Limestone University Will Close As Fund-Raising Effort Comes Up Short
The Limestone University Board of Trustees has voted to close the institution, effective at the end of this semester. The decision comes after an emergency fund-raising effort came up short of what was necessary to sustain the university, which has been operating for almost 180 years.
'Despite exhaustive efforts to secure the funding necessary to continue our operations, we have come to the difficult conclusion that Limestone University has not been able to secure the necessary funding to sustain its operations,' said Randall Richardson, Chair of Limestone's Board of Trustees, in a news release.
Limestone University — a private, Christian college in Gaffney, South Carolina — revealed two weeks ago that it was facing such significant uncertainty about its financial future that a complete closure of the institution had become a possibility.
'After 179 years educating students in person, Limestone University is facing a critical turning point which may require transitioning to online only classes or at worst ceasing operations completely,' said the university at the time.
The university attributed its continuing financial troubles to what has become a well-known set of factors — enrollment declines, rising costs, and structural budget deficits — plaguing small, private colleges and universities across the nation.
Limestone's Board of Trustees had previously announced that it would need to immediately secure $6 million in financial support to allow the institution to continue normal operations and give it time to examine other longer-term solutions that could sustain its viability. If that effort was not successful, the board said the university would be forced to offer only online instruction or begin the process of shutting down.
Shortly after making that announcement, Limestone launched a new "Together for Limestone" campaign designed to raise money that would provide essential support for campus operations, academic programs, and essential services "and ensures our mission endures.'
Several hours later, Limestone reported that it had received a $1 million commitment from the Fullerton Foundation, a Gaffney-based private foundation. That grant gave the institution some short-lived hope that it could survive. On Tuesday of this week, two more pledges were made from local donors totaling another $1 million.
According to Richardson, over the past two weeks, nearly 200 supporters had committed a collective $2.143 million to the effort, but it was too little, too late. "We had hoped that would be enough to sustain our institution. But in the final analysis, we could not continue operations on-campus or online without a greater amount of funding,' added Richardson.
Founded in 1845, Limestone University currently enrolls about 1,600 students, including both on-campus students and those seeking online degrees. It employed slightly less than 500 faculty and staff.
The University said it would pursue 'an orderly wind-down process' and will assist current students seeking to transfer to other institutions and support faculty and staff during the transition. More detailed information about the closure timeline, student records, transfer assistance, and other support services will be provided in the coming days, it added.
'Words cannot fully express the sorrow we feel in having to share this news,' said Dr. Nathan Copeland, President of Limestone University. 'Our students, alumni, faculty, staff, and supporters fought tirelessly to save this historic institution. While the outcome is not what we hoped for, we are forever grateful for the passion, loyalty, and prayers of our Saints family.'
Despite the announcement, Limestone still plans to conduct a final commencement ceremony on May 3.
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First half 2025 repurchases totaled approximately 2.7 million shares for $134 million in capital. At the end of Q2 2025, the Company had approximately $223 million remaining on the share repurchase authorization. RAISING FULL YEAR 2025 OUTLOOK AND NEW THIRD QUARTER OUTLOOK ACI is raising guidance for the full year 2025. ACI now expects that total revenue for the full year of 2025 will be in the range of $1.710 billion to $1.740 billion, ahead of the previously issued guidance of $1.690 billion to $1.720 billion, and ahead of the guidance issued in February 2025 of $1.685 billion to $1.715 billion. ACI currently expects adjusted EBITDA for the full year 2025 will be in the range of $490 million to $505 million, ahead of the previously issued guidance of $480 million to $495 million. The company expects that total revenue for Q3 2025 will be in the range of $460 million to $470 million, and adjusted EBITDA for Q3 2025 will be in the range of $155 million to $165 million. CONFERENCE CALL TO DISCUSS FINANCIAL RESULTS Today, management will host a conference call at 8:30 a.m. ET to discuss these results. Interested persons may access a real-time teleconference webcast at To join the live audio call, please dial +1 (800) 715-9871, provide your name, the conference name of ACI Worldwide, Inc. and conference ID 88945; alternatively, to reduce operator assisted delays joining the call, we invite you to register in advance by visiting This process will provide you with a unique passcode allowing you to join the call without operator assistance. About ACI Worldwide ACI Worldwide, an original innovator in global payments technology, delivers transformative software solutions that power intelligent payments orchestration in real time so banks, billers, and merchants can drive growth, while continuously modernizing their payment infrastructures, simply and securely. With nearly 50 years of trusted payments expertise, we combine our global footprint with a local presence to offer enhanced payment experiences to stay ahead of constantly changing payment challenges and opportunities. © Copyright ACI Worldwide, Inc. 2025. ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties' trademarks referenced are the property of their respective owners. To supplement our financial results presented on a GAAP basis, we use the non-GAAP measures indicated in the tables, which exclude significant transaction-related expenses, as well as other significant non-cash expenses such as depreciation, amortization, and stock-based compensation, that we believe are helpful in understanding our past financial performance and our future results. The presentation of these non-GAAP financial measures should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management generally compensates for limitations in the use of non-GAAP financial measures by relying on comparable GAAP financial measures and providing investors with a reconciliation of non-GAAP financial measures only in addition to and in conjunction with results presented in accordance with GAAP. We believe that these non-GAAP financial measures reflect an additional way to view aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. Certain non-GAAP measures include: Adjusted EBITDA: net income (loss) plus income tax expense (benefit), net interest income (expense), net other income (expense), depreciation, amortization and stock-based compensation, as well as significant transaction-related expenses. Adjusted EBITDA should be considered in addition to, rather than as a substitute for, net income (loss). Net adjusted EBITDA margin: Adjusted EBITDA divided by revenue net of pass-through interchange revenue. Net adjusted EBITDA margin should be considered in addition to, rather than as a substitute for, net income (loss). Diluted EPS adjusted for non-cash and significant transaction related items: diluted EPS plus tax effected significant transaction related items, amortization of acquired intangibles and software, and non-cash stock-based compensation. Diluted EPS adjusted for non-cash and significant transaction related items should be considered in addition to, rather than as a substitute for, diluted EPS. Recurring revenue: revenue from software as a service and platform as a service fees and maintenance fees. Recurring revenue should be considered in addition to, rather than as a substitute for, total revenue. ARR: New annual recurring revenue expected to be generated from new accounts, new applications, and add-on sales bookings contracts signed in the period. FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. Generally, forward-looking statements do not relate strictly to historical or current facts and may include words or phrases such as 'believes,' 'will,' 'expects,' 'anticipates,' 'intends,' and words and phrases of similar impact. The forward-looking statements are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include but are not limited to: (i) our move towards a more scalable and less seasonally-weighted financial model, (ii) looking ahead, we remain focused on increasing shareholder value through sales execution, enhancing the growth orientation across ACI, and the continued development and rollout of Connetic, our next generation payments hub platform, (iii) given the robust performance across the business, we are raising our full-year outlook for both revenue and adjusted EBITDA for 2025, and (iv) Q3 2025 and full-year 2025 revenue and adjusted EBITDA financial guidance. All of the foregoing forward-looking statements are expressly qualified by the risk factors discussed in our filings with the Securities and Exchange Commission. Such factors include, but are not limited to, increased competition, business interruptions, cybersecurity incidents or failure of our information technology and communication systems, security breaches, our ability to attract and retain senior management personnel and skilled technical employees, future acquisitions, strategic partnerships and investments, divestitures and other restructuring activities, implementation and success of our strategy, impact if we convert some or all on-premise licenses from fixed-term to subscription model, anti-takeover provisions, exposure to credit or operating risks arising from certain payment funding methods, loss caused by theft or fraud, customer reluctance to switch to a new vendor, our ability to adequately defend our intellectual property, litigation, consent orders and other compliance agreements, our offshore software development activities, risks from operating internationally, including fluctuations in currency exchange rates, events in eastern Europe and the Middle East, adverse changes in the global economy, compliance of our products with applicable legislation, governmental regulations and industry standards, the complexity of our products and services and the risk that they may contain hidden defects, legal and business risks from artificial intelligence technology incorporated into our products, risks to our business from the use of artificial intelligence by our workforce, complex regulations applicable to our payments business, our compliance with privacy and cybersecurity regulations, compliance with requirements of the payment card networks and Nacha, exposure to unknown tax liabilities, changes in tax laws and regulations, consolidations and failures in the financial services industry, volatility in our stock price, demand for our products, failure to obtain renewals of customer contracts or to obtain such renewals on favorable terms, delay or cancellation of customer projects or inaccurate project completion estimates, changes in card association and debit network fees or products, impairment of our goodwill or intangible assets, the accuracy of management's backlog estimates, the cyclical nature of our revenue and earnings and the accuracy of forecasts due to the concentration of revenue-generating activity during the final weeks of each quarter, restrictions and other financial covenants in our debt agreements, our existing levels of debt, incurring additional debt, events outside of our control including natural disasters, wars, and outbreaks of disease, and revenues or revenue mix below expectations. For a detailed discussion of these risk factors, parties that are relying on the forward-looking statements should review our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. ACI WORLDWIDE, INC. AND SUBSIDIARIES (unaudited and in thousands, except per share amounts) 2025 2024 2025 2024 Software as a service and platform as a service $ 271,258 $ 235,399 $ 508,341 $ 451,131 License 56,711 65,582 141,204 95,555 Maintenance 50,421 48,733 99,063 96,487 Services 22,868 23,765 47,215 46,325 Total revenues 401,258 373,479 795,823 689,498 Operating expenses Cost of revenue (1) 234,800 203,238 448,178 394,345 Research and development 41,107 35,410 80,015 70,403 Selling and marketing 28,741 28,551 60,927 55,301 General and administrative 37,651 24,993 65,243 50,993 Depreciation and amortization 24,101 27,586 48,086 55,195 Total operating expenses 366,400 319,778 702,449 626,237 Operating income 34,858 53,701 93,374 63,261 Other income (expense) Interest expense (14,527 ) (18,471 ) (29,210 ) (37,481 ) Interest income 3,934 3,953 7,998 7,962 Other, net (6,393 ) 1,156 17,347 (869 ) Total other income (expense) (16,986 ) (13,362 ) (3,865 ) (30,388 ) Income before income taxes 17,872 40,339 89,509 32,873 Income tax expense 5,670 9,452 18,437 9,737 Net income $ 12,202 $ 30,887 $ 71,072 $ 23,136 Income per common share Basic $ 0.12 $ 0.29 $ 0.68 $ 0.22 Diluted $ 0.12 $ 0.29 $ 0.67 $ 0.22 Weighted average common shares outstanding Basic 104,376 105,395 104,860 106,097 (1) The cost of revenue excludes charges for depreciation and amortization. Expand ACI WORLDWIDE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) Three Months Ended June 30, Six Months Ended June 30, Cash flows from operating activities: Net income $ 12,202 $ 30,887 $ 71,072 $ 23,136 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation 3,189 3,564 6,345 7,195 Amortization 20,912 24,022 41,741 48,000 Amortization of operating lease right-of-use assets 2,407 2,431 4,842 4,999 Amortization of deferred debt issuance costs 620 662 1,270 1,598 Deferred income taxes (1,745 ) 510 (4,208 ) 1,516 Stock-based compensation expense 16,411 10,720 28,038 18,819 Gain on sale of equity investment — — (25,927 ) — Other 1,591 (756 ) 873 (2,067 ) Changes in operating assets and liabilities: Receivables 7,051 (27,671 ) 48,691 99,598 Accounts payable 4,932 5,297 12,411 4,849 Accrued employee compensation 8,980 6,569 (16,202 ) (19,884 ) Deferred revenue (3,193 ) (5,590 ) (7,841 ) 8,317 Other current and noncurrent assets and liabilities (23,560 ) 4,372 (33,087 ) (17,818 ) Net cash flows from operating activities 49,797 55,017 128,018 178,258 Cash flows from investing activities: Purchases of property and equipment (2,156 ) (1,746 ) (4,326 ) (4,954 ) Purchases of software and distribution rights (5,383 ) (4,442 ) (12,142 ) (19,024 ) Proceeds from sale of equity investment — — 46,021 — Net cash flows from investing activities (7,539 ) (6,188 ) 29,553 (23,978 ) Cash flows from financing activities: Proceeds from issuance of common stock 819 704 1,632 1,397 Proceeds from exercises of stock options 214 277 796 752 Repurchase of stock-based compensation awards for tax withholdings (13,156 ) (3,037 ) (20,226 ) (6,339 ) Repurchases of common stock (119,362 ) (57,159 ) (133,770 ) (119,674 ) Redemption of 2026 Notes (400,000 ) — (400,000 ) — Proceeds from revolving credit facility 290,000 — 290,000 164,000 Repayment of revolving credit facility (30,000 ) — (100,000 ) (152,000 ) Proceeds from term portion of credit agreement 200,000 — 200,000 500,000 Repayment of term portion of credit agreement (9,375 ) (9,375 ) (18,750 ) (538,448 ) Payments on or proceeds from other debt, net (6,447 ) (5,975 ) (10,664 ) (8,669 ) Payments for debt issuance costs (134 ) — (134 ) (5,141 ) Net increase (decrease) in settlement assets and liabilities (26,751 ) 12,782 61,573 (6,151 ) Net cash flows from financing activities (114,192 ) (61,783 ) (129,543 ) (170,273 ) Effect of exchange rate fluctuations on cash 4,118 (1,024 ) 5,909 1,290 Net increase (decrease) in cash and cash equivalents (67,816 ) (13,978 ) 33,937 (14,703 ) Cash and cash equivalents, including settlement deposits, beginning of period 366,771 238,096 265,018 238,821 Cash and cash equivalents, including settlement deposits, end of period $ 298,955 $ 224,118 $ 298,955 $ 224,118 Reconciliation of cash and cash equivalents to the Consolidated Balance Sheets Cash and cash equivalents $ 189,697 $ 156,983 $ 189,697 $ 156,983 Settlement deposits 109,258 67,135 109,258 67,135 Total cash and cash equivalents $ 298,955 $ 224,118 $ 298,955 $ 224,118 Expand Three Months Ended June 30, Six Months Ended June 30, Adjusted EBITDA (millions) 2025 2024 2025 2024 Net income $ 12.2 $ 30.9 $ 71.1 $ 23.1 Plus: Income tax expense 5.7 9.4 18.4 9.7 Net interest expense 10.6 14.5 21.2 29.5 Net other (income) expense 6.4 (1.1 ) (17.3 ) 0.9 Depreciation expense 3.2 3.6 6.4 7.2 Amortization expense 20.9 24.0 41.7 48.0 Non-cash stock-based compensation expense 16.4 10.7 28.0 18.8 Adjusted EBITDA before significant transaction-related expenses $ 75.4 $ 92.0 $ 169.5 $ 137.2 Significant transaction-related expenses: Cost reduction strategies 5.1 0.4 5.1 3.0 Other 0.4 0.4 0.4 0.7 Adjusted EBITDA $ 80.9 $ 92.8 $ 175.0 $ 140.9 Revenue, net of interchange: Revenue $ 401.3 $ 373.5 $ 795.8 $ 689.5 Interchange 151.1 124.2 281.9 236.6 Revenue, net of interchange $ 250.2 $ 249.3 $ 513.9 $ 452.9 Net Adjusted EBITDA Margin 32 % 37 % 34 % 31 % Expand Three Months Ended June 30, Six Months Ended June 30, Segment Information (millions) 2025 2024 2025 2024 Revenue Payment Software $ 179.3 $ 181.7 $ 380.1 $ 322.8 Biller 221.9 191.8 415.7 366.7 Total $ 401.3 $ 373.5 $ 795.8 $ 689.5 Recurring Revenue Payment Software $ 99.8 $ 92.3 $ 191.6 $ 180.9 Biller 221.9 191.8 415.8 366.7 Total $ 321.7 $ 284.1 $ 607.4 $ 547.6 Segment Adjusted EBITDA Payment Software $ 83.3 $ 94.6 $ 189.8 $ 146.9 Biller 39.8 37.4 70.7 68.2 Note: Amounts may not recalculate due to rounding. Expand Six Months Ended June 30, 2025 2024 EPS Impact of Non-cash and Significant Transaction-related Items (millions) EPS Impact $ in Millions (Net of Tax) EPS Impact $ in Millions (Net of Tax) GAAP net income $ 0.67 $ 71.1 $ 0.22 $ 23.1 Adjusted for: Gain on sale of equity investment (0.20 ) (21.7 ) — — Significant transaction-related expenses 0.04 4.1 0.03 2.9 Amortization of acquisition-related intangibles 0.08 8.3 0.12 12.7 Amortization of acquisition-related software 0.06 6.4 0.06 6.7 Non-cash stock-based compensation 0.21 22.2 0.13 14.3 Total adjustments $ 0.19 $ 19.3 $ 0.34 $ 36.6 Diluted EPS adjusted for non-cash and significant transaction-related items $ 0.86 $ 90.4 $ 0.56 $ 59.7 Expand Three Months Ended June 30, Six Months Ended June 30, Recurring Revenue (millions) 2025 2024 2025 2024 SaaS and PaaS fees $ 271.3 $ 235.4 $ 508.3 $ 451.1 Maintenance fees 50.4 48.7 99.1 96.5 Recurring Revenue $ 321.7 $ 284.1 $ 607.4 $ 547.6 Expand New Bookings (millions) Three Months Ended June 30, TTM Ended June 30, 2025 2024 2025 2024 Annual recurring revenue (ARR) bookings $ 24.3 $ 13.1 $ 79.5 $ 68.8 License and services bookings 58.1 80.7 290.2 268.5 Note: Amounts may not recalculate due to rounding. 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