Global Payments Reports Fiscal 2015 Earnings
Full-Year Fiscal 2015 Revenue Increased 9% and Cash Earnings Per Share Increased 18%
Establishes Fiscal 2016 Growth Targets of High Single Digits for Adjusted Net Revenue and Double Digits for Cash Earnings Per Share
Raises Share Repurchase Authorization to
"We are delighted with our strong fourth quarter performance, representing the culmination of a terrific year of execution worldwide. Revenue growth, operating margin and cash earnings per share all exceeded our expectations for fiscal 2015," said
Full-Year Fiscal 2015 Summary
- Reported revenues grew 9% to
$2.78 billion , compared to$2.55 billion in fiscal 2014. - Cash diluted earnings per share grew 18% to
$4.85 , compared to$4.12 in the prior fiscal year. - GAAP diluted earnings per share were
$4.12 , compared to$3.37 in the prior fiscal year.
Fourth Quarter Fiscal 2015 Summary
- Reported revenues grew 5% to
$706.5 million , compared to$674.0 million in the fourth quarter of fiscal 2014. - Cash diluted earnings per share grew 12% to
$1.22 , compared to$1.09 in the fourth quarter of fiscal 2014. - GAAP diluted earnings per share were
$0.99 , compared to$0.72 in the fourth quarter of fiscal 2014.
Fiscal 2016 Outlook
"We are pleased to introduce a new adjusted net revenue disclosure that better aligns our reporting with how we manage and measure our performance internally," stated
For fiscal 2016, the company expects annual adjusted net revenue of
Capital Allocation
Global Payments' Board of Directors expanded its share repurchase authorization by an incremental
Global Payments' Board of Directors approved a quarterly dividend of
Conference Call
Global Payments' management will host a conference call today,
Non-GAAP Financial Measures
Reconciliations of the non-GAAP measures to the most directly comparable GAAP measure are included in the schedules to this release.
About
Headquartered in
_________________________
This announcement and comments made by
SCHEDULE 1 | |||||||||||||||||||||||||||||
GAAP CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||||||
Three Months Ended |
Year Ended |
||||||||||||||||||||||||||||
% | % | ||||||||||||||||||||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | ||||||||||||||||||||||||
Revenues | $ | 706,549 | $ | 673,977 | 4.8 | % | $ | 2,773,718 | $ | 2,554,236 | 8.6 | % | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Cost of service | 254,217 | 253,373 | 0.3 | % | 1,022,107 | 952,225 | 7.3 | % | |||||||||||||||||||||
Selling, general and administrative | 348,732 | 331,687 | 5.1 | % | 1,295,014 | 1,203,512 | 7.6 | % | |||||||||||||||||||||
Processing system intrusion | — | — | NM | — | (7,000 | ) | NM | ||||||||||||||||||||||
602,949 | 585,060 | 3.1 | % | 2,317,121 | 2,148,737 | 7.8 | % | ||||||||||||||||||||||
Operating income | 103,600 | 88,917 | 16.5 | % | 456,597 | 405,499 | 12.6 | % | |||||||||||||||||||||
Interest and other income | 1,315 | 2,093 | (37.2 | )% | 4,949 | 13,663 | (63.8 | )% | |||||||||||||||||||||
Interest and other expense | (9,647 | ) | (9,451 | ) | 2.1 | % | (44,436 | ) | (41,812 | ) | 6.3 | % | |||||||||||||||||
(8,332 | ) | (7,358 | ) | 13.2 | % | (39,487 | ) | (28,149 | ) | 40.3 | % | ||||||||||||||||||
Income before income taxes | 95,268 | 81,559 | 16.8 | % | 417,110 | 377,350 | 10.5 | % | |||||||||||||||||||||
Provision for income taxes | (25,158 | ) | (23,293 | ) | 8.0 | % | (107,995 | ) | (107,398 | ) | 0.6 | % | |||||||||||||||||
Net income | 70,110 | 58,266 | 20.3 | % | 309,115 | 269,952 | 14.5 | % | |||||||||||||||||||||
Less: Net income attributable to noncontrolling interests, net of income tax | (4,785 | ) | (6,641 | ) | (27.9 | )% | (31,075 | ) | (24,666 | ) | 26.0 | % | |||||||||||||||||
Net income attributable to |
$ | 65,325 | $ | 51,625 | 26.5 | % | $ | 278,040 | $ | 245,286 | 13.4 | % | |||||||||||||||||
Earnings per share attributable to |
|||||||||||||||||||||||||||||
Basic | $ | 0.99 | $ | 0.73 | 35.6 | % | $ | 4.15 | $ | 3.40 | 22.1 | % | |||||||||||||||||
Diluted | $ | 0.99 | $ | 0.72 | 37.5 | % | $ | 4.12 | $ | 3.37 | 22.3 | % | |||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||||||||
Basic | 65,744 | 70,707 | 67,036 | 72,119 | |||||||||||||||||||||||||
Diluted | 66,196 | 71,322 | 67,461 | 72,688 | |||||||||||||||||||||||||
NM - Not meaningful | |||||||||||||||||||||||||||||
SCHEDULE 2 | |||||||||||||||||||||||||||||
CASH EARNINGS ATTRIBUTABLE TO GLOBAL PAYMENTS | |||||||||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||||||
Three Months Ended |
Year Ended |
||||||||||||||||||||||||||||
% | % | ||||||||||||||||||||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | ||||||||||||||||||||||||
Revenues | $ | 706,549 | $ | 673,977 | 4.8 | % | $ | 2,775,594 | $ | 2,554,236 | 8.7 | % | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Cost of service | 235,814 | 234,856 | 0.4 | % | 949,520 | 889,576 | 6.7 | % | |||||||||||||||||||||
Selling, general and administrative | 339,047 | 317,085 | 6.9 | % | 1,286,398 | 1,184,066 | 8.6 | % | |||||||||||||||||||||
574,861 | 551,941 | 4.2 | % | 2,235,918 | 2,073,642 | 7.8 | % | ||||||||||||||||||||||
Operating income | 131,688 | 122,036 | 7.9 | % | 539,676 | 480,594 | 12.3 | % | |||||||||||||||||||||
Interest and other income | 1,315 | 2,093 | (37.2 | )% | 4,949 | 11,540 | (57.1 | )% | |||||||||||||||||||||
Interest and other expense | (13,243 | ) | (8,110 | ) | 63.3 | % | (48,032 | ) | (32,327 | ) | 48.6 | % | |||||||||||||||||
(11,928 | ) | (6,017 | ) | 98.2 | % | (43,083 | ) | (20,787 | ) | 107.3 | % | ||||||||||||||||||
Income before income taxes | 119,760 | 116,019 | 3.2 | % | 496,593 | 459,807 | 8.0 | % | |||||||||||||||||||||
Provision for income taxes | (32,935 | ) | (30,249 | ) | 8.9 | % | (133,683 | ) | (130,181 | ) | 2.7 | % | |||||||||||||||||
Net income | 86,825 | 85,770 | 1.2 | % | 362,910 | 329,626 | 10.1 | % | |||||||||||||||||||||
Less: Net income attributable to noncontrolling interests, net of income tax | (5,828 | ) | (8,075 | ) | (27.8 | )% | (35,604 | ) | (30,295 | ) | 17.5 | % | |||||||||||||||||
Net income attributable to |
$ | 80,997 | $ | 77,695 | 4.2 | % | $ | 327,306 | $ | 299,331 | 9.3 | % | |||||||||||||||||
Earnings per share attributable to |
|||||||||||||||||||||||||||||
Basic | $ | 1.23 | $ | 1.10 | 11.8 | % | $ | 4.88 | $ | 4.15 | 17.6 | % | |||||||||||||||||
Diluted | $ | 1.22 | $ | 1.09 | 11.9 | % | $ | 4.85 | $ | 4.12 | 17.7 | % | |||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||||||||
Basic | 65,744 | 70,707 | 67,036 | 72,119 | |||||||||||||||||||||||||
Diluted | 66,196 | 71,322 | 67,461 | 72,688 | |||||||||||||||||||||||||
See Schedules 6 & 7 for a reconciliation of cash earnings to GAAP. | |||||||||||||||||||||||||||||
SCHEDULE 3 | ||||||||||||||||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Three Months Ended |
||||||||||||||||||||||||||||
2015 | 2014 | % Change | ||||||||||||||||||||||||||
Cash | Cash | Cash | ||||||||||||||||||||||||||
GAAP | Earnings | GAAP | Earnings | GAAP | Earnings | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
$ | 433,030 | $ | 433,030 | $ | 407,153 | $ | 407,153 | 6.4 | % | 6.4 | % | |||||||||||||||||
70,014 | 70,014 | 74,954 | 74,954 | (6.6 | )% | (6.6 | )% | |||||||||||||||||||||
503,044 | 503,044 | 482,107 | 482,107 | 4.3 | % | 4.3 | % | |||||||||||||||||||||
154,827 | 154,827 | 153,577 | 153,577 | 0.8 | % | 0.8 | % | |||||||||||||||||||||
48,678 | 48,678 | 38,293 | 38,293 | 27.1 | % | 27.1 | % | |||||||||||||||||||||
International merchant services | 203,505 | 203,505 | 191,870 | 191,870 | 6.1 | % | 6.1 | % | ||||||||||||||||||||
Total revenues | $ | 706,549 | $ | 706,549 | $ | 673,977 | $ | 673,977 | 4.8 | % | 4.8 | % | ||||||||||||||||
Operating income (loss) for segments: | ||||||||||||||||||||||||||||
$ | 74,233 | $ | 85,500 | $ | 70,420 | $ | 82,722 | 5.4 | % | 3.4 | % | |||||||||||||||||
International merchant services | 64,764 | 76,748 | 58,094 | 66,402 | 11.5 | % | 15.6 | % | ||||||||||||||||||||
Corporate | (35,397 | ) | (30,560 | ) | (39,597 | ) | (27,088 | ) | (10.6 | )% | 12.8 | % | ||||||||||||||||
Operating income | $ | 103,600 | $ | 131,688 | $ | 88,917 | $ | 122,036 | 16.5 | % | 7.9 | % | ||||||||||||||||
Year Ended |
||||||||||||||||||||||||||||
2015 | 2014 | % Change | ||||||||||||||||||||||||||
Cash | Cash | Cash | ||||||||||||||||||||||||||
GAAP | Earnings | GAAP | Earnings | GAAP | Earnings | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
$ | 1,655,872 | $ | 1,655,872 | $ | 1,488,659 | $ | 1,488,659 | 11.2 | % | 11.2 | % | |||||||||||||||||
313,018 | 313,018 | 320,333 | 320,333 | (2.3 | )% | (2.3 | )% | |||||||||||||||||||||
1,968,890 | 1,968,890 | 1,808,992 | 1,808,992 | 8.8 | % | 8.8 | % | |||||||||||||||||||||
615,966 | 617,842 | 587,463 | 587,463 | 4.9 | % | 5.2 | % | |||||||||||||||||||||
188,862 | 188,862 | 157,781 | 157,781 | 19.7 | % | 19.7 | % | |||||||||||||||||||||
International merchant services | 804,828 | 806,704 | 745,244 | 745,244 | 8.0 | % | 8.2 | % | ||||||||||||||||||||
Total revenues | $ | 2,773,718 | $ | 2,775,594 | $ | 2,554,236 | $ | 2,554,236 | 8.6 | % | 8.7 | % | ||||||||||||||||
Operating income (loss) for segments: | ||||||||||||||||||||||||||||
$ | 293,139 | $ | 337,980 | $ | 272,251 | $ | 308,570 | 7.7 | % | 9.5 | % | |||||||||||||||||
International merchant services | 279,711 | 311,240 | 240,179 | 270,551 | 16.5 | % | 15.0 | % | ||||||||||||||||||||
Corporate1 | (116,253 | ) | (109,544 | ) | (106,931 | ) | (98,527 | ) | 8.7 | % | 11.2 | % | ||||||||||||||||
Operating income | $ | 456,597 | $ | 539,676 | $ | 405,499 | $ | 480,594 | 12.6 | % | 12.3 | % |
1 |
GAAP operating income for the year ended |
|
See Schedule 8 for a reconciliation of cash earnings segment information to GAAP. | ||
SCHEDULE 4 | |||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||
(In thousands, except share data) | |||||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 650,739 | $ | 581,872 | |||||
Accounts receivable, net of allowances for doubtful accounts of |
202,390 | 214,574 | |||||||
Claims receivable, net | 548 | 809 | |||||||
Settlement processing assets | 2,394,822 | 780,917 | |||||||
Inventory | 5,228 | 6,636 | |||||||
Deferred income taxes | 11,664 | 12,963 | |||||||
Prepaid expenses and other current assets | 36,904 | 45,673 | |||||||
Total current assets | 3,302,295 | 1,643,444 | |||||||
Goodwill | 1,491,833 | 1,337,285 | |||||||
Other intangible assets, net | 560,136 | 535,173 | |||||||
Property and equipment, net | 374,143 | 369,753 | |||||||
Deferred income taxes | 30,578 | 101,928 | |||||||
Other | 34,563 | 31,067 | |||||||
Total assets | $ | 5,793,548 | $ | 4,018,650 | |||||
LIABILITIES AND EQUITY | |||||||||
Current liabilities: | |||||||||
Lines of credit | $ | 592,629 | $ | 440,128 | |||||
Current portion of long-term debt | 62,500 | 17,677 | |||||||
Accounts payable and accrued liabilities |
312,647 | 290,106 | |||||||
Settlement processing obligations | 2,033,900 | 451,317 | |||||||
Income taxes payable | 14,228 | 12,390 | |||||||
Total current liabilities | 3,015,904 | 1,211,618 | |||||||
Long-term debt | 1,680,000 | 1,376,002 | |||||||
Deferred income taxes | 214,669 | 209,099 | |||||||
Other noncurrent liabilities | 19,422 | 89,132 | |||||||
Total liabilities | 4,929,995 | 2,885,851 | |||||||
Commitments and contingencies | |||||||||
Equity: | |||||||||
Preferred stock, no par value; 5,000,000 shares authorized and none issued | — | — | |||||||
Common stock, no par value; 200,000,000 shares authorized; 65,278,838 issued and outstanding at |
— | — | |||||||
Paid-in capital | 148,742 | 183,023 | |||||||
Retained earnings | 795,226 | 815,980 | |||||||
Accumulated other comprehensive loss | (185,992 | ) | (1,776 | ) | |||||
Total |
757,976 | 997,227 | |||||||
Noncontrolling interests | 105,577 | 135,572 | |||||||
Total equity | 863,553 | 1,132,799 | |||||||
Total liabilities and equity | $ | 5,793,548 | $ | 4,018,650 |
SCHEDULE 5 | ||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||
(In thousands) | ||||||||||
Year Ended |
||||||||||
2015 | 2014 | |||||||||
Cash flows from operating activities: | ||||||||||
Net income | $ | 309,115 | $ | 269,952 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Depreciation and amortization of property and equipment | 64,918 | 60,124 | ||||||||
Amortization of acquired intangibles | 72,587 | 61,945 | ||||||||
Share-based compensation expense | 21,056 | 29,793 | ||||||||
Provision for operating losses and bad debts | 14,506 | 20,574 | ||||||||
Deferred income taxes | 81,079 | (1,799 | ) | |||||||
Other, net | 3,073 | (1,484 | ) | |||||||
Changes in operating assets and liabilities, net of the effects of acquisitions: |
||||||||||
Accounts receivable | 1,248 | (18,539 | ) | |||||||
Claims receivable | (9,317 | ) | (11,569 | ) | ||||||
Settlement processing assets and obligations, net | (78,794 | ) | (241,431 | ) | ||||||
Inventory | 127 | 4,793 | ||||||||
Prepaid expenses and other assets | 14,616 | 18,995 | ||||||||
Accounts payable and other liabilities | (72,802 | ) | 9,224 | |||||||
Income taxes payable | 3,289 | (6,480 | ) | |||||||
Net cash provided by operating activities | 424,701 | 194,098 | ||||||||
Cash flows from investing activities: | ||||||||||
Business, intangible and other asset acquisitions, net of cash acquired | (359,187 | ) | (426,524 | ) | ||||||
Capital expenditures | (92,550 | ) | (81,411 | ) | ||||||
Principal collections on financing receivables | 219 | 2,658 | ||||||||
Net proceeds from sales of investments and business | 10,597 | 3,607 | ||||||||
Net cash used in investing activities | (440,921 | ) | (501,670 | ) | ||||||
Cash flows from financing activities: | ||||||||||
Net borrowings on short-term lines of credit | 198,884 | 252,667 | ||||||||
Proceeds from issuance of long-term debt | 2,496,842 | 2,690,000 | ||||||||
Principal repayments of long-term debt | (2,148,907 | ) | (2,260,597 | ) | ||||||
Payment of debt issuance costs | — | (5,961 | ) | |||||||
Repurchase of common stock | (372,387 | ) | (447,307 | ) | ||||||
Proceeds from stock issued under share-based compensation plans | 22,550 | 31,727 | ||||||||
Common stock repurchased - share-based compensation plans | (15,690 | ) | (5,681 | ) | ||||||
Tax benefit from share-based compensation | 5,176 | 6,475 | ||||||||
Distributions to noncontrolling interests | (39,753 | ) | (36,670 | ) | ||||||
Dividends paid | (5,340 | ) | (5,757 | ) | ||||||
Net cash provided by financing activities | 141,375 | 218,896 | ||||||||
Effect of exchange rate changes on cash | (56,288 | ) | (9,922 | ) | ||||||
Increase (decrease) in cash and cash equivalents | 68,867 | (98,598 | ) | |||||||
Cash and cash equivalents, beginning of the period | 581,872 | 680,470 | ||||||||
Cash and cash equivalents, end of the period | $ | 650,739 | $ | 581,872 | ||||||
SCHEDULE 6 | |||||||||||||||||
RECONCILIATION OF QUARTERLY CASH EARNINGS ATTRIBUTABLE TO GLOBAL PAYMENTS TO GAAP | |||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Three Months Ended |
|||||||||||||||||
Cash Earnings | Cash | ||||||||||||||||
GAAP |
Adjustments1 |
Other2 |
Earnings | ||||||||||||||
Revenues | $ | 706,549 | $ | — | $ | — | $ | 706,549 | |||||||||
Operating expenses: | |||||||||||||||||
Cost of service | 254,217 | (18,403 | ) | — | 235,814 | ||||||||||||
Selling, general and administrative | 348,732 | — | (9,685 | ) | 339,047 | ||||||||||||
602,949 | (18,403 | ) | (9,685 | ) | 574,861 | ||||||||||||
Operating income | 103,600 | 18,403 | 9,685 | 131,688 | |||||||||||||
Interest and other income | 1,315 | — | — | 1,315 | |||||||||||||
Interest and other expense | (9,647 | ) | — | (3,596 | ) | (13,243 | ) | ||||||||||
(8,332 | ) | — | (3,596 | ) | (11,928 | ) | |||||||||||
Income before income taxes | 95,268 | 18,403 | 6,089 | 119,760 | |||||||||||||
Provision for income taxes | (25,158 | ) | (5,681 | ) | (2,096 | ) | (32,935 | ) | |||||||||
Net income | 70,110 | 12,722 | 3,993 | 86,825 | |||||||||||||
Less: Net income attributable to noncontrolling interests, net of income tax | (4,785 | ) | (1,043 | ) | — | (5,828 | ) | ||||||||||
Net income attributable to |
$ | 65,325 | $ | 11,679 | $ | 3,993 | $ | 80,997 | |||||||||
Diluted shares | 66,196 | 66,196 | |||||||||||||||
Diluted earnings per share | $ | 0.99 | $ | 0.18 | $ | 0.06 | $ | 1.22 | |||||||||
Three Months Ended |
|||||||||||||||||
Cash Earnings | Cash | ||||||||||||||||
GAAP |
Adjustments1 |
Other2 |
Earnings | ||||||||||||||
Revenues | $ | 673,977 | $ | — | $ | — | $ | 673,977 | |||||||||
Operating expenses: | |||||||||||||||||
Cost of service | 253,373 | (18,392 | ) | (125 | ) | 234,856 | |||||||||||
Selling, general and administrative | 331,687 | — | (14,602 | ) | 317,085 | ||||||||||||
585,060 | (18,392 | ) | (14,727 | ) | 551,941 | ||||||||||||
Operating income | 88,917 | 18,392 | 14,727 | 122,036 | |||||||||||||
Interest and other income | 2,093 | — | — | 2,093 | |||||||||||||
Interest and other expense | (9,451 | ) | — | 1,341 | (8,110 | ) | |||||||||||
(7,358 | ) | — | 1,341 | (6,017 | ) | ||||||||||||
Income before income taxes | 81,559 | 18,392 | 16,068 | 116,019 | |||||||||||||
Provision for income taxes | (23,293 | ) | (5,719 | ) | (1,237 | ) | (30,249 | ) | |||||||||
Net income | 58,266 | 12,673 | 14,831 | 85,770 | |||||||||||||
Less: Net income attributable to noncontrolling interests, net of income tax | (6,641 | ) | (1,434 | ) | — | (8,075 | ) | ||||||||||
Net income attributable to |
$ | 51,625 | $ | 11,239 | $ | 14,831 | $ | 77,695 | |||||||||
Diluted shares | 71,322 | 71,322 | |||||||||||||||
Diluted earnings per share | $ | 0.72 | $ | 0.16 | $ | 0.21 | $ | 1.09 |
1 Represents adjustments to exclude acquisition intangible amortization expense and the related income tax benefit. | |
2 For the three months ended |
|
We supplemented our reporting of income and the related earnings per share information determined in accordance with GAAP by reporting income and the related earnings per share for the three months ended |
SCHEDULE 7 | ||||||||||||||||||||||
RECONCILIATION OF ANNUAL CASH EARNINGS ATTRIBUTABLE TO GLOBAL PAYMENTS TO GAAP | ||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||
Year Ended |
||||||||||||||||||||||
Processing | ||||||||||||||||||||||
System | Cash Earnings |
|
||||||||||||||||||||
GAAP | Intrusion |
Adjustments2 |
Other3 |
Cash Earnings |
||||||||||||||||||
Revenues | $ | 2,773,718 | $ | — | $ | — | $ | 1,876 | $ | 2,775,594 | ||||||||||||
Operating expenses: | ||||||||||||||||||||||
Cost of service | 1,022,107 | — | (72,587 | ) | — | 949,520 | ||||||||||||||||
Selling, general and administrative | 1,295,014 | — | — | (8,616 | ) | 1,286,398 | ||||||||||||||||
Processing system intrusion | — | — | — | — | — | |||||||||||||||||
2,317,121 | — | (72,587 | ) | (8,616 | ) | 2,235,918 | ||||||||||||||||
Operating income | 456,597 | — | 72,587 | 10,492 | 539,676 | |||||||||||||||||
Interest and other income | 4,949 | — | — | — | 4,949 | |||||||||||||||||
Interest and other expense | (44,436 | ) | — | — | (3,596 | ) | (48,032 | ) | ||||||||||||||
(39,487 | ) | — | — | (3,596 | ) | (43,083 | ) | |||||||||||||||
Income before income taxes | 417,110 | — | 72,587 | 6,896 | 496,593 | |||||||||||||||||
Provision for income taxes |
(107,995 | ) | — | (23,149 | ) | (2,539 | ) | (133,683 | ) | |||||||||||||
Net income | 309,115 | — | 49,438 | 4,357 | 362,910 | |||||||||||||||||
Less: Net income attributable to noncontrolling interests, net of income tax | (31,075 | ) | (4,529 | ) | — | (35,604 | ) | |||||||||||||||
Net income attributable to |
$ | 278,040 | $ | — | $ | 44,909 | $ | 4,357 | $ | 327,306 | ||||||||||||
Diluted shares | 67,461 | 67,461 | ||||||||||||||||||||
Diluted earnings per share | $ | 4.12 | $ | — | $ | 0.67 | $ | 0.06 | $ | 4.85 | ||||||||||||
Year Ended |
||||||||||||||||||||||
Processing | ||||||||||||||||||||||
System | Cash Earnings | |||||||||||||||||||||
GAAP |
Intrusion1 |
Adjustments2 |
Other3 |
Cash Earnings | ||||||||||||||||||
Revenues | $ | 2,554,236 | $ | — | $ | — | $ | — | $ | 2,554,236 | ||||||||||||
Operating expenses: | ||||||||||||||||||||||
Cost of service | 952,225 | — | (61,945 | ) | (704 | ) | 889,576 | |||||||||||||||
Selling, general and administrative | 1,203,512 | — | — | (19,446 | ) | 1,184,066 | ||||||||||||||||
Processing system intrusion | (7,000 | ) | 7,000 | — | — | — | ||||||||||||||||
2,148,737 | 7,000 | (61,945 | ) | (20,150 | ) | 2,073,642 | ||||||||||||||||
Operating income (loss) | 405,499 | (7,000 | ) | 61,945 | 20,150 | 480,594 | ||||||||||||||||
Interest and other income | 13,663 | — | — | (2,123 | ) | 11,540 | ||||||||||||||||
Interest and other expense | (41,812 | ) | — | — | 9,485 | (32,327 | ) | |||||||||||||||
(28,149 | ) | — | — | 7,362 | (20,787 | ) | ||||||||||||||||
Income (loss) before income taxes | 377,350 | (7,000 | ) | 61,945 | 27,512 | 459,807 | ||||||||||||||||
(Provision for) benefit from income taxes | (107,398 | ) | 2,393 | (19,825 | ) | (5,351 | ) | (130,181 | ) | |||||||||||||
Net income (loss) | 269,952 | (4,607 | ) | 42,120 | 22,161 | 329,626 | ||||||||||||||||
Less: Net income attributable to noncontrolling interests, net of income tax | (24,666 | ) | — | (5,629 | ) | — | (30,295 | ) | ||||||||||||||
Net income (loss) attributable to |
$ | 245,286 | $ | (4,607 | ) | $ | 36,491 | $ | 22,161 | $ | 299,331 | |||||||||||
Diluted shares | 72,688 | 72,688 | ||||||||||||||||||||
Diluted earnings (loss) per share | $ | 3.37 | $ | (0.06 | ) | $ | 0.50 | $ | 0.30 | $ | 4.12 |
1 Represents insurance proceeds associated with the fiscal 2012 processing system intrusion and the related income tax provision. | |
2 Represents adjustments to exclude acquisition intangible amortization expense and the related income tax benefit. | |
3 For the year ended |
|
We supplemented our reporting of income and the related earnings per share information determined in accordance with GAAP by reporting income and the related earnings per share for the years ended |
|
SCHEDULE 8 | |||||||||||||||||||||||||||||||||||||
RECONCILIATION OF CASH EARNINGS SEGMENT INFORMATION TO GAAP | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Three Months Ended |
|||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||
Processing | Processing | ||||||||||||||||||||||||||||||||||||
System | Cash Earnings | System | Cash Earnings | ||||||||||||||||||||||||||||||||||
GAAP | Intrusion |
Adjustments2 |
Other3 |
Cash Earnings | GAAP | Intrusion |
Adjustments2 |
Other3 |
Cash Earnings | ||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||
$ | 433,030 | $ | — | $ | — | $ | — | $ | 433,030 | $ | 407,153 | $ | — | $ | — | $ | — | $ | 407,153 | ||||||||||||||||||
70,014 | — | — | — | 70,014 | 74,954 | — | — | — | 74,954 | ||||||||||||||||||||||||||||
503,044 | — | — | 503,044 | 482,107 | — | — | — | 482,107 | |||||||||||||||||||||||||||||
154,827 | — | — | — | 154,827 | 153,577 | — | — | — | 153,577 | ||||||||||||||||||||||||||||
48,678 | — | — | — | 48,678 | 38,293 | — | — | — | 38,293 | ||||||||||||||||||||||||||||
International merchant services | 203,505 | — | — | — | 203,505 | 191,870 | — | — | — | 191,870 | |||||||||||||||||||||||||||
Total revenues | $ | 706,549 | $ | — | $ | — | $ | — | $ | 706,549 | $ | 673,977 | $ | — | $ | — | $ | — | $ | 673,977 | |||||||||||||||||
Operating income (loss) for segments: | |||||||||||||||||||||||||||||||||||||
$ | 74,233 | $ | — | $ | 10,967 | $ | 300 | $ | 85,500 | $ | 70,420 | $ | — | $ | 10,874 | $ | 1,428 | $ | 82,722 | ||||||||||||||||||
International merchant services | 64,764 | — | 7,436 | 4,548 | 76,748 | 58,094 | — | 7,518 | 790 | 66,402 | |||||||||||||||||||||||||||
Corporate | (35,397 | ) | — | — | 4,837 | (30,560 | ) | (39,597 | ) | — | — | 12,509 | (27,088 | ) | |||||||||||||||||||||||
Operating income | $ | 103,600 | $ | — | $ | 18,403 | $ | 9,685 | $ | 131,688 | $ | 88,917 | $ | — | $ | 18,392 | $ | 14,727 | $ | 122,036 | |||||||||||||||||
Year Ended |
|||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||
Processing | Processing | ||||||||||||||||||||||||||||||||||||
System | Cash Earnings | Cash | System | Cash Earnings | |||||||||||||||||||||||||||||||||
GAAP | Intrusion |
Adjustments2 |
Other3 |
Earnings | GAAP |
Intrusion1 |
Adjustments2 |
Other3 |
Cash Earnings | ||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||
$ | 1,655,872 | $ | — | $ | — | $ | — | $ | 1,655,872 | $ | 1,488,659 | $ | — | $ | — | $ | — | $ | 1,488,659 | ||||||||||||||||||
313,018 | — | — | — | 313,018 | 320,333 | — | — | — | 320,333 | ||||||||||||||||||||||||||||
1,968,890 | — | — | — | 1,968,890 | 1,808,992 | — | — | — | 1,808,992 | ||||||||||||||||||||||||||||
615,966 | — | — | 1,876 | 617,842 | 587,463 | — | — | — | 587,463 | ||||||||||||||||||||||||||||
188,862 | — | — | — | 188,862 | 157,781 | — | — | — | 157,781 | ||||||||||||||||||||||||||||
International merchant services | 804,828 | — | — | 1,876 | 806,704 | 745,244 | — | — | — | 745,244 | |||||||||||||||||||||||||||
Total revenues | $ | 2,773,718 | $ | — | $ | — | $ | 1,876 | $ | 2,775,594 | $ | 2,554,236 | $ | — | $ | — | $ | — | $ | 2,554,236 | |||||||||||||||||
Operating income (loss) for segments: | |||||||||||||||||||||||||||||||||||||
$ | 293,139 | $ | — | $ | 44,541 | $ | 300 | $ | 337,980 | $ | 272,251 | $ | — | $ | 32,374 | $ | 3,945 | $ | 308,570 | ||||||||||||||||||
International merchant services | 279,711 | — | 28,046 | 3,483 | 311,240 | 240,179 | — | 29,571 | 801 | 270,551 | |||||||||||||||||||||||||||
Corporate | (116,253 | ) | — | — | 6,709 | (109,544 | ) | (106,931 | ) | (7,000 | ) | — | 15,404 | (98,527 | ) | ||||||||||||||||||||||
Operating income (loss) | $ | 456,597 | $ | — | $ | 72,587 | $ | 10,492 | $ | 539,676 | $ | 405,499 | $ | (7,000 | ) | $ | 61,945 | $ | 20,150 | $ | 480,594 |
1 Represents insurance proceeds associated with the fiscal 2012 processing system intrusion. | |
2 Represents adjustments to exclude acquisition intangible amortization expense and the related income tax benefit. | |
3 For the three months ended |
|
We supplemented our reporting of operating income information determined in accordance with GAAP by reporting operating income for the three months and the years ended |
SCHEDULE 9 | |||||||||
OUTLOOK SUMMARY | |||||||||
(In billions, except per share data) | |||||||||
Fiscal 2015 | Fiscal 2016 | ||||||||
Actual | Outlook | % Change | |||||||
Revenues: |
|||||||||
GAAP Revenues | 4% to 6% | ||||||||
Adjustments1 | (0.82) | (0.83) | |||||||
Adjusted Net Revenue | 6% to 8% | ||||||||
Earnings Per Share: |
|||||||||
GAAP Diluted EPS | 10% to 14% | ||||||||
Acquisition-related intangibles assets, share-based compensation expense and non-recurring items2 | 0.92 | 1.07 | 16% | ||||||
Cash EPS |
11% to 15% |
1 Represents adjustments to revenues for gross-up related payments (included in operating expenses) associated with certain wholesale lines of business to reflect economic benefits to the Company and, in fiscal 2015, a revenue adjustment for select |
2 Fiscal 2015 reflects acquisition intangible amortization of |
NON-GAAP FINANCIAL MEASURES |
Adjusted Net Revenue excludes gross-up related payments associated with certain wholesale lines of business to reflect economic benefits to the Company. On a GAAP basis, these payments are presented gross in both revenues and operating expenses. |
In fiscal 2015, income and the related earnings per share on a cash earnings basis exclude the amortization expense of acquired intangibles and certain other items specific to each reporting period as more fully described in the accompanying reconciliations. Beginning in fiscal 2016, we modified our cash earnings measures to also exclude share-based compensation. The accompanying reconciliations in Schedule 6, Schedule 7 and Schedule 8 show the cash earnings measures calculated without the impact of excluding share-based compensation. The reconciliations in this Schedule 9 and in the accompanying Schedule 10 and Schedule 11 show Adjusted Net Revenue and the modified cash earnings measures which exclude share-based compensation. We expect to discuss financial results using Adjusted Net Revenue and the modified cash earnings convention in future periods. The tax rate used in determining the net income impact of cash earnings adjustments is either the jurisdictional statutory rate in effect at the time of the adjustment or the jurisdictional expected annual effective tax rate for the period, depending on the nature and timing of the adjustment. |
SCHEDULE 10 | |||||||||||||||||||||
RECONCILIATION OF ADJUSTED NET REVENUE AND CASH EARNINGS SEGMENT INFORMATION TO GAAP | |||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||
For the Year Ended |
|||||||||||||||||||||
Adjusted Net | |||||||||||||||||||||
Net Revenue | Cash Earnings | Revenue and | |||||||||||||||||||
GAAP |
Adjustment1 |
Adjustments2 |
Other3 |
Cash Earnings | |||||||||||||||||
Revenues: | |||||||||||||||||||||
$ | 1,655,872 | $ | (740,556 | ) | $ | — | $ | — | $ | 915,316 | |||||||||||
313,018 | — | — | — | 313,018 | |||||||||||||||||
1,968,890 | (740,556 | ) | — | — | 1,228,334 | ||||||||||||||||
615,966 | (82,146 | ) | — | 1,876 | 535,696 | ||||||||||||||||
188,862 | — | — | — | 188,862 | |||||||||||||||||
International merchant services | 804,828 | (82,146 | ) | — | 1,876 | 724,558 | |||||||||||||||
Total revenues |
$ | 2,773,718 | $ | (822,702 | ) | $ | — | $ | 1,876 | $ | 1,952,892 | ||||||||||
Operating income (loss) for segments: | |||||||||||||||||||||
$ | 293,139 | $ | — | $ | 44,541 | $ | 300 | $ | 337,980 | ||||||||||||
International merchant services | 279,711 | — | 28,046 | 3,483 | 311,240 | ||||||||||||||||
Corporate | (116,253 | ) | — | 20,331 | 6,709 | (89,213 | ) | ||||||||||||||
Operating income | 456,597 | — | 92,918 | 10,492 | 560,007 | ||||||||||||||||
Interest and other income | 4,949 | — | — | — | 4,949 | ||||||||||||||||
Interest and other expense | (44,436 | ) | — | — | (3,596 | ) | (48,032 | ) | |||||||||||||
(39,487 | ) | — | — | (3,596 | ) | (43,083 | ) | ||||||||||||||
Income before income taxes | 417,110 | — | 92,918 | 6,896 | 516,924 | ||||||||||||||||
Provision for income taxes | (107,995 | ) | — | (30,729 | ) | (2,539 | ) | (141,263 | ) | ||||||||||||
Net income | 309,115 | — | 62,189 | 4,357 | 375,661 | ||||||||||||||||
Less: Net income attributable to noncontrolling interests, net of income tax | (31,075 | ) | — | (4,529 | ) | — | (35,604 | ) | |||||||||||||
Net income attributable to |
$ | 278,040 | $ | — | $ | 57,660 | $ | 4,357 | $ | 340,057 | |||||||||||
Diluted shares | 67,461 | 67,461 | |||||||||||||||||||
Diluted earnings per share | $ | 4.12 | $ | — | $ | 0.86 | $ | 0.06 | $ | 5.04 |
1 Represents adjustments to revenues for gross-up related payments (included in operating expenses) associated with certain wholesale lines of business to reflect economic benefits to the Company. |
2 Represents adjustments to exclude acquisition intangible amortization expense, stock compensation expense and the related income tax benefits of each. |
3 For the year ended May 31, 2015, the revenue adjustment represents select |
See "Non-GAAP Financial Measures" discussion on Schedule 9. |
SCHEDULE 11 | |||||||||||||||||||||||||||||||||||||||||
RECONCILIATION OF ADJUSTED NET REVENUE AND CASH EARNINGS SEGMENT INFORMATION TO GAAP | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
August 31, 2014 | November 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
Adjusted Net | Adjusted Net | ||||||||||||||||||||||||||||||||||||||||
Net Revenue | Cash Earnings | Revenue and | Net Revenue | Cash Earnings | Revenue and | ||||||||||||||||||||||||||||||||||||
GAAP |
Adjustment1 |
Adjustments2 |
Other3 |
Cash Earnings | GAAP |
Adjustment1 |
Adjustments2 |
Other | Cash Earnings | ||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
$ | 414,042 | $ | (188,731 | ) | $ | — | $ | — | $ | 225,311 | $ | 404,784 | $ | (183,217 | ) | $ | — | $ | — | $ | 221,567 | ||||||||||||||||||||
89,965 | — | — | — | 89,965 | 83,992 | — | — | — | 83,992 | ||||||||||||||||||||||||||||||||
504,007 | (188,731 | ) | — | — | 315,276 | 488,776 | (183,217 | ) | — | — | 305,559 | ||||||||||||||||||||||||||||||
162,787 | (20,952 | ) | — | — | 141,835 | 159,974 | (20,409 | ) | — | — | 139,565 | ||||||||||||||||||||||||||||||
38,101 | — | — | — | 38,101 | 48,541 | — | — | — | 48,541 | ||||||||||||||||||||||||||||||||
International merchant services | 200,888 | (20,952 | ) | — | — | 179,936 | 208,515 | (20,409 | ) | — | — | 188,106 | |||||||||||||||||||||||||||||
Total revenues | $ | 704,895 | $ | (209,683 | ) | $ | — | $ | — | $ | 495,212 | $ | 697,291 | $ | (203,626 | ) | $ | — | $ | — | $ | 493,665 | |||||||||||||||||||
Operating income (loss) for segments: | |||||||||||||||||||||||||||||||||||||||||
$ | 77,937 | $ | — | $ | 11,378 | $ | — | $ | 89,315 | $ | 74,246 | $ | — | $ | 11,173 | $ | — | $ | 85,419 | ||||||||||||||||||||||
International merchant services | 73,602 | — | 6,476 | (2,941 | ) | 77,137 | 76,443 | — | 7,090 | — | 83,533 | ||||||||||||||||||||||||||||||
Corporate | (27,141 | ) | — | 4,066 | — | (23,075 | ) | (26,705 | ) | — | 5,079 | — | (21,626 | ) | |||||||||||||||||||||||||||
Operating income (loss) | 124,398 | — | 21,920 | (2,941 | ) | 143,377 | 123,984 | — | 23,342 | — | 147,326 | ||||||||||||||||||||||||||||||
Interest and other income | 1,192 | — | — | — | 1,192 | 1,282 | — | — | — | 1,282 | |||||||||||||||||||||||||||||||
Interest and other expense | (11,010 | ) | — | — | — | (11,010 | ) | (10,350 | ) | — | — | — | (10,350 | ) | |||||||||||||||||||||||||||
(9,818 | ) | — | — | — | (9,818 | ) | (9,068 | ) | — | — | — | (9,068 | ) | ||||||||||||||||||||||||||||
Income (loss) before income taxes | 114,580 | — | 21,920 | (2,941 | ) | 133,559 | 114,916 | — | 23,342 | — | 138,258 | ||||||||||||||||||||||||||||||
(Provision) benefit for income taxes | (30,146 | ) | — | (7,336 | ) | 588 | (36,894 | ) | (29,660 | ) | — | (7,688 | ) | — | (37,348 | ) | |||||||||||||||||||||||||
Net income (loss) | 84,434 | — | 14,584 | (2,353 | ) | 96,665 | 85,256 | — | 15,654 | — | 100,910 | ||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests, net of income tax | (9,068 | ) | — | (1,235 | ) | — | (10,303 | ) | (10,475 | ) | — | (1,173 | ) | — | (11,648 | ) | |||||||||||||||||||||||||
Net income (loss) attributable to |
$ | 75,366 | $ | — | $ | 13,349 | $ | (2,353 | ) | $ | 86,362 | $ | 74,781 | $ | — | $ | 14,481 | $ | — | $ | 89,262 | ||||||||||||||||||||
Diluted shares | 68,617 | 68,617 | 67,737 | 67,737 | |||||||||||||||||||||||||||||||||||||
Diluted earnings (loss) per share | $ | 1.10 | $ | — | $ | 0.19 | $ | (0.03 | ) | $ | 1.26 | $ | 1.10 | $ | — | $ | 0.21 | $ | — | $ | 1.32 | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
February 28, 2015 | May 31, 2015 | ||||||||||||||||||||||||||||||||||||||||
Adjusted Net | Adjusted Net | ||||||||||||||||||||||||||||||||||||||||
Net Revenue | Cash Earnings | Revenue and | Net Revenue | Cash Earnings | Revenue and | ||||||||||||||||||||||||||||||||||||
GAAP |
Adjustment1 |
Adjustments2 |
Other4 |
Cash Earnings | GAAP |
Adjustment1 |
Adjustments2 |
Other5 |
Cash Earnings | ||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
$ | 404,016 | $ | (179,678 | ) | $ | — | $ | — | $ | 224,338 | $ | 433,030 | $ | (188,930 | ) | $ | — | $ | — | $ | 244,100 | ||||||||||||||||||||
69,047 | — | — | — | 69,047 | 70,014 | — | — | — | 70,014 | ||||||||||||||||||||||||||||||||
473,063 | (179,678 | ) | — | — | 293,385 | 503,044 | (188,930 | ) | — | — | 314,114 | ||||||||||||||||||||||||||||||
138,378 | (19,424 | ) | — | 1,876 | 120,830 | 154,827 | (21,361 | ) | — | — | 133,466 | ||||||||||||||||||||||||||||||
53,542 | — | — | — | 53,542 | 48,678 | — | — | — | 48,678 | ||||||||||||||||||||||||||||||||
International merchant services | 191,920 | (19,424 | ) | — | 1,876 | 174,372 | 203,505 | (21,361 | ) | — | — | 182,144 | |||||||||||||||||||||||||||||
Total revenues | $ | 664,983 | $ | (199,102 | ) | $ | — | $ | 1,876 | $ | 467,757 | $ | 706,549 | $ | (210,291 | ) | $ | — | $ | — | $ | 496,258 | |||||||||||||||||||
Operating income (loss) for segments: | |||||||||||||||||||||||||||||||||||||||||
$ | 66,723 | $ | — | $ | 11,023 | $ | — | $ | 77,746 | $ | 74,233 | $ | — | $ | 10,967 | $ | 300 | $ | 85,500 | ||||||||||||||||||||||
International merchant services | 64,902 | — | 7,044 | 1,876 | 73,822 | 64,764 | — | 7,436 | 4,548 | 76,748 | |||||||||||||||||||||||||||||||
Corporate | (27,010 | ) | — | 5,682 | 1,872 | (19,456 | ) | (35,397 | ) | — | 5,504 | 4,837 | (25,056 | ) | |||||||||||||||||||||||||||
Operating income | $ | 104,615 | $ | — | $ | 23,749 | $ | 3,748 | $ | 132,112 | $ | 103,600 | $ | — | $ | 23,907 | $ | 9,685 | $ | 137,192 | |||||||||||||||||||||
Interest and other income | $ | 1,160 | $ | — | $ | — | $ |
— |
|
|
$ | 1,160 | $ | 1,315 | $ | — | $ | — | $ | — | $ | 1,315 | |||||||||||||||||||
Interest and other expense | (13,429 | ) | — |
— |
|
— |
(13,429 | ) | (9,647 | ) | — | — | (3,596 | ) | (13,243 | ) | |||||||||||||||||||||||||
(12,269 | ) | — | — |
— |
(12,269 | ) | (8,332 | ) | — | — | (3,596 | ) | (11,928 | ) | |||||||||||||||||||||||||||
Income before income taxes | 92,346 | — | 23,749 | 3,748 | 119,843 | 95,268 | — | 23,907 | 6,089 | 125,264 | |||||||||||||||||||||||||||||||
Provision for income taxes | (23,031 | ) | — | (7,782 | ) | (1,031 | ) | (31,844 | ) | (25,158 | ) | — | (7,923 | ) | (2,096 | ) | (35,177 | ) | |||||||||||||||||||||||
Net income | 69,315 | — | 15,967 | 2,717 | 87,999 | 70,110 | — | 15,984 | 3,993 | 90,087 | |||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests, net of income tax | (6,747 | ) | — | (1,078 | ) | — | (7,825 | ) | (4,785 | ) | — | (1,043 | ) | — | (5,828 | ) | |||||||||||||||||||||||||
Net income attributable to |
$ | 62,568 | $ | — | $ | 14,889 | $ | 2,717 | $ | 80,174 | $ | 65,325 | $ | — | $ | 14,941 | $ | 3,993 | $ | 84,259 | |||||||||||||||||||||
Diluted shares | 67,306 | 67,306 | 66,196 | 66,196 | |||||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 0.93 | $ | — | $ | 0.22 | $ | 0.04 | $ | 1.19 | $ | 0.99 | $ | — | $ | 0.23 | $ | 0.06 | $ | 1.27 |
1 Represents adjustments to revenues for gross-up related payments (included in operating expenses) associated with certain wholesale lines of business to reflect economic benefits to the Company. |
|
2 Represents adjustments to exclude acquisition intangible amortization expense, stock compensation expense and the related income tax benefits of each. | |
3 Represents a gain on the sale of a component of our |
|
4 The revenue adjustment represents select |
|
5 The adjustments represent charges related to employee termination benefits, non-cash losses from the retirement of property and equipment, a transaction-related tax associated with our acquisition of Realex, reversal of previously recorded interest expense associated with a previously uncertain tax position and the related income tax effects of each. | |
See "Non-GAAP Financial Measures" discussion on Schedule 9. |
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