [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 8,725 | 11,363 | |
Operating Segments [Member] | ACI On Premise [Member] | Merchant Payments [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 5,022 | 5,010 | |
Operating Segments [Member] | ACI On Premise [Member] | Payment Intelligence [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 7,037 | 10,420 | |
Operating Segments [Member] | ACI On Premise [Member] | Real Time Payments [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 14,715 | 13,641 | |
Operating Segments [Member] | ACI On Premise [Member] | Retail Payments [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 60,508 | 64,596 | |
Operating Segments [Member] | ACI On Demand [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 109,848 | 104,280 | |
Operating Segments [Member] | ACI On Demand [Member] | Bill Payments [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 68,967 | 66,168 | |
Operating Segments [Member] | ACI On Demand [Member] | Digital Channels [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 9,788 | 10,644 | |
Operating Segments [Member] | ACI On Demand [Member] | Merchant Payments [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 19,339 | 12,371 | |
Operating Segments [Member] | ACI On Demand [Member] | Payment Intelligence [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 8,981 | 11,798 | |
Operating Segments [Member] | ACI On Demand [Member] | Real Time Payments [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 618 | 450 | |
Operating Segments [Member] | ACI On Demand [Member] | Retail Payments [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 2,155 | 2,849 | |
Operating Segments [Member] | Americas - United States [Member] | ACI On Premise [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 26,422 | 30,864 | |
Operating Segments [Member] | Americas - United States [Member] | ACI On Demand [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 93,036 | 88,946 | |
Operating Segments [Member] | Americas - Other [Member] | ACI On Premise [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 10,945 | 16,784 | |
Operating Segments [Member] | Americas - Other [Member] | ACI On Demand [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 2,743 | 2,319 | |
Operating Segments [Member] | EMEA [Member] | ACI On Premise [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 42,451 | 38,686 | |
Operating Segments [Member] | EMEA [Member] | ACI On Demand [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 12,068 | 12,009 | |
Operating Segments [Member] | Asia Pacific [Member] | ACI On Premise [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 16,189 | 18,696 | |
Operating Segments [Member] | Asia Pacific [Member] | ACI On Demand [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 2,001 | $ 1,006 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Income Taxes [Line Items] | |||
Unrecognized tax benefit | $ 28.3 | $ 28.4 | |
Decrease in unrecognized tax benefits due to the expiration of statutes of limitations and the settlement of various audits | 3.9 | ||
Accrued interest and penalties related to income tax liabilities | $ 1.2 | $ 1.2 | |
Effective tax rate | 33.00% | 17.00% | |
Losses of foreign entities | $ 6.1 | $ 1.8 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | Mar. 31, 2019USD ($) |
Operating leases not yet commenced, office facilities, amount | $ 3.7 |
Minimum [Member] | |
Operating leases not yet commenced, term of contract | 1 year |
Maximum [Member] | |
Operating leases not yet commenced, term of contract | 7 years |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Operating lease cost | $ 4,036 |
Variable lease cost | 986 |
Sublease income | (139) |
Total lease cost | $ 4,883 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information related to Leases (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 5,411 |
Right-of-use assets obtained in exchange for new lease obligations: | |
Operating leases | $ 1,218 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information related to Leases (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Assets: | |
Operating lease right-of-use assets | $ 60,978 |
Liabilities: | |
Other current liabilities | 14,334 |
Operating lease liabilities | 50,636 |
Total operating lease liabilities | $ 64,970 |
Weighted average remaining operating lease term | 7 years 7 days |
Weighted average operating lease discount rate | 3.96% |
Leases - Maturities on Lease Li
Leases - Maturities on Lease Liabilities (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
2019 | $ 12,471 |
2020 | 14,895 |
2021 | 10,915 |
2022 | 8,387 |
2023 | 6,698 |
Thereafter | 21,122 |
Total lease payments | 74,488 |
Less: imputed interest | 9,518 |
Total operating lease liabilities | $ 64,970 |
Leases - Future Payments Under
Leases - Future Payments Under Operating Lease Agreements (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases | |
2019 | $ 16,925 |
2020 | 14,212 |
2021 | 10,538 |
2022 | 8,178 |
2023 | 6,529 |
Thereafter | 21,196 |
Total minimum lease payments | $ 77,578 |