ACI Worldwide

Recent capital allocation has been disciplined. In 2025 ACI produced 323 million of operating cash flow and spent about 33 million on property, equipment and software, enabling large buybacks and modest bolt‑on activity.

The board authorized a 500 million repurchase in October 2025; since the start of 2025 ACI repurchased 5.7 million shares and expects to allocate 50–60% of operating cash flow to buybacks in 2026. SBC rose to about 71 million in 2025 as leadership was refreshed, but repurchases more than offset dilution.

R&D and platform reinvestment are prioritized, including cloud‑native Connetic and fraud capabilities, which should strengthen the moat. We view acquisition discipline as appropriate and leverage as prudently managed after retiring the 2026 notes.