Vault-13

ACI WORLDWIDE INC ACIW

COM · Common Stock · CUSIP 004498101

American payment systems company

265 institutional holders -3 vs Q3 2022
108,109,882108.1m shares reported held*
96.2% of all shares outstanding*
$2.5bnreported value*
32 new 94 added 103 reduced 36 sold out net sold ≈ $29.2m (-1.3m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($2.9m this quarter). Holder counts are more reliable. Shares outstanding: 112.4m as of 2022-10-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $23.01. Options: 5 managers hold calls ($1.2m notional), 6 hold puts ($1.6m).

Trends to Q4 2022

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 268Q4 22: 265265Q3 22Q4 22
Numbers
QuarterHolders
Q3 2022268
Q4 2022265

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$1m$2m$3mQ3 22 calls: $2.4mQ3 22 puts: $2.0mQ3 22P/C 0.82Q4 22 calls: $1.2mQ4 22 puts: $1.6mQ4 22P/C 1.29
Numbers
QuarterCallsPutsP/C
Q3 2022$2.4m$2.0m0.82
Q4 2022$1.2m$1.6m1.29

Biggest buyers

FRANKLIN RESOURCES INC Added +1,648,142+1.6m
BlackRock Inc. Added +1,094,901+1.1m
MORGAN STANLEY Added +1,035,332+1.0m
DIMENSIONAL FUND ADVISORS LP Added +530,954+531.0k
North Reef Capital Management LP Added +495,775+495.8k
JANUS HENDERSON GROUP PLC Added +488,296+488.3k
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Added +473,960+474.0k
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC New +459,380+459.4k
Global Alpha Capital Management Ltd. Added +261,943+261.9k
BANK OF AMERICA CORP /DE/ Added +246,783+246.8k

Biggest sellers

P2 Capital Partners, LLC Sold out -2,001,962-2.0m
VICTORY CAPITAL MANAGEMENT INC Reduced -1,326,202-1.3m
Starboard Value LP Sold out -1,213,000-1.2m
GOLDMAN SACHS GROUP INC Reduced -626,655-626.7k
River Road Asset Management, LLC Reduced -469,633-469.6k
RAYMOND JAMES & ASSOCIATES Reduced -407,316-407.3k
Nuveen Asset Management, LLC Reduced -389,614-389.6k
AXA S.A. Reduced -374,030-374.0k
MARSHALL WACE, LLP Sold out -294,162-294.2k
CITADEL ADVISORS LLC Reduced -253,833-253.8k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $529.0k23.0k shares
CITADEL ADVISORS LLC Added $262.2k11.4k shares
SIMPLEX TRADING, LLC Reduced $234.0k10.2k shares
Walleye Trading LLC Reduced $216.2k9.4k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

JANE STREET GROUP, LLC Reduced $561.2k24.4k shares
PEAK6 Investments LLC Reduced $423.2k18.4k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $301.3k13.1k shares
CITADEL ADVISORS LLC Reduced $195.5k8.5k shares
SIMPLEX TRADING, LLC Added $124.0k5.4k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
BlackRock, Inc. 13G · institution filed 2025-04-23 15.4% 16.3m≈ $817.5m 2025-04-23
VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-28 8.0% new 8.2m≈ $410.6m 2026-04-28
FRANKLIN RESOURCES INC 13G · institution new · filed 2026-04-29 6.5% new 6.6m≈ $332.7m 2026-04-29
FMR LLC 13G · institution new · filed 2026-08-06 6.4% new 6.5m≈ $329.2m 2026-08-06
VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 5.2% new 5.3m≈ $268.0m 2026-04-29

Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)

Insider purchases and sales in Q4 2022

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
202Q1 21: 0 buyingQ1 21: 0 sellingQ2 21: 0 buyingQ2 21: 0 sellingQ2 21Q3 21: 0 buyingQ3 21: 0 sellingQ4 21: 2 buyingQ4 21: 1 sellingQ4 21Q1 22: 0 buyingQ1 22: 0 sellingQ2 22: 0 buyingQ2 22: 0 sellingQ2 22Q3 22: 1 buyingQ3 22: 0 sellingQ4 22: 0 buyingQ4 22: 0 sellingQ4 22
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q1 20210—0——
Q2 20210—0——
Q3 20210—0——
Q4 20212$557.3k1$1.2m—
Q1 20220—0——
Q2 20220—0——
Q3 20221$22.0k0——
Q4 20220—0——

None reported in Q4 2022.

Holders, Q4 2022

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BlackRock Inc. 0.01% of their portfolio New York, NY 15,839,35215.8m $364.3m $364.3m 0.01% Added +1.1m +1,094,901
2 VANGUARD GROUP INC 0.01% of their portfolio Valley Forge, PA 10,942,61910.9m $251.7m $251.7m 0.01% Reduced -243.7k -243,677
3 FRANKLIN RESOURCES INC 0.10% of their portfolio San Mateo, CA 7,974,5548.0m $183.4m $183.4m 0.10% Added +1.6m +1,648,142
4 ALLIANCEBERNSTEIN L.P. 0.07% of their portfolio NASHVILLE, TN 6,398,3126.4m $147.2m $147.2m 0.07% Added +235.9k +235,858
5 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 3,905,6823.9m $89.8m $89.8m 0.01% Reduced -64.2k -64,169
6 DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio AUSTIN, TX 3,723,4833.7m $85.6m $85.6m 0.03% Added +531.0k +530,954
7 River Road Asset Management, LLC 1.12% of their portfolio LOUISVILLE, KY 3,547,7533.5m $81.6m $81.6m 1.12% Reduced -469.6k -469,633
8 CARDINAL CAPITAL MANAGEMENT LLC /CT 2.55% of their portfolio GREENWICH, CT 3,440,6463.4m $79.1m $79.1m 2.55% Reduced -158.5k -158,506
9 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.02% of their portfolio Boston, MA 2,311,2562.3m $53.2m $53.2m 0.02% Added +474.0k +473,960
10 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 2,246,4792.2m $51.7m $51.7m 0.01% Added +1.0m +1,035,332
11 GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio BOSTON, MA 2,115,4812.1m $48.7m $48.7m 0.01% Added +39.4k +39,354
12 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 2,079,8562.1m $47.8m $47.8m 0.01% Added +246.8k +246,783
13 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 2,027,6232.0m $46.6m $46.6m 0.01% Added +125.4k +125,409
14 REINHART PARTNERS, LLC. 2.34% of their portfolio MEQUON, WI 1,875,8181.9m $43.1m $43.1m 2.34% Added +17.1k +17,125
15 Global Alpha Capital Management Ltd. 4.17% of their portfolio MONTREAL, A8 1,855,1291.9m $42.7m $42.7m 4.17% Added +261.9k +261,943
16 NORTHERN TRUST CORP 0.01% of their portfolio CHICAGO, IL 1,718,8961.7m $39.5m $39.5m 0.01% Reduced -18.7k -18,694
17 AQR CAPITAL MANAGEMENT LLC 0.09% of their portfolio Greenwich, CT 1,657,3981.7m $37.9m $37.9m 0.09% Reduced -232.2k -232,201
18 RICE HALL JAMES & ASSOCIATES, LLC 2.12% of their portfolio San Diego, CA 1,605,1561.6m $36.9m $36.9m 2.12% Reduced -54.3k -54,271
19 Aristotle Capital Boston, LLC 1.04% of their portfolio BOSTON, MA 1,431,1711.4m $32.9m $32.9m 1.04% Reduced -38.3k -38,327
20 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 1,232,5351.2m $28.3m $28.3m 0.01% Added +716 +716
21 NORGES BANK 0.01% of their portfolio OSLO, Q8 1,220,9941.2m $28.1m $28.1m 0.01% Added +79.2k +79,233
22 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio SAN FRANCISCO, CA 1,167,7141.2m $26.9m $26.9m 0.01% Added +42.3k +42,342
23 PALISADE CAPITAL MANAGEMENT, LP 0.71% of their portfolio FORT LEE, NJ 1,141,2591.1m $26.2m $26.2m 0.71% Reduced -57.0k -56,951
24 North Reef Capital Management LP 2.49% of their portfolio LAGUNA BEACH, CA 988,662988.7k $22.7m $22.7m 2.49% Added +495.8k +495,775
25 Nuveen Asset Management, LLC 0.01% of their portfolio CHICAGO, IL 974,410974.4k $22.4m $22.4m 0.01% Reduced -389.6k -389,614
26 Fiera Capital Corp 0.06% of their portfolio MONTREAL, A8 899,120899.1k $20.7m $20.7m 0.06% Reduced -25.4k -25,449
27 NORTH STAR ASSET MANAGEMENT INC 1.18% of their portfolio NEENAH, WI 822,730822.7k $18.9m $18.9m 1.18% Added +6.4k +6,429
28 VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio San Antonio, TX 680,233680.2k $15.6m $15.6m 0.02% Reduced -1.3m -1,326,202
29 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 674,870674.9k $15.5m $15.5m 0.00% Added +1.1k +1,123
30 PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO 0.08% of their portfolio DENVER, CO 666,531666.5k $15.3m $15.3m 0.08% Added +4.8k +4,834
31 NEW YORK STATE COMMON RETIREMENT FUND 0.02% of their portfolio ALBANY, NY 665,261665.3k $15.3m $15.3m 0.02% Added +8.0k +7,956
32 D. E. Shaw & Co., Inc. 0.03% of their portfolio New York, NY 659,514659.5k $15.2m $15.2m 0.03% Reduced -200.9k -200,863
33 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 603,686603.7k $13.9m $13.9m 0.00% Reduced -626.7k -626,655
34 SEI INVESTMENTS CO 0.03% of their portfolio OAKS, PA 541,591541.6k $12.5m $12.5m 0.03% Added +37.4k +37,394
35 JANUS HENDERSON GROUP PLC 0.01% of their portfolio LONDON, X0 531,232531.2k $12.2m $12.2m 0.01% Added +488.3k +488,296
36 MOUNTAIN PACIFIC INVESTMENT ADVISERS LLC 0.82% of their portfolio BOISE, ID 489,528489.5k $11.3m $11.3m 0.82% Reduced -3.3k -3,349
37 LONDON CO OF VIRGINIA 0.07% of their portfolio RICHMOND, VA 482,834482.8k $11.1m $11.1m 0.07% Reduced -60.1k -60,103
38 VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio ATLANTA, GA 475,137475.1k $10.9m $10.9m 0.01% Reduced -7.8k -7,760
39 AMERICAN CAPITAL MANAGEMENT INC 0.42% of their portfolio NEW YORK, NY 468,330468.3k $10.8m $10.8m 0.42% Added +5.3k +5,330
40 PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio DES MOINES, IA 465,399465.4k $10.7m $10.7m 0.01% Added +16.7k +16,687
41 HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.04% of their portfolio Los Angeles, CA 459,380459.4k $10.6m $10.6m 0.04% New
42 Fisher Asset Management, LLC 0.01% of their portfolio PLANO, TX 444,344444.3k $10.2m $10.2m 0.01% Reduced -2.1k -2,103
43 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.01% of their portfolio BOSTON, MA 437,013437.0k $10.1m $10.1m 0.01% Reduced -187.5k -187,507
44 WCM INVESTMENT MANAGEMENT, LLC 0.03% of their portfolio LAGUNA BEACH, CA 426,212426.2k $9.8m $9.8m 0.03% Reduced -5.8k -5,761
45 KING LUTHER CAPITAL MANAGEMENT CORP 0.05% of their portfolio FORT WORTH, TX 401,769401.8k $9.2m $9.2m 0.05% Unchanged
46 RHUMBLINE ADVISERS 0.01% of their portfolio BOSTON, MA 393,657393.7k $9.1m $9.1m 0.01% Added +14.0k +13,957
47 Goodman Financial Corp 2.85% of their portfolio HOUSTON, TX 392,996393.0k $9.0m $9.0m 2.85% Added +12.5k +12,502
48 FRED ALGER MANAGEMENT, LLC 0.05% of their portfolio NEW YORK, NY 376,189376.2k $8.7m $8.7m 0.05% Added +138 +138
49 ETF MANAGERS GROUP, LLC 0.35% of their portfolio Summit, NJ 328,222328.2k $7.5m $7.5m 0.35% Added +8.0k +7,994
50 MACQUARIE GROUP LTD 0.01% of their portfolio Sydney, NSW 2000, C3 306,440306.4k $7.0m $7.0m 0.01% Reduced -38.7k -38,744
51 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 297,606297.6k $6.8m $6.8m 0.00% Reduced -4.2k -4,175
52 NORDEA INVESTMENT MANAGEMENT AB 0.01% of their portfolio STOCKHOLM, V7 292,253292.3k $6.7m $6.7m 0.01% Reduced -14.3k -14,318
53 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 291,211291.2k $6.7m $6.7m 0.00% Added +6.3k +6,256
54 California Public Employees Retirement System 0.01% of their portfolio Sacramento, CA 290,746290.7k $6.7m $6.7m 0.01% Reduced -1.9k -1,899
55 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 290,592290.6k $6.7m $6.7m 0.01% Added +28.2k +28,223
56 Granite Investment Partners, LLC 0.26% of their portfolio EL SEGUNDO, CA 276,144276.1k $6.4m $6.4m 0.26% Added +8.8k +8,788
57 Swiss National Bank 0.00% of their portfolio ZURICH, V8 261,600261.6k $6.0m $6.0m 0.00% Added +3.0k +3,000
58 Kopion Asset Management, LLC 5.85% of their portfolio MCKINNEY, TX 251,638251.6k $5.8m $5.8m 5.85% Added +30.4k +30,372
59 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 232,408232.4k $5.3m $5.3m 0.01% Reduced -253.8k -253,833
60 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.03% of their portfolio TORONTO, A6 227,600227.6k $5.2m $5.2m 0.03% Reduced -29.5k -29,500
61 AMERICAN INTERNATIONAL GROUP, INC. 0.04% of their portfolio New York, NY 226,905226.9k $5.2m $5.2m 0.04% Reduced -6.3k -6,253
62 UBS Group AG 0.00% of their portfolio ZURICH, V8 224,145224.1k $5.2m $5.2m 0.00% Added +178.9k +178,886
63 CREDIT SUISSE AG/ 0.01% of their portfolio ZURICH, V8 216,405216.4k $5.0m $5.0m 0.01% Added +41.8k +41,780
64 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.03% of their portfolio JUPITER, FL 205,993206.0k $4.7m $4.7m 0.03% New
65 RAYMOND JAMES & ASSOCIATES 0.00% of their portfolio ST PETERSBURG, FL 203,391203.4k $4.7m $4.7m 0.00% Reduced -407.3k -407,316
66 Mirae Asset Global Investments Co., Ltd. 0.01% of their portfolio SEOUL, M5 201,052201.1k $4.6m $4.6m 0.01% Reduced -24.9k -24,851
67 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 193,669193.7k $4.5m $4.5m 0.00% Added +46.1k +46,138
68 Legal & General Group Plc 0.00% of their portfolio London, X0 189,522189.5k $4.4m $4.4m 0.00% Added +10.3k +10,254
69 WEDGE CAPITAL MANAGEMENT L L P/NC 0.07% of their portfolio CHARLOTTE, NC 187,303187.3k $4.3m $4.3m 0.07% Added +931 +931
70 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 186,882186.9k $4.3m $4.3m 0.00% First filing
71 COMERICA BANK 0.04% of their portfolio DALLAS, TX 177,838177.8k $4.8m $4.8m 0.04% Added +1.0k +1,025
72 WEITZ INVESTMENT MANAGEMENT, INC. 0.23% of their portfolio Omaha, NE 176,335176.3k $4.1m $4.1m 0.23% Reduced -159.4k -159,365
73 NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio ALBANY, NY 170,398170.4k $3.9m $3.9m 0.01% Unchanged
74 Allianz Asset Management GmbH 0.01% of their portfolio MUNICH, 2M 167,423167.4k $3.9m $3.9m 0.01% Added +969 +969
75 WOODMONT INVESTMENT COUNSEL LLC 0.42% of their portfolio NASHVILLE, TN 163,123163.1k $3.8m $3.8m 0.42% Added +3.7k +3,745
76 VALUE HOLDINGS MANAGEMENT CO. LLC 0.84% of their portfolio PARK CITY, UT 162,000162.0k $3.7m $3.7m 0.84% Added +14.0k +14,000
77 SEIZERT CAPITAL PARTNERS, LLC 0.19% of their portfolio BIRMINGHAM, MI 158,307158.3k $3.6m $3.6m 0.19% New
78 HANTZ FINANCIAL SERVICES, INC. 0.11% of their portfolio SOUTHFIELD, MI 156,403156.4k $3.6m $3.6m 0.11% Added +18.9k +18,891
79 Retirement Systems of Alabama 0.01% of their portfolio MONTGOMERY, AL 148,112148.1k $3.4m $3.4m 0.01% Reduced -1.2k -1,194
80 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio WEST SACRAMENTO, CA 139,040139.0k $3.2m $3.2m 0.01% Reduced -25 -25
81 OCCUDO QUANTITATIVE STRATEGIES LP 0.36% of their portfolio FORT LAUDERDALE, FL 133,464133.5k $3.1m $3.1m 0.36% New
82 SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.05% of their portfolio BALA CYNWYD, PA 133,159133.2k $3.1m $3.1m 0.05% New
83 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 132,155132.2k $3.0m $3.0m 0.00% Reduced -2.4k -2,440
84 ACADIAN ASSET MANAGEMENT LLC 0.01% of their portfolio Boston, MA 131,161131.2k $3.0m $3.0m 0.01% New
85 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 129,738129.7k $3.0m $3.0m 0.00% Reduced -107.9k -107,927
86 Federation des caisses Desjardins du Quebec 0.04% of their portfolio LEVIS, A8 129,034129.0k $3.0m $3.0m 0.04% Added +7.3k +7,300
87 CLARK ESTATES INC/NY 0.62% of their portfolio NEW YORK, NY 128,800128.8k $3.0m $3.0m 0.62% New
88 MetLife Investment Management, LLC 0.02% of their portfolio Whippany, NJ 127,833127.8k $2.9m $2.9m 0.02% Reduced -3.5k -3,531
89 State of New Jersey Common Pension Fund D 0.01% of their portfolio TRENTON, NJ 112,854112.9k $2.6m $2.6m 0.01% Added +14.4k +14,368
90 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 101,405101.4k $2.3m $2.3m 0.01% Reduced -6.8k -6,828
91 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 99,64899.6k $2.3m $2.3m 0.00% Reduced -9.5k -9,529
92 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.01% of their portfolio COLUMBUS, OH 96,46196.5k $2.2m $2.2m 0.01% Reduced -14.7k -14,700
93 Balyasny Asset Management L.P. 0.01% of their portfolio Chicago, IL 93,34293.3k $2.1m $2.1m 0.01% Added +25.3k +25,306
94 MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC 0.03% of their portfolio New York, NY 92,34792.3k $2.1m $2.1m 0.03% Added +711 +711
95 CANADA LIFE ASSURANCE Co 0.01% of their portfolio WINNIPEG, A2 91,48791.5k $2.1m $2.1m 0.01% Added +11.6k +11,557
96 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 89,06489.1k $2.0m $2.0m 0.00% Reduced -6.0k -5,954
97 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 88,65088.7k $2.0m $2.0m 0.00% Reduced -24.4k -24,396
98 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 87,09887.1k $2.0m $2.0m 0.00% Added +45.3k +45,332
99 Allspring Global Investments Holdings, LLC 0.00% of their portfolio CHARLOTTE, NC 82,67082.7k $1.9m $1.9m 0.00% Added +72.5k +72,523
100 AMALGAMATED BANK 0.02% of their portfolio NEW YORK, NY 79,29779.3k $1.8m $1.8m 0.02% Reduced -122 -122