©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 2015 Third Quarter and YTD Results October 27, 2015 Exhibit 99.2 |
©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 2015 Third Quarter and YTD Results This presentation and comments made by management contain forward-looking statements including, among others, statements regarding the expected future operating results of TSYS. These statements are based on management’s current expectations and assumptions and are subject to risks, uncertainties and changes in circumstances. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “potential,” “estimate” or similar expressions. Actual results may differ materially from those set forth in the forward-looking statements due to a variety of factors. More information about these risks, uncertainties and factors may be found in TSYS’ filings with the Securities and Exchange Commission, including its 2014 Annual Report on Form 10-K. TSYS does not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise. 2 > FORWARD-LOOKING STATEMENTS 2 |
©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 2015 Third Quarter and YTD Results This slide presentation contains certain non-GAAP financial measures determined by methods other than in accordance with generally accepted accounting principles. Such non-GAAP financial measures include the following: revenues before reimbursable items; operating margin excluding reimbursable items; revenues measured on a constant currency basis; free cash flow; EBITDA, adjusted EBITDA, adjusted earnings per share, adjusted segment operating income and adjusted segment operating margin. The most comparable GAAP measures to these measures are revenues; operating margin; revenues; cash flows from operating activities; net income; net income; earnings per share, operating income and operating margin, respectively. Management uses these non-GAAP financial measures to assess the performance of TSYS’ core business. TSYS believes that these non-GAAP financial measures provide meaningful additional information about TSYS to assist investors in evaluating TSYS’ operating results. These non-GAAP financial measures should not be considered as a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures of other companies. The computations of the non-GAAP financial measures used in this slide presentation are set forth in the Appendix to this slide presentation. 3 > USE OF NON-GAAP FINANCIAL MEASURES 3 |
©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 4 Troy Woods Chairman, President & Chief Executive Officer 4 |
©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 5 Paul Todd Chief Financial Officer 5 |
2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 6 (*) Adjusted EBITDA , Adjusted EBITDA margin and Adjusted EPS definitions are contained in Appendix > CONSOLIDATED SELECTED FINANCIAL HIGHLIGHTS $707,890 $616,891 14.8 Total Revenues $2,062,698 $1,811,774 13.8% 636,386 552,860 15.1 Revenues Before Reimbursable Items 1,854,254 1,623,678 14.2 238,898 198,040 20.6 Adjusted EBITDA* 638,889 518,529 23.2 $0.78 $0.56 40.2 Adjusted EPS* from Continuing Operations $1.89 $1.38 36.8 (in thousands, except per share data) 3 rd Qtr 2015 3 rd Qtr 2014 Percent Change YTD 2015 YTD 2014 Percent Change 6 |
2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 7 Double digit revenue growth Strong cross segment delivery of performance Record volume gains Expanding consolidated margins 45% 13% 20% 22% Revenue by Segment* North America International Merchant NetSpend $145.2 $113.9 $134.2 $159.8 $154.7 $154.5 $165.5 $197.3 27.6% 21.4% 24.9% 28.9% 27.2% 25.9% 26.6% 31.0% 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 ($ in millions) (*) Revenues Before Reimbursable Items $525.3 $532.8 $538.1 $552.9 $569.3 $595.8 $622.1 $636.4 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 Consolidated Revenue* YOY Growth % ($ in millions) 37.3% 31.6% Adjusted Operating Income Operating Margin* 34.2% 8.5% 8.4% 11.8% > 3Q 2015 CONSOLIDATED HIGHLIGHTS 15.6% 7 15.1% |
2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 8 Revenue — 5th straight quarter record-setting results Operating income — 4th straight quarter record-setting results Transactions increased to 4.2B — 5th straight quarter record-setting volume AOF at 685.5M; Traditional AOF up 36.9% 481.9 495.5 510.3 541.4 550.0 653.2 677.5 685.5 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 Accounts on File YOY Growth % (in millions) 16.5% 13.4% 17.2% 17.1% 18.5% 19.1% 17.4% 18.1% 14.1% 16.6% 31.8% 49.4% $87.1 $74.6 $84.6 $92.7 $99.6 $102.6 $108.4 $113.9 39.0% 33.2% 36.3% 38.5% 39.0% 38.5% 37.7% 38.8% 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 ($ in millions) (*) Revenues Before Reimbursable Items $223.3 $224.4 $233.2 $241.0 $255.5 $266.2 $287.2 $293.6 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 Segment Revenue* YOY Growth % ($ in millions) 4.5% Adjusted Segment Operating Income Operating Margin* 9.1% 8.7% 10.9% 14.5% 18.7% > 3Q 2015 NORTH AMERICA SEGMENT HIGHLIGHTS ( ) Growth Excluding Prepaid, Government Services and Single Use Accounts 32.8% 46.3% 23.1% 8 21.8% 26.6% 36.9% |
59.1 60.7 62.5 64.1 66.6 70.5 73.9 74.9 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 Accounts on File YOY Growth % (in millions) 8.5% 8.9% 7.5% 8.1% 12.7% 16.1% 2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 9 Solid constant currency revenue growth trend AOF increased 16.9% Transactions increased 9.0% Strong operating margin growth Adjusted Segment Operating Income Operating Margin* $90.6 $76.8 $84.7 $87.4 $92.9 $73.7 $83.9 $86.4 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 Segment Revenue* YOY Growth % $18.0 $4.6 $11.7 $16.0 $22.8 $7.0 $13.4 $18.4 19.9% 5.9% 13.9% 18.3% 24.6% 9.5% 15.9% 21.3% 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 ($ in millions) Reported Constant Currency (*) Revenues Before Reimbursable Items ($ in millions) 9.0% 8.6% 0.5% (4.6%) 10.6% 1.8% 12.2% 4.4% 2.5% 5.7% (4.0%) 5.1% > 3Q 2015 INTERNATIONAL SEGMENT HIGHLIGHTS 18.5% (1.0%) 9.4% 9 (1.1%) 7.9% 16.9% |
$62 $59 $62 $65 $64 $67 $71 $74 $48 $45 $46 $50 $44 $43 $46 $50 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 Segment Revenue by LOB YOY Growth % 22% (12%) ($ in millions) 4% (14%) 1% (10%) 4% (2%) (9%) 3% (4%) 13% 16% (0%) 14% (1%) Direct Indirect 2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 10 Revenue up 7.6% Revenue mix: 60% Direct; 40% Indirect SBS Sales Volume at $6.4B, up 9% YOY POS transactions increased 11.1%, excluding deconverted accounts $110.4 $104.6 $108.3 $115.0 $107.7 $110.4 $117.9 $123.7 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 Segment Revenue* YOY Growth % (*) Revenues Before Reimbursable Items ($ in millions) 4.3% $36.0 $30.2 $32.9 $40.4 $31.4 $34.1 $40.7 $42.4 32.6% 28.8% 30.4% 35.1% 29.2% 30.9% 34.5% 34.3% 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 Adjusted Segment Operating Income Operating Margin* ($ in millions) (4.3%) (4.1%) 1.2% (2.4%) 5.5% > 3Q 2015 MERCHANT SEGMENT HIGHLIGHTS 8.8% 10 7.6% |
2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 11 $4.0 $6.6 $4.6 $4.4 $4.7 $7.7 $5.5 $5.4 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 21.5% 22.1% 17.2% 16.6% 18.2% 16.7% ($ in billions) Gross Dollar Volume YOY Growth % $104.1 $132.6 $116.8 $114.0 $119.2 $155.1 $141.6 $139.6 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 16.1% 13.1% 11.4% 10.0% 14.4% 16.9% 21.2% 22.4% Adjusted Segment Operating Income Operating Margin Segment Revenue YOY Growth % ($ in millions) ($ in millions) $31.7 $28.7 $30.7 $36.1 $32.7 $35.5 $36.4 $37.3 30.5% 21.7% 26.3% 31.7% 27.5% 22.9% 25.7% 26.7% 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 > 3Q 2015 NETSPEND SEGMENT HIGHLIGHTS 19.5% 22.3% Gross Dollar Volume (GDV) up 22.3% Total active cards at 3.6M, up 18.1% Direct deposit active cards at 1.8M, up 18.1% Signed 3-year distribution agreement with Rite Aid Extended distribution relationship with InComm for 5 years |
2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 12 > SEGMENT OPERATING MARGIN AND CONSOLIDATED ADJUSTED OPERATING MARGIN Revenues before Reimbursable Items Adjusted Operating Margin Adjusted Segment Operating Income North America $113,946 $293,571 38.81% International 18,370 86,466 21.25% Merchant 42,387 123,721 34.26% NetSpend 37,315 139,648 26.72% Eliminations -- (7,000) Corporate administration excluding stock comp (14,736) -- Adjusted operating margin $197,282 $636,386 31.00% Amortization of acquisition intangibles (22,883) Share-based compensation (11,295) Operating income (US GAAP) $163,104 (in thousands) Three Months Ended September 30, 2015 |
2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 13 > SEGMENT OPERATING MARGIN AND CONSOLIDATED ADJUSTED OPERATING MARGIN Revenues before Reimbursable Items Adjusted Operating Margin Adjusted Segment Operating Income North America $324,902 $846,989 38.36% International 38,706 244,033 15.86% Merchant 117,192 351,987 33.29% NetSpend 109,224 436,343 25.03% Eliminations -- (25,098) Corporate administration excluding stock comp (72,753) -- Adjusted operating margin $517,271 $1,854,254 27.90% Amortization of acquisition intangibles (69,601) Stock-based compensation (31,468) Operating income (US GAAP) $416,202 (in thousands) Nine Months Ended September 30, 2015 |
2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 14 > ROLLFORWARD OF QUARTERLY CASH BALANCE $200 $500 $100 $0 $300 Operating Activities $175 Cap Ex ($40) Debt Pmts ($16) Dividends ($18) Ending Balance $448 (in millions) 6/30/2015 9/30/2015 $400 Beginning Balance $349 Other ($2) $600 |
2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 15 > CASH FLOW STRENGTH: 2015 TTM Consolidated Financial Highlights (in millions) $833 $631 $426 $366 $448 $0 $75 $150 $225 $300 $375 $450 $525 $600 $675 $750 $825 $900 Adjusted EBITDA Cash flow from operations Free cash flow Net income Ending cash (TTM = Trailing Twelve Months) |
2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. Range Range Percent Change $2,728 to $2,746 11% to 12% Reimbursable Items $2,463 to $2,473 12% to 13% $2.43 to $2.47 24% to 26% Shares 184 (in millions, except per share data) (*) See Appendix for guidance assumptions 16 > 2015 REVISED GUIDANCE* |
©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 17 Q&A |
©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 18 Appendix |
2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. Adjusted EBITDA is net income excluding equity in income of equity investments, nonoperating income/(expense), taxes, depreciation, amortization and stock-based compensation expenses and NetSpend merger & acquisition expenses. Adjusted EPS is adjusted earnings divided by weighted average shares outstanding used for basic EPS calculations. Adjusted earnings is net income excluding the after-tax impact of stock-based compensation expenses, amortization of acquisition intangibles, and NetSpend merger & acquisition expenses. Adjusted segment operating income is operating income at the segment level adjusted for amortization of acquisition intangibles. Adjusted segment operating margin is adjusted segment operating income divided by segment revenues before reimbursable items. The Company believes that these non-GAAP financial measures it presents are useful to investors in evaluating the Company’s operating performance for the following reasons: – adjusted EBITDA and adjusted EPS are widely used by investors to measure a company’s operating performance without regard to items, such as interest expense, income tax expense, depreciation and amortization, merger and acquisition expenses and employee stock-based compensation expense that can vary substantially from company to company depending upon their respective financing structures and accounting policies, the book values of their assets, their capital structures and the methods by which their assets were acquired; and – securities analysts use adjusted EBITDA and adjusted EPS as supplemental measures to evaluate the overall operating performance of companies. By comparing the Company’s adjusted EBITDA and adjusted EPS in different historical periods, investors can evaluate the Company’s operating results without the additional variations caused by employee stock-based compensation expense, which may not be comparable from period to period due to changes in the fair market value of the Company’s common stock (which is influenced by external factors like the volatility of public markets and the financial performance of the Company’s peers) and is not a key measure of the Company’s operations. The Company’s management uses the non-GAAP financial measures: – as measures of operating performance, because they exclude the impact of items not directly resulting from the Company’s core operations; – for planning purposes, including the preparation of the Company’s annual operating budget; – to allocate resources to enhance the financial performance of the Company’s business; – to evaluate the effectiveness of the Company’s business strategies; and – in communications with the Company’s board of directors concerning the Company’s financial performance. 19 > APPENDIX: Non-GAAP Items – Adjusted EBITDA and Adjusted EPS |
2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 20 Consumer Credit 373.6 263.9 41.5 373.6 374.1 (0.1 Retail 25.4 28.4 (10.3 ) 25.4 26.4 (3.5 Total Consumer 399.0 292.3 36.5 399.0 400.5 (0.4 Commercial 44.1 41.5 6.0 44.1 44.0 0.3 Other 24.8 21.2 17.4 24.8 24.0 3.2 Subtotal 467.9 355.0 31.8 467.9 468.5 (0.1 Prepaid*/ Stored Value 133.8 125.1 6.9 133.8 133.1 0.4 Government Services 78.7 66.7 18.0 78.7 77.1 2.1 Commercial Card Single Use 80.0 58.7 36.3 80.0 72.7 10.1 Total AOF 760.4 605.5 25.6 760.4 751.4 1.2 (in millions) Sep 2015 Sep 2015 Sep 2014 Sep 2014 % Change % Change Sep 2015 Sep 2015 Jun 2015 Jun 2015 % Change % Change (* - Prepaid does not include NetSpend accounts) > APPENDIX: Accounts on File Portfolio Summary |
21 2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. > APPENDIX: Non-GAAP Reconciliation – Revenues Before Reimbursable Items Three Months Ended Nine Months Ended 9/30/15 9/30/14 9/30/15 9/30/14 Revenues $707,890 $616,891 $2,062,698 $1,811,774 Items 71,504 64,031 208,444 188,096 Before Reimbursable Items $636,386 $552,860 $1,854,254 $1,623,678 (in thousands) |
22 2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. > APPENDIX: Non-GAAP Reconciliation – Adjusted Segment Operating Income and Operating Margin Three Months Ended Nine Months Ended 9/30/15 9/30/14 9/30/15 9/30/14 Operating income $163,104 $129,407 $416,202 $308,867 Add: Acquisition intangible amort 22,883 24,210 69,601 72,805 Add: Corporate admin and other 26,031 31,627 104,221 101,510 Total segment adjusted operating income $212,018 $185,244 $590,024 $483,182 By segment: North America services (a) $113,946 $92,736 $324,902 $251,892 International services (b) $18,370 $15,976 $38,706 $32,274 Merchant services (c) $42,387 $40,409 $117,192 $103,473 NetSpend (d) $37,315 $36,123 $109,224 $95,543 Total revenues $707,890 $616,891 $2,062,698 $1,811,774 Reimbursable items (71,504) (64,031) (208,444) (188,096) Total segment revenues before reimbursable items $636,386 $552,860 $1,854,254 $1,623,678 Intersegment revenues 7,000 4,542 25,098 15,248 By segment: North America services (e) $293,571 $240,957 $846,989 $698,543 International services (f) $86,446 $87,385 $244,033 $248,890 Merchant services (g) $123,721 $115,012 $351,987 $327,972 NetSpend (h) $139,648 $114,048 $436,343 $363,521 Adjusted segment operating margin: North America services (a) / (e) 38.81% 38.49% 38.36% 36.06% International services (b) / (f) 21.25% 18.28% 15.86% 12.97% Merchant services (c) / (g) 34.26% 35.13% 33.29% 31.55% NetSpend (d) / (h) 26.72% 31.67% 25.03% 26.28% (in thousands) |
2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 23 (1) Reflects current period results on a non-GAAP basis as if foreign currency rates did not change from the comparable prior year period. (2) Reflects the impact of calculated changes in foreign currency rates from the comparable period. > APPENDIX: Non-GAAP Reconciliation – Constant Currency Nine Months Ended 9/30/15 9/30/14 Percentage Change Three Months Ended 9/30/15 9/30/14 Percentage Change (in thousands) Consolidated: Constant Currency (1) $716,363 $616,891 16.1% $2,088,418 $1,811,774 15.3 Foreign Currency (2) (8,473 --- (25,720 --- Total Revenues $707,890 $616,891 14.8% $2,062,698 $1,811,774 13.8 International Services: Constant Currency (1) $100,512 $91,865 9.4% $286,969 $264,710 8.4 Foreign Currency (2) (8,335 --- (25,372 --- Total Revenues $92,177 $91,865 0.3% $261,597 $264,710 (1.2 |
2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 24 (1) Reflects current period results on a non-GAAP basis as if foreign currency rates did not change from the comparable prior year period. (2) Reflects the impact of calculated changes in foreign currency rates from the comparable period. > APPENDIX: Non-GAAP Reconciliation – Constant Currency Nine Months Ended 9/30/15 9/30/14 Percentage Change Three Months Ended 9/30/15 9/30/14 Percentage Change (in thousands) Consolidated: Constant Currency (1) $644,364 $552,860 16.6% $1,878,291 $1,623,678 15.7 Foreign Currency (2) (7,978 --- (24,037 --- Revenues before reimbursable items $636,386 $552,860 15.1% $1,854,254 $1,623,678 14.2 International Services: Constant Currency (1) $94,285 $87,385 7.9% $267,721 $248,890 7.6 Foreign Currency (2) (7,839 --- (23,688 --- Revenues before Reimbursable Items $86,446 $87,385 (1.1%) $244,033 $248,890 (2.0 |
> APPENDIX: Non-GAAP Reconciliation – EBITDA and Adjusted EBITDA 2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 25 (in thousands) Three Months Ended Nine Months Ended Sep 2015 Sep 2014 Sep 2015 Sep 2014 : $122,051 $85,198 $284,325 $248,163 : Deduct: Income from discontinued operations -- (880) -- (51,993) Deduct: Equity in Income of Equity Investments (5,336) (4,135) (15,309) (11,831) Add: Income Taxes 37,825 39,227 119,204 94,333 Add: Nonoperating expenses 8,564 9,997 27,982 30,195 Add: Depreciation and amortization 64,499 62,434 191,219 183,430 $227,603 $191,841 $607,421 $492,297 Add: Share-based compensation 11,295 5,420 31,468 23,019 Add: NetSpend M&A expenses -- 779 -- 3,213 $238,898 $198,040 $638,889 $518,529 Deduct: State tax credits and related expenses (15,084) -- (15,084) -- of state tax credits and related expenses $223,814 $198,040 $623,805 $518,529 |
2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 26 > APPENDIX: Non-GAAP Reconciliation – Adjusted EPS (in thousands) Three Months Ended Nine Months Ended Sep 2015 Sep 2014 Sep 2015 Sep 2014 from continuing operations available to TSYS $120,622 $82,925 $281,216 $192,018 to TSYS common Acquisition intangible amortization 15,104 15,762 45,948 47,374 Share-based compensation 7,544 3,573 21,018 15,174 NetSpend M&A expenses -- 786 -- 3,111 $143,270 $103,046 $348,182 $257,677 expenses, net of tax (23,557) -- (23,557) -- of state tax credits and related expenses (c) $119,713 $103,046 $324,625 $257,677 and participating 183,954 185,577 184,320 186,559 Available to TSYS Common Shareholders $0.66 $0.45 $1.53 $1.03 EPS Available to TSYS Common $0.78 $0.56 $1.89 $1.38 EPS without impact of tax credits Available $0.65 $0.56 $1.76 $1.38 |
2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 27 Trailing Twelve Months Ended 9/30/2015 $630,640 Purchases of property and equipment (57,062) Additions to licensed computer software from vendors (32,192) Additions to internally developed computer software (41,893) Additions to contract acquisition costs (73,303) $426,190 (in thousands) > APPENDIX: Non-GAAP Reconciliation – Free Cash Flow |
> APPENDIX: Non-GAAP Reconciliation – EBITDA and Adjusted EBITDA 2015 Third Quarter and YTD Results ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. 28 Trailing Twelve Months Ended 9/30/2015 Net Income $365,567 Adjusted for: Add: Discontinued operations 3,338 Deduct: Equity in Income of Equity Investments (21,061) Add: Income Taxes 154,632 Add: Nonoperating expense 36,499 Add: Depreciation and Amortization 254,410 EBITDA $793,385 Adjust for: Share-based compensation 39,239 NetSpend M&A Operating Expenses* 3 Adjusted EBITDA $832,627 (in thousands) * Excludes share-based compensation |
> APPENDIX: 2015 Revised Guidance Assumptions ©2015 Total System Services, Inc.® Proprietary. All rights reserved worldwide. The revised guidance assumes: There will be no significant movements in the London Interbank Offered Rate and TSYS will not make any significant draws on the remaining balance of its credit facility; There will be no significant movement in foreign currency exchange rates related to TSYS’ business; TSYS will not incur significant expenses associated with the conversion of new large clients, additional acquisitions, or any significant impairment of goodwill or other intangibles; There will be no deconversions of large clients during the year; and The economy will not worsen. Additionally, the impact of any future share repurchases is not included. 2015 Third Quarter and YTD Results 29 |