Naples, FL-based ACI Worldwide reported overall sales bookings for the second quarter (Q2/15), including term extensions, increased 24% year-on-year (YOY).. New sales bookings, net of term extensions (SNET), increased 18% compared to the prior year quarter.
ACI ended the quarter with a 12-month backlog of $883 million and a 60-month backlog of $4.1 billion. After adjusting for foreign currency fluctuations, its 12-month backlog declined $11 million and its 60-month backlog declined $10 million from Q1 2015. An internal decision to exit one bill payment vertical as a result of regulatory changes negatively impacted its 60-month backlog by approximately $30 million. Excluding this, 60-month backlog grew $20 million.
ACI ended the second quarter with $50 million in cash on hand. Following $84 million in net debt payments during the first half of 2015, ACI ended the quarter with a debt balance of $808 million. Operating free cash flow (OFCF) for the quarter declined from Q2 2014 primarily driven by the timing of Q2 2015 sales receipts now expected in early Q3.
During the quarter, ACI received cash proceeds of $35 million and realized a $24 million gain from the sale of our holding in Yodlee, Inc stock.
ACI expects to generate non-GAAP revenue in the range of $1.04 to $1.07 billion for the full year 2015. This range continues to represent 3-6% organic growth after adjusting for foreign currency fluctuations. ACI expects adjusted EBITDA to be in the range of $280 to $290 million. ACI also expects to generate between $235 and $245 million in non-GAAP revenue in the third quarter. Lastly, ACI expects a full year 2015 net new sales bookings to increase in the upper single digit range.
ACI TOTAL REVENUES
Q2/14: $228.1 million
Q3/14: $249.6 million
Q4/14: $290.2 million
Q1/15: $232.8 million
Q2/15: $242.2 million
Source: ACI; CardData
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