ACI Worldwide, Inc (NASDAQ:ACIW) Q3 2023 Earnings Conference Call November 2, 2023 8:30 AM ET
Company Participants
John Kraft - SVP of Finance and Strategy
Tom Warsop - President and CEO
Scott Behrens - CFO
Conference Call Participants
Alli Heckmann - D.A. Davidson
Pallav Saini - Canaccord Genuity
Charles Nabhan - Stephens
George Sutton - Craig-Hallum
Operator
Morning. My name is Mark, and I will be your conference operator today. At this time, I'd like to welcome everyone to the ACI Worldwide Inc. Third Quarter 2023 Financial Results. All lines have been placed in mute to prevent any background noise. After the speakers' remark there will be a question and answer session. [Operator Instructions]. Also one question and one follow-up per person only. Thank you.
Mr. John Kraft, you may begin your conference.
John Kraft
Thank you, and good morning, everyone. On today's call, we will discuss the company's third quarter 2023 results and financial outlook for the rest of the year. We will take your questions at the end. The slides accompanying this call and webcast can be found in aciworldwide.com under the Investor Relations tab and will remain available after the call.
Today's call is subject to Safe Harbor and forward-looking statements like all of our events. You can find the full text of both statements in our presentation deck and earnings press release, both of which are available on our website and with the SEC. On this morning's call is Tom Warsop, our President and CEO; and Scott Behrens, our CFO.
With that, I'll turn the call over to Tom.
Tom Warsop
Good morning, and thank you all for joining our third quarter 2023 earnings conference call. I'll start this morning with some brief comments on the quarter, and then I'll hand it over to Scott to discuss the detailed financials and outlook for the remainder of 2023.
He's also going to discuss revenue growth expectations for full year 2024, including a little more color on the building blocks of how we generate next year's forecasts. Of course, then, as usual, we'll open the line for questions.
Our results in Q3 were strong ahead of our expectations. Total revenue was $363 million. That was up 21% year-over-year, and recurring revenue was $263 million, up 10% when we adjust for foreign exchange impact and the divestiture of the corporate online banking business.
As we previously discussed, the quarterly timing of our renewals is weighted towards the second half this year, relative to how the quarter stays last year. But good news, we saw those renewals come in Q3 as expected, and we were also able to sign a few new deals in our pipeline earlier than we expected, which helped us come in above our guidance range, which certainly helps de-risk hitting our full year guidance.