EXHIBIT 99.2
TSYS Announces Earnings for 2005 |
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Page 5 of 10 |
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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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| Twelve months ended |
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| December 31, |
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| December 31, |
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| Percentage |
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| Percentage |
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| 2005 |
| 2004 |
| Change |
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| 2005 |
| 2004 |
| Change |
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Revenues |
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Electronic payment processing services | $ | 223,586 |
| 198,273 |
| 12.8 | % |
| $ | 869,785 |
| 759,544 |
| 14.5 | % | |
Merchant services |
| 67,410 |
| 6,411 |
| nm |
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| 237,418 |
| 26,169 |
| nm |
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Other services |
| 45,250 |
| 45,225 |
| 0.1 |
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| 182,587 |
| 170,906 |
| 6.8 |
| |
Revenues before reimbursables |
| 336,246 |
| 249,909 |
| 34.5 |
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| 1,289,790 |
| 956,619 |
| 34.8 |
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Reimbursable items |
| 84,489 |
| 57,248 |
| 47.6 |
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| 313,141 |
| 230,389 |
| 35.9 |
| |
Total revenues |
| 420,735 |
| 307,157 |
| 37.0 |
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| 1,602,931 |
| 1,187,008 |
| 35.0 |
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Expenses |
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Employment expenses* |
| 127,876 |
| 91,885 |
| 39.2 |
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| 462,217 |
| 361,532 |
| 27.8 |
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Net occupancy & equipment expenses* |
| 71,185 |
| 56,210 |
| 26.6 |
|
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| 283,955 |
| 240,425 |
| 18.1 |
| |
Other operating expense* |
| 65,040 |
| 43,009 |
| 51.2 |
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| 256,489 |
| 152,448 |
| 68.2 |
| |
Expenses before reimbursables |
| 264,101 |
| 191,104 |
| 38.2 |
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| 1,002,661 |
| 754,405 |
| 32.9 |
| |
Reimbursable items |
| 84,489 |
| 57,248 |
| 47.6 |
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| 313,141 |
| 230,389 |
| 35.9 |
| |
Total operating expenses |
| 348,590 |
| 248,352 |
| 40.4 |
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| 1,315,802 |
| 984,794 |
| 33.6 |
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Operating Income |
| 72,145 |
| 58,805 |
| 22.7 |
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| 287,129 |
| 202,214 |
| 42.0 |
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Other Income: |
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Interest income |
| 2,123 |
| 1,147 |
| 85.0 |
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| 6,012 |
| 2,856 |
| 110.5 |
| |
Interest expense |
| (115) |
| (64) |
| 79.1 |
|
|
| (374) |
| (941) |
| (60.2) |
| |
(Loss) gain on foreign currency translation, net |
| (79) |
| 117 |
| (166.5) |
|
|
| (840) |
| 162 |
| nm |
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Other Income |
| 1,929 |
| 1,200 |
| 60.7 |
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| 4,798 |
| 2,077 |
| 131.0 |
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Income before Income Taxes, Minority Interest |
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and Equity in Income of Joint Ventures |
| 74,074 |
| 60,005 |
| 23.4 |
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| 291,927 |
| 204,291 |
| 42.9 |
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Income Taxes |
| 25,100 |
| 21,574 |
| 16.3 |
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| 103,286 |
| 77,210 |
| 33.8 |
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Minority Interest |
| (80) |
| (19) |
| nm |
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|
| (256) |
| (259) |
| (1.1) |
| |
Equity in Income of Joint Ventures |
| 804 |
| 4,558 |
| (82.4) |
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| 6,135 |
| 23,736 |
| (74.2) |
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Net Income | $ | 49,698 |
| 42,970 |
| 15.7 | % |
| $ | 194,520 |
| 150,558 |
| 29.2 | % | |
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Basic Earnings Per Share | $ | 0.25 |
| 0.22 |
| 15.4 | % |
| $ | 0.99 |
| 0.76 |
| 29.0 | % | |
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Diluted Earnings Per Share | $ | 0.25 |
| 0.22 |
| 15.6 | % |
| $ | 0.99 |
| 0.76 |
| 29.1 | % | |
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Dividend Declared Per Share | $ | 0.06 |
| 0.04 |
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| $ | 0.22 |
| 0.14 |
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Average Common Shares Outstanding |
| 197,277 |
| 196,849 |
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| 197,145 |
| 196,847 |
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Average Common and Common |
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Equivalent Shares Outstanding |
| 197,371 |
| 197,278 |
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| 197,345 |
| 197,236 |
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nm = not meaningful |
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* Certain items have been reclassified for prior periods to conform with the presentation adopted in 2005. |
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-more- |
TSYS Announces Earnings for 2005
Page 6 of 10
TSYS | |||||||||||
Segment Breakdown | |||||||||||
(Unaudited) | |||||||||||
(In thousands) | |||||||||||
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| Three Months Ended December 31, 2005 |
| Three Months Ended December 31, 2004 | |||||||
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| Domestic- | International- | Merchant | Consolidated |
| Domestic | International- | Merchant | Consolidated | |
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Revenue before reimbursables | $ | 246,455 | 31,148 | 63,552 | 341,155 |
| 220,325 | 29,584 | - | 249,909 | |
Intersegment revenue |
| (4,863) | - | (46) | (4,909) |
| - | - | - | - | |
Revenues before reimbursables |
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from external customers | $ | 241,592 | 31,148 | 63,506 | 336,246 |
| 220,325 | 29,584 | - | 249,909 | |
Total revenue | $ | 315,501 | 37,378 | 75,204 | 428,083 |
| 275,736 | 31,424 | - | 307,160 | |
Intersegment revenue |
| (7,302) | - | (46) | (7,348) |
| (3) | - | - | (3) | |
Revenues from external customers | $ | 308,199 | 37,378 | 75,158 | 420,735 |
| 275,733 | 31,424 | - | 307,157 | |
Depreciation and amortization | $ | 30,214 | 4,154 | 7,299 | 41,667 |
| 25,477 | 3,590 | - | 29,067 | |
Intersegment expenses | $ | 9,733 | (9,414) | (7,668) | (7,349) |
| 17,777 | (17,777) | - | - | |
Segment operating income | $ | 58,921 | 1,230 | 11,994 | 72,145 |
| 70,668 | (11,863) | - | 58,805 | |
Income tax expense | $ | 19,860 | 632 | 4,608 | 25,100 |
| 24,657 | (4,452) | 1,369 | 21,574 | |
Equity in income of joint ventures | $ | - | 804 | - | 804 |
| - | 495 | 4,063 | 4,558 | |
Net Income | $ | 42,172 | (205) | 7,731 | 49,698 |
| 48,771 | (8,495) | 2,694 | 42,970 | |
Identifiable assets |
| 1,320,552 | 178,135 | 230,712 | 1,729,399 |
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Intersegment assets |
| (318,475) | (1) | (26) | (318,502) |
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Total assets |
| 1,002,077 | 178,134 | 230,686 | 1,410,897 |
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| Twelve Months Ended December 31, 2005 |
| Twelve Months Ended December 31 ,2004 | |||||||
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| Domestic- | International- | Merchant | Consolidated |
| Domestic- | International- | Merchant | Consolidated | |
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Revenue before reimbursables | $ | 959,845 | 123,865 | 220,038 | 1,303,748 |
| 848,367 | 108,252 | - | 956,619 | |
Intersegment revenue |
| (13,809) | - | (149) | (13,958) |
| - | - | - | - | |
Revenues before reimbursables |
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from external customers | $ | 946,036 | 123,865 | 219,889 | 1,289,790 |
| 848,367 | 108,252 | - | 956,619 | |
Total revenue | $ | 1,220,199 | 146,982 | 258,082 | 1,625,263 |
| 1,071,965 | 115,052 | - | 1,187,017 | |
Intersegment revenue |
| (22,183) | - | (149) | (22,332) |
| (9) | - | - | (9) | |
Revenues from external customers | $ | 1,198,016 | 146,982 | 257,933 | 1,602,931 |
| 1,071,956 | 115,052 | - | 1,187,008 | |
Depreciation and amortization | $ | 115,272 | 16,570 | 19,372 | 151,214 |
| 95,431 | 13,157 | - | 108,588 | |
Intersegment expenses | $ | 34,594 | (31,247) | (25,691) | (22,344) |
| 22,045 | (22,046) | - | (1) | |
Segment operating income | $ | 235,267 | 9,373 | 42,489 | 287,129 |
| 196,067 | 6,147 | - | 202,214 | |
Income tax expense | $ | 80,876 | 4,925 | 17,485 | 103,286 |
| 66,535 | 3,147 | 7,528 | 77,210 | |
Equity in income of joint ventures | $ | - | 2,894 | 3,241 | 6,135 |
| - | 1,737 | 21,999 | 23,736 | |
Net Income | $ | 160,853 | 4,567 | 29,100 | 194,520 |
| 131,966 | 4,122 | 14,470 | 150,558 | |
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Note:
| Revenues for domestic-based services include electronic payment processing services and other services provided from the United | ||||||||||
-more- | |||||||||||
TSYS Announces Earnings for 2005 |
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Page 7 of 10 |
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TSYS | ||||
Balance Sheet | ||||
(Unaudited) | ||||
(In thousands) | ||||
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| At 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 | $ | 237,569 | 231,806 |
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Restricted cash |
| 29,688 | 24,993 |
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Accounts receivable, net |
| 184,532 | 144,827 |
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Deferred income tax assets |
| 15,264 | 10,791 |
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Prepaid expenses and other current assets |
| 45,236 | 35,739 |
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Total current assets |
| 512,289 | 448,156 |
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Computer software, net |
| 267,988 | 268,647 |
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Property and equipment, net |
| 267,979 | 263,584 |
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Contract acquisition costs, net |
| 163,861 | 132,428 |
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Goodwill, net |
| 141,885 | 70,561 |
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Equity investments, net |
| 13,711 | 54,400 |
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Other intangible assets, net |
| 13,580 | 4,692 |
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Other assets |
| 29,604 | 39,475 |
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Total assets | $ | 1,410,897 | 1,281,943 |
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Liabilities and Shareholders' Equity |
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Current liabilities: |
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Accounts payable | $ | 29,464 | 75,188 |
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Accrued salaries and employee benefits |
| 84,348 | 46,725 |
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Current portion of obligations under capital leases |
| 2,078 | 1,828 |
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Other current liabilities |
| 156,719 | 148,124 |
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Total current liabilities |
| 272,609 | 271,865 |
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Deferred income tax liabilities |
| 93,881 | 131,106 |
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Obligations under capital leases excluding current portion |
| 3,555 | 4,508 |
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Other long-term liabilities |
| 24,398 | 6,038 |
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Total liabilities |
| 394,443 | 413,517 |
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Minority interest in consolidated subsidiary |
| 3,682 | 3,814 |
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Shareholders' Equity: |
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Common stock |
| 19,809 | 19,759 |
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Additional paid-in capital |
| 54,747 | 44,732 |
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Treasury stock |
| (16,934) | (13,573) |
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Accumulated other comprehensive income |
| 5,685 | 15,373 |
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Retained earnings |
| 949,465 | 798,321 |
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Total shareholders' equity |
| 1,012,772 | 864,612 |
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Total liabilities and shareholders' equity | $ | 1,410,897 | 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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TSYS Announces Earnings for 2005 |
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Page 8 of 10 |
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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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| Twelve Months Ended December 31, |
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| 2005 | 2004 |
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Cash flows from operating activities: |
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Net income | $ | 194,520 | 150,558 |
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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 |
| 256 | 259 |
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Equity in income of joint ventures |
| (6,135) | (23,736) |
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Loss (gain) on currency translation adjustments, net |
| 840 | (162) |
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Depreciation and amortization |
| 151,214 | 108,588 |
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Impairment of developed software |
| 3,619 | 10,059 |
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Charges for (recoveries of) bad debt expense and billing |
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adjustments |
| 4,589 | (2,450) |
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Charges for transaction processing provisions |
| 7,397 | 9,878 |
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Deferred income tax (benefit) expense |
| (35,055) | 31,691 |
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Loss on disposal of equipment, net |
| 2,535 | 387 |
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(Increase) decrease in: |
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Accounts receivable |
| (13,164) | (18,027) |
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Prepaid expenses and other assets |
| 11,496 | (40,383) |
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Increase (decrease) in: |
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Accounts payable |
| (51,138) | 57,979 |
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Accrued salaries and employee benefits |
| 21,420 | 14,135 |
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Billings in excess of costs and profits on uncompleted contracts |
| - | (17,573) |
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Other liabilities |
| (53,565) | 50,832 |
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Net cash provided by operating activities |
| 238,829 | 332,035 |
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Cash flows from investing activities: |
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Purchase of property and equipment, net |
| (40,904) | (53,890) |
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Additions to licensed computer software from vendors |
| (12,875) | (57,302) |
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Additions to internally developed computer software |
| (22,602) | (5,224) |
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Cash acquired in acquisition |
| 38,799 | 2,422 |
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Cash used in acquisitions |
| (134,769) | (53,515) |
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Dividends received from joint ventures |
| 1,659 | 35,876 |
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Contract acquisition costs |
| (19,468) | (29,150) |
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Net cash used in investing activities |
| (190,160) | (160,783) |
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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 |
| (48,261) | - |
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Principal payments on capital lease obligations and software obligations |
| (2,176) | (42,656) |
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Dividends paid on common stock |
| (39,418) | (23,621) |
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Proceeds from exercise of stock options |
| 3,058 | 1,193 |
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Net cash used in financing activities |
| (38,654) | (66,272) |
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Effect of foreign currency translation on cash and cash equivalents |
| (4,252) | 3,953 |
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Net increase in cash and cash equivalents |
| 5,763 | 108,933 |
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Cash and cash equivalents at beginning of year |
| 231,806 | 122,873 |
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Cash and cash equivalents at end of period | $ | 237,569 | 231,806 |
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- more - |
TSYS Announces Earnings for 2005 |
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Page 9 of 10 |
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Geographic Area Data: |
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| Three Months Ended December 31, |
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(dollars in millions): |
| 2005 | % |
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| 2004 | % |
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UnitedStates | $ | 356.1 | 84.6 | % | $ | 251.4 | 81.8 | % |
Europe |
| 33.5 | 8.0 |
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| 27.9 | 9.1 |
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Canada* |
| 23.3 | 5.5 |
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| 20.9 | 6.8 |
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Japan |
| 4.0 | 0.9 |
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| 3.7 | 1.2 |
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Mexico |
| 2.3 | 0.6 |
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| 2.1 | 0.7 |
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Other |
| 1.5 | 0.4 |
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| 1.2 | 0.4 |
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| $ | 420.7 | 100.0 | % | $ | 307.2 | 100.0 | % |
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| Twelve Months Ended December 31, |
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(dollarsinmillions): |
| 2005 | % |
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| 2004 | % |
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UnitedStates | $ | 1,354.1 | 84.5 | % | $ | 973.3 | 82.0 | % |
Europe |
| 131.9 | 8.2 |
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| 101.6 | 8.6 |
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Canada* |
| 89.9 | 5.6 |
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| 83.2 | 7.0 |
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Japan |
| 15.6 | 1.0 |
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| 14.0 | 1.2 |
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Mexico |
| 7.6 | 0.5 |
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| 11.2 | 0.9 |
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Other |
| 3.8 | 0.2 |
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| 3.7 | 0.3 |
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| $ | 1,602.9 | 100.0 | % | $ | 1,187.0 | 100.0 | % |
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 December 31: |
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| Three Months Ended December 31, |
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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 | $ | 281.2 | 251.4 |
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| - | - |
| 74.9 | - |
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Europe |
| 0.1 | 0.1 |
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| 33.4 | 27.8 |
| - | - |
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Canada* |
| 23.2 | 20.9 |
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| - | - |
| 0.1 | - |
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Japan |
| - | - |
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| 4.0 | 3.7 |
| - | - |
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Mexico |
| 2.3 | 2.1 |
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| - | - |
| - | - |
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Other |
| 1.3 | 1.2 |
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| - | - |
| 0.2 | - |
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| $ | 308.1 | 275.7 |
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| 37.4 | 31.5 |
| 75.2 | - |
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The following table reconciles segment revenues to revenues by reporting segment for the twelve months ended December 31: |
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| Twelve Months Ended December 31, |
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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 | $ | 1,097.1 | 973.3 |
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| 257.0 | - |
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Europe |
| 0.5 | 0.5 |
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| 131.4 | 101.1 |
| - | - |
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Canada* |
| 89.5 | 83.2 |
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| - | - |
| 0.4 | - |
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Japan |
| - | - |
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| 15.6 | 14.0 |
| - | - |
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Mexico |
| 7.6 | 11.2 |
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| - | - |
| - | - |
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Other |
| 3.3 | 3.7 |
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| - | - |
| 0.5 | - |
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| $ | 1,198.0 | 1,071.9 |
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| 147.0 | 115.1 |
| 257.9 | - |
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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 Earnings for 2005 |
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Page 10 of 10 |
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Supplemental Information: |
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| Accounts on File at December 31, |
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(in millions) |
| 2005 | % |
| 2004 | % |
| % Change |
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Consumer |
| 267.4 | 61.0 | % | 203.3 | 56.9 | % | 31.5 | % |
Retail |
| 99.7 | 22.8 |
| 93.6 | 26.2 |
| 6.4 |
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Commercial |
| 30.1 | 6.9 |
| 25.6 | 7.2 |
| 17.7 |
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Government services/EBT |
| 18.8 | 4.3 |
| 16.3 | 4.6 |
| 15.4 |
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Stored Value |
| 14.3 | 3.3 |
| 11.9 | 3.3 |
| 19.7 |
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Debit |
| 7.6 | 1.7 |
| 6.9 | 1.8 |
| 10.5 |
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| 437.9 | 100.0 | % | 357.6 | 100.0 | % | 22.4 | % |
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(in thousands) |
| Dec.31, 2005 |
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| Dec. 31, 2004 |
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QTD Average Accounts on File |
| 436,019 |
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| 344,223 |
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YTD Average Accounts on File |
| 401,059 |
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| 303,102 |
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| Accounts on File at December 31, |
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(in millions) |
| 2005 | % |
| 2004 | % |
| % Change |
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Domestic |
| 381.8 | 87.2 | % | 308.2 | 86.2 | % | 23.9 | % |
International |
| 56.1 | 12.8 |
| 49.4 | 13.8 |
| 13.4 |
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| 437.9 | 100.0 | % | 357.6 | 100.0 | % | 22.4 | % |
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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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| Dec. 2004 to Dec. 2005 |
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| Dec. 2003 to Dec. 2004 |
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Beginning balance |
| 357.6 |
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| 273.9 |
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Change in accounts on file due to: |
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Internal growth of existing clients |
| 40.8 |
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| 36.9 |
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New clients |
| 51.8 |
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| 49.1 |
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Purges/Sales |
| (9.6) |
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| (1.1) |
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Deconversions |
| (2.7) |
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| (1.2) |
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Ending balance |
| 437.9 |
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| 357.6 |
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Number of Employees (FTEs): |
| 2005 |
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| 2004 |
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At December 31, |
| 6,698 |
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| 5,700 |
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Quarterly average for period ended December 31, | 6,601 |
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| 5,667 |
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YTD average for period ended December 31, |
| 6,317 |
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| 5,598 |
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- ### - |