EXHIBIT 99.1
Heartland Payment Systems 90 Nassau Street
Princeton, NJ 08542 888.798.3131
HeartlandPaymentSystems.com
HEARTLAND PAYMENT SYSTEMS REPORTS RECORD
QUARTERLY EARNINGS
SECOND QUARTER ADJUSTED EARNINGS PER SHARE INCREASE 22%
Princeton, NJ - July 31, 2013 - Heartland Payment Systems, Inc. (NYSE: HPY), one of the nation's largest payment processors and leading provider of merchant business solutions, today announced Adjusted Net Income and Adjusted Earnings per Share of $23.1 million and $0.62, respectively, for the quarter ended June 30, 2013, compared to Adjusted Net Income and Adjusted Earnings per Share of $20.5 million and $0.51, respectively, for the quarter ended June 30, 2012. GAAP net income from continuing operations for the quarter ended June 30, 2013 was $19.7 million, or $0.53 per share compared to $18.0 million, or $0.43 for the quarter ended June 30, 2012. Adjusted Net Income and Adjusted Earnings per Share are non-GAAP measures that are detailed later in this press release in the section “Reconciliation of Non-GAAP Financial Measures.”
Highlights for the second quarter of 2013 include:
• | Record Small and Mid-Sized Enterprise (SME) quarterly transaction processing volume of $19.3 billion, up 4.2% from the second quarter of 2012 |
• | Record Quarterly Net Revenue of $149.7 million, up 13.5% from the second quarter of 2012 |
• | Operating Margin on Net Revenue of 22.3%, compared to 22.0% for the same quarter in 2012; the operating margin for the first six months of this year also increased from the first six months of last year |
• | Same store sales rose 1.9% and volume attrition was 12.9% in the second quarter |
• | New margin installed of $17.6 million, up 16% from the second quarter of 2012 and the best quarterly new margin installed performance in over three years |
• | Share-based compensation reduced earnings by $3.3 million pre-tax, or approximately $0.05 per share, compared to $4.0 million pre-tax, or $0.06 per share in the second quarter of 2012 |
• | Acquisition-related amortization was $2.3 million pre-tax, or $0.04 per share, in the second quarter, up from $1.1 million pre-tax, or $0.02 per share in the first quarter of 2012 |
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Robert Carr, Chairman and CEO, commented, “Record earnings in the second quarter clearly demonstrate that our strategy to productively grow our sales organization, selectively enhance our core transaction processing capability, and add complementary non-card products to our portfolio is generating double-digit growth in net revenue and operating income. New business continues to gain momentum, as new margin installed grew 16% in the quarter, with new card margin installed growing faster than overall new margin installed. Pricing on new card merchants installed remains attractive, with June being the best month of new card margin installed in nearly five years. Productivity in our sales organization also improved to record levels, and for the second consecutive quarter, we grew the sales organization, achieving net growth of 42 relationship managers. We also achieved improved margins while investing in a variety of growth initiatives. The investments we continue to make across the organization are not only strengthening our performance today, but are positioning us for continued growth over the long term.”
SME card processing volume for the three months ended June 30, 2013 increased 4.2% from the year-ago quarter to a record $19.3 billion, as new margin installed growth accelerated sequentially from the first quarter and same store sales and volume attrition remained within expectations. Net revenue in the quarter increased 13.5% over the prior year, with steady card processing revenue growth complemented by a 107% increase in payroll revenues, a 71% increase in Heartland School Solutions transaction processing revenue, strong revenue contribution by ECSI to our Campus Solutions business, and a 25% increase in total equipment-related revenue. Operating income in the quarter was up 15% from the year-ago quarter to a record $33.3 million, or 22.3% of net revenue. The operating margin remains ahead of last year despite a significant increase in investment spending on new growth initiatives and a substantial increase in acquisition-related amortization expense. General and administrative expenses were up 39% in the quarter, primarily due to increased costs associated with the December 2012 acquisitions. In the aggregate, share-based compensation and acquisition related amortization expense reduced earnings by $0.09 per share in the second quarter of 2013, compared to $0.08 per share in the second quarter of 2012.
Mr. Carr continued, “Heartland is ideally positioned to capitalize on the growth opportunities being created by the rapidly evolving payments market. To assure we can set the agenda for new payments technology and systems, we are developing new products, creating mutually beneficial partnerships, and making strategic investments. As a key differentiator, we are also strengthening our already dominant sales organization by adding new relationship managers, implementing new tools, such as our Atlas CRM application, and creating product specialists to both accelerate growth and increase sales productivity. Our non-card businesses are growing at even faster rates than our core card processing, while simultaneously increasing the number of multiple product merchants, which enhances the value of the overall Heartland relationship. With both the financial resources and management talent to undertake these broad growth initiatives, we are excited about our opportunity to create value for our shareholders by achieving our vision of shaping the future of electronic payments.”
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SIX MONTH RESULTS:
Adjusted net income from continuing operations and related earnings per share for the first half of fiscal 2013 were $42.5 million or $1.12 per share, respectively, compared to $36.5 million, or $0.90 per share, respectively, in the first half of fiscal 2012. Net revenue for the first half of 2013 was $297 million, up 15.1% compared to the first half of 2012. For the first six months of 2013, GAAP net income from continuing operations was $35.3 million or $0.93 per share, compared to $30.9 million, or $0.76 per share for the first half of 2012. Year-to-date 2013, share-based compensation and acquisition-related amortization expense have reduced net income by $7.2 million, or $0.19 per share, compared to $5.6 million, or $0.14 per share in the first half of 2012.
FULL YEAR 2013 GUIDANCE:
For full year 2013, we continue to expect Net Revenue to be between approximately $600 million and $610 million. Adjusted Earnings are expected to be between $2.29 and $2.33 per share, which is net of $0.37 per share of combined acquisition-related amortization and share-based compensation expense.
BOARD DECLARES QUARTERLY DIVIDEND; SHARE REPURCHASE PROGRAM UPDATE
The Company also announced that the Board of Directors declared a quarterly dividend of $0.07 per common share payable September 13, 2013 to shareholders of record on August 23, 2013. In the second quarter, the Company utilized almost $19 million in cash to repurchase approximately 601,000 shares at an average cost of $31.56 per share. At the end of the quarter, approximately $70.6 million remained outstanding on the Company's existing repurchase Authorization.
CONFERENCE CALL:
Heartland Payment Systems, Inc. will host a conference call on July 31, 2013 at 10:30 a.m. Eastern Time to discuss financial results and business highlights. Heartland Payment Systems invites all interested parties to listen to its conference call, broadcast through a webcast on the Company's website. To access the call, please visit the Investor Relations portion of the Company's website at: www.heartlandpaymentsystems.com. The conference call may be accessed by calling (888) 510-1765. Please provide the operator with PIN number 8632092. The webcast will be archived on the Company's website within two hours of the live call.
About Heartland Payment Systems
Heartland Payment Systems, Inc. (NYSE: HPY), the fifth largest payments processor in the United States, delivers credit/debit/prepaid card processing, mobile commerce, eCommerce, marketing solutions, security technology, payroll solutions, and related business solutions and services to more than 250,000 business and educational locations nationwide. A FORTUNE 1000 company, Heartland is the founding supporter of The Merchant Bill of Rights, a public advocacy initiative that educates merchants about fair credit and debit card processing practices. Heartland also established The Sales Professional Bill of Rights to advocate for the rights of sales professionals everywhere. More detailed information can be found at HeartlandPaymentSystems.com, HeartlandPaymentSystems.com/Careers, Heartlandpaymentsystems.com/Blog or following the company on Twitter @HeartlandHPY and Facebook at facebook.com/HeartlandHPY.
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Forward-looking Statements
This press release contains statements of a forward-looking nature which represent our management's beliefs and assumptions concerning future events. Forward-looking statements involve risks, uncertainties and assumptions and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including risks and additional factors that are described in the Company's Securities and Exchange Commission filings, including but not limited to the Company's annual report on Form 10-K for the year ended December 31, 2012. We undertake no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
Contact
Joe Hassett
Gregory FCA Communications
27 West Athens Ave.
Ardmore, PA 19003
Tel: 610-228-2110
Email: Heartland_ir@gregoryfca.com
TABLES FOLLOW
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Heartland Payment Systems, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Total revenues | $ | 546,624 | $ | 515,218 | $ | 1,047,863 | $ | 982,794 | |||||||
Costs of services: | |||||||||||||||
Interchange | 345,233 | 330,742 | 652,305 | 628,690 | |||||||||||
Dues, assessments and fees | 51,649 | 52,505 | 98,981 | 96,373 | |||||||||||
Processing and servicing | 58,376 | 55,938 | 117,773 | 111,566 | |||||||||||
Customer acquisition costs | 9,983 | 11,263 | 20,716 | 22,699 | |||||||||||
Depreciation and amortization | 4,522 | 4,472 | 8,612 | 8,824 | |||||||||||
Total costs of services | 469,763 | 454,920 | 898,387 | 868,152 | |||||||||||
General and administrative | 43,531 | 31,309 | 89,371 | 62,858 | |||||||||||
Total expenses | 513,294 | 486,229 | 987,758 | 931,010 | |||||||||||
Income from operations | 33,330 | 28,989 | 60,105 | 51,784 | |||||||||||
Other income (expense): | |||||||||||||||
Interest income | 32 | 34 | 66 | 138 | |||||||||||
Interest expense | (1,269 | ) | (756 | ) | (2,503 | ) | (1,606 | ) | |||||||
Provision for processing system intrusion costs | (33 | ) | (81 | ) | (239 | ) | (238 | ) | |||||||
Other, net | (37 | ) | (4 | ) | 79 | (4 | ) | ||||||||
Total other expense | (1,307 | ) | (807 | ) | (2,597 | ) | (1,710 | ) | |||||||
Income from continuing operations before income taxes | 32,023 | 28,182 | 57,508 | 50,074 | |||||||||||
Provision for income taxes | 12,342 | 10,782 | 22,182 | 19,148 | |||||||||||
Net income from continuing operations | 19,681 | 17,400 | 35,326 | 30,926 | |||||||||||
Income from discontinued operations, net of income tax of $—, $193, $2,135 and $326 | — | 562 | 3,970 | 888 | |||||||||||
Net income | 19,681 | 17,962 | 39,296 | 31,814 | |||||||||||
Less: Net income attributable to noncontrolling interests | — | 161 | 56 | 259 | |||||||||||
Net income attributable to Heartland | $ | 19,681 | $ | 17,801 | $ | 39,240 | $ | 31,555 | |||||||
Amounts Attributable to Heartland: | |||||||||||||||
Net income from continuing operations | $ | 19,681 | $ | 17,400 | $ | 35,326 | $ | 30,926 | |||||||
Income from discontinued operations, net of income tax and non-controlling interests | — | 401 | 3,914 | 629 | |||||||||||
Net income attributable to Heartland | $ | 19,681 | $ | 17,801 | $ | 39,240 | $ | 31,555 | |||||||
Basic earnings per share: | |||||||||||||||
Income from continuing operations | $ | 0.54 | $ | 0.45 | $ | 0.96 | $ | 0.80 | |||||||
Income from discontinued operations | — | 0.01 | 0.11 | 0.01 | |||||||||||
Basic earnings per share | $ | 0.54 | $ | 0.46 | $ | 1.07 | $ | 0.81 | |||||||
Diluted earnings per share: | |||||||||||||||
Income from continuing operations | $ | 0.53 | $ | 0.43 | $ | 0.93 | $ | 0.76 | |||||||
Income from discontinued operations | — | 0.01 | 0.10 | 0.02 | |||||||||||
Diluted earnings per share | $ | 0.53 | $ | 0.44 | $ | 1.03 | $ | 0.78 | |||||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic | 36,153 | 38,844 | 36,698 | 38,840 | |||||||||||
Diluted | 37,439 | 40,448 | 38,108 | 40,504 |
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Heartland Payment Systems, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(unaudited)
Three Months Ended June 30, | Six Months Ended June 30 | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income | $ | 19,681 | $ | 17,962 | $ | 39,296 | $ | 31,814 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Unrealized gains on investments, net of income tax of $—, $2, $4 and $10 | 1 | 4 | 4 | 15 | |||||||||||
Unrealized gains (losses) on derivative financial instruments, net of tax of $53, ($1), $96 and ($8) | 83 | (3 | ) | 163 | (9 | ) | |||||||||
Foreign currency translation adjustment | — | (267 | ) | (54 | ) | (36 | ) | ||||||||
Comprehensive income | 19,765 | 17,696 | 39,409 | 31,784 | |||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | 81 | 40 | 248 | |||||||||||
Comprehensive income attributable to Heartland | $ | 19,765 | $ | 17,615 | $ | 39,369 | $ | 31,536 |
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Heartland Payment Systems, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(unaudited)
June 30, 2013 | December 31, 2012 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 48,750 | $ | 48,440 | |||
Funds held for customers | 110,316 | 131,405 | |||||
Receivables, net | 237,379 | 180,448 | |||||
Investments | 1,260 | 1,199 | |||||
Inventory | 9,907 | 9,694 | |||||
Prepaid expenses | 12,669 | 10,421 | |||||
Current tax assets | 9,563 | — | |||||
Current deferred tax assets, net | 11,509 | 10,475 | |||||
Assets held for sale | — | 17,044 | |||||
Total current assets | 441,353 | 409,126 | |||||
Capitalized customer acquisition costs, net | 56,148 | 56,425 | |||||
Property and equipment, net | 133,746 | 125,031 | |||||
Goodwill | 170,553 | 168,062 | |||||
Intangible assets, net | 46,656 | 53,594 | |||||
Deposits and other assets, net | 793 | 1,176 | |||||
Total assets | $ | 849,249 | $ | 813,414 | |||
Liabilities and Equity | |||||||
Current liabilities: | |||||||
Due to sponsor banks | $ | 681 | $ | 37,586 | |||
Accounts payable | 70,727 | 64,065 | |||||
Customer fund deposits | 110,316 | 131,405 | |||||
Processing liabilities | 178,794 | 95,273 | |||||
Current portion of borrowings | 111,000 | 102,001 | |||||
Current portion of accrued buyout liability | 12,427 | 10,478 | |||||
Accrued expenses and other liabilities | 36,845 | 47,817 | |||||
Current tax liabilities | — | 4,323 | |||||
Liabilities related to assets held for sale | — | 1,672 | |||||
Total current liabilities | 520,790 | 494,620 | |||||
Deferred tax liabilities, net | 37,063 | 29,632 | |||||
Reserve for unrecognized tax benefits | 3,818 | 3,069 | |||||
Long-term portion of borrowings | 40,000 | 50,000 | |||||
Long-term portion of accrued buyout liability | 20,892 | 24,932 | |||||
Total liabilities | 622,563 | 602,253 | |||||
Commitments and contingencies | — | — | |||||
Equity | |||||||
Common stock, $0.001 par value, 100,000,000 shares authorized, 36,910,213 and 37,571,708 shares issued at June 30, 2013 and December 31, 2012; 36,770,413 and 36,855,908 outstanding at June 30, 2013 and December 31, 2012 | 37 | 38 | |||||
Additional paid-in capital | 229,496 | 222,705 | |||||
Accumulated other comprehensive loss | (187 | ) | (399 | ) | |||
Retained earnings | 1,744 | 7,629 | |||||
Treasury stock, at cost (139,800 and 715,800 shares at June 30, 2013 and December 31, 2012) | (4,404 | ) | (20,187 | ) | |||
Total stockholders’ equity | 226,686 | 209,786 | |||||
Noncontrolling interests | — | 1,375 | |||||
Total equity | 226,686 | 211,161 | |||||
Total liabilities and equity | $ | 849,249 | $ | 813,414 |
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Heartland Payment Systems, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
Six Months Ended June 30, | |||||||
2013 | 2012 | ||||||
Cash flows from operating activities | |||||||
Net income | $ | 39,296 | $ | 31,814 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Amortization of capitalized customer acquisition costs | 22,478 | 22,509 | |||||
Other depreciation and amortization | 16,268 | 14,714 | |||||
Addition to loss reserves | 1,282 | 1,195 | |||||
(Recovery) provision for doubtful receivables | (187 | ) | 390 | ||||
Deferred taxes | 5,447 | 4,522 | |||||
Share-based compensation | 7,138 | 6,901 | |||||
Gain on sale of business | (3,786 | ) | — | ||||
Other | 133 | 29 | |||||
Changes in operating assets and liabilities: | |||||||
Increase in receivables | (56,662 | ) | (2,324 | ) | |||
(Increase) decrease in inventory | (272 | ) | 383 | ||||
Payment of signing bonuses, net | (12,080 | ) | (15,461 | ) | |||
Increase in capitalized customer acquisition costs | (10,121 | ) | (8,257 | ) | |||
(Increase) decrease in prepaid expenses | (2,085 | ) | 886 | ||||
Increase in current tax assets | (7,336 | ) | (945 | ) | |||
Increase in deposits and other assets | (692 | ) | (53 | ) | |||
Excess tax benefits on employee share-based compensation | (6,536 | ) | (4,556 | ) | |||
Increase in reserve for unrecognized tax benefits | 748 | 371 | |||||
Decrease in due to sponsor banks | (36,904 | ) | (9,430 | ) | |||
Increase in accounts payable | 6,494 | 9,035 | |||||
Decrease in accrued expenses and other liabilities | (14,026 | ) | (11,457 | ) | |||
Increase in processing liabilities | 82,188 | 5,263 | |||||
Payouts of accrued buyout liability | (10,450 | ) | (6,655 | ) | |||
Increase in accrued buyout liability | 8,359 | 8,447 | |||||
Net cash provided by operating activities | 28,694 | 47,321 | |||||
Cash flows from investing activities | |||||||
Purchase of investments | (1,224 | ) | (1,865 | ) | |||
Maturities of investments | 816 | 676 | |||||
Decrease (increase) in funds held for customers | 21,096 | (6,323 | ) | ||||
(Decrease) increase in customer fund deposits | (21,089 | ) | 6,348 | ||||
Proceeds from sale of business | 19,343 | — | |||||
Acquisitions of businesses, net of cash acquired | — | (23,682 | ) | ||||
Purchases of property and equipment | (23,445 | ) | (16,420 | ) | |||
Net cash used in investing activities | (4,503 | ) | (41,266 | ) | |||
Cash flows from financing activities | |||||||
Proceeds from borrowings | 9,000 | 26,000 | |||||
Principal payments on borrowings | (10,000 | ) | (7,502 | ) | |||
Proceeds from exercise of stock options | 7,809 | 11,840 | |||||
Excess tax benefits on employee share-based compensation | 6,536 | 4,556 | |||||
Repurchases of common stock | (34,217 | ) | (33,586 | ) | |||
Dividends paid on common stock | (5,151 | ) | (4,680 | ) | |||
Net cash used in financing activities | (26,023 | ) | (3,372 | ) | |||
Net (decrease) increase in cash | (1,832 | ) | 2,683 | ||||
Effect of exchange rates on cash | 1 | (33 | ) | ||||
Cash at beginning of year | 50,581 | 40,301 | |||||
Cash at end of period | $ | 48,750 | $ | 42,951 |
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Reconciliation of Non-GAAP Financial Measures And Regulation G Disclosure
To supplement its consolidated financial statements presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company provides additional measures of its operating results on a continuing operations basis, namely income from operations, operating margin, net income and earnings per share, which exclude acquisition-related amortization expense and share-based compensation expense. These measures meet the definition of a non-GAAP financial measure. The Company believes that application of these non-GAAP financial measures is appropriate to enhance understanding of its historical performance as well as prospects for its future performance.
Use and Economic Substance of the Non-GAAP Financial Measures - Management uses these non-GAAP measures to evaluate performance period over period, to analyze the underlying trends in the Company's business, to assess its ongoing operating performance relative to its competitors, and to establish operational goals and forecasts. Acquisition-related amortization expense and share-based compensation expense are excluded as non-cash expenses that the Company does not believe are reflective of ongoing operating results of existing and acquired businesses. Additionally, share-based compensation expense is an amount excluded from calculations of earnings per share used in measuring achievement of performance targets required for vesting certain performance-based share awards.
The following is an explanation of the adjustments that management excluded as part of its non-GAAP measures for the three and six months ended June 30, 2013 and 2012:
Acquisition-related Amortization Expense - This expense consists of the amortization of intangible assets such as customer relationships, software, non-compete agreements and merchant portfolios acquired through business combinations. The Company excludes acquisition-related amortization expense from its non-GAAP measures of income from operations, operating margin, net income and earnings per share primarily because:
• | Acquisition-related amortization expense is non-cash expense that the Company does not believe is reflective of its ongoing operating results, or contributions from its acquired businesses; and |
• | The Company's acquisition activity has increased significantly in recent years, with the result that acquisition-related amortization expense will become more significant. |
Share-based Compensation Expense - These expenses consist of costs related to the stock options, restricted stock units, and performance share units, which the Company has granted its employees. The Company excludes share-based compensation expense from its non-GAAP measures of income from operations, operating margin, net income and earnings per share primarily because:
• | Share-based compensation expense is non-cash expense that the Company does not believe is reflective of ongoing operating results; |
• | Share-based compensation expense is excluded from calculations of earnings per share used in measuring its achievement of certain performance targets required for vesting performance-based awards; and |
• | The Company's use of performance-based share awards has increased significantly in recent years, with the result that reported share-based compensation expense can vary significantly from year to year, or quarter to quarter, in ways that may not be related to the underlying operating performance of the Company. |
Material Limitations Associated with the Use of Non-GAAP Financial Measures - Non-GAAP income from operations, operating margin, net income and earnings per share that exclude the impact of acquisition-related amortization expense and share-based compensation expense may have limitations as analytical tools, and these non-GAAP measures should not be considered in isolation from or as a replacement for GAAP financial measures, and should be considered only as supplemental to the Company's GAAP financial measures. Some of the limitations associated with the use of these non-GAAP financial measures are:
• | Acquisition-related amortization expense and share-based compensation expense that are excluded from non-GAAP income from operations, operating margin, net income and non-GAAP earnings per share can have a material impact on GAAP net income and GAAP earnings per share. |
• | Other companies may calculate non-GAAP income from operations, operating margin, net income and non-GAAP earnings per share that exclude the impact of similar expenses differently than the Company does, limiting the usefulness of those measures for comparative purposes. |
Usefulness of Non-GAAP Financial Measures to Investors - The Company believes that presenting non-GAAP income from operations, operating margin, net income and non-GAAP earnings per share that exclude the impact of acquisition-
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related amortization expense and, share-based compensation expense in addition to the related GAAP measures provides investors greater transparency to the information used by the Company's management for its financial and operational decision-making and allows investors to see the Company's results through the eyes of management. Additionally, the Company believes that the inclusion of these non-GAAP financial measures provides enhanced comparability in its financial reporting. The Company further believes that providing this information better enables its investors to understand the Company's operating performance and underlying business fundamentals, and to evaluate the methodology used by management to evaluate and measure such performance.
This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Pursuant to Regulation G, a reconciliation of these non-GAAP financial measures with the comparable financial measures calculated in accordance with GAAP for the three and six months ended June 30, 2013 and 2012 follows (in thousands except per share data):
Three Months Ended June 30, 2013 | GAAP | Acquisition- related Amortization | Share-based Compensation | Adjusted Non-GAAP | |||||||||||
Income from Operations | $ | 33,330 | $ | 2,254 | $ | 3,272 | $ | 38,856 | |||||||
Operating Margin (a) | 22.3 | % | 25.9 | % | |||||||||||
Net Income From Continuing Operations | $ | 19,681 | $ | 1,385 | $ | 2,011 | $ | 23,077 | |||||||
Diluted Earnings Per Share From Continuing Operations | $ | 0.53 | $ | 0.04 | $ | 0.05 | $ | 0.62 | |||||||
Diluted Shares Used in Computing Earnings Per Share From Continuing Operations | 37,439 | 37,439 |
Three Months Ended June 30, 2012 | GAAP | Acquisition- related Amortization | Share-based Compensation | Adjusted Non-GAAP | |||||||||||
Income from Operations | $ | 28,989 | $ | 1,088 | $ | 3,967 | $ | 34,044 | |||||||
Operating Margin (a) | 22.0 | % | 25.8 | % | |||||||||||
Net Income From Continuing Operations | $ | 17,400 | $ | 672 | $ | 2,449 | $ | 20,521 | |||||||
Diluted Earnings Per Share From Continuing Operations | $ | 0.43 | $ | 0.02 | $ | 0.06 | $ | 0.51 | |||||||
Diluted Shares Used in Computing Earnings Per Share From Continuing Operations | 40,448 | 40,448 |
Six Months Ended June 30, 2013 | GAAP | Acquisition- related Amortization | Share-based Compensation | Adjusted Non-GAAP | |||||||||||
Income from Operations | $ | 60,105 | $ | 4,531 | $ | 7,138 | $ | 71,774 | |||||||
Operating Margin (a) | 20.3 | % | 24.2 | % | |||||||||||
Net Income From Continuing Operations | $ | 35,326 | $ | 2,783 | $ | 4,384 | $ | 42,493 | |||||||
Diluted Earnings Per Share From Continuing Operations | $ | 0.93 | $ | 0.07 | $ | 0.12 | $ | 1.12 | |||||||
Diluted Shares Used in Computing Earnings Per Share From Continuing Operations | 38,108 | 38,108 |
Six Months Ended June 30, 2012 | GAAP | Acquisition- related Amortization | Share-based Compensation | Adjusted Non-GAAP | |||||||||||
Income from Operations | $ | 51,784 | $ | 2,185 | $ | 6,901 | $ | 60,870 | |||||||
Operating Margin (a) | 20.1 | % | 23.6 | % | |||||||||||
Net Income From Continuing Operations | $ | 30,926 | $ | 1,350 | $ | 4,262 | $ | 36,538 | |||||||
Diluted Earnings Per Share From Continuing Operations | $ | 0.76 | $ | 0.03 | $ | 0.11 | $ | 0.90 | |||||||
Diluted Shares Used in Computing Earnings Per Share From Continuing Operations | 40,504 | 40,504 | |||||||||||||
(a) Operating Margin is measured as Income from Operations divided by Net Revenue. Net Revenue is defined as total revenues less interchange fees and dues, assessments and fees. |
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