Exhibit 99.2 |
TSYS Announces First Quarter 2005 Earnings |
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Page 4 of 12 |
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TSYS | |||||||
Financial Highlights | |||||||
(Unaudited) | |||||||
(In thousands, except per share data) | |||||||
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| Three months ended |
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| March 31, |
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| Percentage |
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| 2005 |
| 2004 |
| Change |
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Revenues |
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Electronic payment processing services | $ | 204,757 |
| 177,392 |
| 15.4 | % |
Merchant services |
| 27,105 |
| 6,364 |
| 325.9 |
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Other services |
| 48,514 |
| 40,848 |
| 18.8 |
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Revenues before reimbursables |
| 280,376 |
| 224,604 |
| 24.8 |
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Reimbursable items |
| 69,608 |
| 60,632 |
| 14.8 |
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Total revenues |
| 349,984 |
| 285,236 |
| 22.7 |
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Expenses |
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Employment expenses |
| 97,517 |
| 87,862 |
| 11.0 |
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Net occupancy & equipment expenses |
| 65,393 |
| 58,049 |
| 12.7 |
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Other expenses |
| 51,160 |
| 34,551 |
| 48.1 |
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Expenses before reimbursables |
| 214,070 |
| 180,462 |
| 18.6 |
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Reimbursable items |
| 69,608 |
| 60,632 |
| 14.8 |
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Total operating expenses |
| 283,678 |
| 241,094 |
| 17.7 |
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Operating Income |
| 66,306 |
| 44,142 |
| 50.2 |
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Other Income: |
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Interest income |
| 1,219 |
| 505 |
| 141.6 |
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Interest expense |
| (70) |
| (743) |
| (90.6) |
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Loss on foreign currency translation, net |
| (333) |
| (71) |
| (370.7) |
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Other Income (Expense) |
| 816 |
| (309) |
| 363.9 |
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Income before Income Taxes, Minority Interest |
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and Equity in Income of Joint Ventures |
| 67,122 |
| 43,833 |
| 53.1 |
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Income Taxes |
| 24,680 |
| 16,755 |
| 47.3 |
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Minority Interest |
| (69) |
| (93) |
| (25.2) |
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Equity in Income of Joint Ventures |
| 3,750 |
| 5,576 |
| (32.7) |
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Net Income | $ | 46,123 |
| 32,561 |
| 41.7 | % |
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Basic Earnings Per Share | $ | 0.23 |
| 0.17 |
| 41.5 | % |
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Diluted Earnings Per Share | $ | 0.23 |
| 0.17 |
| 41.7 | % |
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Dividend Declared Per Share | $ | 0.04 |
| 0.02 |
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Average Common Shares Outstanding |
| 197,023 |
| 196,844 |
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Average Common and Common |
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Equivalent Shares Outstanding |
| 197,230 |
| 197,214 |
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Effective Tax Rate |
| 35.1% |
| 34.2% |
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EFFECTIVE INCOME TAX RATE CALCULATION | |||||||
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Income taxes (A) | $ | 24,680 |
| 16,755 |
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Income before Income Taxes, Minority Interest |
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and Equity in Income of Joint Ventures | $ | 67,122 |
| 43,833 |
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Adjustments: Equity in Income of Vital |
| 3,241 |
| 5,201 |
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Minority Interest |
| (69) |
| (93) |
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Adjusted Income before income taxes (B) | $ | 70,294 |
| 48,941 |
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Effective Tax Rate (A/B) |
| 35.1% |
| 34.2% |
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— more —
TSYS Announces First Quarter 2005 Earnings |
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Page 5 of 12 |
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TSYS | ||||||||||
Reclassification of Revenue Categories | ||||||||||
(Unaudited) | ||||||||||
(In thousands) | ||||||||||
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| Three Months Ended |
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| March 31, |
| June 30, |
| September 30, |
| December 31, |
| YTD |
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| 2004 |
| 2004 |
| 2004 |
| 2004 |
| 2004 |
Revenues |
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Electronic payment processing services | $ | 177,392 |
| 184,986 |
| 198,891 |
| 198,274 | $ | 759,543 |
Merchant services |
| 6,364 |
| 6,876 |
| 6,518 |
| 6,411 |
| 26,169 |
Other services |
| 40,848 |
| 41,828 |
| 43,007 |
| 45,224 |
| 170,907 |
Revenues before reimbursables |
| 224,604 |
| 233,690 |
| 248,416 |
| 249,909 |
| 956,619 |
Reimbursable items |
| 60,632 |
| 55,932 |
| 56,577 |
| 57,248 |
| 230,389 |
Total revenues | $ | 285,236 |
| 289,622 |
| 304,993 |
| 307,157 | $ | 1,187,008 |
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| Three Months Ended |
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| March 31, |
| June 30, |
| September 30, |
| December 31, |
| YTD |
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| 2003 |
| 2003 |
| 2003 |
| 2003 |
| 2003 |
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Revenues |
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Electronic payment processing services | $ | 161,894 |
| 171,054 |
| 173,227 |
| 176,675 | $ | 682,850 |
Merchant services |
| 5,932 |
| 6,251 |
| 6,220 |
| 6,563 |
| 24,966 |
Other services |
| 25,053 |
| 25,755 |
| 30,927 |
| 38,750 |
| 120,485 |
Revenues before reimbursables |
| 192,879 |
| 203,060 |
| 210,374 |
| 221,988 |
| 828,301 |
Reimbursable items |
| 58,474 |
| 54,638 |
| 55,741 |
| 56,312 |
| 225,165 |
Total revenues | $ | 251,353 |
| 257,698 |
| 266,115 |
| 278,300 | $ | 1,053,466 |
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— more —
TSYS Announces First Quarter 2005 Earnings |
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Page 6 of 12 |
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TSYS | ||||||||||
Segment Breakdown | ||||||||||
(Unaudited) | ||||||||||
(In thousands) | ||||||||||
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| Three Months Ended March 31, 2005 |
| Three Months Ended March 31, 2004 | ||||||
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| Merchant |
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| Merchant |
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| Domestic-based | International-based | Processing |
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| Domestic-based | International-based | Processing |
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| support services | support services | Services | Consolidated |
| support services | support services | Services | Consolidated |
Revenue before reimbursables | $ | 229,521 | 30,848 | 21,289 | 281,658 |
| 201,618 | 22,986 | - | 224,604 |
Intersegment revenue |
| (1,282) | - | - | (1,282) |
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Revenues before reimbursables |
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from external customers | $ | 228,239 | 30,848 | 21,289 | 280,376 |
| 201,618 | 22,986 | - | 224,604 |
Total revenue | $ | 290,527 | 36,614 | 24,826 | 351,967 |
| 260,620 | 24,618 | - | 285,238 |
Intersegment revenue |
| (1,983) | - | - | (1,983) |
| (2) | - | - | (2) |
Revenues from external customers | $ | 288,544 | 36,614 | 24,826 | 349,984 |
| 260,618 | 24,618 | - | 285,236 |
Depreciation and amortization | $ | 27,459 | 3,768 | 1,512 | 32,739 |
| 23,284 | 2,831 | - | 26,115 |
Segment operating income | $ | 60,413 | 2,841 | 3,052 | 66,306 |
| 39,573 | 4,569 | - | 44,142 |
Income tax expense | $ | 20,725 | 1,639 | 2,316 | 24,680 |
| 13,382 | 1,593 | 1,780 | 16,755 |
Equity in income of joint ventures | $ | - | 509 | 3,241 | 3,750 |
| - | 375 | 5,201 | 5,576 |
Net Income | $ | 40,328 | 1,756 | 4,039 | 46,123 |
| 26,024 | 3,117 | 3,420 | 32,561 |
Identifiable assets |
| 1,200,179 | 182,333 | 198,082 | 1,580,594 |
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Intersegment assets |
| (303,565) | - | - | (303,565) |
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Total assets |
| 896,614 | 182,333 | 198,082 | 1,277,029 |
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Note: Revenues for domestic-based services include electronic payment processing services and other services provided from the United States | ||||||||||
to clients domiciled in the United States or other countries. Revenues from international-based services include electronic payment |
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processing services and other services provided from outside the United States to clients based mainly outside the United States. Revenues from merchant processing services include Vital's merchant processing and related services. |
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TSYS Announces First Quarter 2005 Earnings |
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Page 7 of 12 |
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TSYS | ||||||||||
Reclassification of Segment Breakdown | ||||||||||
(Unaudited) | ||||||||||
(In thousands) | ||||||||||
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| Three Months Ended March 31, 2004 |
| Three Months Ended June 30, 2004 | ||||||
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| Merchant |
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| Merchant |
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| Domestic-based | International-based | Processing |
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| Domestic-based | International-based | Processing |
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| support services | support services | Services | Consolidated |
| support services | support services | Services | Consolidated |
Revenue before reimbursables | $ | 201,618 | 22,986 | - | 224,604 |
| 207,894 | 25,796 | - | 233,690 |
Intersegment revenue |
| - | - | - | - |
| - | - | - | - |
Revenues before reimbursables |
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from external customers | $ | 201,618 | 22,986 | - | 224,604 |
| 207,894 | 25,796 | - | 233,690 |
Total revenue | $ | 260,620 | 24,618 | - | 285,238 |
| 262,113 | 27,511 | - | 289,624 |
Intersegment revenue |
| (2) | - | - | (2) |
| (2) | - | - | (2) |
Revenues from external customers | $ | 260,618 | 24,618 | - | 285,236 |
| 262,111 | 27,511 | - | 289,622 |
Depreciation and amortization | $ | 23,284 | 2,831 | - | 26,115 |
| 23,482 | 3,187 | - | 26,669 |
Segment operating income | $ | 39,573 | 4,569 | - | 44,142 |
| 40,498 | 6,774 | - | 47,272 |
Income tax expense | $ | 13,382 | 1,593 | 1,780 | 16,755 |
| 13,758 | 2,537 | 2,176 | 18,471 |
Equity in income of joint ventures | $ | - | 375 | 5,201 | 5,576 |
| - | 318 | 6,366 | 6,684 |
Net Income | $ | 26,024 | 3,117 | 3,420 | 32,561 |
| 27,212 | 4,485 | 4,189 | 35,886 |
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| Three Months Ended Sep 30, 2004 |
| Three Months Ended Dec 31, 2004 | ||||||
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| Merchant |
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| Merchant |
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| Domestic-based | International-based | Processing |
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| Domestic-based | International-based | Processing |
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| support services | support services | Services | Consolidated |
| support services | support services | Services | Consolidated |
Revenue before reimbursables | $ | 218,530 | 29,886 | - | 248,416 |
| 220,325 | 29,584 | - | 249,909 |
Intersegment revenue |
| - | - | - | - |
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Revenues before reimbursables |
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from external customers | $ | 218,530 | 29,886 | - | 248,416 |
| 220,325 | 29,584 | - | 249,909 |
Total revenue | $ | 273,496 | 31,499 | - | 304,995 |
| 275,736 | 31,424 | - | 307,160 |
Intersegment revenue |
| (2) | - | - | (2) |
| (3) | - | - | (3) |
Revenues from external customers | $ | 273,494 | 31,499 | - | 304,993 |
| 275,733 | 31,424 | - | 307,157 |
Depreciation and amortization | $ | 23,188 | 3,549 | - | 26,737 |
| 25,477 | 3,590 | - | 29,067 |
Segment operating income | $ | 45,328 | 6,667 | - | 51,995 |
| 70,668 | (11,863) | - | 58,805 |
Income tax expense | $ | 14,737 | 3,469 | 2,203 | 20,409 |
| 24,658 | (4,452) | 1,369 | 21,575 |
Equity in income of joint ventures | $ | - | 549 | 6,369 | 6,918 |
| - | 495 | 4,063 | 4,558 |
Net Income | $ | 29,959 | 5,015 | 4,167 | 39,141 |
| 48,771 | (8,495) | 2,694 | 42,970 |
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| Twelve Months Ended Dec 31, 2004 |
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| Merchant |
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| Domestic-based | International-based | Processing |
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| support services | support services | Services | Consolidated |
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Revenue before reimbursables | $ | 848,367 | 108,252 | - | 956,619 |
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Intersegment revenue |
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Revenues before reimbursables |
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from external customers | $ | 848,367 | 108,252 | - | 956,619 |
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Total revenue | $ | 1,071,955 | 115,052 | - | 1,187,017 |
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Intersegment revenue |
| (9) | - | - | (9) |
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Revenues from external customers | $ | 1,071,956 | 115,052 | - | 1,187,008 |
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Depreciation and amortization | $ | 95,431 | 13,157 | - | 108,588 |
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Segment operating income | $ | 196,067 | 6,147 | - | 202,214 |
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Income tax expense | $ | 66,535 | 3,147 | 7,528 | 77,210 |
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Equity in income of joint ventures | $ | - | 1,737 | 21,999 | 23,736 |
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Net Income | $ | 131,966 | 4,122 | 14,470 | 150,558 |
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— more —
TSYS Announces First Quarter 2005 Earnings |
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Page 8 of 12 |
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TSYS | ||||||||||
Reclassification of Segment Breakdown | ||||||||||
(Unaudited) | ||||||||||
(In thousands) | ||||||||||
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| Three Months Ended March 31, 2003 |
| Three Months Ended June 30, 2003 | ||||||
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| Merchant |
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| Merchant |
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| Domestic-based | International-based | Processing |
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| Domestic-based | International-based | Processing |
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| support services | support services | Services | Consolidated |
| support services | support services | Services | Consolidated |
Revenue before reimbursables | $ | 175,637 | 17,242 | - | 192,879 |
| 184,194 | 18,866 | - | 203,060 |
Intersegment revenue |
| - | - | - | - |
| - | - | - | - |
Revenues before reimbursables |
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from external customers | $ | 175,637 | 17,242 | - | 192,879 |
| 184,194 | 18,866 | - | 203,060 |
Total revenue | $ | 233,119 | 18,235 | - | 251,354 |
| 237,849 | 19,852 | - | 257,701 |
Intersegment revenue |
| (1) | - | - | (1) |
| (2) | - | - | (2) |
Revenues from external customers | $ | 233,118 | 18,235 | - | 251,353 |
| 237,847 | 19,852 | - | 257,699 |
Depreciation and amortization | $ | 19,619 | 2,483 | - | 22,102 |
| 20,958 | 2,537 | - | 23,495 |
Segment operating income | $ | 41,036 | 2,132 | - | 43,168 |
| 41,015 | 3,740 | - | 44,755 |
Income tax expense | $ | 13,616 | 597 | 1,301 | 15,514 |
| 15,220 | 1,309 | 1,580 | 18,109 |
Equity in income of joint ventures | $ | - | 247 | 3,941 | 4,188 |
| - | 250 | 4,550 | 4,800 |
Net Income | $ | 27,724 | 1,371 | 2,641 | 31,736 |
| 28,702 | 2,634 | 2,970 | 34,306 |
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| Three Months Ended Sep 30, 2003 |
| Three Months Ended Dec 31, 2003 | ||||||
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| Merchant |
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| Merchant |
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| Domestic-based | International-based | Processing |
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| Domestic-based | International-based | Processing |
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| support services | support services | Services | Consolidated |
| support services | support services | Services | Consolidated |
Revenue before reimbursables | $ | 191,435 | 18,940 | - | 210,375 |
| 200,977 | 21,078 | - | 222,055 |
Intersegment revenue |
| (1) | - | - | (1) |
| (67) | - | - | (67) |
Revenues before reimbursables |
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from external customers | $ | 191,434 | 18,940 | - | 210,374 |
| 200,910 | 21,078 | - | 221,988 |
Total revenue | $ | 246,192 | 19,925 | - | 266,117 |
| 256,092 | 22,276 | - | 278,368 |
Intersegment revenue |
| (2) | - | - | (2) |
| (69) | - | - | (69) |
Revenues from external customers | $ | 246,190 | 19,925 | - | 266,115 |
| 256,023 | 22,276 | - | 278,299 |
Depreciation and amortization | $ | 22,328 | 3,132 | - | 25,460 |
| 24,650 | 2,708 | - | 27,358 |
Segment operating income | $ | 47,075 | 1,824 | - | 48,899 |
| 50,454 | 3,303 | - | 53,757 |
Income tax expense | $ | 15,428 | 879 | 1,202 | 17,509 |
| 16,914 | 1,293 | 1,529 | 19,736 |
Equity in income of joint ventures | $ | - | 301 | 3,621 | 3,922 |
| - | 346 | 4,554 | 4,900 |
Net Income | $ | 32,201 | 893 | 2,418 | 35,512 |
| 34,177 | 2,215 | 3,027 | 39,419 |
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| Twelve Months Ended Dec 31, 2003 |
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| Merchant |
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| Domestic-based | International-based | Processing |
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| support services | support services | Services | Consolidated |
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Revenue before reimbursables | $ | 752,243 | 76,126 | - | 828,369 |
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Intersegment revenue |
| (68) | - | - | (68) |
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Revenues before reimbursables |
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from external customers | $ | 752,175 | 76,126 | - | 828,301 |
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Total revenue | $ | 973,252 | 80,288 | - | 1,053,540 |
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Intersegment revenue |
| (74) | - | - | (74) |
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Revenues from external customers | $ | 973,178 | 80,288 | - | 1,053,466 |
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Depreciation and amortization | $ | 87,555 | 10,860 | - | 98,415 |
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Segment operating income | $ | 179,580 | 10,999 | - | 190,579 |
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Income tax expense | $ | 61,178 | 4,078 | 5,612 | 70,868 |
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Equity in income of joint ventures | $ | - | 1,144 | 16,666 | 17,810 |
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Net Income | $ | 122,804 | 7,113 | 11,056 | 140,973 |
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— more —
TSYS Announces First Quarter 2005 Earnings |
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Page 9 of 12 |
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TSYS | ||||
Balance Sheet | ||||
(Unaudited) | ||||
(In thousands) | ||||
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| March 31, | December 31, |
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Assets |
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Current assets: |
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Cash and cash equivalents | $ | 97,916 | 231,806 |
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Restricted cash |
| 29,107 | 24,993 |
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Accounts receivable, net |
| 192,008 | 144,827 |
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Deferred income tax assets |
| 8,757 | 10,791 |
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Prepaid expenses and other current assets |
| 43,053 | 35,739 |
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Total current assets |
| 370,841 | 448,156 |
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Property and equipment, net |
| 274,704 | 263,584 |
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Computer software, net |
| 294,663 | 268,647 |
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Contract acquisition costs, net |
| 164,360 | 132,428 |
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Equity investments, net |
| 4,987 | 54,400 |
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Goodwill, net |
| 113,548 | 70,561 |
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Other intangible assets, net |
| 16,176 | 4,692 |
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Other assets |
| 37,750 | 39,475 |
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Total assets | $ | 1,277,029 | 1,281,943 |
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Liabilities and Shareholders' Equity |
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Current liabilities: |
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Accounts payable | $ | 39,370 | 75,188 |
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Accrued salaries and employee benefits |
| 30,434 | 46,725 |
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Current portion of debt and obligations under capital leases |
| 1,930 | 1,828 |
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Other current liabilities |
| 156,932 | 154,162 |
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Total current liabilities |
| 228,666 | 277,903 |
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Obligations under capital leases excluding current portion |
| 3,891 | 4,508 |
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Long-term debt |
| 1,317 | - |
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Deferred income tax liabilities |
| 138,323 | 131,106 |
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Total liabilities |
| 372,197 | 413,517 |
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Minority interests in consolidated subsidiaries |
| 3,850 | 3,814 |
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Shareholders' Equity: |
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Common stock |
| 19,781 | 19,759 |
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Additional paid-in capital |
| 45,262 | 44,732 |
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Accumulated other comprehensive income |
| 12,950 | 15,373 |
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Treasury stock |
| (13,573) | (13,573) |
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Retained earnings |
| 836,562 | 798,321 |
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Total shareholders' equity |
| 900,982 | 864,612 |
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Total liabilities and shareholders' equity | $ | 1,277,029 | 1,281,943 |
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TSYS Announces First Quarter 2005 Earnings |
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Page 10 of 12 |
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TSYS |
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Cash Flow |
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(Unaudited) |
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(In thousands) |
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| Three Months Ended March 31: |
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| 2005 | 2004 |
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Cash flows from operating activities: |
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Net income | $ | 46,123 | 32,561 |
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Adjustments to reconcile net income to net cash provided by |
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operating activities: |
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Minority interests in consolidated subsidiaries' net income |
| 69 | 93 |
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Equity in income of joint ventures |
| (3,750) | (5,576) |
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Loss on currency translation adjustments, net |
| 333 | 71 |
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Depreciation and amortization |
| 32,739 | 26,115 |
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Impairment of developed software |
| 3,137 | - |
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(Recoveries of) charges for bad debt expense and billing |
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adjustments |
| 679 | (704) |
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Charges for transaction processing provisions |
| 3,109 | 925 |
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Deferred income tax expense (benefit) |
| 10,566 | (2,460) |
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Loss on disposal of equipment, net |
| 323 | 38 |
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(Increase) decrease in: |
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Accounts receivable |
| (15,398) | (12,112) |
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Prepaid expenses and other assets |
| 2,932 | (15,013) |
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Increase (decrease) in: |
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Accounts payable |
| (53,610) | 2,019 |
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Accrued salaries and employee benefits |
| (32,546) | (18,116) |
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Billings in excess of costs and profits on uncompleted contracts |
| - | (6,749) |
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Other current liabilities |
| (39,241) | 42,867 |
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Net cash provided by operating activities |
| (44,535) | 43,959 |
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Cash flows from investing activities: |
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Purchase of property and equipment, net |
| (10,702) | (19,535) |
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Additions to licensed computer software from vendors |
| (5,869) | (7,370) |
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Additions to internally developed computer software |
| (709) | (1,982) |
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Cash acquired in acquisition |
| 38,799 | - |
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Cash used in acquisition |
| (95,782) | - |
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Dividends received from joint ventures |
| - | 15,000 |
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Contract acquisition costs |
| (5,442) | (1,857) |
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Net cash used in investing activities |
| (79,705) | (15,744) |
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Cash flows from financing activities: |
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Purchases of common stock |
| - | (1,189) |
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Proceeds from borrowings of long-term debt |
| 14,125 | - |
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Principal payments on long-term debt borrowings |
| (13,154) | - |
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Principal payments on capital lease obligations and software obligations |
| (550) | (41,589) |
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Dividends paid on common stock |
| (7,874) | (3,936) |
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Proceeds from exercise of stock options |
| - | 1,142 |
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Net cash used in financing activities |
| (7,453) | (45,572) |
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Effect of foreign currency translation on cash and cash equivalents |
| (2,197) | 742 |
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Net decrease in cash and cash equivalents |
| (133,890) | (16,615) |
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Cash and cash equivalents at beginning of year |
| 231,806 | 122,874 |
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Cash and cash equivalents at end of period | $ | 97,916 | 106,259 |
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- more - |
TSYS Announces First Quarter 2005 Earnings |
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Page 11 of 12 |
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Geographic Area Data: |
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The following geographic area data represents revenues for the three months ended March 31 based on where the client | |||||||||||
is domiciled: |
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| Three Months Ended March 31, |
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| 2005 | % |
| 2004 | % |
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(dollars in millions): |
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United States | $ | 290.0 | 82.9 | % | 237.0 | 83.1 | % |
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Europe |
| 33.0 | 9.4 |
| 21.3 | 7.5 |
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Canada* |
| 21.0 | 6.0 |
| 19.7 | 6.9 |
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Japan |
| 3.7 | 1.0 |
| 3.5 | 1.2 |
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Mexico |
| 1.7 | 0.5 |
| 3.0 | 1.1 |
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Other |
| 0.6 | 0.2 |
| 0.7 | 0.2 |
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| $ | 350.0 | 100.0 | % | 285.2 | 100.0 | % |
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Geographic Area Revenue by Operating Segment: |
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The following tables reconcile segment revenues to revenues by reporting segment for the three months ended March 31: |
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| Three Months Ended March 31, | |||||||||
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| Domestic-based |
| International-based | Merchant processing | ||||||
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| support services |
| support services | services | ||||||
(dollars in millions): |
| 2005 | 2004 |
| 2005 | 2004 | 2005 | 2004 | |||
United States | $ | 265.3 | 237.1 |
| - | - | 24.7 | - | |||
Europe |
| 0.1 | 0.1 |
| 32.9 | 21.1 | - | - | |||
Canada* |
| 21.0 | 19.7 |
| - | - | - | - | |||
Japan |
| - | - |
| 3.7 | 3.5 | - | - | |||
Mexico |
| 1.7 | 3.0 |
| - | - | - | - | |||
Other |
| 0.5 | 0.7 |
| - | - | 0.1 | - | |||
| $ | 288.6 | 260.6 |
| 36.6 | 24.6 | 24.8 | - | |||
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* These revenues include those generated from the Caribbean accounts owned by a Canadian institution. | |||||||||||
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TSYS Announces First Quarter 2005 Earnings |
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Supplemental Information: |
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| Accounts on File at March 31: |
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| 2005 | % |
| 2004 | % |
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(in millions): |
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Consumer |
| 213.4 | 57.6 | % | 147.0 | 52.4 | % | 45.2 | % |
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Retail |
| 94.1 | 25.4 |
| 86.8 | 31.0 |
| 8.5 |
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Commercial |
| 26.8 | 7.2 |
| 22.2 | 7.9 |
| 21.0 |
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Government services/EBT |
| 16.7 | 4.5 |
| 14.2 | 5.1 |
| 17.5 |
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Stored Value |
| 12.6 | 3.4 |
| 4.0 | 1.4 |
| 219.2 |
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Debit |
| 7.0 | 1.9 |
| 6.2 | 2.2 |
| 11.0 |
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| 370.6 | 100.0 | % | 280.4 | 100.0 | % | 32.2 | % |
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| March 31, 2005 |
| March 31, 2004 |
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YTD Average Accounts on File (in millions) | 362.9 |
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| 278.2 |
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| Accounts on File at March 31: |
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| 2005 | % |
| 2004 | % |
| % Change |
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(in millions): |
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Domestic |
| 319.7 | 86.3 | % | 235.4 | 84.0 | % | 35.8 | % |
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International |
| 50.9 | 13.7 |
| 45.0 | 16.0 |
| 13.2 |
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| 370.6 | 100.0 | % | 280.4 | 100.0 | % | 32.2 | % |
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Note: The accounts on file between domestic and international is based on the geographic domicile of processing clients. | |||||||||||||||||||
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Growth in Accounts on File (in millions): |
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| March 2004 to March 2005 |
| March 2003 to March 2004 |
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Beginning balance |
| 280.4 |
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| 254.2 |
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Change in accounts on file due to: |
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Internal growth of existing clients |
| 34.0 |
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| 28.9 |
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New clients |
| 62.5 |
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| 13.2 |
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Purges/Sales |
| (5.1) |
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Deconversions |
| (1.2) |
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Ending balance |
| 370.6 |
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| 280.4 |
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Number of Employees (FTEs): |
| 2005 |
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| 2004 |
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At March 31, |
| 6,417 |
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| 5,530 |
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YTD average for period ended March 31, |
| 5,863 |
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| 5,612 |
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- ### - |
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