SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
April 24, 2012
Date of Report (Date of Earliest Event Reported)
Total System Services, Inc.
(Exact Name of Registrant as Specified in its Charter)
Georgia |
1-10254 |
58-1493818 | ||
(State of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
One TSYS Way, Columbus, Georgia |
31901 | |||
(Address of principal executive offices) | (Zip Code) |
(706) 649-2267
(Registrants telephone number, including area code)
___________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
On April 24, 2012, Total System Services, Inc. (Registrant) issued a press release announcing financial results for the first quarter ended March 31, 2012. The press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. The information in the press release shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 or incorporated by reference into any document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934 except as shall be expressly set forth by specific reference in such filing.
Item 7.01 | Regulation FD Disclosure. |
On April 24, 2012, Registrant will hold an investor conference call and webcast to discuss its financial results for the first quarter ended March 31, 2012. A copy of the presentation to be used during the conference call is attached hereto as Exhibit 99.2 and incorporated herein by reference. The information in the presentation shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 or incorporated by reference into any document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934 except as shall be expressly set forth by specific reference in such filing.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits |
Exhibit No. |
Description | |
99.1 | Registrants press release dated April 24, 2012 | |
99.2 | Registrants presentation dated April 24, 2012 |
2
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TOTAL SYSTEM SERVICES, INC. (Registrant) | ||||||
Dated: April 24, 2012 | By: | /s/ Kathleen Moates | ||||
Kathleen Moates | ||||||
Senior Deputy General Counsel |
3
Exhibit 99.1
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Total System Services, Inc. |
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One TSYS Way |
+1.706.649.2307 | |
Post Office Box 2567 |
+1.706.649.5740 | |
Columbus GA 31902-2567 |
www.tsys.com |
For immediate release:
Contacts:
Shawn Roberts
TSYS Investor Relations
+1.706.644.6081
shawnroberts@tsys.com
TSYS REPORTS EPS GROWTH OF 18.6% FOR THE FIRST QUARTER
COLUMBUS, Ga., April 24, 2012 TSYS today reported results for the first quarter with basic earnings per share at $0.30, an increase of 18.6% over 2011. Total revenues for the quarter were $461.2 million, an increase of 7.4%. Revenues before reimbursable items were $395.2 million, an increase of 9.0% for the quarter.
Our first quarter results continue to benefit from strong same client transaction growth, which was 14.4% in our card issuer processing business, when compared to last year. POS transactions, excluding deconverted clients in our indirect business, were up 11% and sales volume from our direct merchant business was up 20.9% over same quarter last year. Operating income was $84.8 million, resulting in an increase of 16.2% over last year. Our consolidated organic revenue growth of 7.7% for the quarter was the main driver in our results. This quarter represents the 8th consecutive quarter that we reported positive year-over-year growth in revenues before reimbursable items, said Philip W. Tomlinson, chairman and chief executive officer of TSYS.
During the quarter, TSYS signed new contracts with Huntington Bancshares and Regions to process their credit card portfolios. In addition, a long-term agreement with The Royal Bank of Scotland for its UK, Irish and U.S. consumer credit and commercial businesses was renewed. We continue to pursue our vision of being the leading global payment solutions provider through acquisitions and by putting people at the center of payments. We continue to believe TSYS will achieve our guidance of double digit growth in earnings per share and a solid top line revenue increase in 2012, said Tomlinson.
Conference Call
TSYS will host its quarterly conference call at 5:00 p.m. ET on Tuesday, April 24. The conference call can be accessed via simultaneous Internet broadcast at tsys.com by clicking on the link under Webcasts on the main homepage. The replay will be archived for 12 months and will be available approximately 30 minutes after the completion of the call. A slide presentation to accompany the call will be available by clicking on the link under Webcasts on the main homepage of tsys.com.
Page 1 of 12
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Non-GAAP Measures
The financial highlights section of this release contains the non-GAAP financial measures of revenues and operating results on a constant currency basis to describe TSYS performance. Management uses these non-GAAP financial measures to better understand and assess TSYS operating results and financial performance. TSYS believes these non-GAAP financial measures provide meaningful additional information about TSYS to assist investors in understanding and evaluating its operating results.
Additional information about non-GAAP financial measures and a reconciliation of those measures to the most directly comparable GAAP measures are included on pages 11 and 12 of this release.
About TSYS
At TSYS, (NYSE: TSS), we believe payments should revolve around people not the other way around. We call this belief People-Centered Payments. By putting people at the center of every decision we make, with unmatched customer service and industry insight, TSYS is able to support financial institutions, businesses and governments in more than 80 countries. Offering merchant payment-acceptance solutions as well as services in credit, debit, prepaid, mobile, chip, healthcare and more, we make it possible for those in the global marketplace to conduct safe and secure electronic transactions with trust and convenience.
TSYS headquarters are located in Columbus, Georgia, with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS provides services to more than half of the top 20 international banks, is a Fortune 1000 company and was named one of the 2012 Worlds Most Ethical Companies by Ethisphere magazine. For more information, please visit us at www.tsys.com.
Forward-Looking Statements
This press release contains forward-looking statements that is, statements related to future, not past, events. Forward-looking statements often address our expected future business and financial performance and often contain words such as expect, anticipate, intend, believe, should, plan, will, could, and similar expressions. These forward-looking statements include, among others, statements regarding TSYS belief that it will achieve its guidance of double digit growth in earnings per share and a solid top line revenue increase in 2012, and the assumptions underlying such statements. These statements are based on the current beliefs and expectations of TSYS management, are based on managements assumptions and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking statements. A number of important factors could cause actual results to differ materially from those contemplated by our forward-looking statements in this press release. Many of these factors are beyond TSYS ability to control or predict. These factors include, but are not limited to: continued consolidation and turmoil in the financial services and other industries during 2012, including the merger of TSYS clients with entities that are not TSYS processing clients, the sale of portfolios by TSYS clients to entities that are not TSYS processing clients and the nationalization or seizure by banking regulators of TSYS clients; TSYS is unable to control expenses and increase market share both domestically and internationally; TSYS is unable to manage the impact of slowing economic conditions and consumer spending; the material breach
Page 2 of 12
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of security of any of TSYS systems; the impact of potential and completed acquisitions, including the costs associated therewith and their being more difficult to integrate than anticipated; adverse developments with respect to foreign currency exchange rates; expenses are incurred associated with the signing of a significant client; the deconversion of a significant client; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on TSYS and on our clients; changes occur in laws, rules, regulations, credit card association rules or other industry standards affecting TSYS and our clients that may result in costly new compliance burdens on TSYS and our clients and lead to a decrease in the volume and/or number of transactions processed; the costs and effects of litigation, investigations or similar matters or adverse facts and developments relating thereto; adverse developments with respect to the credit card industry in general, including a decline in the use of credit cards as a payment mechanism; and internal growth rates of TSYS existing clients are lower than anticipated whether as a result of unemployment rates, card delinquencies and charge-off rates or otherwise. Additional risks and other factors that could cause actual results to differ materially from those contemplated in this release can be found in TSYS filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise.
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Page 3 of 12
TSYS Announces First Quarter 2012 Earnings
Page 4 of 12
TSYS
Financial Highlights
(unaudited)
(in thousands, except per share data)
Three Months Ended March 31, |
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2012 | 2011 | Percent Change |
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Total revenues |
$ | 461,162 | 429,430 | 7.4 | % | |||||||
Cost of services |
318,258 | 301,492 | 5.6 | |||||||||
Selling, general and administrative expenses |
58,073 | 54,910 | 5.8 | |||||||||
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Operating income |
84,831 | 73,028 | 16.2 | |||||||||
Nonoperating expenses |
(405 | ) | (728 | ) | 44.4 | |||||||
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Income before income taxes, noncontrolling interests and equity in income of equity investments |
84,426 | 72,300 | 16.8 | |||||||||
Income taxes |
29,556 | 25,158 | 17.5 | |||||||||
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Income before noncontrolling interests and equity in income of equity investments |
54,870 | 47,142 | 16.4 | |||||||||
Equity in income of equity investments |
2,774 | 2,270 | 22.2 | |||||||||
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Net income |
57,644 | 49,412 | 16.7 | |||||||||
Net income attributable to noncontrolling interests |
(1,249 | ) | (622 | ) | nm | |||||||
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Net income attributable to TSYS common shareholders |
$ | 56,395 | 48,790 | 15.6 | % | |||||||
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Basic earnings per share |
$ | 0.30 | 0.25 | 18.6 | % | |||||||
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Diluted earnings per share |
$ | 0.30 | 0.25 | 18.2 | % | |||||||
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Dividends declared per share |
$ | 0.10 | 0.07 | |||||||||
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nm = not meaningful
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TSYS Announces First Quarter 2012 Earnings
Page 5 of 12
TSYS
Consolidated Statements of Comprehensive Income
(unaudited)
(in thousands)
Three Months Ended March 31, |
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2012 | 2011 | |||||||
Net income |
$ | 57,644 | 49,412 | |||||
Other comprehensive income, net of tax: |
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Foreign currency translation adjustments |
2,963 | 10,271 | ||||||
Postretirement healthcare plan adjustments |
263 | (182 | ) | |||||
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Other comprehensive income |
3,226 | 10,089 | ||||||
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Comprehensive income |
60,870 | 59,501 | ||||||
Comprehensive income attributable to noncontrolling interests |
(541 | ) | (721 | ) | ||||
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Comprehensive income attributable to |
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TSYS common shareholders |
$ | 60,329 | 58,780 | |||||
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TSYS Announces First Quarter 2012 Earnings
Page 6 of 12
TSYS
Earnings Per Share
(unaudited)
(in thousands, except per share data)
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, 2012 | March 31, 2011 | |||||||||||||||
Common Stock |
Participating Securities |
Common Stock |
Participating Securities |
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Basic Earnings per share: |
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Net income |
$ | 56,395 | 48,790 | |||||||||||||
Less income allocated to nonvested awards |
(196 | ) | 196 | (191 | ) | 191 | ||||||||||
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Net income allocated to common stock for |
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EPS calculation ( a ) |
$ | 56,199 | 196 | 48,599 | 191 | |||||||||||
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Average common shares outstanding ( b ) |
188,052 | 667 | 192,851 | 765 | ||||||||||||
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Average common shares and participating securities |
188,719 | 193,616 | ||||||||||||||
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Basic Earnings per share ( a )/( b ) |
$ | 0.30 | 0.29 | 0.25 | 0.25 | |||||||||||
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Diluted Earnings per share: |
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Net income |
$ | 56,395 | 48,790 | |||||||||||||
Less income allocated to nonvested awards |
(196 | ) | 196 | (191 | ) | 191 | ||||||||||
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Net income allocated to common stock for |
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EPS calculation ( c ) |
$ | 56,199 | 196 | 48,599 | 191 | |||||||||||
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Average common shares outstanding |
188,052 | 667 | 192,851 | 765 | ||||||||||||
Increase due to assumed issuance of shares related to common equivalent shares outstanding |
1,010 | 305 | ||||||||||||||
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Average common and common equivalent shares outstanding ( d ) |
189,062 | 667 | 193,156 | 765 | ||||||||||||
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Average common and common equivalent shares and participating securities |
189,729 | 193,921 | ||||||||||||||
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Diluted Earnings per share ( c )/( d ) |
$ | 0.30 | 0.29 | 0.25 | 0.25 | |||||||||||
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TSYS Announces First Quarter 2012 Earnings
Page 7 of 12
TSYS
Segment Breakdown
(unaudited)
(in thousands)
Three Months Ended March 31, | ||||||||||||||||
Change | ||||||||||||||||
2012 | 2011 | $ | % | |||||||||||||
Revenues before reimbursable items |
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North America Services |
204,050 | 194,590 | 9,460 | 4.9 | % | |||||||||||
International Services |
96,491 | 87,419 | 9,072 | 10.4 | % | |||||||||||
Merchant Services |
98,356 | 86,519 | 11,837 | 13.7 | % | |||||||||||
Intersegment revenues |
(3,718 | ) | (5,885 | ) | 2,167 | 36.8 | % | |||||||||
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Revenues before reimbursable items from external customers |
395,179 | 362,643 | 32,536 | 9.0 | % | |||||||||||
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Total revenues |
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North America Services |
240,599 | 230,558 | 10,041 | 4.4 | % | |||||||||||
International Services |
100,360 | 90,710 | 9,650 | 10.6 | % | |||||||||||
Merchant Services |
125,518 | 115,756 | 9,762 | 8.4 | % | |||||||||||
Intersegment revenues |
(5,315 | ) | (7,594 | ) | 2,279 | 30.0 | % | |||||||||
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Revenues from external customers |
461,162 | 429,430 | 31,732 | 7.4 | % | |||||||||||
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Depreciation and amortization |
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North America Services |
18,454 | 19,466 | (1,012 | ) | (5.2 | )% | ||||||||||
International Services |
12,911 | 11,708 | 1,203 | 10.3 | % | |||||||||||
Merchant Services |
8,786 | 9,146 | (360 | ) | (3.9 | )% | ||||||||||
Corporate Admin |
722 | 748 | (26 | ) | (3.5 | )% | ||||||||||
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Total depreciation and amortization |
40,873 | 41,068 | (195 | ) | (0.5 | )% | ||||||||||
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Segment operating income |
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North America Services |
68,173 | 55,200 | 12,973 | 23.5 | % | |||||||||||
International Services |
4,113 | 11,025 | (6,912 | ) | (62.7 | )% | ||||||||||
Merchant Services |
34,219 | 26,923 | 7,296 | 27.1 | % | |||||||||||
Corporate Admin |
(21,674 | ) | (20,120 | ) | (1,554 | ) | (7.7 | )% | ||||||||
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Operating income |
84,831 | 73,028 | 11,803 | 16.2 | % | |||||||||||
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Other: |
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Reimbursable items: |
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North America Services |
36,549 | 35,968 | 581 | 1.6 | % | |||||||||||
International Services |
3,869 | 3,291 | 578 | 17.6 | % | |||||||||||
Merchant Services |
27,162 | 29,237 | (2,075 | ) | (7.1 | )% | ||||||||||
Intersegment revenues |
(1,597 | ) | (1,709 | ) | 112 | 6.6 | % | |||||||||
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Reimbursable items |
65,983 | 66,787 | (804 | ) | (1.2 | )% | ||||||||||
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Volumes: |
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FTEs (full-time equivalents) |
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North America Services |
3,886 | 4,299 | (413 | ) | (9.6 | )% | ||||||||||
International Services |
2,697 | 2,118 | 579 | 27.3 | % | |||||||||||
Merchant Services |
1,213 | 1,134 | 79 | 7.0 | % | |||||||||||
Corporate Admin |
407 | 373 | 34 | 9.1 | % | |||||||||||
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FTEs |
8,203 | 7,924 | 279 | 3.5 | % | |||||||||||
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At | Change | |||||||||||||||
Total assets (in thousands) | 3/31/2012 | 12/31/2011 | $ | % | ||||||||||||
North America Services |
1,676,032 | 1,621,664 | 54,368 | 3.4 | % | |||||||||||
International Services |
439,948 | 433,203 | 6,745 | 1.6 | % | |||||||||||
Merchant Services |
498,586 | 487,858 | 10,728 | 2.2 | % | |||||||||||
Intersegment assets |
(708,431 | ) | (684,333 | ) | (24,098 | ) | (3.5 | )% | ||||||||
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Total assets |
1,906,135 | 1,858,392 | 47,743 | 2.6 | % | |||||||||||
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Three Months Ended March 31, | ||||||||||||||||
Change | ||||||||||||||||
2012 | 2011 | Inc(Dec) | % | |||||||||||||
North America Segment: |
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Accounts on File (AOF) (in millions) |
361.8 | 309.6 | 52.2 | 16.9 | % | |||||||||||
Transactions (in millions) |
1,893.0 | 1,626.8 | 266.2 | 16.4 | % | |||||||||||
International Segment: |
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AOF (in millions) |
54.1 | 47.2 | 6.9 | 14.7 | % | |||||||||||
Transactions (in millions) |
383.0 | 326.0 | 57.0 | 17.5 | % | |||||||||||
Merchant Segment: |
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Point-of-sale Transactions (in millions) |
1,219.7 | 1,206.8 | 12.9 | 1.1 | % |
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TSYS Announces First Quarter 2012 Earnings
Page 8 of 12
TSYS
Balance Sheet
(unaudited)
(in thousands)
Mar 31, 2012 | Dec 31, 2011 | |||||||
Assets |
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Current assets: |
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Cash and cash equivalents |
$ | 370,955 | 316,337 | |||||
Accounts receivable, net |
253,732 | 248,541 | ||||||
Deferred income tax assets |
7,695 | 12,872 | ||||||
Prepaid expenses and other current assets |
80,598 | 72,431 | ||||||
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Total current assets |
712,980 | 650,181 | ||||||
Property and equipment, net |
260,900 | 266,608 | ||||||
Computer software, net |
205,027 | 215,244 | ||||||
Contract acquisition costs, net |
161,464 | 162,987 | ||||||
Goodwill |
356,121 | 355,498 | ||||||
Equity investments, net |
85,891 | 82,924 | ||||||
Other intangible assets, net |
79,440 | 81,250 | ||||||
Deferred income tax assets, net |
4,970 | 4,069 | ||||||
Other assets |
39,342 | 39,631 | ||||||
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Total assets |
$ | 1,906,135 | 1,858,392 | |||||
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Liabilities |
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Current liabilities: |
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Current portion of notes payable |
$ | 181,301 | 181,251 | |||||
Accrued salaries and employee benefits |
13,971 | 33,004 | ||||||
Accounts payable |
35,827 | 26,095 | ||||||
Current portion of obligations under capital leases |
13,201 | 14,363 | ||||||
Other current liabilities |
138,734 | 125,863 | ||||||
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Total current liabilities |
383,034 | 380,576 | ||||||
Notes payable, excluding current portion |
34,269 | 39,104 | ||||||
Deferred income tax liabilities |
36,064 | 32,889 | ||||||
Obligations under capital leases, excluding current portion |
23,418 | 24,489 | ||||||
Other long-term liabilities |
61,126 | 60,325 | ||||||
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Total liabilities |
537,911 | 537,383 | ||||||
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Equity |
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Shareholders equity: |
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Common stock |
20,245 | 20,186 | ||||||
Additional paid-in capital |
129,104 | 125,948 | ||||||
Accumulated other comprehensive income, net |
3,489 | (445 | ) | |||||
Treasury stock |
(221,927 | ) | (225,034 | ) | ||||
Retained earnings |
1,418,140 | 1,380,634 | ||||||
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Total shareholders equity |
1,349,051 | 1,301,289 | ||||||
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Noncontrolling interests in consolidated subsidiaries |
19,173 | 19,720 | ||||||
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Total equity |
1,368,224 | 1,321,009 | ||||||
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Total liabilities and equity |
$ | 1,906,135 | 1,858,392 | |||||
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TSYS Announces First Quarter 2012 Earnings
Page 9 of 12
TSYS
Cash Flow
(unaudited)
(in thousands)
Three Months Ended March 31, |
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2012 | 2011 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
$ | 57,644 | 49,412 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: |
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Equity in income of equity investments |
(2,774 | ) | (2,270 | ) | ||||
Dividends received from equity investments |
| 13 | ||||||
Net loss (gain) on currency translation adjustments |
504 | 352 | ||||||
Depreciation and amortization |
40,873 | 41,068 | ||||||
Amortization of debt issuance costs |
47 | 26 | ||||||
Share-based compensation |
3,598 | 4,332 | ||||||
Excess tax expense (benefit) from share-based payment arrangements |
510 | (103 | ) | |||||
Asset impairments |
| 773 | ||||||
Provisions for (recoveries of) bad debt expense and billing adjustments |
(144 | ) | 204 | |||||
Charges for transaction processing provisions |
1,063 | 1,296 | ||||||
Deferred income tax expense (benefit) |
6,425 | 3,874 | ||||||
(Gain) loss on disposal of equipment, net |
(2 | ) | (1,497 | ) | ||||
Changes in operating assets and liabilities: |
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Accounts receivable |
(5,424 | ) | 2,971 | |||||
Prepaid expenses, other current assets and other long-term assets |
(7,379 | ) | 14,046 | |||||
Accounts payable |
9,825 | (4,635 | ) | |||||
Accrued salaries and employee benefits |
(19,111 | ) | (13,800 | ) | ||||
Other current liabilities and other long-term liabilities |
12,942 | 6,109 | ||||||
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|
|
|||||
Net cash provided by operating activities |
98,597 | 102,171 | ||||||
|
|
|
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||
Purchases of property and equipment, net |
(4,648 | ) | (5,960 | ) | ||||
Additions to licensed computer software from vendors |
(2,593 | ) | (1,280 | ) | ||||
Additions to internally developed computer software |
(4,435 | ) | (4,478 | ) | ||||
Proceeds from sale of tradename |
| 4,500 | ||||||
Cash used in acquisitions, net of cash acquired |
(1,750 | ) | | |||||
Purchase of private equity investments |
(499 | ) | | |||||
Additions to contract acquisition costs |
(5,099 | ) | (7,202 | ) | ||||
|
|
|
|
|||||
Net cash used in investing activities |
(19,024 | ) | (14,420 | ) | ||||
|
|
|
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||
Principal payments on long-term debt borrowings and capital lease obligations |
(6,505 | ) | (8,551 | ) | ||||
Proceeds from borrowings of long-term debt |
| | ||||||
Proceeds from exercise of stock options |
2,701 | 1,119 | ||||||
Excess tax expense (benefit) from share-based payment arrangements |
(510 | ) | 103 | |||||
Repurchase of common stock |
| (35,700 | ) | |||||
Purchase of noncontrolling interests |
| (174,050 | ) | |||||
Subsidiary dividends paid to noncontrolling shareholders |
(1,087 | ) | | |||||
Dividends paid on common stock |
(18,913 | ) | (13,556 | ) | ||||
|
|
|
|
|||||
Net cash used in financing activities |
(24,314 | ) | (230,635 | ) | ||||
|
|
|
|
|||||
CASH AND CASH EQUIVALENTS: |
||||||||
Effect of exchange rate changes on cash and cash equivalents |
(641 | ) | 577 | |||||
|
|
|
|
|||||
Net increase (decrease) in cash and cash equivalents |
54,618 | (142,307 | ) | |||||
Cash and cash equivalents at beginning of period |
316,337 | 394,795 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at end of period |
$ | 370,955 | 252,488 | |||||
|
|
|
|
- more -
TSYS Announces First Quarter 2012 Earnings
Page 10 of 12
Supplemental Information:
Accounts on File | ||||||||||||
Total | ||||||||||||
(in millions) | March 2012 |
March 2011 |
% Change |
|||||||||
Consumer Credit |
197.2 | 183.4 | 7.5 | |||||||||
Government Services |
30.5 | 29.0 | 5.4 | |||||||||
Retail |
25.3 | 24.6 | 2.7 | |||||||||
|
|
|
|
|||||||||
Total Consumer |
253.0 | 237.0 | 6.8 | |||||||||
Commercial |
65.0 | 51.1 | 27.2 | |||||||||
Other |
9.4 | 6.3 | 48.4 | |||||||||
|
|
|
|
|||||||||
Subtotal |
327.4 | 294.4 | 11.2 | |||||||||
Prepaid/Stored Value |
88.5 | 62.3 | 42.0 | |||||||||
|
|
|
|
|||||||||
Total AOF |
415.9 | 356.7 | 16.6 | |||||||||
|
|
|
|
Growth in Accounts on File (in millions):
March 2011 to March 2012 |
March 2010 to March 2011 | |||
Beginning balance |
356.7 | 323.3 | ||
Change in accounts on file due to: |
||||
Internal growth of existing clients |
36.7 | 23.1 | ||
New clients |
41.8 | 32.4 | ||
Purges/Sales |
(18.5) | (18.4) | ||
Deconversions |
(0.8) | (3.7) | ||
|
| |||
Ending balance |
415.9 | 356.7 | ||
|
|
- more -
TSYS Announces First Quarter 2012 Earnings
Page 11 of 12
Reconciliation of GAAP to Non-GAAP
Non-GAAP Measures
The schedule below provides a reconciliation of revenues and operating results on a constant currency basis to reported revenues and operating income. This non-GAAP measure presents year-to-date 2012 financial results using the previous years foreign currency exchange rates. On a year-to-date constant currency basis, TSYS total revenues grew 7.6% as compared to a reported GAAP increase of 7.4%
The non-GAAP financial measures of constant currency and revenues, with respect to year-to-date revenues and basic EPS presented by TSYS, are utilized by management to better understand and assess TSYS operating results and financial performance. TSYS also uses the non-GAAP financial measures to evaluate and assess TSYS financial performance against budget, as well as to evaluate financial performance for executive and management compensation purposes.
TSYS believes that non-GAAP financial measures are important to enable investors to understand and evaluate its ongoing operating results. Accordingly, TSYS includes non-GAAP financial measures when reporting its financial results to shareholders and investors in order to provide them with an additional tool to evaluate TSYS ongoing business operations. TSYS believes that the non-GAAP financial measures are representative of comparative financial performance that reflects the economic substance of TSYS current and ongoing business operations.
Although non-GAAP financial measures are often used to measure TSYS operating results and assess its financial performance, they are not necessarily comparable to similarly titled captions of other companies due to potential inconsistencies in the method of calculation.
TSYS believes that its use of non-GAAP financial measures provides investors with the same key financial performance indicators that are utilized by management to assess TSYS operating results, evaluate the business and make operational decisions on a prospective, going-forward basis. Hence, management provides disclosure of non-GAAP financial measures to give shareholders and potential investors an opportunity to see TSYS as viewed by management, to assess TSYS with some of the same tools that management utilizes internally and to be able to compare such information with prior periods. TSYS believes that the presentation of GAAP financial measures alone would not provide its shareholders and potential investors with the ability to appropriately analyze its ongoing operational results, and therefore expected future results. TSYS therefore believes that inclusion of non-GAAP financial measures provides investors with additional information to help them better understand its financial statements just as management utilizes these non-GAAP financial measures to better understand the business, manage budgets and allocate resources.
- more -
TSYS Announces First Quarter 2012 Earnings
Page 12 of 12
Reconciliation of GAAP to Non-GAAP
Constant Currency Comparison
(unaudited)
(in thousands)
Three Months Ended March 31, | ||||||||||||
2012 | 2011 | Percent Change |
||||||||||
Consolidated |
||||||||||||
Constant currency (1) |
$ | 462,251 | 429,430 | 7.6 | % | |||||||
Foreign currency (2) |
(1,089 | ) | | |||||||||
|
|
|
|
|||||||||
Total revenues |
$ | 461,162 | 429,430 | 7.4 | % | |||||||
|
|
|
|
|||||||||
Constant currency (1) |
$ | 84,411 | 73,028 | 15.6 | % | |||||||
Foreign currency (2) |
420 | | ||||||||||
|
|
|
|
|||||||||
Operating income |
$ | 84,831 | 73,028 | 16.2 | % | |||||||
|
|
|
|
|||||||||
International Services |
||||||||||||
Constant currency (1) |
$ | 101,531 | 90,710 | 11.9 | % | |||||||
Foreign currency (2) |
(1,171 | ) | | |||||||||
|
|
|
|
|||||||||
Total revenues |
$ | 100,360 | 90,710 | 10.6 | % | |||||||
|
|
|
|
(1) | Reflects current period results on a non-GAAP basis as if foreign currency rates did not change from the comparable prior year period. |
(2) | Reflects the impact of calculated changes in foreign currency rates from the comparable period. |
- ### -
2012
First Quarter Results April 24, 2012
©
2012
Total
System
Services,
Inc.
®
All
rights
reserved
worldwide.
Exhibit 99.2 |
Forward-Looking Statements
This presentation and comments made by management contain
forward-looking statements including, among others, statements
regarding the expected future operating results of TSYS. These
statements are based on managements current expectations and
assumptions and are subject to risks, uncertainties and changes in
circumstances. Forward-looking statements include all statements
that are not historical facts and can be identified by the use of
forward- looking
terminology
such
as
the
words
believe,
expect,
anticipate,
intend,
plan,
estimate
or similar expressions. Actual results may
differ materially from those set forth in the forward-looking statements
due to a variety of factors. More information about these risks,
uncertainties
and
factors
may
be
found
in
TSYS
2011
Annual
Report
on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K. TSYS does not assume any obligation to update any
forward-looking statements as a result of new information, future
developments or otherwise.
2
©2012 Total System Services, Inc.® Proprietary. All rights reserved worldwide. |
Use of
Non-GAAP Financial Measures This slide presentation contains certain
non-GAAP financial measures determined by methods other than in
accordance with generally accepted accounting principles. Such non-GAAP
financial measures include the following: revenues before reimbursable
items; operating margin excluding reimbursable items; revenues measured on a
constant currency basis; free cash flow; and EBITDA. The most
comparable GAAP measures to these measures are revenues;
operating margin; revenues; cash flows from operating activities; and
net income, respectively. Management uses these non-GAAP financial
measures
to
assess
the
performance
of
TSYS
core
business.
TSYS
believes that these non-GAAP financial measures provide meaningful
additional information about TSYS to assist investors in evaluating
TSYS
operating results. These non-GAAP financial measures should
not be considered as a substitute for operating results determined in
accordance with GAAP and may not be comparable to other similarly
titled measures of other companies. The computations of the non-
GAAP financial measures used in this slide presentation are set forth in
the Appendix to this slide presentation.
3
©2012 Total System Services, Inc.® Proprietary. All rights reserved worldwide. |
Phil
Tomlinson Chairman and Chief Executive Officer
|
Jim
Lipham Chief Financial Officer |
Consolidated Selected Financial Highlights
6
(in thousands, except per share data)
Total Revenues
$461,162
$ 429,430
7.4%
Revenues Before Reimbursable Items
395,179
362,643
9.0
Operating Income
84,831
73,028
16.2
Net Income Attributable to TSYS
Common Shareholders
$56,395
$48,790
15.6
Total Cardholder Transactions (in millions)
2,276.1
1,952.8
16.6
Earnings Per Share Attributable to TSYS
Common Shareholders
$0.30
$0.25
18.6
1 Qtr
2012
1 Qtr
2011
Percent
Change
st
st
©2012 Total System Services, Inc.® Proprietary. All rights reserved worldwide. |
2012
YTD Revenue Change Revenues Before Reimbursable Items
7
Internal
Growth
New
Clients
Acquisitions
Lost
Business,
Non-recurring
Items and
Price
Compression
(3.4%)
Reported
Currency
(0.3%)
9.0%
7.0%
10%
15%
5%
0%
4.2%
1.5%
©2012 Total System Services, Inc.® Proprietary. All rights reserved worldwide. |
Consolidated Accounts on
File Portfolio Summary
(in millions)
8
Mar
2012
Mar
2011
%
Change
Mar
2012
Dec
2011
%
Change
Consumer Credit
197.2
183.4
7.5
197.2
195.0
1.1
Government
Services
30.5
29.0
5.4
30.5
29.7
2.8
Retail
25.3
24.6
2.7
25.3
24.6
3.0
Total Consumer
253.0
237.0
6.8
253.0
249.3
1.5
Commercial
65.0
51.1
27.2
65.0
61.9
5.1
Other
9.4
6.3
48.4
9.4
7.9
18.7
Subtotal
327.4
294.4
11.2
327.4
319.1
2.6
Prepaid /
Stored Value
88.5
62.3
42.0
88.5
85.1
3.9
Total AOF
415.9
356.7
16.6
415.9
404.2
2.9
©2012 Total System Services, Inc.® Proprietary. All rights reserved worldwide. |
Key
Drivers 1Q 2012 Year Over Year
Segment Financial Highlights
Strong organic growth
Increased volumes
Volumes
Accounts on file were 361.8 million
Total cardholder transactions were 1,893.0 million,
an increase of 16.4%
9
©2012 Total System Services, Inc.® Proprietary. All rights reserved worldwide.
Revenues
$240.6 million
Excluding Reimbursables
$204.0 million
Operating Income
$68.2 million
Operating Margin
28.3%
Excluding Reimbursables
33.4%
Same Client Transactions
1,879.5 million
Increase of 15.6%
North America
Services |
Key
Drivers 1Q 2012 Year Over Year
Segment Financial Highlights
Strong organic growth
Conversion of new clients
Dedication of more internal resources,
previously shared between our North America
and International segments
Volumes
Accounts on file were 54.1 million
Total cardholder transactions were 383.0 million, an
increase of 17.5%
10
©2012 Total System Services, Inc.® Proprietary. All rights reserved worldwide.
Revenues
$100.4 million
Excluding Reimbursables
$96.5 million
Constant currency basis
$101.5 million
Operating Income
$4.1 million
Operating Margin
4.1%
Excluding Reimbursables
4.3%
Same Client Transactions
352.7
million
Increase of 8.4%
International
Services |
Key
Drivers 1Q 2012 Year Over Year
Segment Financial Highlights
Acquisition of TermNet
Upward trends in transaction volumes
Strong dollar volume growth in direct acquiring
Volumes
Point-of-Sale Transactions were 1,219.7 million, an
increase of 1.1%
Excluding deconverted clients, Point-of-Sale
Transactions increased 11.0%
11
Revenues
$125.5 million
Excluding Reimbursables
$98.4 million
Operating Income
$34.2 million
Operating Margin
27.3%
Excluding Reimbursables
34.8%
Merchant
Services
©2012 Total System Services, Inc.® Proprietary. All rights reserved worldwide. |
Cash
Flow Strength: 2012 TTM Consolidated Financial Highlights
(in millions)
12
TTM = Trailing Twelve Months
©2012 Total System Services, Inc.® Proprietary. All rights reserved worldwide. |
Appendix |
Appendix Non-GAAP Reconciliation
Revenues Before Reimbursable Items
Total Revenues
$ 461,162 $
429,430 Reimbursable Items
65,983
66,787
Revenues Before Reimbursable Items
$ 395,179
$ 362,643
(in thousands)
14
Three Months Ended
3/31/12 3/31/11
©2012 Total System Services, Inc.® Proprietary. All rights reserved worldwide. |
Appendix
Non-GAAP
Reconciliation
Segment
Operating Margin Excluding Reimbursable Items
North America
International
Merchant
(in thousands)
15
©2012 Total System Services, Inc.® Proprietary. All rights reserved worldwide.
Three Months Ended
3/31/12 3/31/11
Three Months Ended
3/31/12 3/31/11
Three Months Ended
3/31/12 3/31/11
Operating Income (a)
$ 68,173 $
55,200 $
4,113 $ 11,025
$ 34,219 $
26,923 Total Revenues (b)
240,599
230,558
100,360
90,710
125,518
115,756
Reimbursable Items
36,549
35,968
3,869
3,291
27,162
29,237
Revenues Before
Reimbursable Items(c)
204,050
194,590
96,491
87,419
98,356
86,519
Operating Margin (a)/(b)
28.33%
23.94%
4.10%
12.15%
27.26%
23.26%
Operating Margin Excluding Reimbursables (a)/(c)
33.41%
28.37%
4.26%
12.61%
34.79%
31.12% |
Three
Months Ended
3/31/12 3/31/11
Percentage
Change
Appendix Non-GAAP Reconciliation
Constant Currency
(1) Reflects current period results on a non-GAAP basis as if foreign currency
rates did not change from the comparable prior year period. (2) Reflects the
impact of calculated changes in foreign currency rates from the comparable period.
(in thousands)
16
Consolidated:
Constant Currency (1)
$ 462,251
$ 429,430
7.6%
Foreign Currency (2)
(1,089)
---
Total Revenues
461,162
429,430
7.4%
International Services:
Constant Currency (1)
$ 101,531
$ 90,710
11.9%
Foreign Currency (2)
(1,171)
---
Total Revenues
$100,360
$90,710
10.6%
©2012 Total System Services, Inc.® Proprietary. All rights reserved worldwide. |
Appendix Non-GAAP Reconciliation
EBITDA
(in thousands)
17
Trailing Twelve
Months Ended
3/31/2012
Net Income
$ 230,894
Adjusted for:
Deduct: Equity in Income of Equity Investments
(9,212)
Add: Income Taxes
106,995
Add: Nonoperating expense
5,582
Add: Depreciation and Amortization
168,970
EBITDA
$ 503,229
©2012 Total System Services, Inc.® Proprietary. All rights reserved worldwide. |
Appendix
Non-GAAP
Reconciliation
Free
Cash
Flow
Trailing Twelve
Months Ended
3/31/2012
Cash Flows from Operating Activities
$ 432,745
Less:
Purchase of Property and Equipment
(25,626)
Additions to Licensed Computer Software from Vendors
(20,815)
Additions to Internally Developed Computer Software
(17,839)
Additions to Contract Acquisition Costs
(29,520)
Free Cash Flow
$ 338,945
(in thousands)
18
©2012 Total System Services, Inc.® Proprietary. All rights reserved worldwide. |
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