Exhibit 99.2
TSYS Announces Third Quarter 2005 Earnings |
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Page 4 of 9 |
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| TSYS |
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| Three Months Ended |
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| Nine Months Ended |
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| September 30, |
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| September 30, |
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| Percentage |
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| 2005 |
| 2004 |
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| 2005 |
| 2004 |
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Revenues |
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Electronic payment processing services | $ | 224,394 |
| 198,892 |
| 12.8 | % | $ | 646,199 |
| 561,270 |
| 15.1 | % | ||||
Merchant services |
| 74,207 |
| 6,518 |
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| 170,008 |
| 19,759 |
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Other services |
| 43,499 |
| 43,006 |
| 1.1 |
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| 137,337 |
| 125,681 |
| 9.3 |
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Revenues before reimbursables |
| 342,100 |
| 248,416 |
| 37.7 |
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| 953,544 |
| 706,710 |
| 34.9 |
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Reimbursable items |
| 79,869 |
| 56,577 |
| 41.2 |
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| 228,652 |
| 173,141 |
| 32.1 |
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Total revenues |
| 421,969 |
| 304,993 |
| 38.4 |
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| 1,182,196 |
| 879,851 |
| 34.4 |
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Expenses |
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Employment expenses* |
| 121,389 |
| 99,561 |
| 21.9 |
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| 334,341 |
| 269,647 |
| 24.0 |
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Net occupancy & equipment expenses* |
| 77,134 |
| 59,302 |
| 30.1 |
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| 212,770 |
| 182,214 |
| 15.5 |
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Other operating expense* |
| 71,245 |
| 37,558 |
| 89.7 |
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| 191,449 |
| 109,440 |
| 74.9 |
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Expenses before reimbursables |
| 269,768 |
| 196,421 |
| 37.3 |
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| 738,560 |
| 563,301 |
| 31.1 |
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Reimbursable items |
| 79,869 |
| 56,577 |
| 41.2 |
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| 228,652 |
| 173,141 |
| 32.1 |
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Total operating expenses |
| 349,637 |
| 252,998 |
| 38.2 |
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| 967,212 |
| 736,442 |
| 31.3 |
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Operating Income |
| 72,332 |
| 51,995 |
| 39.1 |
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| 214,984 |
| 143,409 |
| 49.9 |
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Other Income: |
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Interest income |
| 1,592 |
| 667 |
| 138.7 |
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| 3,889 |
| 1,709 |
| 127.6 |
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Interest expense |
| (84) |
| (95) |
| (11.6) |
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| (259) |
| (877) |
| (70.5) |
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Loss on foreign currency translation, net |
| 66 |
| 146 |
| (55.0) |
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| (761) |
| 45 |
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Other Income |
| 1,574 |
| 718 |
| 119.2 |
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| 2,869 |
| 877 |
| 227.3 |
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Income before Income Taxes, Minority Interest |
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and Equity in Income of Joint Ventures |
| 73,906 |
| 52,713 |
| 40.2 |
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| 217,853 |
| 144,286 |
| 51.0 |
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Income Taxes |
| 26,777 |
| 20,410 |
| 31.2 |
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| 78,186 |
| 55,636 |
| 40.5 |
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Minority Interest |
| (64) |
| (80) |
| (20.9) |
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| (176) |
| (240) |
| (26.8) |
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Equity in Income of Joint Ventures |
| 991 |
| 6,918 |
| (85.7) |
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| 5,331 |
| 19,178 |
| (72.2) |
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Net Income | $ | 48,056 |
| 39,141 |
| 22.8 | % | $ | 144,822 |
| 107,588 |
| 34.6 | % | ||||
Basic Earnings Per Share | $ | 0.24 |
| 0.20 |
| 22.6 | % | $ | 0.73 |
| 0.55 |
| 34.4 | % | ||||
Diluted Earnings Per Share | $ | 0.24 |
| 0.20 |
| 22.7 | % | $ | 0.73 |
| 0.55 |
| 34.5 | % | ||||
Dividend Declared Per Share | $ | 0.06 |
| 0.04 |
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| $ | 0.16 |
| 0.10 |
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Average Common Shares Outstanding |
| 197,198 |
| 196,849 |
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| 197,100 |
| 196,846 |
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Average Common and Common |
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Equivalent Shares Outstanding |
| 197,383 |
| 197,210 |
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| 197,324 |
| 197,213 |
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nm = not meaningful |
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*Certain items have been reclassified for the prior periods to conform with the presentation adopted in the third quarter of 2005. |
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TSYS Announces Third Quarter 2005 Earnings |
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Page 5 of 9 |
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TSYS |
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Segment Breakdown |
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(Unaudited) |
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(In thousands) |
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| Three Months Ended September 30, 2005 |
| Three Months Ended September 30, 2004 |
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| Domestic- | International- | Merchant | Consolidated |
| Domestic- | International- | Merchant | Consolidated |
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Revenue before reimbursables | $ | 244,302 | 31,389 | 70,333 | 346,024 |
| 218,530 | 29,886 | - | 248,416 |
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Intersegment revenue |
| (3,867) | - | (57) | (3,924) |
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Revenues before reimbursables |
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from external customers | $ | 240,435 | 31,389 | 70,276 | 342,100 |
| 218,530 | 29,886 | - | 248,416 |
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Total revenue | $ | 308,889 | 37,862 | 81,948 | 428,699 |
| 273,496 | 31,499 | - | 304,995 |
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Intersegment revenue |
| (6,673) | - | (57) | (6,730) |
| (2) | - | - | (2) |
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Revenues from external customers | $ | 302,216 | 37,862 | 81,891 | 421,969 |
| 273,494 | 31,499 | - | 304,993 |
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Depreciation and amortization | $ | 29,503 | 4,399 | 7,587 | 41,489 |
| 23,188 | 3,549 | - | 26,737 |
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Intersegment expenses | $ | 5,627 | (4,294) | (8,064) | (6,731) |
| 3,119 | (3,119) | - | - |
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Segment operating income | $ | 52,834 | 6,137 | 13,361 | 72,332 |
| 45,328 | 6,667 | - | 51,995 |
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Income tax expense | $ | 18,381 | 3,227 | 5,169 | 26,777 |
| 14,737 | 3,469 | 2,204 | 20,410 |
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Equity in income of joint ventures | $ | - | 991 | - | 991 |
| - | 549 | 6,369 | 6,918 |
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Net Income | $ | 36,238 | 3,353 | 8,465 | 48,056 |
| 29,959 | 5,015 | 4,167 | 39,141 |
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Identifiable assets |
| 1,282,288 | 177,276 | 222,050 | 1,681,614 |
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Intersegment assets |
| (305,569) | (6) | (15) | (305,590) |
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Total assets |
| 976,719 | 177,270 | 222,035 | 1,376,024 |
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| Nine Months Ended September 30, 2005 |
| Nine Months Ended September 30, 2004 |
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| Domestic- | International- | Merchant | Consolidated |
| Domestic- | International- | Merchant | Consolidated |
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Revenue before reimbursables | $ | 713,390 | 92,717 | 156,486 | 962,593 |
| 628,042 | 78,668 | - | 706,710 |
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Intersegment revenue |
| (8,946) | - | (103) | (9,049) |
| - | - | - | - |
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Revenues before reimbursables |
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from external customers | $ | 704,444 | 92,717 | 156,383 | 953,544 |
| 628,042 | 78,668 | - | 706,710 |
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Total revenue | $ | 904,700 | 109,604 | 182,877 | 1,197,181 |
| 796,229 | 83,628 | - | 879,857 |
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Intersegment revenue |
| (14,882) | - | (103) | (14,985) |
| (6) | - | - | (6) |
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Revenues from external customers | $ | 889,818 | 109,604 | 182,774 | 1,182,196 |
| 796,223 | 83,628 | - | 879,851 |
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Depreciation and amortization | $ | 85,058 | 12,416 | 12,073 | 109,547 |
| 69,950 | 9,567 | - | 79,517 |
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Intersegment expenses | $ | 24,861 | (21,833) | (18,022) | (14,994) |
| 4,268 | (4,268) | - | - |
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Segment operating income | $ | 176,346 | 8,143 | 30,495 | 214,984 |
| 125,399 | 18,010 |
| 143,409 |
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Income tax expense | $ | 61,003 | 4,294 | 12,889 | 78,186 |
| 41,876 | 7,600 | 6,160 | 55,636 |
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Equity in income of joint ventures | $ | - | 2,090 | 3,241 | 5,331 |
| - | 1,242 | 17,936 | 19,178 |
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Net Income | $ | 118,692 | 4,773 | 21,357 | 144,822 |
| 83,195 | 12,617 | 11,776 | 107,588 |
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Note: Revenues for domestic-based services include electronic payment processing services and other services provided from the United |
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- more - |
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TSYS Announces Third Quarter 2005 Earnings |
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Page 6 of 9 |
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TSYS | ||||
Balance Sheet | ||||
(Unaudited) | ||||
(In thousands) | ||||
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| September 30, | December 31, |
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| 2005 | 2004 |
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Assets |
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Current assets: |
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Cash and cash equivalents | $ | 199,356 | 231,806 |
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Restricted cash |
| 29,382 | 24,993 |
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Accounts receivable, net |
| 210,162 | 144,827 |
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Deferred income tax assets |
| 18,734 | 10,791 |
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Prepaid expenses and other current assets |
| 48,667 | 35,739 |
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Total current assets |
| 506,301 | 448,156 |
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Computer software, net |
| 278,450 | 268,647 |
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Property and equipment, net |
| 272,696 | 263,584 |
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Contract acquisition costs, net |
| 159,234 | 132,428 |
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Goodwill, net |
| 108,798 | 70,561 |
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Other intangible assets, net |
| 14,467 | 4,692 |
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Equity investments, net |
| 5,084 | 54,400 |
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Other assets |
| 30,994 | 39,475 |
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Total assets | $ | 1,376,024 | 1,281,943 |
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Liabilities and Shareholders' Equity |
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Current liabilities: |
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Accounts payable | $ | 33,237 | 75,188 |
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Accrued salaries and employee benefits |
| 67,349 | 46,725 |
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Current portion of debt and obligations under capital leases |
| 2,005 | 1,828 |
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Other current liabilities |
| 133,145 | 148,124 |
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Total current liabilities |
| 235,736 | 271,865 |
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Obligations under capital leases excluding current portion |
| 3,139 | 4,508 |
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Long-term debt |
| 93 | - |
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Deferred income tax liabilities |
| 140,064 | 131,106 |
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Other long-term liabilities |
| 19,258 | 6,038 |
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Total liabilities |
| 398,290 | 413,517 |
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Minority interests in consolidated subsidiaries |
| 3,765 | 3,814 |
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Shareholders' Equity: |
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Common stock |
| 19,808 | 19,759 |
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Additional paid-in capital |
| 47,751 | 44,732 |
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Treasury stock |
| (12,874) | (13,573) |
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Accumulated other comprehensive income |
| 7,681 | 15,373 |
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Retained earnings |
| 911,603 | 798,321 |
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Total shareholders' equity |
| 973,969 | 864,612 |
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Total liabilities and shareholders' equity | $ | 1,376,024 | 1,281,943 |
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* Certain items from prior periods have been reclassified to conform with the presentation adopted in 2005. | ||||
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- more - |
TSYS Announces Third Quarter 2005 Earnings |
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Page 7 of 9 |
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TSYS | ||||
Cash Flow | ||||
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(In thousands) | ||||
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| Nine Months Ended September 30: |
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| 2005 | 2004 |
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Cash flows from operating activities: |
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Net income | $ | 144,822 | 107,588 |
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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 |
| 176 | 240 |
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Equity in income of joint ventures |
| (5,331) | (19,178) |
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Loss on currency translation adjustments, net |
| 761 | (45) |
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Depreciation and amortization |
| 109,547 | 79,517 |
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Impairment of developed software |
| 3,646 | 10,059 |
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Charges for (recoveries of) bad debt expense and billing |
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adjustments |
| 5,451 | (1,147) |
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Charges for transaction processing provisions |
| 7,634 | 5,621 |
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Deferred income tax expense (benefit) |
| 6,574 | 29,590 |
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Loss on disposal of equipment, net |
| 1,775 | 384 |
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(Increase) decrease in: |
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Accounts receivable |
| (32,395) | (36,139) |
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Prepaid expenses and other assets |
| 6,270 | (4,822) |
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Increase (decrease) in: |
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Accounts payable |
| (53,901) | 6,066 |
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Accrued salaries and employee benefits |
| 4,393 | 4,584 |
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Billings in excess of costs and profits on uncompleted contracts |
| - | (24,845) |
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Other liabilities |
| (67,817) | 22,210 |
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Net cash provided by operating activities |
| 131,605 | 179,683 |
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Cash flows from investing activities: |
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Purchase of property and equipment, net |
| (33,760) | (49,815) |
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Additions to licensed computer software from vendors* |
| (10,049) | (19,237) |
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Additions to internally developed computer software* |
| (17,435) | (3,996) |
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Cash acquired in acquisition |
| 38,798 | 2,422 |
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Cash used in acquisition |
| (95,782) | (53,000) |
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Dividends received from joint ventures |
| 1,658 | 15,876 |
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Contract acquisition costs |
| (11,756) | (22,441) |
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Net cash used in investing activities |
| (128,326) | (130,191) |
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Cash flows from financing activities: |
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Purchases of common stock |
| - | (1,188) |
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Proceeds from borrowings of long-term debt |
| 48,143 | - |
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Principal payments on long-term debt borrowings |
| (48,135) | - |
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Principal payments on capital lease obligations and software obligations |
| (1,225) | (42,321) |
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Dividends paid on common stock |
| (27,582) | (15,747) |
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Proceeds from exercise of stock options |
| 2,920 | 1,193 |
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Net cash used in financing activities |
| (25,879) | (58,063) |
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Effect of foreign currency translation on cash and cash equivalents |
| (9,850) | 575 |
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Net decrease in cash and cash equivalents |
| (32,450) | (7,996) |
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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 | $ | 199,356 | 114,878 |
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*Certain items have been reclassified for the prior periods to conform with the presentation adopted in the third quarter of 2005. |
TSYS Announces Third Quarter 2005 Earnings |
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Page 8 of 9 |
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Geographic Area Data: |
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The following geographic area data represents revenues for the three months ended September 30 based on where the client | ||||||||||||||
is domiciled: |
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| Three Months Ended September 30, |
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(dollars in millions): |
| 2005 | % |
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United States | $ | 358.3 | 84.9 | % | $ | 247.9 | 81.3 | % |
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Europe |
| 34.0 | 8.1 |
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| 28.2 | 9.3 |
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Canada* |
| 23.2 | 5.5 |
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| 21.4 | 7.0 |
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Japan |
| 4.0 | 0.9 |
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| 3.5 | 1.1 |
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Mexico |
| 1.9 | 0.5 |
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| 3.3 | 1.1 |
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Other |
| 0.6 | 0.1 |
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| 0.7 | 0.2 |
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| $ | 422.0 | 100.0 | % | $ | 305.0 | 100.0 | % |
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The following geographic area data represents revenues for the nine months ended September 30 based on where the client | ||||||||||||||
is domiciled: |
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| Nine Months Ended September 30, |
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(dollars in millions): |
| 2005 | % |
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| 2004 | % |
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United States | $ | 998.4 | 84.5 | % | $ | 722.3 | 82.1 | % |
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Europe |
| 98.3 | 8.3 |
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| 73.7 | 8.4 |
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Canada* |
| 66.6 | 5.6 |
|
| 62.4 | 7.1 |
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Japan |
| 11.6 | 1.0 |
|
| 10.3 | 1.2 |
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Mexico |
| 5.3 | 0.4 |
|
| 9.2 | 1.0 |
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Other |
| 2.0 | 0.2 |
|
| 2.0 | 0.2 |
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| $ | 1,182.2 | 100.0 | % | $ | 879.9 | 100.0 | % |
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Geographic Area Revenue by Operating Segment: |
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The following table reconciles segment revenues to revenues by reporting segment for the three months ended September 30: |
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| Three Months Ended September 30, |
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| Domestic-based |
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| International-based | Merchant processing |
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| support services |
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| support services | services |
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(dollars in millions): |
| 2005 | 2004 |
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| 2005 | 2004 | 2005 | 2004 |
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United States | $ | 276.7 | 247.9 |
|
| - | - | 81.6 | - |
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Europe |
| 0.1 | 0.2 |
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| 33.9 | 28.0 | - | - |
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Canada* |
| 23.0 | 21.4 |
|
| - | - | 0.2 | - |
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Japan |
| - | - |
|
| 4.0 | 3.5 | - | - |
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Mexico |
| 1.9 | 3.3 |
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| - | - | - | - |
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Other |
| 0.5 | 0.7 |
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| - | - | 0.1 | - |
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| $ | 302.2 | 273.5 |
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| 37.9 | 31.5 | 81.9 | - |
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The following table reconciles segment revenues to revenues by reporting segment for the nine months ended September 30: |
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| Nine Months Ended September 30, |
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| Domestic-based |
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| International-based | Merchant processing |
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| support services |
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| support services | services |
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(dollars in millions): |
| 2005 | 2004 |
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| 2005 | 2004 | 2005 | 2004 |
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United States | $ | 816.3 | 722.3 |
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| - | - | 182.1 | - |
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Europe |
| 0.3 | 0.4 |
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| 98.0 | 73.3 | - | - |
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Canada* |
| 66.3 | 62.4 |
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| - | - | 0.3 | - |
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Japan |
| - | - |
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| 11.6 | 10.3 | - | - |
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Mexico |
| 5.3 | 9.2 |
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| - | - | - | - |
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Other |
| 1.6 | 2.0 |
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| - | - | 0.4 | - |
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| $ | 889.8 | 796.3 |
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| 109.6 | 83.6 | 182.8 | - |
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* These revenues include those generated from the Caribbean accounts owned by a Canadian institution. |
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- more - |
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TSYS Announces Third Quarter 2005 Earnings |
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Page 9 of 9 |
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Supplemental Information: |
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| Accounts on File at September 30: |
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(in millions) |
| 2005 | % |
| 2004 | % |
| % Change |
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Consumer |
| 264.1 | 61.4 | % | 170.7 | 54.1 | % | 54.7 | % |
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Retail |
| 96.5 | 22.4 |
| 88.8 | 28.2 |
| 8.5 |
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Commercial |
| 30.1 | 7.0 |
| 24.9 | 7.9 |
| 21.0 |
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Government services/EBT |
| 18.2 | 4.3 |
| 15.7 | 5.0 |
| 16.8 |
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Stored Value |
| 13.7 | 3.2 |
| 8.5 | 2.7 |
| 61.3 |
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Debit |
| 7.5 | 1.7 |
| 6.7 | 2.1 |
| 11.1 |
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| 430.1 | 100.0 | % | 315.3 | 100.0 | % | 36.4 | % |
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| Sept. 30, 2005 |
| Sept. 30, 2004 |
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QTD Average Accounts on File (thousands) | 424,609 |
| 304,928 |
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YTD Average Accounts on File (thousands) | 389,406 |
| 289,394 |
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| Accounts on File at September 30: |
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(in millions) |
| 2005 | % |
| 2004 | % |
| % Change |
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Domestic |
| 375.3 | 87.4 | % | 267.2 | 84.7 | % | 40.5 | % |
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International |
| 54.8 | 12.6 |
| 48.1 | 15.3 |
| 13.8 |
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| 430.1 | 100.0 | % | 315.3 | 100.0 | % | 36.4 | % |
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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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| Sept. 2004 to Sept. 2005 |
| Sept. 2003 to Sept. 2004 |
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Beginning balance |
| 315.3 |
| 267.9 |
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Change in accounts on file due to: |
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Internal growth of existing clients |
| 44.5 |
| 33.0 |
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New clients* |
| 79.3 |
| 19.2 |
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Purges/Sales* |
| (7.9) |
| (0.9) |
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Deconversions |
| (1.1) |
| (3.9) |
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Ending balance |
| 430.1 |
| 315.3 |
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Number of Employees (FTEs): |
| 2005 |
|
| 2004 |
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At September 30, |
| 6,513 |
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| 5,626 |
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Quarterly average for period ended September 30, | 6,481 |
|
| 5,571 |
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YTD average for period ended September 30, | 6,222 |
|
| 5,571 |
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* Certain items have been reclassified for the prior periods to conform with the presentation adopted in the third quarter of 2005. | ||||||||||||
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- ### - |
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