ACIWACI WORLDWIDE, INC.

Services-Prepackaged Software

Revenue: $1.8B; 10% YoY
Operating margin: 18.7%; 3.0% YoY
EBITDA: $427M; 1.9% YoY
Market cap: $5.7B
Employees: 2,930; $601K revenue each
Net debt / EBITDA: 1.5×; $655M net debt
AI in 10-K: 7.4; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
142% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
63% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
40% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$601K · 64th pct
Bottom quartile of its SIC industry
Quiet on AINo
7.4 per 10K words · 89th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$23K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.4B	$1.4B	$1.5B	$1.6B	$1.8B	10%
Operating income	$210M	$204M	$220M	$308M	$330M	7.1%
Net income	$128M	$142M	$122M	$203M	$227M	12%
Operating cash flow	$220M	$143M	$169M	$359M	$323M	10%
Capex	$21M	$13M	$9M	$15M	$13M	16%
Stock-based comp	$27M	$30M	$25M	$41M	$71M	71%
Buybacks	$107M	$207M	$28M	$128M	$203M	59%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 1, 2022	Starboard Value LP	SC 13D/A	—	Passive
Feb 25, 2021	Starboard Value LP	SC 13D/A	—	Passive
Dec 2, 2020	Starboard Value LP	SC 13D/A	8.7%	Passive
Oct 19, 2020	Starboard Value LP	SC 13D	—	Passive

Insider trading

Open-market buys, 12 mo: $223K · 2
Open-market sells, 12 mo: $201K · 1
Net: $23K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	124	142
FY2024	—	—	135	134
FY2023	—	—	80	123
FY2022	—	—	60	106
FY2021	—	—	90	127