Exhibit 99.2
TSYS Announces Earnings for 2006 |
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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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| 2006 |
| 2005 |
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| 2006 |
| 2005 |
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Revenues |
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Electronic payment processing services | $ | 303,525 |
| 223,586 |
| 35.8 | % |
| $ | 989,062 |
| 869,785 |
| 13.7 | % | |||||||||||
Merchant acquiring services |
| 64,957 |
| 67,410 |
| (3.6) |
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| 260,275 |
| 237,418 |
| 9.6 |
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Other services |
| 51,269 |
| 45,250 |
| 13.3 |
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| 185,096 |
| 182,587 |
| 1.4 |
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Revenues before reimbursables |
| 419,751 |
| 336,246 |
| 24.8 |
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| 1,434,433 |
| 1,289,790 |
| 11.2 |
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Reimbursable items |
| 84,149 |
| 84,489 |
| (0.4) |
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| 352,737 |
| 313,141 |
| 12.6 |
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Total revenues |
| 503,900 |
| 420,735 |
| 19.8 |
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| 1,787,170 |
| 1,602,931 |
| 11.5 |
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Expenses |
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Employment expenses |
| 141,312 |
| 127,876 |
| 10.5 |
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| 522,256 |
| 462,217 |
| 13.0 |
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Net occupancy & equipment expenses |
| 91,213 |
| 71,185 |
| 28.1 |
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| 317,916 |
| 283,955 |
| 12.0 |
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Other operating expenses |
| 58,989 |
| 65,040 |
| (9.3) |
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| 237,179 |
| 256,489 |
| (7.5) |
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Expenses before reimbursables |
| 291,514 |
| 264,101 |
| 10.4 |
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| 1,077,351 |
| 1,002,661 |
| 7.4 |
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Reimbursable items |
| 84,149 |
| 84,489 |
| (0.4) |
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| 352,737 |
| 313,141 |
| 12.6 |
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Total operating expenses |
| 375,663 |
| 348,590 |
| 7.8 |
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| 1,430,088 |
| 1,315,802 |
| 8.7 |
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Operating Income |
| 128,237 |
| 72,145 |
| 77.7 |
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| 357,082 |
| 287,129 |
| 24.4 |
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Other Income: |
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Interest income |
| 4,816 |
| 2,123 |
| 126.8 |
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| 14,113 |
| 6,012 |
| 134.7 |
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Interest expense |
| (209) |
| (115) |
| (81.7) |
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| (573) |
| (374) |
| (53.2) |
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Gain (loss) on foreign currency translation, net |
| 1,037 |
| (79) |
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| 1,232 |
| (840) |
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Other Income |
| 5,644 |
| 1,929 |
| 192.6 |
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| 14,772 |
| 4,798 |
| 207.9 |
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Income before Income Taxes, Minority Interest |
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and Equity in Income of Equity Investments |
| 133,881 |
| 74,074 |
| 80.7 |
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| 371,854 |
| 291,927 |
| 27.4 |
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Income Taxes |
| 47,689 |
| 25,100 |
| 90.0 |
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| 126,182 |
| 103,286 |
| 22.2 |
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Income before Minority Interest and Equity |
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in Income of Equity Investments |
| 86,192 |
| 48,974 |
| 76.0 |
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| 245,672 |
| 188,641 |
| 30.2 |
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Minority Interest |
| (304) |
| (80) |
| (280.0) |
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| (752) |
| (256) |
| (193.8) |
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Equity in Income of Equity Investments |
| 1,169 |
| 804 |
| 45.4 |
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| 4,243 |
| 6,135 |
| (30.8) |
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Net Income | $ | 87,057 |
| 49,698 |
| 75.2 | % |
| $ | 249,163 |
| 194,520 |
| 28.1 | % | |||||||||||
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Basic Earnings Per Share | $ | 0.44 |
| 0.25 |
| 76.1 | % |
| $ | 1.27 |
| 0.99 |
| 28.4 | % | |||||||||||
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Diluted Earnings Per Share | $ | 0.44 |
| 0.25 |
| 75.8 | % |
| $ | 1.26 |
| 0.99 |
| 28.3 | % | |||||||||||
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Dividend Declared Per Share | $ | 0.07 |
| 0.06 |
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| $ | 0.27 |
| 0.22 |
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Average Common Shares Outstanding |
| 196,307 |
| 197,277 |
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| 196,744 |
| 197,145 |
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Average Common and Common |
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Equivalent Shares Outstanding |
| 196,663 |
| 197,371 |
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| 197,077 |
| 197,345 |
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nm = not meaningful |
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- more - | ||||||||||||||||||||||||||
TSYS Announces Earnings for 2006 |
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Page 6 of 10 |
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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 December 31, 2006 |
| Three Months Ended December 31, 2005 |
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| Domestic- | International- | Merchant | Consolidated |
| Domestic- | International- | Merchant | Consolidated |
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Revenues before reimbursables | $ | 316,918 | 49,430 | 59,056 | 425,404 |
| 246,456 | 31,148 | 63,551 | 341,155 |
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Intersegment revenues |
| (4,660) | (956) | (37) | (5,653) |
| (4,863) | - | (46) | (4,909) |
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Revenues before reimbursables |
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from external customers | $ | 312,258 | 48,474 | 59,019 | 419,751 |
| 241,593 | 31,148 | 63,505 | 336,246 |
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Total revenues | $ | 385,941 | 55,263 | 70,448 | 511,652 |
| 315,501 | 37,378 | 75,204 | 428,083 |
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Intersegment revenues |
| (6,759) | (956) | (37) | (7,752) |
| (7,302) | - | (46) | (7,348) |
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Revenues from external customers | $ | 379,182 | 54,307 | 70,411 | 503,900 |
| 308,199 | 37,378 | 75,158 | 420,735 |
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Depreciation and amortization | $ | 41,334 | 6,388 | 6,866 | 54,588 |
| 29,925 | 4,153 | 7,298 | 41,376 |
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Intersegment expenses | $ | 3,526 | (3,336) | (7,927) | (7,737) |
| 9,452 | (9,413) | (7,668) | (7,629) |
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Segment operating income | $ | 103,629 | 7,562 | 17,046 | 128,237 |
| 58,921 | 1,230 | 11,994 | 72,145 |
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Income before income taxes, minority interest and |
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equity income of equity investments |
| 109,133 | 7,240 | 17,508 | 133,881 |
| 61,107 | 628 | 12,339 | 74,074 |
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Income tax expense | $ | 38,860 | 3,357 | 5,472 | 47,689 |
| 19,860 | 632 | 4,608 | 25,100 |
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Equity in income of equity investments | $ | - | 1,169 | - | 1,169 |
| - | 804 | - | 804 |
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Net Income | $ | 70,342 | 4,679 | 12,036 | 87,057 |
| 42,172 | (205) | 7,731 | 49,698 |
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Identifiable assets |
| 1,517,053 | 320,022 | 210,118 | 2,047,193 |
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Intersegment eliminations |
| (400,957) | (860) | (37) | (401,854) |
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Total assets |
| 1,116,096 | 319,162 | 210,081 | 1,645,339 |
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| Twelve Months Ended December 31, 2006 |
| Twelve Months Ended December 31, 2005 |
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| Domestic- | International- | Merchant | Consolidated |
| Domestic- | International- | Merchant | Consolidated |
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Revenues before reimbursables | $ | 1,057,257 | 158,608 | 237,786 | 1,453,651 |
| 959,846 | 123,865 | 220,038 | 1,303,749 |
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Intersegment revenues |
| (18,130) | (956) | (132) | (19,218) |
| (13,809) | - | (150) | (13,959) |
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Revenues before reimbursables |
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from external customers | $ | 1,039,127 | 157,652 | 237,654 | 1,434,433 |
| 946,037 | 123,865 | 219,888 | 1,289,790 |
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Total revenues | $ | 1,349,796 | 183,425 | 282,108 | 1,815,329 |
| 1,220,199 | 146,982 | 258,082 | 1,625,263 |
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Intersegment revenues |
| (27,071) | (956) | (132) | (28,159) |
| (22,183) | - | (149) | (22,332) |
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Revenues from external customers | $ | 1,322,725 | 182,469 | 281,976 | 1,787,170 |
| 1,198,016 | 146,982 | 257,933 | 1,602,931 |
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Depreciation and amortization | $ | 137,093 | 20,489 | 27,312 | 184,894 |
| 114,134 | 16,569 | 19,371 | 150,074 |
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Intersegment expenses | $ | 22,476 | (18,784) | (31,791) | (28,099) |
| 33,920 | (31,245) | (25,691) | (23,016) |
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Segment operating income | $ | 280,041 | 19,591 | 57,450 | 357,082 |
| 235,267 | 9,373 | 42,489 | 287,129 |
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Income before income taxes, minority interest and |
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equity income of equity investments |
| 295,303 | 16,958 | 59,593 | 371,854 |
| 241,666 | 6,972 | 43,289 | 291,927 |
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Income tax expense | $ | 97,497 | 5,818 | 22,867 | 126,182 |
| 80,876 | 4,925 | 17,485 | 103,286 |
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Equity in income of equity investments | $ | - | 4,243 | - | 4,243 |
| - | 2,893 | 3,242 | 6,135 |
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Net Income | $ | 198,694 | 13,743 | 36,726 | 249,163 |
| 160,853 | 4,567 | 29,100 | 194,520 |
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Note: | Revenues from 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 TSYS Acquiring's merchant acquiring and related services. |
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| - more - |
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TSYS Announces Earnings for 2006 |
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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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| 2006 | 2005 |
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Assets |
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Current assets: |
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Cash and cash equivalents | $ | 386,694 | 237,569 |
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Restricted cash |
| 31,568 | 29,688 |
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Accounts receivable, net |
| 253,873 | 184,532 |
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Deferred income tax assets |
| 22,427 | 15,264 |
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Prepaid expenses and other current assets |
| 56,097 | 45,236 |
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Total current assets |
| 748,258 | 512,289 |
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Computer software, net |
| 213,298 | 267,988 |
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Property and equipment, net |
| 271,321 | 267,979 |
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Contract acquisition costs, net |
| 167,449 | 163,861 |
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Goodwill, net |
| 132,545 | 112,865 |
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Equity investments, net |
| 62,064 | 42,731 |
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Other intangible assets, net |
| 24,034 | 13,580 |
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Other assets |
| 23.969 | 29,604 |
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Total assets | $ | 1,645,339 | 1,410,897 |
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Liabilities and Shareholders' Equity |
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Current liabilities: |
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Accounts payable | $ | 41,792 | 29,464 |
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Accrued salaries and employee benefits |
| 80,697 | 84,348 |
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Current portion of obligations under capital leases |
| 2,820 | 2,078 |
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Other current liabilities |
| 172,022 | 161,122 |
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Total current liabilities |
| 297,331 | 277,012 |
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Deferred income tax liabilities |
| 85,321 | 89,478 |
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Obligations under capital leases excluding current portion |
| 2,878 | 3,555 |
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Other long-term liabilities |
| 36,220 | 24,398 |
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Total liabilities |
| 421,750 | 394,443 |
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Minority interest in consolidated subsidiary |
| 6,229 | 3,682 |
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Shareholders' Equity: |
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Common stock |
| 19,868 | 19,797 |
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Additional paid-in capital |
| 66,677 | 50,666 |
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Treasury stock |
| (35,233) | (12,841) |
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Accumulated other comprehensive income |
| 20,641 | 5,685 |
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Retained earnings |
| 1,145,407 | 949,465 |
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Total shareholders' equity |
| 1,217,360 | 1,012,772 |
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Total liabilities and shareholders' equity | $ | 1,645,339 | 1,410,897 |
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- more - | ||||
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TSYS Announces Earnings for 2006 |
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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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| 2006 | 2005 |
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Cash flows from operating activities: |
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Net income | $ | 249,163 | 194,520 |
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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 |
| 752 | 256 |
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Equity in income of equity investments |
| (4,243) | (6,135) |
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Dividends received from equity investments |
| 2,371 | 1,659 |
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(Gain) loss on currency translation adjustments, net |
| (1,232) | 840 |
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Depreciation and amortization |
| 184,894 | 150,074 |
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Share-based compensation |
| 9,157 | 1,137 |
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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 |
| 1,614 | 4,589 |
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Charges for transaction processing provisions |
| 9,981 | 7,397 |
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Deferred income tax (benefit) expense |
| (13,217) | (39,458) |
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Loss on disposal of equipment, net |
| 147 | 2,535 |
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(Increase) decrease in: |
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Accounts receivable |
| (54,237) | (13,164) |
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Prepaid expenses and other assets |
| 12,386 | 11,496 |
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Increase (decrease) in: |
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Accounts payable |
| 9,716 | (51,138) |
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Accrued salaries and employee benefits |
| (5,416) | 21,420 |
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Other liabilities |
| (16,230) | (49,058) |
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Net cash provided by operating activities |
| 385,606 | 240,589 |
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Cash flows from investing activities: |
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Purchase of property and equipment, net |
| (27,102) | (40,904) |
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Additions to licensed computer software from vendors |
| (10,587) | (12,875) |
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Additions to internally developed computer software |
| (14,639) | (22,602) |
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Cash acquired in acquisition |
| 8,166 | 38,798 |
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Cash used in acquisitions |
| (77,541) | (134,768) |
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Contract acquisition costs |
| (42,452) | (19,468) |
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Net cash used in investing activities |
| (164,155) | (191,819) |
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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 |
| (2,691) | (50,437) |
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Proceeds from exercise of stock options |
| 4,252 | 2,957 |
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Repurchase of common stock |
| (22,874) | - |
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Excess tax benefit from share-based payment arrangements |
| 2,984 | - |
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Dividends paid on common stock |
| (51,269) | (39,418) |
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Net cash used in financing activities |
| (69,598) | (38,755) |
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Effect of foreign currency translation on cash and cash equivalents |
| (2,728) | (4,252) |
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Net increase in cash and cash equivalents |
| 149,125 | 5,763 |
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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 | $ | 386,694 | 237,569 |
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- more - | |||||
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TSYS Announces Earnings for 2006 |
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Page 9 of 10 |
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Geographic Area Data: |
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The following geographic area data represents revenues for the three months ended December 31 based on where the client is domiciled: | ||||||||||||
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| Three Months Ended December 31, |
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(dollars in millions): |
| 2006 | % |
|
| 2005 | % |
| % Chg |
| ||
United States | $ | 412.2 |
| 81.8 | % |
| $ | 356.1 | 84.6 | % | 15.7 | % |
Europe* |
| 46.4 |
| 9.2 |
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|
| 33.7 | 8.0 |
| 37.5 |
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Canada |
| 30.5 |
| 6.1 |
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| 23.3 | 5.5 |
| 31.1 |
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Japan |
| 5.1 |
| 1.0 |
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| 4.0 | 0.9 |
| 29.2 |
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Mexico |
| 3.7 |
| 0.7 |
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| 2.3 | 0.6 |
| 60.6 |
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Other* |
| 6.0 |
| 1.2 |
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| 1.3 | 0.4 |
| nm |
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| $ | 503.9 |
| 100.0 | % |
| $ | 420.7 | 100.0 | % | 19.8 | % |
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The following geographic area data represents revenues for the twelve months ended December 31 based on where the client is domiciled: | ||||||||||||
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| Twelve Months Ended December 31, |
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(dollars in millions): |
| 2006 | % |
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| 2005 | % |
| % Chg |
| ||
United States | $ | 1,481.9 |
| 82.9 | % |
| $ | 1,354.1 | 84.5 | % | 9.4 | % |
Europe* |
| 158.9 |
| 8.9 |
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|
| 132.6 | 8.2 |
| 19.9 |
|
Canada |
| 102.0 |
| 5.7 |
|
|
| 89.9 | 5.6 |
| 13.5 |
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Japan |
| 18.6 |
| 1.0 |
|
|
| 15.6 | 1.0 |
| 19.0 |
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Mexico |
| 12.3 |
| 0.7 |
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|
| 7.6 | 0.5 |
| 60.8 |
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Other* |
| 13.5 |
| 0.8 |
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| 3.1 | 0.2 |
| nm |
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| $ | 1,787.2 |
| 100.0 | % |
| $ | 1,602.9 | 100.0 | % | 11.5 | % |
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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 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 | ||||||||||||||
(dollars in millions): |
| 2006 | 2005 |
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| 2006 | 2005 |
| 2006 | 2005 | |||||||||||
United States | $ | 342.0 |
| 281.2 |
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| - | - |
| 70.1 | 74.9 | |||||||||
Europe* |
| 0.4 |
| 0.1 |
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| 46.0 | 33.4 |
| - | - | |||||||||
Canada |
| 30.4 |
| 23.2 |
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| - | - |
| 0.1 | 0.1 | |||||||||
Japan |
| - |
| - |
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| 5.1 | 4.0 |
| - | - | |||||||||
Mexico |
| 3.7 |
| 2.3 |
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| - | - |
| - | - | |||||||||
Other* |
| 2.7 |
| 1.3 |
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| 3.2 | - |
| 0.2 | 0.2 | |||||||||
| $ | 379.2 |
| 308.1 |
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| 54.3 | 37.4 |
| 70.4 | 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 | ||||||||||||||
(dollars in millions): |
| 2006 | 2005 |
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| 2006 | 2005 |
| 2006 | 2005 | |||||||||||
United States | $ | 1,201.0 |
| 1,097.1 |
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| - | - |
| 280.9 | 257.0 | |||||||||
Europe* |
| 1.5 |
| 0.5 |
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| 157.4 | 131.4 |
| - | - | |||||||||
Canada |
| 101.5 |
| 89.5 |
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| - | - |
| 0.5 | 0.4 | |||||||||
Japan |
| - |
| - |
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| 18.6 | 15.6 |
| - | - | |||||||||
Mexico |
| 12.3 |
| 7.6 |
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| - | - |
| - | - | |||||||||
Other* |
| 6.4 |
| 3.3 |
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| 6.5 | - |
| 0.6 | 0.5 | |||||||||
| $ | 1,322.7 |
| 1,198.0 |
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| 182.5 | 147.0 |
| 282.0 | 257.9 | |||||||||
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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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- more - | |||||||||||||||||||||
TSYS Announces Earnings for 2006 |
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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) |
| 2006 | % |
| 2005 | % |
| % Change |
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Consumer |
| 262.7 | 63.0 | % | 267.5 | 61.1 | % | (1.8) | % |
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Retail | * | 55.3 | 13.3 |
| 87.0 | 19.9 |
| (36.4) |
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Commercial |
| 32.1 | 7.7 |
| 30.1 | 6.9 |
| 6.5 |
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Government services/EBT |
| 21.2 | 5.1 |
| 18.8 | 4.3 |
| 12.7 |
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Stored Value | * | 40.7 | 9.8 |
| 26.9 | 6.1 |
| 51.5 |
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Debit |
| 4.4 | 1.1 |
| 7.6 | 1.7 |
| (41.8) |
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| 416.4 | 100.0 | % | 437.9 | 100.0 | % | (4.9) | % |
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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) |
| December 31, 2006 |
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| December 31, 2005 |
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| % Change |
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QTD Average Accounts on File |
| 421.7 |
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| 436.0 |
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| (3.3) | % |
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YTD Average Accounts on File |
| 415.6 |
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| 401.1 |
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| 3.6 |
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| Accounts on File at December 31, |
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(in millions) |
| 2006 | % |
| 2005 | % |
| % Change |
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Domestic |
| 349.3 | 83.9 | % | 381.8 | 87.2 | % | (8.5) | % |
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International |
| 67.1 | 16.1 |
| 56.1 | 12.8 |
| 19.5 |
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| 416.4 | 100.0 | % | 437.9 | 100.0 | % | (4.9) | % |
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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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| December 2005 |
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| December 2004 |
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Beginning balance |
| 437.9 |
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| 357.6 |
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Change in accounts on file due to: |
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Internal growth of existing clients |
| 36.6 |
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| 40.8 |
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New clients |
| 91.2 |
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| 51.8 |
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Purges/Sales |
| (16.4) |
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| (9.6) |
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Deconversions |
| (132.9) |
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| (2.7) |
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Ending balance |
| 416.4 |
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| 437.9 |
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Number of Employees (FTEs): |
| 2006 |
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| 2005 |
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At December 31, |
| 6,749 |
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| 6,698 |
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Quarterly average for period ended December 31, | 6,743 |
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| 6,601 |
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YTD average for period ended December 31, |
| 6,642 |
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| 6,323 |
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- ### - |
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