First Data Inactive 10-Q2008 Q1 Quarterly report

Filed: 15 May 08, 12:00am

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New words: AA, AAA, accessible, acquiree, addressed, AIB, Allied, APAC, appeal, back, bankruptcy, bearing, Bloomberg, broker, call, capture, capturing, CESE, chargeback, charter, chose, coincided, content, corroborate, corroborated, cumulative, death, deconsolidated, deposit, deprecation, digital, disability, distributor, Dutch, earliest, expanded, facilitate, facilitating, factor, fastest, Fish, fleet, foreseeable, Freddie, guideline, handling, highest, Home, InComm, indefinite, infrastructure, Irish, label, Labry, lack, listed, located, lock, loop, low, lowest, Mac, maker, mechanism, mentioned, Mortgage, music, observable, opportunity, orderly, Overview, Pacific, participated, pattern, peak, permission, petition, plane, Polska, pose, priority, prospectively, Qualitative, Quantitative, quoted, redeem, refusal, reloadable, remeasure, reorganization, Republic, reset, retrospectively, revised, secondary, securitized, sided, sponsor, step, strong, student, theIn, tradename, travel, Treasury, trucking, turn, unadjusted, Unified, unobservable, upgraded, vehicle, viewed, WEMEA, workforce, Yankee

Removed: abetted, acceleration, accurately, activation, aided, allege, Amendment, anticipate, anticipation, ANZ, approved, ArgenCard, assist, assuming, attribute, average, banker, begin, breached, calculated, cancelled, challenging, classification, classifying, ClearCheck, client, code, command, commission, Communication, community, comparison, computed, conducted, Cono, consistent, constant, constructive, contemplated, conversion, convert, converted, counterparty, created, dated, deconversion, decreasing, Delaware, delivery, dependent, derecognition, direct, discount, discrete, disparity, disposition, divested, EITF, EMEA, ending, enter, enterprise, escrow, European, evaluating, examination, exercised, exit, experience, extent, external, fail, favor, fiduciary, finalized, funded, fur, Gesellschaft, governmental, gradually, greatest, grocery, guidance, hedge, hedging, Henry, highly, honor, IDLogix, iii, imbedded, imposing, improperly, improved, incorporation, incurrence, indemnified, initiative, insignificant, internationally, interpretation, irrevocable, ISO, licensing, likelihood, LP, maintain, maintenance, managing, margin, marginal, maximization, netting, nontaxable, NYCE, objective, obligor, occur, partnership, Peace, penetration, percent, perform, pertained, petroleum, pipeline, Poland, POLCARD, Postretirement, PPS, project, proposal, qualify, qualifying, quick, receipt, reclassification, recognizing, recovering, release, relevant, relieve, renewed, reposition, restaurant, retention, return, reversed, review, SA, scheduled, scope, separation, shared, shareholder, shorter, shown, Singapore, Size, specifically, supported, supporting, Sur, surviving, systematic, Taxware, tender, threshold, treated, trust, uncertain, Union, unitary, usage, utilized, VisionPLUSmanaged, written, Zahlungssysteme, Zealand

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EXHIBIT 99.2

FIRST DATA CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS – ADJUSTED FOR RECLASSIFICATIONS

(Unaudited)

(in millions)


	Predecessor												Successor
	Twelve months ended December 31, 2006			Three months ended March 31, 2007			Three months ended June 30, 2007			Period from July 1 through September 24, 2007			Period from September 25 through September 30, 2007			Three months ended December 31, 2007
Revenues:
Transaction and processing service fees:
Merchant related services	$	2,345.1		$	568.8		$	646.7		$	618.1		$	42.6		$	648.4
Check services		353.6			96.1			107.6			100.4			6.7			106.9
Card services		1,767.1			461.1			482.0			468.8			35.2			535.5
Other services		571.8			141.7			141.5			133.1			11.3			166.7
Investment income, net		(128.6	)		(30.3	)		(7.5	)		(29.1	)		(0.8	)		(7.4	)
Product sales and other		699.8			188.0			199.5			228.9			12.0			211.0
Reimbursable debit network fees, postage and other		1,467.6			410.9			430.9			415.7			28.3			482.1

		7,076.4			1,836.3			2,000.7			1,935.9			135.3			2,143.2

Expenses:
Cost of services (exclusive of items shown below)		2,493.3			691.4			720.3			795.6			48.4			741.9
Cost of products sold		281.0			66.7			72.9			69.6			4.9			82.4
Selling, general and administrative		1,129.3			294.8			330.9			433.1			24.9			343.0
Reimbursable debit network fees, postage and other		1,467.6			410.9			430.9			415.7			28.3			482.1
Depreciation and amortization		619.7			158.8			162.2			155.4			20.8			347.0
Other expenses
Restructuring, net		24.0			2.0			5.9			—			—			(0.2	)
Impairments		16.1			16.3			—			4.3			—			—
Litigation and regulatory settlements		(34.8	)		—			5.0			(2.5	)		—			—
Other		(0.3	)		—			(7.7	)		—			—			—

		5,995.9			1,640.9			1,720.4			1,871.2			127.3			1,996.2

Operating profit		1,080.5			195.4			280.3			64.7			8.0			147.0

Interest income		55.5			8.0			12.9			9.9			3.6			14.3
Interest expense		(248.0	)		(34.5	)		(35.9	)		(33.2	)		(34.6	)		(550.1	)
Other income (expense)		22.6			1.0			2.4			1.5			(27.7	)		(46.3	)

		(169.9	)		(25.5	)		(20.6	)		(21.8	)		(58.7	)		(582.1	)

Income (loss) before income taxes, minority interest, equity earnings in affiliates and discontinued operations		910.6			169.9			259.7			42.9			(50.7	)		(435.1	)
Income tax expense (benefit)		203.7			37.4			70.2			18.2			(21.2	)		(154.9	)
Minority interest		(142.3	)		(29.1	)		(40.0	)		(36.2	)		(2.5	)		(36.5	)
Equity earnings in affiliates		283.1			68.3			79.4			75.3			3.3			43.5

Income (loss) from continuing operations		847.7			171.7			228.9			63.8			(28.7	)		(273.2	)
Income (loss) from discontinued operations, net of taxes of $360.0, $(4.1), $0, $7.1, $0 and $0, respectively		665.7			3.5			—			(7.1	)		—			—

Net (loss) income	$	1,513.4		$	175.2		$	228.9		$	56.7		$	(28.7	)	$	(273.2	)

FIRST DATA CORPORATION

SUMMARY SEGMENT DATA – ADJUSTED FOR SEGMENT REALIGNMENT

(Unaudited)

(in millions)


	Predecessor												Successor
	Twelve Months ended December 31, 2006			Three Months ended March 31, 2007			Three Months ended June 30, 2007			Period from July 1 through September 24, 2007			Period from September 25 through September 30, 2007			Three Months ended December 31, 2007
Revenues:
Merchant Services	$	3,443.0		$	845.0		$	953.2		$	907.0		$	61.3		$	976.0
Financial Services		2,670.8			695.4			714.0			690.8			46.8			733.3
International		1,258.3			360.7			395.0			387.0			29.2			467.6
Prepaid Services		191.4			46.1			47.1			44.8			5.2			71.6
Integrated Payment Systems		71.0			18.8			39.8			12.9			2.0			32.3

Subtotal segment revenues		7,634.5			1,966.0			2,149.1			2,042.5			144.5			2,280.8
All Other and Corporate		125.6			35.5			28.5			58.5			1.8			42.6

		7,760.1			2,001.5			2,177.6			2,101.0			146.3			2,323.4

Adjustment for items included in segment and All Other and Corporate revenues:
Equity earnings in affiliates		(313.6	)		(77.0	)		(88.1	)		(83.5	)		(5.3	)		(100.4	)
Eliminations		(370.1	)		(88.2	)		(88.8	)		(81.6	)		(5.7	)		(79.8	)

Consolidated revenue	$	7,076.4		$	1,836.3		$	2,000.7		$	1,935.9		$	135.3		$	2,143.2

Operating profit:
Merchant Services	$	978.2		$	195.1		$	261.1		$	257.1		$	10.1		$	90.8
Financial Services		567.2			144.9			153.0			138.8			4.8			96.6
International		153.5			34.2			34.8			29.3			2.8			46.3
Prepaid Services		37.3			9.1			6.7			8.4			0.2			13.0
Integrated Payment Systems		12.1			3.0			25.3			1.8			1.2			20.1

Subtotal segment operating profit		1,748.3			386.3			480.9			435.4			19.1			266.8
All Other and Corporate		(272.6	)		(72.6	)		(97.0	)		(276.0	)		(6.4	)		(61.2	)

		1,475.7			313.7			383.9			159.4			12.7			205.6

Adjustment for items included in segment and All Other and Corporate operating profit:
Equity earnings in affiliates		(283.1	)		(68.3	)		(79.4	)		(75.3	)		(3.3	)		(43.5	)
Minority interest from segment operations		138.8			29.0			40.2			37.1			2.5			36.5
Eliminations		(245.9	)		(60.7	)		(61.2	)		(54.7	)		(3.9	)		(51.8	)
Interest expense		(248.0	)		(34.5	)		(35.9	)		(33.2	)		(34.6	)		(550.1	)
Interest income		55.5			8.0			12.9			9.9			3.6			14.3
Items excluded from segment operations		17.6			(17.3	)		(0.8	)		(0.3	)		(27.7	)		(46.1	)

Income (loss) before income taxes, minority interest, equity earnings in affiliates and discontinued operations	$	910.6		$	169.9		$	259.7		$	42.9		$	(50.7	)	$	(435.1	)

FIRST DATA CORPORATION

HISTORICAL KEY INDICATORS - ADJUSTED FOR SEGMENT REALIGNMENT

(Unaudited)

(in millions)


	Predecessor				Successor
	Twelve months ended December 31, 2006	Three months ended March 31, 2007	Three months ended June 30, 2007	Period from July 1 through September 24, 2007	Period from September 25 through September 30, 2007	Three months ended December 31, 2007
Merchant Services
Domestic Merchant Transactions (a)	22,626.0	5,778.3	6,346.4	6,062.0	419.9	6,752.4
Financial Services
Domestic Debit Issuer Transactions (b)	10,572.4	2,747.4	2,985.4	2,777.4	191.3	2,949.9

(a)	Domestic merchant transactions include acquired VISA and MasterCard credit and signature debit, PIN-debit, electronic benefits transactions, and processed-only or gateway customer transactions at the point of sale.

(b)	Domestic debit issuer transactions include VISA and MasterCard signature debit, STAR ATM, STAR PIN-debit POS, and ATM and PIN-debit POS gateway transactions.

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