Exhibit 99.2
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Page 6 of 11
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TSYS | ||||||||||||||||
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| Three months ended |
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| Nine Months Ended |
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| Percentage |
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| Percentage |
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| 2006 |
| 2005 |
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| 2006 |
| 2005 |
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Revenues |
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Electronic payment processing services | $ | 232,171 |
| 224,394 |
| 3.5 | % | $ | 685,532 |
| 646,199 |
| 6.1 | % | ||
Merchant services |
| 65,548 |
| 74,207 |
| (11.7) |
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| 195,318 |
| 170,008 |
| 14.9 |
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Other services |
| 44,619 |
| 43,499 |
| 2.6 |
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| 133,831 |
| 137,337 |
| (2.6) |
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Revenues before reimbursables |
| 342,338 |
| 342,100 |
| 0.1 |
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| 1,014,681 |
| 953,544 |
| 6.4 |
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Reimbursable items |
| 99,477 |
| 79,869 |
| 24.6 |
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| 268,589 |
| 228,652 |
| 17.5 |
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Total revenues |
| 441,815 |
| 421,969 |
| 4.7 |
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| 1,283,270 |
| 1,182,196 |
| 8.5 |
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Expenses |
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Employment expenses |
| 139,182 |
| 121,389 |
| 14.7 |
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| 380,945 |
| 334,341 |
| 13.9 |
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Net occupancy & equipment expenses |
| 75,811 |
| 77,134 |
| (1.7) |
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| 226,864 |
| 212,770 |
| 6.6 |
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Other operating expense |
| 55,088 |
| 71,245 |
| (22.7) |
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| 178,027 |
| 191,449 |
| (7.0) |
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Expenses before reimbursables |
| 270,081 |
| 269,768 |
| 0.1 |
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| 785,836 |
| 738,560 |
| 6.4 |
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Reimbursable items |
| 99,477 |
| 79,869 |
| 24.6 |
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| 268,589 |
| 228,652 |
| 17.5 |
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Total operating expenses |
| 369,558 |
| 349,637 |
| 5.7 |
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| 1,054,425 |
| 967,212 |
| 9.0 |
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Operating Income |
| 72,257 |
| 72,332 |
| (0.1) |
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| 228,845 |
| 214,984 |
| 6.4 |
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Other Income: |
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Interest income |
| 3,363 |
| 1,592 |
| 111.2 |
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| 9,297 |
| 3,889 |
| 139.1 |
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Interest expense |
| (235) |
| (84) |
| (179.8) |
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| (364) |
| (259) |
| (40.5) |
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Gain (loss) on foreign currency translation, net |
| 282 |
| 66 |
| 327.3 |
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| 195 |
| (761) |
| 125.6 |
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Other Income |
| 3,410 |
| 1,574 |
| 116.6 |
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| 9,128 |
| 2,869 |
| 218.2 |
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Income before Income Taxes, Minority Interest |
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and Equity in Income of Equity Investments |
| 75,667 |
| 73,906 |
| 2.4 |
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| 237,973 |
| 217,853 |
| 9.2 |
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Income Taxes |
| 22,380 |
| 26,777 |
| (16.4) |
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| 78,492 |
| 78,186 |
| 0.4 |
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Income before Minority Interest and |
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Equity in Income of Equity Investments |
| 53,287 |
| 47,129 |
| 13.1 |
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| 159,481 |
| 139,667 |
| 14.2 |
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Minority Interest |
| (183) |
| (64) |
| (185.9) |
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| (448) |
| (176) |
| (154.5) |
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Equity in Income of Equity Investments |
| 1,202 |
| 991 |
| 21.3 |
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| 3,073 |
| 5,331 |
| (42.4) |
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Net Income | $ | 54,306 |
| 48,056 |
| 13.0 | % | $ | 162,106 |
| 144,822 |
| 11.9 | % | ||
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Basic Earnings Per Share | $ | 0.28 |
| 0.24 |
| 13.4 | % | $ | 0.82 |
| 0.73 |
| 12.0 | % | ||
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Diluted Earnings Per Share | $ | 0.28 |
| 0.24 |
| 13.3 | % | $ | 0.82 |
| 0.73 |
| 12.0 | % | ||
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Dividend Declared Per Share | $ | 0.07 |
| 0.06 |
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| $ | 0.20 |
| 0.16 |
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Average Common Shares Outstanding |
| 196,500 |
| 197,198 |
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| 196,891 |
| 197,100 |
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Average Common and Common |
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Equivalent Shares Outstanding |
| 196,831 |
| 197,383 |
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| 197,193 |
| 197,324 |
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TSYS Announces Third Quarter 2006 Earnings |
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Page 7 of 11 |
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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, 2006 |
| Three Months Ended September 30, 2005 |
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| Domestic- | International- | Merchant | Consolidated |
| Domestic- support | International- | Merchant | Consolidated |
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Revenues before reimbursables | $ | 242,584 | 44,320 | 59,723 | 346,627 |
| 244,302 | 31,389 | 70,333 | 346,024 |
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Intersegment revenues |
| (4,258) | - | (31) | (4,289) |
| (3,867) | - | (57) | (3,924) |
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Revenues before reimbursables |
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from external customers | $ | 238,326 | 44,320 | 59,692 | 342,338 |
| 240,435 | 31,389 | 70,276 | 342,100 |
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Total revenues | $ | 325,919 | 51,591 | 70,592 | 448,102 |
| 308,889 | 37,862 | 81,948 | 428,699 |
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Intersegment revenues |
| (6,256) | - | (31) | (6,287) |
| (6,673) | - | (57) | (6,730) |
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Revenues from external customers | $ | 319,663 | 51,591 | 70,561 | 441,815 |
| 302,216 | 37,862 | 81,891 | 421,969 |
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Depreciation and amortization | $ | 32,156 | 5,328 | 6,674 | 44,158 |
| 29,503 | 4,399 | 7,587 | 41,489 |
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Intersegment expenses | $ | 3,668 | 2,343 | 7,599 | 13,610 |
| 5,627 | (4,294) | (8,064) | (6,731) |
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Segment operating income | $ | 48,666 | 7,946 | 15,645 | 72,257 |
| 52,834 | 6,137 | 13,361 | 72,332 |
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Income before income taxes, minority interest |
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and equity income of equity investments |
| 52,688 | 6,602 | 16,377 | 75,667 |
| 54,823 | 5,483 | 13,600 | 73,906 |
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Income tax expense | $ | 14,722 | (31) | 7,689 | 22,380 |
| 18,381 | 3,227 | 5,169 | 26,777 |
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Equity in income of equity investments | $ | - | 1,202 | - | 1,202 |
| - | 991 | - | 991 |
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Net Income | $ | 38,821 | 6,797 | 8,688 | 54,306 |
| 36,238 | 3,353 | 8,465 | 48,056 |
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Identifiable assets |
| 1,410,363 | 285,917 | 240,979 | 1,937,259 |
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Intersegment eliminations |
| (416,964) | (195) | (143) | (417,302) |
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Total assets |
| 993,399 | 285,722 | 240,836 | 1,519,957 |
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| Nine Months Ended September 30, 2006 |
| Nine Months Ended September 30, 2005 |
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| Domestic- | International- | Merchant | Consolidated |
| Domestic- | International- | Merchant | Consolidated |
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Revenues before reimbursables | $ | 740,341 | 109,178 | 178,729 | 1,028,248 |
| 713,390 | 92,717 | 156,486 | 962,593 |
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Intersegment revenues |
| (13,471) | - | (96) | (13,567) |
| (8,946) | - | (103) | (9,049) |
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Revenues before reimbursables |
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from external customers | $ | 726,870 | 109,178 | 178,633 | 1,014,681 |
| 704,444 | 92,717 | 156,383 | 953,544 |
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Total revenues | $ | 963,855 | 128,163 | 211,659 | 1,303,677 |
| 904,700 | 109,604 | 182,877 | 1,197,181 |
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Intersegment revenues |
| (20,311) | - | (96) | (20,407) |
| (14,882) | - | (103) | (14,985) |
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Revenues from external customers | $ | 943,544 | 128,163 | 211,563 | 1,283,270 |
| 889,818 | 109,604 | 182,774 | 1,182,196 |
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Depreciation and amortization | $ | 95,759 | 14,101 | 20,446 | 130,306 |
| 84,209 | 12,416 | 12,073 | 108,698 |
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Intersegment expenses | $ | 18,949 | (15,448) | (23,864) | (20,363) |
| 24,861 | (21,833) | (18,022) | (14,994) |
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Segment operating income | $ | 176,412 | 12,029 | 40,404 | 228,845 |
| 176,346 | 8,143 | 30,495 | 214,984 |
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Income before income taxes, minority interest |
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and equity income of equity investments |
| 186,170 | 9,718 | 42,085 | 237,973 |
| 180,558 | 6,345 | 30,950 | 217,853 |
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Income tax expense | $ | 58,636 | 2,461 | 17,395 | 78,492 |
| 61,003 | 4,294 | 12,889 | 78,186 |
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Equity in income of equity investments | $ | - | 3,073 | - | 3,073 |
| - | 2,090 | 3,241 | 5,331 |
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Net Income | $ | 128,352 | 9,064 | 24,690 | 162,106 |
| 118,692 | 4,773 | 21,357 | 144,822 |
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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 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 Third Quarter 2006 Earnings |
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Page 8 of 11 |
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TSYS | |||||
Balance Sheet | |||||
(Unaudited) | |||||
(In thousands) | |||||
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| Sept. 30, 2006 | Dec 31, 2005 |
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Assets |
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Current assets: |
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Cash and cash equivalents | $ | 255,722 | 237,569 |
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Restricted cash |
| 38,069 | 29,688 |
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Accounts receivable, net |
| 233,359 | 184,532 |
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Deferred income tax assets |
| 20,147 | 15,264 |
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Prepaid expenses and other current assets |
| 45,365 | 45,236 |
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Total current assets |
| 592,662 | 512,289 |
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Computer software, net |
| 230,715 | 267,988 |
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Property and equipment, net |
| 266,993 | 267,979 |
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Contract acquisition costs, net |
| 172,988 | 163,861 |
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Goodwill, net |
| 143,595 | 112,865 |
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Equity investments, net |
| 60,410 | 42,731 |
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Other intangible assets, net |
| 26,349 | 13,580 |
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Other assets |
| 26,245 | 29,604 |
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Total assets | $ | 1,519,957 | 1,410,897 |
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Liabilities and Shareholders' Equity |
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Current liabilities: |
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Accounts payable | $ | 44,673 | 29,464 |
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Accrued salaries and employee benefits |
| 65,451 | 84,348 |
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Current portion of obligations under capital leases |
| 2,337 | 2,078 |
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Other current liabilities |
| 163,557 | 161,122 |
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Total current liabilities |
| 276,018 | 277,012 |
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Deferred income tax liabilities |
| 72,145 | 89,478 |
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Obligations under capital leases excluding current portion |
| 1,740 | 3,555 |
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Other long-term liabilities |
| 30,636 | 24,398 |
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Total liabilities |
| 380,539 | 394,443 |
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Minority interest in consolidated subsidiary |
| 4,114 | 3,682 |
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Shareholders' Equity: |
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Common stock |
| 19,840 | 19,797 |
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Additional paid-in capital |
| 62,635 | 50,666 |
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Treasury stock |
| (34,601) | (12,841) |
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Accumulated other comprehensive income |
| 15,305 | 5,685 |
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Retained earnings |
| 1,072,125 | 949,465 |
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Total shareholders' equity |
| 1,135,304 | 1,012,772 |
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Total liabilities and shareholders' equity | $ | 1,519,957 | 1,410,897 |
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TSYS Announces Third Quarter 2006 Earnings |
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Page 9 of 11 |
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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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| Nine Months Ended September 30, |
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| 2006 | 2005 |
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Cash flows from operating activities: |
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Net income | $ | 162,106 | 144,822 |
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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 |
| 448 | 176 |
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Equity in income of equity investments |
| (3,073) | (5,331) |
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(Gain) loss on currency translation adjustments, net |
| (195) | 761 |
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Depreciation and amortization |
| 130,306 | 108,698 |
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Share-based compensation |
| 6,574 | 849 |
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Excess tax benefit from share-based payment arrangements |
| 1,800 | - |
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Impairment of developed software |
| - | 3,619 |
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Charges for (recoveries of) bad debt expense and billing |
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adjustments |
| 948 | 5,451 |
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Charges for transaction processing provisions |
| 7,914 | 7,634 |
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Deferred income tax (benefit) expense |
| (24,150) | 6,574 |
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Loss on disposal of equipment, net |
| 105 | 1,802 |
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(Increase) decrease in: |
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Accounts receivable |
| (40,765) | (40,072) |
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Prepaid expenses and other assets |
| 8,923 | 6,962 |
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Increase (decrease) in: |
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Accounts payable |
| 14,323 | (59,241) |
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Accrued salaries and employee benefits |
| (18,936) | 4,408 |
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Other liabilities |
| (14,849) | (63,175) |
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Net cash provided by operating activities |
| 231,479 | 123,937 |
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Cash flows from investing activities: |
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Purchase of property and equipment, net |
| (21,203) | (33,540) |
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Additions to licensed computer software from vendors |
| (9,650) | (10,049) |
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Additions to internally developed computer software |
| (13,699) | (17,435) |
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Cash acquired in acquisition |
| 4,341 | 38,798 |
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Cash used in acquisitions |
| (74,919) | (95,796) |
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Dividends received from equity investments |
| 2,371 | 1,658 |
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Contract acquisition costs |
| (39,578) | (11,756) |
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Net cash used in investing activities |
| (152,337) | (128,120) |
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Cash flows from financing activities: |
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Proceeds from borrowings of long-term debt |
| - | 48,143 |
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Principal payments on long-term debt borrowings and |
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capital lease obligations |
| (1,561) | (49,360) |
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Proceeds from exercise of stock options |
| 3,725 | 2,920 |
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Repurchase of common stock |
| (21,843) | - |
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Excess tax benefit from share-based payment arrangements |
| (1,800) | - |
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Dividends paid on common stock |
| (37,504) | (27,582) |
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Net cash used in financing activities |
| (58,983) | (25,879) |
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Effect of foreign currency translation on cash and cash equivalents |
| (2,006) | (2,388) |
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Net increase in cash and cash equivalents |
| 18,153 | (32,450) |
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Cash and cash equivalents at beginning of year |
| 237,569 | 231,806 |
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Cash and cash equivalents at end of period | $ | 255,722 | 199,356 |
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- more - |
TSYS Announces Third Quarter 2006 Earnings |
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Page 10 of 11 |
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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): |
| 2006 | % |
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United States | $ | 359.6 | 81.4 | % | $ | 358.1 | 84.9 | % | 0.4 | % | |||||
Europe* |
| 43.7 | 9.9 |
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| 34.2 | 8.1 |
| 27.6 |
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Canada |
| 25.4 | 5.8 |
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| 23.2 | 5.5 |
| 9.5 |
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Japan |
| 5.0 | 1.1 |
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| 4.0 | 0.9 |
| 26.8 |
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Mexico |
| 3.2 | 0.7 |
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| 1.9 | 0.5 |
| 63.2 |
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Other* |
| 4.9 | 1.1 |
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| 0.6 | 0.1 |
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| $ | 441.8 | 100.0 | % | $ | 422.0 | 100.0 | % | 4.7 | % | |||||
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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): |
| 2006 | % |
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| % Chg |
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United States | $ | 1,069.8 | 83.3 | % | $ | 998.0 | 84.4 | % | 7.2 | % | |||||
Europe* |
| 112.6 | 8.8 |
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| 98.9 | 8.4 |
| 14.5 |
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Canada |
| 71.5 | 5.6 |
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| 66.6 | 5.6 |
| 7.3 |
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Japan |
| 13.4 | 1.0 |
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| 11.6 | 1.0 |
| 15.5 |
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Mexico |
| 8.5 | 0.7 |
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| 5.3 | 0.4 |
| 60.9 |
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Other* |
| 7.5 | 0.6 |
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| 1.8 | 0.2 |
| nm |
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| $ | 1,283.3 | 100.0 | % | $ | 1,182.2 | 100.0 | % | 8.5 | % | |||||
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): |
| 2006 | 2005 |
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| 2006 | 2005 |
| 2006 | 2005 |
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United States | $ | 289.4 | 276.4 |
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| - | - |
| 70.3 | 81.7 |
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Europe* |
| 0.4 | 0.4 |
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| 43.3 | 33.9 |
| - | - |
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Canada |
| 25.2 | 23.0 |
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| - | - |
| 0.1 | 0.1 |
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Japan |
| - | - |
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| 5.0 | 4.0 |
| - | - |
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Mexico |
| 3.2 | 1.9 |
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| - | - |
| - | - |
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Other* |
| 4.7 | 0.5 |
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| - | - |
| 0.2 | 0.1 |
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| $ | 322.9 | 302.2 |
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| 48.3 | 37.9 |
| 70.6 | 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): |
| 2006 | 2005 |
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| 2006 | 2005 |
| 2006 | 2005 |
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United States | $ | 859.0 | 815.7 |
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| - | - |
| 210.8 | 182.1 |
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Europe* |
| 1.1 | 1.0 |
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| 111.5 | 98.0 |
| - | - |
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Canada |
| 71.1 | 66.4 |
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| - | - |
| 0.4 | 0.3 |
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Japan |
| - | - |
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| 13.4 | 11.6 |
| - | - |
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Mexico |
| 8.5 | 5.3 |
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| - | - |
| - | - |
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Other* |
| 7.0 | 1.4 |
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| - | - |
| 0.5 | 0.4 |
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| $ | 946.7 | 889.8 |
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| 124.9 | 109.6 |
| 211.7 | 182.8 |
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*Geographic area revenue by operating segment has been restated in 2005 to reflect the changes in operating segment. |
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nm = not meaningful |
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- more - |
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TSYS Announces Third Quarter 2006 Earnings | ||||||||||||||||||
Page 11 of 11 |
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Supplemental Information: |
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| Accounts on File at September 30, |
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(in millions) |
| 2006 | % |
| 2005 | % |
| % Change |
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Consumer |
| 259.3 | 64.8 | % | 264.1 | 61.4 | % | (1.8) | % |
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Retail* |
| 51.5 | 12.9 |
| 85.4 | 19.9 |
| (39.7) |
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Commercial |
| 32.5 | 8.1 |
| 30.1 | 7.0 |
| 7.9 |
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Government services/EBT |
| 20.7 | 5.2 |
| 18.3 | 4.3 |
| 13.3 |
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Stored Value* |
| 31.7 | 7.9 |
| 24.7 | 5.7 |
| 28.3 |
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Debit |
| 4.3 | 1.1 |
| 7.5 | 1.7 |
| (41.7) |
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| 400.0 | 100.0 | % | 430.1 | 100.0 | % | (7.0) | % |
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* Certain accounts previously classified as Retail have been reclassified as Stored Value to conform with the presentation adopted in the second quarter of 2006. | ||||||||||||||||||
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(in millions) |
| September 30, 2006 |
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| September 30, 2005 |
| % Change |
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QTD Average Accounts on File |
| 385.8 |
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| 424.6 |
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| (9.2) | % |
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YTD Average Accounts on File |
| 413.6 |
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| 389.4 |
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| 6.2 |
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| Accounts on File at September 30, |
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(in millions) |
| 2006 | % |
| 2005 | % |
| % Change |
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Domestic |
| 334.8 |
| 83.7 | % |
| 375.3 |
| 87.3 | % |
| (10.8) | % |
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International |
| 65.2 |
| 16.3 |
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| 54.8 |
| 12.7 |
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| 19.0 |
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| 400.0 |
| 100.0 | % |
| 430.1 |
| 100.0 | % |
| (7.0) | % |
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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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| September 2005 to September 2006 |
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| September 2004 to September 2005 |
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Beginning balance |
| 430.1 |
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| 315.3 |
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Change in accounts on file due to: |
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Internal growth of existing clients |
| 38.0 |
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| 44.5 |
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New clients |
| 33.1 |
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| 79.3 |
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Purges/Sales |
| (13.9) |
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| (7.9) |
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Deconversions |
| (87.3) |
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| (1.1) |
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Ending balance |
| 400.0 |
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| 430.1 |
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Number of Employees (FTEs): |
| 2006 |
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| 2005 |
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At September 30, |
| 6,779 |
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| 6,522 |
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Quarterly average for period ended September 30, | 6,639 |
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| 6,483 |
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YTD average for period ended September 30, |
| 6,616 |
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| 6,223 |
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- ### - |
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