ACI Worldwide (NASDAQ:ACIW), a leading provider of real-time payment solutions, announced its financial results for the first quarter ending March 31, 2024.
The company reported a 9% increase in revenue compared to the same quarter last year and significantly narrowed its net loss from $32 million in Q1 2023 to $8 million in Q1 2024.
Notably, the adjusted EBITDA for the quarter surged by 93%, while cash flow from operating activities impressively increased by 208%.
President and CEO Thomas Warsop expressed that the quarter’s results exceeded expectations, prompting an upward revision in the full-year targets for 2024.
In addition to operational successes, ACI Worldwide has been actively engaged in stock repurchase activities, buying back 2 million shares for $63 million during the quarter.