Exhibit 99.2
TSYS Announces Earnings for 2007 |
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Page 5 of 10 |
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TSYS |
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Financial Highlights |
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(Unaudited) |
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(In thousands, except per share data) |
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| Three Months Ended |
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| Nine Months Ended |
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| September 30, |
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| September 30, |
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| Percentage |
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| Percentage |
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| 2007 |
| 2006 |
| Change |
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| 2007 |
| 2006 |
| Change |
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Revenues |
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Electronic payment processing services* | $ | 240,608 |
| 232,175 |
| 3.6 | % |
| $ | 715,417 |
| 685,537 |
| 4.4 | % |
Merchant acquiring services |
| 65,163 |
| 65,548 |
| (0.6) |
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| 190,120 |
| 195,317 |
| (2.7) |
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Other services* |
| 53,251 |
| 44,615 |
| 19.4 |
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| 161,190 |
| 133,827 |
| 20.4 |
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Revenues before reimbursables |
| 359,022 |
| 342,338 |
| 4.9 |
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| 1,066,727 |
| 1,014,681 |
| 5.1 |
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Reimbursable items |
| 98,543 |
| 99,477 |
| (0.9) |
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| 280,597 |
| 268,589 |
| 4.5 |
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Total revenues |
| 457,565 |
| 441,815 |
| 3.6 |
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| 1,347,324 |
| 1,283,270 |
| 5.0 |
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Expenses |
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Salaries & other personnel expense* |
| 144,990 |
| 139,206 |
| 4.2 |
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| 430,966 |
| 380,931 |
| 13.1 |
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Net occupancy & equipment expense* |
| 68,715 |
| 77,883 |
| (11.8) |
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| 205,342 |
| 234,453 |
| (12.4) |
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Other operating expenses* |
| 54,098 |
| 52,992 |
| 2.1 |
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| 157,605 |
| 170,452 |
| (7.5) |
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Expenses before reimbursable items |
| 267,803 |
| 270,081 |
| (0.8) |
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| 793,913 |
| 785,836 |
| 1.0 |
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Reimbursable items |
| 98,543 |
| 99,477 |
| (0.9) |
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| 280,597 |
| 268,589 |
| 4.5 |
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Total operating expenses |
| 366,346 |
| 369,558 |
| (0.9) |
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| 1,074,510 |
| 1,054,425 |
| 1.9 |
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Operating income |
| 91,219 |
| 72,257 |
| 26.2 |
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| 272,814 |
| 228,845 |
| 19.2 |
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Other income: |
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Interest income |
| 6,983 |
| 3,363 |
| 107.6 |
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| 18,630 |
| 9,297 |
| 100.4 |
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Interest expense |
| (916) |
| (235) |
| (289.8) |
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| (1,492) |
| (364) |
| (309.9) |
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Gain on foreign currency translation, net |
| 905 |
| 282 |
| 220.9 |
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| 744 |
| 195 |
| 281.5 |
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Dividend income |
| 21 |
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| nm |
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| 79 |
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Other income |
| 6,993 |
| 3,410 |
| 105.1 |
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| 17,961 |
| 9,128 |
| 96.8 |
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Income before income taxes, minority interest |
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and equity in income of equity investments |
| 98,212 |
| 75,667 |
| 29.8 |
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| 290,775 |
| 237,973 |
| 22.2 |
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Income taxes |
| 30,947 |
| 22,380 |
| 38.3 |
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| 101,442 |
| 78,492 |
| 29.2 |
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Income before minority interest and equity |
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in income of equity investments |
| 67,265 |
| 53,287 |
| 26.2 |
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| 189,333 |
| 159,481 |
| 18.7 |
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Minority interest |
| (483) |
| (183) |
| (163.9) |
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| (1,435) |
| (448) |
| (220.3) |
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Equity in income of equity investments |
| 2,020 |
| 1,202 |
| 68.1 |
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| 3,865 |
| 3,073 |
| 25.8 |
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Net income | $ | 68,802 |
| 54,306 |
| 26.7 | % |
| $ | 191,763 |
| 162,106 |
| 18.3 | % |
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Basic earnings per share | $ | 0.35 |
| 0.28 |
| 26.5 | % |
| $ | 0.98 |
| 0.82 |
| 18.5 | % |
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Diluted earnings per share | $ | 0.35 |
| 0.28 |
| 26.5 | % |
| $ | 0.97 |
| 0.82 |
| 18.4 | % |
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Dividend declared per share | $ | 0.07 |
| 0.07 |
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| $ | 0.21 |
| 0.20 |
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Average common shares outstanding |
| 196,740 |
| 196,500 |
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| 196,641 |
| 196,891 |
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Average common and common |
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equivalent shares outstanding |
| 197,089 |
| 196,831 |
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| 197,070 |
| 197,193 |
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* Certain amounts have been previously reclassed to conform with the presentation adopted in 2007. |
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nm = not meaningful |
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- more - |
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TSYS Announces Earnings for 2007 |
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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 September 30, 2007 |
| Three Months Ended September 30, 2006 |
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| Domestic- | International- | Merchant | Consolidated |
| Domestic- | International- | Merchant | Consolidated |
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Revenues before reimbursables | $ | 243,404 | 64,148 | 58,641 | 366,193 |
| 242,584 | 44,320 | 59,723 | 346,627 |
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Intersegment revenues |
| (6,960) | (106) | (105) | (7,171) |
| (4,258) | - | (31) | (4,289) |
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Revenues before reimbursables |
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from external customers | $ | 236,444 | 64,042 | 58,536 | 359,022 |
| 238,326 | 44,320 | 59,692 | 342,338 |
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Total revenues | $ | 324,803 | 66,779 | 75,356 | 466,938 |
| 325,919 | 51,591 | 70,592 | 448,102 |
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Intersegment revenues |
| (9,162) | (106) | (105) | (9,373) |
| (6,256) | - | (31) | (6,287) |
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Revenues from external customers | $ | 315,641 | 66,673 | 75,251 | 457,565 |
| 319,663 | 51,591 | 70,561 | 441,815 |
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Depreciation and amortization | $ | 24,591 | 6,455 | 6,561 | 37,607 |
| 32,156 | 5,328 | 6,674 | 44,158 |
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Intersegment expenses | $ | 3,506 | (4,995) | (7,884) | (9,373) |
| 3,668 | (2,343) | (7,599) | (6,274) |
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Segment operating income | $ | 59,889 | 12,569 | 18,761 | 91,219 |
| 48,666 | 7,946 | 15,645 | 72,257 |
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Income before income taxes, minority interest and |
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equity income of equity investments |
| 67,060 | 12,130 | 19,022 | 98,212 |
| 52,688 | 6,602 | 16,377 | 75,667 |
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Income tax expense | $ | 20,084 | 4,033 | 6,830 | 30,947 |
| 14,722 | (31) | 7,689 | 22,380 |
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Equity in income of equity investments | $ | - | 2,020 | - | 2,020 |
| - | 1,202 | - | 1,202 |
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Net Income | $ | 48,890 | 7,720 | 12,192 | 68,802 |
| 38,821 | 6,797 | 8,688 | 54,306 |
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Identifiable assets |
| 1,623,928 | 365,066 | 188,765 | 2,177,759 |
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Intersegment eliminations |
| (349,626) | (1,094) | (153) | (350,873) |
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Total assets |
| 1,274,302 | 363,972 | 188,612 | 1,826,886 |
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| Nine Months Ended September 30, 2007 |
| Nine Months Ended September 30, 2006 |
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| Domestic- | International- | Merchant | Consolidated |
| Domestic- | International- | Merchant | Consolidated |
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Revenues before reimbursables | $ | 738,712 | 175,154 | 171,694 | 1,085,560 |
| 740,341 | 109,178 | 178,729 | 1,028,248 |
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Intersegment revenues |
| (17,495) | (701) | (637) | (18,833) |
| (13,471) | - | (96) | (13,567) |
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Revenues before reimbursables |
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from external customers | $ | 721,217 | 174,453 | 171,057 | 1,066,727 |
| 726,870 | 109,178 | 178,633 | 1,014,681 |
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Total revenues | $ | 973,133 | 182,913 | 216,354 | 1,372,400 |
| 963,855 | 128,163 | 211,659 | 1,303,677 |
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Intersegment revenues |
| (23,738) | (701) | (637) | (25,076) |
| (20,311) | - | (96) | (20,407) |
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Revenues from external customers | $ | 949,395 | 182,212 | 215,717 | 1,347,324 |
| 943,544 | 128,163 | 211,563 | 1,283,270 |
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Depreciation and amortization | $ | 76,305 | 17,762 | 20,146 | 114,213 |
| 95,759 | 14,101 | 20,446 | 130,306 |
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Intersegment expenses | $ | 9,897 | (11,961) | (23,007) | (25,071) |
| 18,949 | (15,448) | (23,864) | (20,363) |
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Segment operating income | $ | 190,336 | 35,570 | 46,908 | 272,814 |
| 176,412 | 12,029 | 40,404 | 228,845 |
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Income before income taxes, minority interest and |
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equity income of equity investments |
| 210,027 | 32,661 | 48,087 | 290,775 |
| 186,170 | 9,718 | 42,085 | 237,973 |
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Income tax expense | $ | 73,737 | 10,441 | 17,264 | 101,442 |
| 58,636 | 2,461 | 17,395 | 78,492 |
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Equity in income of equity investments | $ | - | 3,865 | - | 3,865 |
| - | 3,073 | - | 3,073 |
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Net Income | $ | 138,625 | 22,316 | 30,822 | 191,763 |
| 128,352 | 9,064 | 24,690 | 162,106 |
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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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TSYS Announces Earnings for 2007 |
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Page 7 of 10 |
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TSYS | |||
Balance Sheet | |||
(In thousands) | |||
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| Sept 30, 2007 | Dec 31, 2006 |
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| (unaudited) | (audited) |
Assets |
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Current assets: |
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Cash and cash equivalents | $ | 592,834 | 389,123 |
Restricted cash |
| 32,079 | 31,568 |
Accounts receivable, net |
| 251,778 | 246,637 |
Deferred income tax assets |
| 27,909 | 21,556 |
Prepaid expenses and other current assets |
| 58,809 | 55,832 |
Total current assets |
| 963,409 | 744,716 |
Property and equipment, net |
| 276,113 | 271,321 |
Computer software, net |
| 190,338 | 216,450 |
Contract acquisition costs, net |
| 161,239 | 167,449 |
Goodwill, net |
| 142,450 | 133,337 |
Equity investments, net |
| 65,669 | 62,064 |
Other intangible assets, net |
| 13,999 | 21,314 |
Other assets |
| 13,669 | 17,590 |
Total assets | $ | 1,826,886 | 1,634,241 |
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Liabilities and Shareholders' Equity |
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Current liabilities: |
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Accounts payable | $ | 37,419 | 31,589 |
Accrued salaries and employee benefits |
| 71,335 | 80,697 |
Current portion of notes payable and obligations under capital leases |
| 5,822 | 3,156 |
Other current liabilities |
| 137,704 | 180,345 |
Total current liabilities |
| 252,280 | 295,787 |
Deferred income tax liabilities |
| 72,318 | 75,019 |
Obligations under notes payable and capital leases excluding current portion |
| 73,862 | 3,625 |
Other long-term liabilities |
| 30,718 | 36,221 |
Total liabilities |
| 429,178 | 410,652 |
Minority interest in consolidated subsidiary |
| 7,943 | 6,229 |
Shareholders' Equity: |
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Common stock |
| 19,920 | 19,868 |
Additional paid-in capital |
| 84,835 | 66,677 |
Treasury stock |
| (34,300) | (35,233) |
Accumulated other comprehensive income |
| 25,575 | 20,641 |
Retained earnings |
| 1,293,735 | 1,145,407 |
Total shareholders' equity |
| 1,389,765 | 1,217,360 |
Total liabilities and shareholders' equity | $ | 1,826,886 | 1,634,241 |
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- more - |
TSYS Announces Earnings for 2007 |
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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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| Nine Months Ended September 30, |
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| 2007 | 2006 |
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Cash flows from operating activities: |
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Net income | $ | 191,763 | 162,106 |
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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 |
| 1,435 | 448 |
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Equity in income of equity investments |
| (3,865) | (3,073) |
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Dividends received from equity investments |
| 2,994 | 2,371 |
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Gain on currency translation adjustments, net |
| (744) | (195) |
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Depreciation and amortization |
| 114,213 | 130,306 |
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Share-based compensation |
| 9,881 | 6,574 |
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Asset impairments |
| 1,158 | - |
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Provisions for bad debt expense and billing |
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adjustments |
| 1,612 | 948 |
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Charges for transaction processing provisions |
| 531 | 7,914 |
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Deferred income tax benefit |
| (6,828) | (24,150) |
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Loss on disposal of equipment, net |
| 497 | 105 |
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(Increase) decrease in: |
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Accounts receivable |
| (5,627) | (40,765) |
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Prepaid expenses, other current assets and other long-term assets |
| (1,041) | 8,923 |
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Increase (decrease) in: |
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Accounts payable |
| 6,148 | 14,323 |
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Accrued salaries and employee benefits |
| (9,341) | (18,936) |
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Excess tax benefit from share-based payment arrangements |
| (4,022) | (1,646) |
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Other current liabilities and other long-term liabilities |
| (51,286) | (14,849) |
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Net cash provided by operating activities |
| 247,478 | 230,404 |
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Cash flows from investing activities: |
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Purchases of property and equipment, net |
| (36,420) | (21,203) |
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Additions to licensed computer software from vendors |
| (8,194) | (9,650) |
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Additions to internally developed computer software |
| (11,749) | (13,699) |
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Cash acquired in acquisitions |
| - | 4,341 |
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Cash used in acquisitions |
| (472) | (74,919) |
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Additions to contract acquisition costs |
| (20,878) | (39,578) |
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Net cash used in investing activities |
| (77,713) | (154,708) |
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Cash flows from financing activities: |
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Proceeds from borrowings of long-term debt |
| 73,968 | - |
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Principal payments on long-term debt borrowings and |
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capital lease obligations |
| (3,893) | (1,561) |
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Proceeds from exercise of stock options |
| 5,258 | 3,725 |
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Excess tax benefit from share-based payment arrangements |
| 4,022 | 1,646 |
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Repurchase of common stock |
| - | (21,843) |
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Dividends paid on common stock |
| (41,425) | (37,504) |
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Net cash provided by (used in) financing ativities |
| 37,930 | (55,537) |
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Effect of exchange rate changes on cash and cash equivalents |
| (3,984) | (2,006) |
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Net increase in cash and cash equivalents |
| 203,711 | 18,153 |
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Cash and cash equivalents at beginning of year |
| 389,123 | 237,569 |
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Cash and cash equivalents at end of period | $ | 592,834 | 255,722 |
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- more - |
TSYS Announces Earnings for 2007 |
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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 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): |
| 2007 |
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United States | $ | 352.2 | 77.0 | % | $ | 359.6 | 81.4 | % | (2.1) | % | ||
Europe |
| 56.1 | 12.3 |
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| 43.7 | 9.9 |
| 28.4 |
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Canada |
| 32.4 | 7.1 |
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| 25.4 | 5.8 |
| 27.7 |
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Japan |
| 6.3 | 1.4 |
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| 5.0 | 1.1 |
| 25.5 |
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Mexico |
| 3.6 | 0.8 |
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| 3.2 | 0.7 |
| 14.4 |
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Other |
| 7.0 | 1.4 |
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| 4.9 | 1.1 |
| 41.4 |
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| $ | 457.6 | 100.0 | % | $ | 441.8 | 100.0 | % | 3.6 | % | ||
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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, |
| |||||||||
(dollars in millions): |
| 2007 |
| % |
|
| 2006 |
| % |
| % Chg |
|
United States | $ | 1,052.4 | 78.1 | % | $ | 1,069.8 | 83.3 | % | (1.6) | % | ||
Europe |
| 151.1 | 11.2 |
|
| 112.6 | 8.8 |
| 34.2 |
| ||
Canada |
| 93.2 | 6.9 |
|
| 71.5 | 5.6 |
| 30.4 |
| ||
Japan |
| 17.7 | 1.3 |
|
| 13.4 | 1.0 |
| 32.0 |
| ||
Mexico |
| 10.2 | 0.8 |
|
| 8.5 | 0.7 |
| 18.9 |
| ||
Other |
| 22.7 | 1.7 |
|
| 7.5 | 0.6 |
| 204.4 |
| ||
| $ | 1,347.3 | 100.0 | % | $ | 1,283.3 | 100.0 | % | 5.0 | % | ||
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Geographic Area Revenue by Operating Segment: |
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The following table reconciles segment revenues to revenues by reporting segment for the three months ended September 30: | ||||||||||||||||||||||||||||||||
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| Three Months Ended September 30, | ||||||||||||||||||||||||||||||
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| Domestic-based |
|
| International-based |
| Merchant acquiring | |||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||
(dollars in millions): |
| 2007 | 2006 |
|
| 2007 | 2006 |
| 2007 | 2006 | ||||||||||||||||||||||
United States | $ | 276.8 |
| 289.3 |
|
|
| 0.5 |
| - |
|
| 74.9 |
| 70.3 |
| ||||||||||||||||
Europe |
| 0.4 |
| 0.4 |
|
|
| 55.7 |
| 43.3 |
|
| - |
| - |
| ||||||||||||||||
Canada |
| 32.2 |
| 25.2 |
|
|
| - |
| - |
|
| 0.2 |
| 0.1 |
| ||||||||||||||||
Japan |
| - |
| - |
|
|
| 6.3 |
| 5.0 |
|
| - |
| - |
| ||||||||||||||||
Mexico |
| 3.6 |
| 3.2 |
|
|
| - |
| - |
|
| - |
| - |
| ||||||||||||||||
Other |
| 2.6 |
| 1.6 |
|
|
| 4.2 |
| 3.3 |
|
| 0.2 |
| 0.1 |
| ||||||||||||||||
| $ | 315.6 |
| 319.7 |
|
|
| 66.7 |
| 51.6 |
|
| 75.3 |
| 70.5 |
| ||||||||||||||||
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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, | ||||||||||||||||||||||||||||||
|
| Domestic-based |
|
| International-based |
| Merchant acquiring | |||||||||||||||||||||||||
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|
|
|
| ||||||||||||||||||||||||||||
(dollars in millions): |
| 2007 | 2006 |
|
| 2007 | 2006 |
| 2007 | 2006 | ||||||||||||||||||||||
United States | $ | 837.1 |
| 859.0 |
|
|
| 0.6 |
| - |
|
| 214.7 |
| 210.7 |
| ||||||||||||||||
Europe |
| 1.3 |
| 1.1 |
|
|
| 149.8 |
| 111.5 |
|
| - |
| - |
| ||||||||||||||||
Canada |
| 92.8 |
| 71.1 |
|
|
| - |
| - |
|
| 0.4 |
| 0.4 |
| ||||||||||||||||
Japan |
| - |
| - |
|
|
| 17.7 |
| 13.4 |
|
| - |
| - |
| ||||||||||||||||
Mexico |
| 10.2 |
| 8.5 |
|
|
| - |
| - |
|
| - |
| - |
| ||||||||||||||||
Other |
| 8.0 |
| 3.8 |
|
|
| 14.1 |
| 3.3 |
|
| 0.6 |
| 0.5 |
| ||||||||||||||||
| $ | 949.4 |
| 943.5 |
|
|
| 182.2 |
| 128.2 |
|
| 215.7 |
| 211.6 |
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- more - |
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TSYS Announces Earnings for 2007 |
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Page 10 of 10 |
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Supplemental Information: |
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| Accounts on File at September 30, |
|
| ||||||||||||||||
(in millions) |
| 2007 |
| % |
|
| 2006 | % |
| % Change |
|
| ||||||||
Consumer |
| 197.0 | 55.2 | % | 259.3 | 64.8 | % |
| (24.0) | % |
|
| ||||||||
Retail |
| 47.9 | 13.4 |
| 51.5 | 12.9 |
|
| (7.0) |
|
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| ||||||||
Commercial |
| 37.5 | 10.5 |
| 32.5 | 8.1 |
|
| 15.6 |
|
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| ||||||||
Government services/EBT |
| 23.2 | 6.5 |
| 20.7 | 5.2 |
|
| 11.8 |
|
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| ||||||||
Stored Value |
| 46.3 | 13.0 |
| 31.7 | 7.9 |
|
| 46.2 |
|
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| ||||||||
Debit |
| 5.2 | 1.4 |
| 4.3 | 1.1 |
|
| 19.4 |
|
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| ||||||||
|
| 357.1 | 100.0 | % | 400.0 | 100.0 | % |
| (10.7) | % |
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(in millions) |
| September 30, 2007 |
|
| September 30, 2006 |
|
| % Change |
| |||
QTD Average Accounts on File |
| 384.3 |
|
|
| 385.8 |
|
|
| (0.4) |
| % |
YTD Average Accounts on File |
| 412.1 |
|
|
| 413.6 |
|
|
| (0.4) |
|
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| Accounts on File at September 30, |
| ||||||||||||||||
(in millions) |
| 2007 | % |
| 2006 | % |
| % Change |
| ||||||||||
Domestic |
| 284.5 |
| 79.7 | % |
| 334.0 |
| 83.5 | % | (14.8) | % |
| ||||||
International |
| 72.6 |
| 20.3 |
|
| 66.0 |
| 16.5 |
| 10.0 |
|
| ||||||
|
| 357.1 |
| 100.0 | % |
| 400.0 |
| 100.0 | % | (10.7) | % |
| ||||||
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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): |
|
|
|
|
|
| ||
|
| September 2006 to September 2007 |
|
| September 2005 to September 2006 |
| ||
Beginning balance |
| 400.0 |
|
|
| 430.1 |
|
|
Change in accounts on file due to: |
|
|
|
|
|
|
|
|
Internal growth of existing clients |
| 32.0 |
|
|
| 38.0 |
|
|
New clients |
| 71.0 |
|
|
| 33.1 |
|
|
Purges/Sales |
| (9.6) |
|
|
| (13.9) |
|
|
Deconversions |
| (136.3) |
|
|
| (87.3) |
|
|
Ending balance |
| 357.1 |
|
|
| 400.0 |
|
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| ||
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| ||
Number of Employees (FTEs): |
| 2007 |
|
| 2006 |
| ||
At September 30, |
| 6,775 |
|
|
| 6,788 |
|
|
Quarterly average for period ended September 30, | 6,751 |
|
|
| 6,640 |
|
| |
YTD average for period ended September 30, |
| 6,752 |
|
|
| 6,616 |
|
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| ||
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| ||
### |