13 unchanged sentences
The adoption of digital payments continues to accelerate, propelled by the digitization of cash, financial inclusion efforts of countries throughout the world, the Internet of Things, rapid growth of eCommerce and the adoption of real-time payments.
−Removed: COVID-19 further accelerated this growth as more people, governments, and businesses embraced digital payments - a change likely to continue.
+Added: COVID-19 further accelerated this growth as more people, governments, and businesses embraced digital payments - a change that has continued.
We leverage the growth in transaction volumes through the licensing of new systems to customers whose older systems cannot handle increased volume, through the sale of capacity upgrades to existing customers, and through the scalability of our platform-based solutions.
4 unchanged sentences
Mature markets, including India, the United Kingdom, Australia, Malaysia, Singapore, Thailand, and the Nordics, continue to accelerate innovation, especially in terms of overlay services and cross-border connectivity.
−Removed: The United States is driving real-time payments adoption through Zelle, TCH Real-Time Payments, and the planned FedNow service.
+Added: The United States is driving real-time payments adoption through Zelle, TCH Real-Time Payments, and the FedNow service.
We are seeing success with real-time payments in the Middle East as well, as they have started to renovate their payment systems from legacy payment types to the modern digital and real-time world.
1 unchanged sentence
Adoption of cloud technology .
−Removed: ACI has recognized the industry's technical inflection point in the transition from traditional on-premise infrastructure to the public cloud, and we are supporting our customers' cloud strategies.
+Added: ACI has recognized the industry's technical inflection point in the transition from traditional on-premises infrastructure to the public cloud, and we are supporting our customers' cloud strategies.
Public and private cloud technology innovations allow the financial services ecosystem to accelerate innovation and ensure scalability and resiliency while improving operating economics over time.
3 unchanged sentences
The accelerated adoption of real-time payments increases the urgency for industry-wide collaboration against fraud.
−Removed: As the threat of scams becomes a greater concern for emitting and receiving institutions, consumers are challenged with increased friction to prevent account take-over and criminals successfully persuading consumers to push transactions themselves, inadvertently, to mule accounts they have full control of, created with
−Removed: fake or synthetic identity, or simply "borrowed" with or without consent of the legit account holders.
−Removed: Regulators are beginning to litigate between consumers and financial institutions on the losses, and between emitting and receiving banks on the accountability for reimbursement.
+Added: As the threat of scams becomes a greater concern for remitting and receiving institutions, consumers are challenged with increased friction to prevent account take-over and criminals successfully persuading consumers to push transactions themselves, inadvertently, to mule accounts they have full control of, created with fake or synthetic identity, or simply "borrowed" with or without consent of the legit account holders.
+Added: Regulators are beginning to litigate between consumers and financial institutions on the losses, and between remitting and receiving banks on the accountability for reimbursement.
Banks and intermediaries, merchants, and billers are pursuing solutions to mitigate their risks while improving their customer experience, protecting their margins, and securing their revenue streams, especially with their new products and offerings.
22 unchanged sentences
As part of our acquisition strategy, we seek acquisition candidates that are strategic, capable of being integrated into our operating environment, and accretive to our financial performance.
−Removed: On September 1, 2022, we sold our corporate online banking solutions related assets and liabilities to One Equity Partners ("OEP") for $100.1 million, including a preliminary net working capital adjustment.
+Added: On September 1, 2022, we sold our corporate online banking solutions related assets and liabilities to One Equity Partners ("OEP") for $100.0 million, and a net working capital adjustment.
The sale included employees and customer contracts as well as technology assets and intellectual property.
For the year ended December 31, 2022, we recognized a gain of $38.5 million on the sale, which is recorded in other, net in the accompanying consolidated statements of operations.
−Removed: This gain is preliminary subject to finalization of post-closing adjustments pursuant to the definitive transaction agreement.
−Removed: The Company and OEP have also entered into a Transition Services Agreement ("TSA"), whereby the Company will continue to perform certain functions on OEP's behalf during a migration period not expected to exceed 18 months.
+Added: During the year ended December 31, 2023 , the Company recognized a loss for the final post-closing adjustment pursuant to the definitive agreement of $0.5 million, which is recorded in other, net in the accompanying consolidated statements of operations.
+Added: The Company and OEP have also entered into a Transition Services Agreement ("TSA"), whereby the Company will continue to perform certain functions on OEP's behalf during a migration period.
The TSA is meant to reimburse the Company for direct costs in order to provide such functions, which are no longer generating revenue for the Company.
23 unchanged sentences
and December 31, 2022 (in millions).
−Removed: As a result of the divestiture, 60-month backlog decreased $170.1 million during the period ended September 30, 2022.
Dollar amounts reflect foreign currency exchange rates as of each period end.
18 unchanged sentences
These assumptions may turn out to be inaccurate or wrong for reasons outside of management’s control.
−Removed: For example, our customers may attempt to renegotiate or terminate their contracts for many reasons, including mergers, changes in their financial condition, or general changes in economic conditions (e.g., economic declines resulting from COVID-19 ) in the customer’s industry or geographic location.
+Added: For example, our customers may attempt to renegotiate or terminate their contracts for many reasons, including mergers, changes in their financial condition, or general changes in economic conditions in the customer’s industry or geographic location.
We may also experience delays in the development or delivery of products or services specified in customer contracts, which may cause the actual renewal rates and amounts to differ from historical experiences.
6 unchanged sentences
Revenue $ Change
−Removed: vs 2021 % Change
−Removed: vs 2021 Amount
Software as a service and platform as a service
41 unchanged sentences
• The divestiture resulted in a $18.1 million decrease in SaaS and PaaS revenue for the year ended December 31, 2023.
−Removed: • The impact of certain foreign currencies weakening against the U.S.
−Removed: dollar resulted in a $6.5 million decrease in SaaS and PaaS revenue during the year ended December 31, 2022, as compared to the same period in 2021.
+Added: • The impact of certain foreign currencies strengthening against the U.S.
+Added: dollar resulted in a $0.6 million increase in SaaS and PaaS revenue during the year ended December 31, 2023, as compared to the same period in 2022.
• Adjusted for the impact of the divestiture and foreign currency, SaaS and PaaS revenue for the year ended December 31, 2023, increased $63.8 million, or 8%, as compared to the same period in 2022.
−Removed: • The increase was primarily due to new customer go-lives and higher transaction volumes during the year ended December 31, 2022, as compared to the same period in 2021.
+Added: • The increase was primarily due to higher transaction volumes during the year ended December 31, 2023, as compared to the same period in 2022, as well as new customer go-lives since December 31, 2022.
License Revenue
8 unchanged sentences
The Company recognizes revenue in advance of billings for software license arrangements with extended payment terms and adjusts for the effects of the financing component, if significant.
−Removed: License revenue increased $28.3 million, or 9%, during the year ended December 31, 2022, as compared to the same period in 2021.
+Added: License revenue decreased $26.9 million, or 8%, during the year ended December 31, 2023, as compared to the same period in 2022.
• The impact of certain foreign currencies weakening against the U.S.
dollar resulted in a $0.7 million decrease in license revenue during the year ended December 31, 2023, as compared to the same period in 2022.
−Removed: • Adjusted for the impact of foreign currency, license revenue for the year ended December 31, 2022, increased $32.5 million, or 10%, as compared to the same period in 2021.
−Removed: • The increase in license revenue was primarily driven by renewal timing and relative size of license and capacity events during the year ended December 31, 2022, as compared to the same period in 2021.
+Added: • Adjusted for the impact of foreign currency, license revenue for the year ended December 31, 2023, decreased $26.2 million, or 8%, as compared to the same period in 2022.
+Added: • The decrease in license revenue was driven by license renewal timing as well as the relative size of new license agreements during the year ended December 31, 2023, as compared to the same period in 2022.
Maintenance Revenue
Maintenance revenue includes standard, enhanced, and premium customer support and any post contract support fees received from customers for the provision of product support services.
−Removed: Maintenance revenue decreased $10.5 million, or 5%, during the year ended December 31, 2022, as compared to the same period in 2021.
+Added: Maintenance revenue increased $5.0 million, or 3%, during the year ended December 31, 2023, as compared to the same period in 2022.
• The divestiture resulted in a $7.4 million decrease in maintenance revenue for the year ended December 31, 2023.
1 unchanged sentence
dollar resulted in a $1.6 million decrease in maintenance revenue during the year ended December 31, 2023, as compared to the same period in 2022.
−Removed: • Adjusted for the impact of the divestiture and foreign currency, maintenance revenue for the year ended December 31, 2022, decreased $0.2 million as compared to the same period in 2021.
+Added: • Adjusted for the impact of the divestiture and foreign currency, maintenance revenue for the year ended December 31, 2023, increased $14.0 million, or 7%, as compared to the same period in 2022.
+Added: • The increase was primarily driven by annual inflationary increases in product support fees subsequent to December 31, 2022.
Services Revenue
11 unchanged sentences
Total operating expenses for the year ended December 31, 2023, increased $14.1 million, or 1%, as compared to the same period in 2022.
−Removed: • During the year ended December 31, 2022, there was a $8.8 million reduction in operating expenses related to the divestiture.
+Added: • During the year ended December 31, 2023, there was a $18.2 million reduction in operating expense related to the divestiture.
+Added: • Total operating expenses for the year ended December 31, 2023, included $21.0 million for cost reduction strategies, $2.6 million of significant transaction-related expenses, $1.8 million for CEO transition, and $2.8 million of European data center migration expenses during the period.
Total operating expenses for the year ended December 31, 2022, included $5.8 million of European data center migration expenses, $3.0 million of divestiture transaction-related expenses, and $3.6 million of CEO transition expenses during the period.
−Removed: Total operating expenses for the year ended December 31, 2021, included $13.4 million of expense related to significant transactions and cost reduction strategies implemented during the period.
• The impact of foreign currencies weakening against the U.S.
12 unchanged sentences
• Adjusted for the impact of the divestiture and foreign currency, cost of revenue increased $41.9 million, or 6%, for the year ended December 31, 2023, as compared to the same period in 2022.
−Removed: • The increase was primarily due to higher payment card interchange and processing fees and personnel and related expenses of $53.9 million and $23.8 million, respectively, partially offset by a decrease in software amortization expense of $5.5 million.
+Added: • The increase was primarily due to higher personnel and related expenses, payment card interchange and processing fees, and cloud computing fees of $15.7 million, $14.5 million, and $12.3 million, respectively.
Research and Development
Research and development (“R&D”) expenses are primarily human resource costs related to the creation of new products, improvements made to existing products as well as compatibility with new operating system releases and generations of hardware.
−Removed: R&D expense increased $2.0 million, or 1%, during the year ended December 31, 2022, as compared to the same period in 2021.
+Added: R&D expense decreased $5.6 million, or 4%, during the year ended December 31, 2023, as compared to the same period in 2022.
• During the year ended December 31, 2023, there was a $1.3 million reduction in R&D expense related to the divestiture.
−Removed: • Total R&D expense for the year ended December 31, 2021 included $2.4 million of expense related to significant transactions and cost reduction strategies implemented during the period.
• The impact of foreign currencies weakening against the U.S.
dollar resulted in a $1.0 million decrease in R&D expense during the year ended December 31, 2023, as compared to the same period in 2022.
−Removed: • Adjusted for the impact of the divestiture, significant transaction-related expenses, and foreign currency, R&D expense increased $8.4 million, or 6%, during the year ended December 31, 2022, as compared to the same period in 2021.
−Removed: • The increase was primarily due to higher professional fees and personnel and related expenses of $6.8 million and $1.6 million, respectively.
+Added: • Adjusted for the impact of the divestiture, significant transaction-related expenses, and foreign currency, R&D expense decreased $3.3 million, or 2%, during the year ended December 31, 2023, as compared to the same period in 2022.
+Added: • The decrease was primarily due to lower professional fees of $5.8 million, partially offset by an increase in personnel and related expenses of $2.5 million.
Selling and Marketing
3 unchanged sentences
Marketing costs include costs incurred to promote the Company and its products, perform or acquire market research to help the Company better understand impending changes in customer demand for and of our products, and the costs associated with measuring customers’ opinions toward the Company, our products and personnel.
−Removed: Selling and marketing expense increased $8.3 million, or 7%, during the year ended December 31, 2022, as compared to the same period in 2021.
−Removed: • During the year ended December 31, 2022, there was a $0.2 million reduction in selling and marketing expense related to the divestiture.
−Removed: • The impact of foreign currencies weakening against the U.S.
−Removed: dollar resulted in a $3.8 million decrease in selling and marketing expense during the year ended December 31, 2022, as compared to the same period in 2021.
−Removed: • Adjusted for the impact of the divestiture and foreign currency, selling and marketing expense increased $12.3 million, or 10%, for the year ended December 31, 2022, as compared to the same period in 2021.
−Removed: • The increase was primarily due to higher personnel and related expenses and travel and entertainment expenses of $12.8 million and $2.7 million, respectively, partially offset by lower advertising and professional fees of $3.2 million.
+Added: Selling and marketing expense decreased $2.2 million, or 2%, during the year ended December 31, 2023, as compared to the same period in 2022.
+Added: • The decrease was primarily due to lower personnel and related expenses and travel and entertainment expenses of $2.6 million and $0.6 million, respectively, partially offset by an increase in advertising and professional fees of $1.0 million.
General and Administrative
General and administrative expenses are primarily human resource costs including executive salaries and benefits, personnel administration costs, and the costs of corporate support functions such as legal, administrative, human resources, and finance and accounting.
−Removed: General and administrative expense decreased $9.6 million, or 8%, during the year ended December 31, 2022, as compared to the same period in 2021.
+Added: General and administrative expense increased $3.0 million, or 3%, during the year ended December 31, 2023, as compared to the same period in 2022.
+Added: • General and administrative expenses for the year ended December 31, 2023, included $21.0 million for cost reduction strategies, $2.6 million of significant transaction-related expenses, $1.8 million for CEO transition, and $2.8 million of European data center migration expenses during the period.
General and administrative expenses for the year ended December 31, 2022 included $5.8 million of European data center migration expenses, $3.0 million of divestiture transaction-related expenses, and $3.6 million of CEO transition expenses during the period.
−Removed: General and administrative expense for the year ended December 31, 2021 included $11.0 million of significant transaction-related expenses associated with cost reduction strategies implemented during the period.
• The impact of foreign currencies weakening against the U.S.
1 unchanged sentence
• Adjusted for the impact of significant transaction-related expenses and foreign currency, general and administrative expense decreased $12.5 million, or 12%, for the year ended December 31, 2023, as compared to the same period in 2022.
−Removed: • The decrease was primarily due to lower professional and other legal fees and personnel and other related expenses of $8.2 million and $0.5 million, respectively.
+Added: • The decrease was primarily due to lower personnel and related expenses and professional and other legal fees of $7.6 million and $4.9 million, respectively.
Depreciation and Amortization
−Removed: Depreciation and amortization decreased $0.5 million, during the year ended December 31, 2022, as compared to the same period in 2021.
+Added: Depreciation and amortization decreased $4.3 million, or 3%, during the year ended December 31, 2023, as compared to the same period in 2022.
Other Income and Expense
4 unchanged sentences
During the year ended December 31, 2022, other, net also included a $38.5 million gain from the divestiture.
−Removed: Other, net was $43.4 million of income and $1.3 million of expense for the years ended December 31, 2022 and 2021, respectively.
+Added: Other, net was $8.5 million of expense and $43.4 million of income for the years ended December 31, 2023 and 2022, respectively.
The effective tax rates for the years ended December 31, 2023 and 2022, were approximately 18% and 31%, respectively.
Our effective tax rates vary from our federal statutory rates due to operating in multiple foreign countries where we apply foreign tax laws and rates which differ from those we apply to the income generated from our domestic operations.
−Removed: Of the foreign jurisdictions in which we operate, our December 31, 2022, effective rate was most impacted by our operations in Ireland and our December 31, 2021, effective tax rate was most impacted by our operations in Colombia, Ireland and Singapore.
+Added: Of the foreign jurisdictions in which we operate, our December 31, 2023 effective rate was most impacted by our operations in Ireland and the United Kingdom and our December 31, 2022 effective tax rate was most impacted by our operations in Ireland.
Refer to Note 11, Income Taxes , to our Notes to Consolidated Financial Statements in Part IV, Item 15 of this Form 10-K for additional information.
3 unchanged sentences
The Company reports financial performance based on its operating segments, Banks, Merchants, and Billers, and analyzes Segment Adjusted EBITDA as a measure of segment profitability.
−Removed: Our Chief Executive Officer is also our CODM.
−Removed: 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 the corporate operations.
+Added: The Company’s Chief Executive Officer is also the chief operating decision maker ("CODM").
+Added: 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.
No operating segments have been aggregated to form the reportable segments.
4 unchanged sentences
These customers operate in a variety of verticals, including general merchandise, grocery, hospitality, dining, transportation, and others.
−Removed: Our solutions provide merchants with a secure, omni-channel payments platform that gives them independence from third-party payment providers.
+Added: The Company's solutions provide merchants with a secure, omni-channel payments platform that gives them independence from third-party payment providers.
They also offer secure solutions to online-only merchants that provide consumers with a convenient and seamless way to shop.
−Removed: Within the biller segment, ACI provides electronic bill presentment and payment (“EBPP”) services to companies operating in the consumer finance, insurance, healthcare, higher education, utility, government, and mortgage categories.
+Added: Within the billers segment, ACI provides electronic bill presentment and payment (“EBPP”) services to companies operating in the consumer finance, insurance, healthcare, higher education, utility, government, and mortgage categories.
The solutions enable these customers to support a wide range of payment options and provide a convenient consumer payments experience that drives consumer loyalty and increases revenue.
Revenue is attributed to the reportable segments based upon the customer.
−Removed: 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 projects, or (3) costs that are allocated.
+Added: Expenses are attributed to the reportable segments in one of three methods:
+Added: (1) direct costs of the segment, (2) labor costs that can be attributed based upon time tracking for individual projects, or (3) costs that are allocated.
Allocated costs are generally marketing and sales related activities.
−Removed: Segment Adjusted EBITDA is the measure reported to the CODM for purposes of making decisions on allocating resources and assessing the performance of our segments and, therefore, Segment Adjusted EBITDA is presented in conformity with ASC 280, Segment Reporting .
+Added: 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 net other income (expense).
23 unchanged sentences
Income before income taxes $ 147,627 $ 206,635
−Removed: The Banks Segments Adjusted EBITDA decreased $8.9 million due to the divestiture.
−Removed: Excluding the divestiture, Banks Segment Adjusted EBITDA increased $7.0 million for the year ended December 31, 2022, compared to the same period in 2021, primarily due to a $31.1 million increase in revenue, partially offset by a $24.2 million increase in cash operating expense.
−Removed: Merchants Segment Adjusted EBITDA decreased $5.2 million for the year ended December 31, 2022, compared to the same period in 2021, primarily due to a $6.1 million increase in cash operating expenses, partially offset by a $0.9 million increase in revenue.
−Removed: Billers Segment Adjusted EBITDA decreased $21.7 million for the year ended December 31, 2022, compared to the same period in 2021, primarily due to a $53.9 million increase in interchange and processing fees, partially offset by a $36.9 million increase in revenue.
+Added: Banks Segment Adjus ted EBITDA decreased $13.9 million due to the divestiture.
+Added: Excluding the divestiture, Banks Segment Adjusted EBITDA decreased $1.6 million for the year ended December 31, 2023, compared to the same period in 2022, primarily due to a $11.2 million increase in cash operating expense, partially offset by a $9.6 million increase in revenue.
+Added: Merchants Segment Adjusted EBITDA decreased $4.7 million for the year ended December 31, 2023, compared to the same period in 2022, primarily due to a $3.3 million decrease in revenue and a $1.4 million increase in cash operating expenses.
+Added: Billers Segment Adjusted EBITDA increased $35.0 million for the year ended December 31, 2023, compared to the same period in 2022, primarily due to a $56.5 million increase in revenue, partially offset by a $14.5 million increase in interchange and processing fees.
Prior Year Results
22 unchanged sentences
$ 538,139 $ 518,481
−Removed: The decrease in total liquidity is primarily attributable to $206.5 million of payments related to stock repurchases, partially offset by proceeds of $100.1 million from the divestiture.
The Company and ACI Payments, Inc., a wholly owned subsidiary, maintain a $75.0 million uncommitted overdraft facility with Bank of America, N.A.
1 unchanged sentence
As of December 31, 2023, the full $75.0 million was available.
+Added: On February 26, 2024, we entered into a Refinance Amendment (the “Amendment”) to the Second Amended and Restated Credit Agreement, dated as of April 5, 2019 (as amended, restated, supplemented or otherwise modified from time to time, including by the Amendment, the “Credit Agreement”) with ACI Worldwide Corp and ACI Payments, Inc.
+Added: as co-borrowers, the lenders, and Bank of America N.A, as administrative agent and lender.
+Added: The Amendment, among other things, (i) provides a senior secured term loan facility in an aggregate principal amount of $500 million, (ii) provides a senior secured revolving credit facility in an aggregate principal amount of $600 million, and (iii) extends the maturity date of the Facilities to February 26, 2029.
+Added: The proceeds of the borrowings under the Amendment, together with cash on hand, were used to refinance all outstanding borrowings and replace all existing revolving commitments under the Credit Agreement immediately prior to the date of the Amendment and will be used to provide ongoing working capital and for other general corporate purposes.
Stock Repurchase Program
Our board approved a stock repurchase program authorizing the Company, as market and business conditions warrant, to acquire its common stock and periodically authorizes additional funds for the program.
−Removed: In December 2021, the board approved the repurchase of the Company's common stock of up to $250.0 million, in place of the remaining purchase amounts previously authorized.
+Added: In February 2023, the board approved the repurchase of the Company's common stock of up to $200.0 million, in place of the remaining purchase amounts previously authorized.
We repurchased 939,567 shares for $27.6 million under our stock repurchase program during the year ended December 31, 2023.
1 unchanged sentence
As of December 31, 2023, the maximum remaining amount authorized for purchase under the stock repurchase program was approximately $172.4 million.
−Removed: On February 24, 2023, the Board of Directors approved $200.0 million for the stock repurchase program in place of the remaining purchase amounts previously authorized.
+Added: Subsequent to December 31, 2023, the Company has repurchased additional shares under the repurchase program.
Our stock repurchase authorization does not have an expiration date and the pace of our repurchase activity will depend on factors such as our working capital needs, cash requirements for acquisitions, debt repayment obligations, our stock price, and global economic and market conditions.
13 unchanged sentences
Our primary uses of operating cash flows includes employee expenditures, taxes, interest payments, and leased facilities.
−Removed: Cash flows provided by operating activities were $77.1 million lower for the year ended December 31, 2022, compared to the same period in 2021, due to the timing of working capital.
−Removed: Our current policy is to use our operating cash flow primarily for funding capital expenditures, lease payments, stock repurchases, and acquisitions.
+Added: Cash flows provided by operating activities were $25.1 million higher for the year ended December 31, 2023, compared to the same period in 2022.
+Added: This increase is primarily due to $69.2 million more in customer receipt collections on higher prior year-end receivable balances, partially offset by $25.0 million more in interest payments due to the increase in interest rates, and $21.9 million more in income tax payments, which is based upon higher pre-tax income in the prior year.
+Added: Our cash flow from operating activities can fluctuate from period to period due to several factors, including:
+Added: the timing of billings, which are typically higher in the third and fourth quarters in conjunction with sales timing and are variable based upon license renewal timing;
+Added: collections, which will lag the quarters with higher billings;
+Added: the timing and amounts of interest due to interest rate fluctuations and semi-annual Senior Notes interest payments;
+Added: income tax and other payments;
+Added: and our operating results.
Cash Flows from Investing Activities
The changes in cash flows from investing activities primarily relate to the timing of our purchases and investments in capital and other assets, including strategic acquisitions, that support our growth.
+Added: During the year ended December 31, 2023, we used cash of $37.8 million to purchase software, property, and equipment, as compared to $39.9 million during the same period in 2022.
During the year ended December 31, 2022, we received net proceeds of $100.1 million from the divestiture.
−Removed: In addition, we used cash of $39.9 million to purchase software, property, and equipment, as compared to $45.4 million during the same period in 2021.
Cash Flows from Financing Activities
The changes in cash flows from financing activities primarily relate to borrowings and repayments related to our debt instruments and other debt, stock repurchases, and net proceeds related to employee stock programs.
+Added: During 2023, we repaid $73.0 million on the Term Loans, $16.8 million of other debt payments, and $2.2 million of debt issuance costs.
+Added: In addition, we used $27.6 million to repurchase common stock, $5.1 million for the repurchase of stock-based compensation awards for tax withholdings, and $15.4 million for settlement assets and liabilities due to processing timing.
+Added: We received net proceeds of $19.0 million on the Revolving Credit Facility, and proceeds of $9.5 million from the exercise of stock options and the issuance of common stock under our 2017 Employee Stock Purchase Plan, as amended.
During 2022, we used the proceeds from the divestiture to partially fund repayments of $85.4 million on the Term Loans and $12.1 million of other debt payments.
1 unchanged sentence
We received net proceeds of $105.0 million on the Revolving Credit Facility, proceeds of $8.2 million from the exercise of stock options and the issuance of common stock under our 2017 Employee Stock Purchase Plan, as amended, and $26.8 million from settlement assets and liabilities due to processing timing.
−Removed: During 2021, we repaid a net $55.0 million on the Revolving Credit Facility, $39.0 million on the Term Loans and $15.2 million of other debt payments.
−Removed: In addition, we used $107.4 million to repurchase common stock, and we received proceeds of $12.3 million from the exercise of stock options and the issuance of common stock under our 2017 Employee Stock Purchase Plan, as amended.
−Removed: We also used $14.8 million for the repurchase of stock-based compensation awards for tax withholdings and $37.8 million for settlement assets and liabilities due to processing timing.
Prior Year Results
58 unchanged sentences
Other intangible assets are amortized using the straight-line method over periods ranging from four to 20 years.
−Removed: As of December 31, 2022 and 2021, our goodwill was $1.2 billion and $1.3 billion, respectively.
+Added: As of December 31, 2023 and 2022, our goodwill was $1.2 billion.
In accordance with ASC 350, Intangibles – Goodwill and Other, we assess goodwill for impairment annually during the fourth quarter of our fiscal year using October 1 balances, or when there is evidence that events or changes in circumstances indicate that the carrying amount of the asset may not be recovered.
33 unchanged sentences
Termination of the 2016 Incentive Plan did not affect any equity awards outstanding under the 2016 Incentive Plan or 2005 Incentive Plan.
−Removed: Total shareholder return awards (“TSRs”) are performance shares that are earned, if at all, based upon our total shareholder return as compared to a group of peer companies over a three-year performance period.
+Added: Performance awards granted with a total shareholder return multiplier ("TSRs") are shares that are earned, if at all, based upon achievement of performance goals over a specified period.
+Added: For 2023, performance awards granted are earned over a specified period that must not be less than one year and is typically a three-year performance period, based upon achievement of performance goals related to (i) net revenue growth and (ii) net adjusted EBITDA margin over the performance period as determined by the Company with a total shareholder return multiplier up to plus or minus 20%.
+Added: Up to 200% of the performance shares could be earned upon achievement of the performance goals, including the multiplier.
+Added: For 2022 and 2021, we granted performance shares that are earned based upon the Company’s total shareholder return as compared to a group of peer companies over a three-year performance period.
The award payout can range from 0% to 200%.
−Removed: To determine the grant date fair value of TSRs, a Monte Carlo simulation model is used.
−Removed: We recognize compensation expense for the TSRs over a three-year performance period based on the grant date fair value.
+Added: To determine the grant date fair value of the TSRs, a Monte Carlo simulation model is used.
+Added: We recognize compensation expense for the TSRs over the performance period based on the grant date fair value.
Restricted share unit awards (“RSUs”) generally have requisite service periods of three years and may vest 100% upon the three-year anniversary or in equal increments quarterly or annually.
20 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.