ACI Worldwide's liquidation posture at March 31, 2026, is deeply negative, consistent with prior periods. MFFAIS reports a cash liquidation value of -$1.36B and a liquid liquidation value of -$908M, both reflecting the fundamental asymmetry between a balance sheet dominated by intangible assets (receiving 0% recovery) and liabilities carried at face value. Total assets are $3.10B; total liabilities are $1.60B; book equity is $1.50B. Under liquidation haircuts, however, the picture inverts sharply. Goodwill of $1.23B and finite-lived intangibles of $141M are zeroed. Capitalized software ($72M) and operating lease right-of-use assets ($27M) are also near-zero recovery items. PP&E net is only $38M, recovering perhaps $19-27M at 50-70%. The consequential tangible asset pool is modest: cash of $162M at 100%; net current receivables of ~$714M gross (billed $200M plus extended-term AR of $826M gross) — the latter requiring significant haircut given long-dated contractual terms and creditworthiness uncertainty on the unbilled/extended portion; settlement assets of $461M which are offset almost dollar-for-dollar by settlement liabilities of $460M and thus largely netted. Deferred tax assets of $66M have no standalone liquidation value. Against this stands $812M of Credit Facility debt (floating at 5.52%, maturing principally in 2029 per the maturity schedule showing $693M due in year three from year-end 2025), $91M of deferred revenue (a cash liability in liquidation), $32M in operating lease liabilities, and a full current liability stack of $739M. The primary change from the prior filing (10-K for FY2025) is a $65.3M share repurchase outflow during Q1 2026, reducing cash from $196M to $162M with no offsetting improvement in the tangible asset base or debt load. Debt carrying amount was $812M at quarter-end versus a term loan maturity waterfall showing $32M remaining in 2026, $45M in 2027, and $693M in 2028-2029, meaning the liability profile is back-loaded. Settlement assets and liabilities are transient and effectively netting. The filing discusses $144.7M in unrecognized stock compensation expense (RSUs and TSRs over 2.4-2.5 year vesting) that would not extinguish in liquidation but is also not a balance-sheet liability — this is disclosed in MD&A/footnotes but is not separately tagged as a liability in XBRL and does not appear in the liability stack directly.
▼ Community Notes