Global Payments Reports Year-End Earnings
(Logo: http://photos.prnewswire.com/prnh/20010221/ATW031LOGO )
Chairman and CEO
"I am also delighted to announce that our Spanish partner, CaixaBank, will be taking a 50% share in Global Payments Brazil. This expands our strategic partnership with CaixaBank and will provide us the opportunity to grow more rapidly in this important region with potential further expansion into other Latin American markets over time," continued Garcia.
Full-Year 2013 Summary
- Revenues grew 8% to
$2,375.9 million , compared to$2,203.8 million in fiscal 2012. - Cash diluted earnings per share1 grew 3% to
$3.65 , compared to$3.53 in the prior fiscal year. - GAAP full-year diluted earnings per share of
$2.76 , compared to$2.37 diluted earnings per share in the prior year.
Fourth Quarter 2013 Summary
- Revenues grew 4% to
$618.4 million , compared to$597.0 million in the fourth quarter of fiscal 2012. - Cash diluted earnings per share grew 1% to
$0.98 , compared to$0.97 in the fourth quarter of fiscal 2012. - GAAP diluted earnings per share were
$0.53 , compared to$0.06 in the fourth quarter of 2012.
2014 Outlook
For the full-year of fiscal 2014, the company expects annual revenue of
New
Under the company's new program,
Conference Call
About
This announcement and comments made by
Investor contact: |
Media contact: |
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770-829-8234 |
770-829-8755 |
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_________________________
1 See Schedule 2 for Cash Earnings and Schedules 6 and 7 for Reconciliations of Cash Earnings to GAAP.
SCHEDULE 1 |
||||||||||||
GAAP CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||
|
||||||||||||
(In thousands, except per share data) |
||||||||||||
Three Months Ended |
Year Ended |
|||||||||||
2013 |
2012 |
% Change |
2013 |
2012 |
% Change |
|||||||
Revenues |
$ 618,352 |
$ 597,032 |
4% |
$ 2,375,923 |
$ 2,203,847 |
8% |
||||||
Operating expenses: |
||||||||||||
Cost of service |
229,951 |
213,071 |
8% |
862,075 |
784,756 |
10% |
||||||
Sales, general and administrative |
290,568 |
289,712 |
0% |
1,119,860 |
1,027,304 |
9% |
||||||
Processing system intrusion |
28,464 |
84,438 |
(66%) |
36,775 |
84,438 |
(56%) |
||||||
548,983 |
587,221 |
(7%) |
2,018,710 |
1,896,498 |
6% |
|||||||
Operating income |
69,369 |
9,811 |
607% |
357,213 |
307,349 |
16% |
||||||
Other income (expense): |
||||||||||||
Interest and other income |
3,647 |
2,818 |
29% |
10,353 |
9,946 |
4% |
||||||
Interest and other expense |
(8,065) |
(4,185) |
93% |
(33,282) |
(16,848) |
98% |
||||||
(4,418) |
(1,367) |
223% |
(22,929) |
(6,902) |
232% |
|||||||
Income before income taxes |
64,951 |
8,444 |
669% |
334,284 |
300,447 |
11% |
||||||
Income tax (provision) benefit |
(18,585) |
3,202 |
(680%) |
(95,571) |
(82,881) |
15% |
||||||
Net income |
46,366 |
11,646 |
298% |
238,713 |
217,566 |
10% |
||||||
Less: Net income attributable to noncontrolling interests, net of tax |
(5,561) |
(6,560) |
(15%) |
(22,588) |
(29,405) |
(23%) |
||||||
Net income attributable to |
$ 40,805 |
$ 5,086 |
702% |
$ 216,125 |
$ 188,161 |
15% |
||||||
Earnings per share attributable to |
||||||||||||
Basic |
$ 0.54 |
$ 0.06 |
800% |
$ 2.78 |
$ 2.39 |
16% |
||||||
Diluted |
$ 0.53 |
$ 0.06 |
783% |
$ 2.76 |
$ 2.37 |
16% |
||||||
Weighted average shares outstanding: |
||||||||||||
Basic |
76,034 |
78,539 |
77,767 |
78,829 |
||||||||
Diluted |
76,651 |
79,192 |
78,227 |
79,431 |
SCHEDULE 2 |
||||||||||||
CASH EARNINGS ATTRIBUTABLE TO GLOBAL PAYMENTS |
||||||||||||
|
||||||||||||
(In thousands, except per share data) |
||||||||||||
Three Months Ended |
Year Ended |
|||||||||||
2013 |
2012 |
% Change |
2013 |
2012 |
% Change |
|||||||
Revenues |
$ 618,352 |
$ 597,032 |
4% |
$ 2,375,923 |
$ 2,203,847 |
8% |
||||||
Operating expenses: |
||||||||||||
Cost of service |
214,080 |
200,051 |
7% |
803,952 |
734,060 |
10% |
||||||
Sales, general and administrative |
285,017 |
274,390 |
4% |
1,113,509 |
1,011,982 |
10% |
||||||
499,097 |
474,441 |
5% |
1,917,461 |
1,746,042 |
10% |
|||||||
Operating income |
119,255 |
122,591 |
(3%) |
458,462 |
457,805 |
0% |
||||||
Other income (expense): |
||||||||||||
Interest and other income |
3,647 |
2,818 |
29% |
10,353 |
9,946 |
4% |
||||||
Interest and other expense |
(8,065) |
(4,185) |
93% |
(24,899) |
(16,848) |
48% |
||||||
(4,418) |
(1,367) |
223% |
(14,546) |
(6,902) |
111% |
|||||||
Income before income taxes |
114,837 |
121,224 |
(5%) |
443,916 |
450,903 |
(2%) |
||||||
Provision for income taxes |
(32,693) |
(36,318) |
(10%) |
(126,294) |
(133,455) |
(5%) |
||||||
Net income |
82,144 |
84,906 |
(3%) |
317,622 |
317,448 |
0% |
||||||
Less: Net income attributable to noncontrolling interests, net of tax |
(7,042) |
(8,437) |
(17%) |
(32,206) |
(37,193) |
(13%) |
||||||
Net income attributable to |
$ 75,102 |
$ 76,469 |
(2%) |
$ 285,416 |
$ 280,255 |
2% |
||||||
Basic earnings per share |
$ 0.99 |
$ 0.97 |
2% |
$ 3.67 |
$ 3.56 |
3% |
||||||
Diluted earnings per share |
$ 0.98 |
$ 0.97 |
1% |
$ 3.65 |
$ 3.53 |
3% |
||||||
Weighted average shares outstanding: |
||||||||||||
Basic |
76,034 |
78,539 |
77,767 |
78,829 |
||||||||
Diluted |
76,651 |
79,192 |
78,227 |
79,431 |
||||||||
See Schedules 6 and 7 for a reconciliation of cash earnings to GAAP. |
SCHEDULE 3 |
||||||||||||
SEGMENT INFORMATION |
||||||||||||
|
||||||||||||
(In thousands) |
||||||||||||
Three Months Ended May 31, |
||||||||||||
2013 |
2012 |
% Change |
||||||||||
GAAP |
Cash Earnings |
GAAP |
Cash Earnings |
GAAP |
Cash Earnings |
|||||||
Revenues: |
||||||||||||
|
$ 372,425 |
$ 372,425 |
$ 351,872 |
$ 351,872 |
6% |
6% |
||||||
|
77,115 |
77,115 |
79,015 |
79,015 |
(2%) |
(2%) |
||||||
|
449,540 |
449,540 |
430,887 |
430,887 |
4% |
4% |
||||||
|
132,217 |
132,217 |
128,521 |
128,521 |
3% |
3% |
||||||
|
36,595 |
36,595 |
37,624 |
37,624 |
(3%) |
(3%) |
||||||
International merchant services |
168,812 |
168,812 |
166,145 |
166,145 |
2% |
2% |
||||||
Total revenues |
$ 618,352 |
$ 618,352 |
$ 597,032 |
$ 597,032 |
4% |
4% |
||||||
Operating income (loss) for segments: |
||||||||||||
|
$ 69,101 |
$ 80,229 |
$ 76,412 |
$ 81,194 |
(10%) |
(1%) |
||||||
International merchant services |
48,295 |
57,460 |
48,074 |
61,664 |
0% |
(7%) |
||||||
Corporate1 |
(48,027) |
(18,434) |
(114,675) |
(20,267) |
58% |
9% |
||||||
Operating income |
$ 69,369 |
$ 119,255 |
$ 9,811 |
$ 122,591 |
607% |
(3%) |
||||||
Year Ended May 31, |
||||||||||||
2013 |
2012 |
% Change |
||||||||||
GAAP |
Cash Earnings |
GAAP |
Cash Earnings |
GAAP |
Cash Earnings |
|||||||
Revenues: |
||||||||||||
|
|
|
|
|
13% |
13% |
||||||
|
311,000 |
311,000 |
332,434 |
332,434 |
(6%) |
(6%) |
||||||
|
1,705,675 |
1,705,675 |
1,567,252 |
1,567,252 |
9% |
9% |
||||||
|
522,593 |
522,593 |
489,300 |
489,300 |
7% |
7% |
||||||
|
147,655 |
147,655 |
147,295 |
147,295 |
0% |
0% |
||||||
International merchant services |
670,248 |
670,248 |
636,595 |
636,595 |
5% |
5% |
||||||
Total revenues |
|
|
|
|
8% |
8% |
||||||
Operating income (loss) for segments: |
||||||||||||
|
$ 258,910 |
$ 288,162 |
$ 281,305 |
$ 295,003 |
(8%) |
(2%) |
||||||
International merchant services |
211,242 |
245,279 |
196,137 |
238,487 |
8% |
3% |
||||||
Corporate1 |
(112,939) |
(74,979) |
(170,093) |
(75,685) |
34% |
1% |
||||||
Operating income |
$ 357,213 |
$ 458,462 |
$ 307,349 |
$ 457,805 |
16% |
0% |
||||||
1GAAP results include data intrusion charges of |
||||||||||||
See Schedule 8 for 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 |
$ 680,470 |
$ 781,275 |
||
Accounts receivable, net of allowances for doubtful accounts of |
189,435 |
182,962 |
||
Claims receivable, net of allowance for losses of |
1,156 |
1,029 |
||
Settlement processing assets |
259,204 |
217,994 |
||
Inventory |
11,057 |
9,864 |
||
Deferred income taxes |
6,485 |
21,969 |
||
Prepaid expenses and other current assets |
66,685 |
33,646 |
||
Total current assets |
1,214,492 |
1,248,739 |
||
Goodwill |
1,044,222 |
724,687 |
||
Other intangible assets, net of accumulated amortization of |
400,848 |
290,188 |
||
Property and equipment, net of accumulated depreciation of |
348,064 |
305,848 |
||
Deferred income taxes |
95,178 |
97,235 |
||
Other |
22,252 |
21,446 |
||
Total assets |
$ 3,125,056 |
$ 2,688,143 |
||
Liabilities and Equity |
||||
Current liabilities: |
||||
Lines of credit |
$ 187,461 |
$ 215,391 |
||
Current portion of long-term debt |
72,335 |
76,420 |
||
Accounts payable and accrued liabilities |
262,890 |
316,313 |
||
Settlement processing obligations |
162,558 |
216,878 |
||
Income taxes payable |
18,870 |
12,283 |
||
Total current liabilities |
704,114 |
837,285 |
||
Long-term debt |
891,134 |
236,565 |
||
Deferred income taxes |
170,723 |
106,644 |
||
Other long-term liabilities |
72,478 |
62,306 |
||
Total liabilities |
1,838,449 |
1,242,800 |
||
Commitments and contingencies |
||||
Redeemable noncontrolling interest |
- |
144,422 |
||
Equity: |
||||
Preferred stock, no par value; 5,000,000 shares authorized and none issued |
- |
- |
||
Common stock, no par value; 200,000,000 shares authorized; 75,426,099 and |
||||
78,551,297 issued and outstanding at |
||||
Paid-in capital |
202,396 |
358,728 |
||
Retained earnings |
958,751 |
843,456 |
||
Accumulated other comprehensive loss |
(15,062) |
(30,000) |
||
Total Global Payments shareholders' equity |
1,146,085 |
1,172,184 |
||
Noncontrolling interest |
140,522 |
128,737 |
||
Total equity |
1,286,607 |
1,300,921 |
||
Total liabilities and equity |
$ 3,125,056 |
$ 2,688,143 |
SCHEDULE 5 |
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
|
|||||||
(In thousands) |
|||||||
Year Ended |
|||||||
2013 |
2012 |
||||||
Cash flows from operating activities: |
|||||||
Net income |
$ 238,713 |
$ 217,566 |
|||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|||||||
Depreciation and amortization of property and equipment |
55,023 |
48,403 |
|||||
Amortization of acquired intangibles |
56,765 |
50,696 |
|||||
Share-based compensation expense |
18,427 |
16,391 |
|||||
Provision for operating losses and bad debts |
21,659 |
22,417 |
|||||
Deferred income taxes |
33,112 |
(19,498) |
|||||
Other, net |
(4,878) |
(2,775) |
|||||
Changes in operating assets and liabilities, net of the effects of acquisitions: |
|||||||
Accounts receivable |
(5,458) |
(16,422) |
|||||
Claims receivable |
(11,858) |
(13,519) |
|||||
Settlement processing assets and obligations, net |
(104,007) |
(568,335) |
|||||
Inventory |
(1,187) |
(2,394) |
|||||
Prepaid expenses and other assets |
(22,978) |
3,511 |
|||||
Accounts payable and other accrued liabilities |
(39,374) |
85,875 |
|||||
Income taxes payable |
6,587 |
4,609 |
|||||
Net cash provided by (used in) operating activities |
240,546 |
(173,475) |
|||||
Cash flows from investing activities: |
|||||||
Business, intangible and other asset acquisitions, net of cash acquired |
(434,016) |
(44,274) |
|||||
Capital expenditures |
(98,590) |
(109,876) |
|||||
Net decrease in financing receivables |
2,812 |
2,565 |
|||||
Proceeds from sale of investment and contractual rights |
1,227 |
1,152 |
|||||
Net cash used in investing activities |
(528,567) |
(150,433) |
|||||
Cash flows from financing activities: |
|||||||
Net payments on short-term lines of credit |
(27,930) |
(55,354) |
|||||
Proceeds from issuance of long-term debt |
1,135,327 |
146,374 |
|||||
Principal payments under long-term debt |
(482,349) |
(184,235) |
|||||
Acquisition of redeemable noncontrolling interest |
(242,000) |
- |
|||||
Payment of debt issuance cost |
(3,987) |
- |
|||||
Proceeds from stock issued under employee stock plans |
10,543 |
11,446 |
|||||
Common stock repurchased - share-based compensation plans |
(10,244) |
(4,861) |
|||||
Repurchase of common stock |
(175,297) |
(99,604) |
|||||
Tax benefit from employee share-based compensation |
1,863 |
1,441 |
|||||
Distribution to noncontrolling interests |
(16,206) |
(27,082) |
|||||
Dividends paid |
(6,198) |
(6,311) |
|||||
Net cash provided by (used in) financing activities |
183,522 |
(218,186) |
|||||
Effect of exchange rate changes on cash |
3,694 |
(30,916) |
|||||
(Decrease) increase in cash and cash equivalents |
(100,805) |
(573,010) |
|||||
Cash and cash equivalents, beginning of period |
781,275 |
1,354,285 |
|||||
Cash and cash equivalents, end of period |
$ 680,470 |
$ 781,275 |
SCHEDULE 6 |
||||||||||
RECONCILIATION OF QUARTERLY CASH EARNINGS ATTRIBUTABLE TO GLOBAL PAYMENTS TO GAAP |
||||||||||
|
||||||||||
(In thousands, except per share data) |
||||||||||
Three Months Ended |
||||||||||
GAAP |
Processing System Intrusion |
Other1 |
Cash Earnings Adjustments2 |
Cash Earnings |
||||||
Revenues |
$ 618,352 |
$ - |
$ - |
$ - |
$ 618,352 |
|||||
Operating expenses: |
||||||||||
Cost of service |
229,951 |
- |
(1,197) |
(14,674) |
214,080 |
|||||
Sales, general and administrative |
290,568 |
- |
(5,551) |
- |
285,017 |
|||||
Processing system intrusion |
28,464 |
(28,464) |
- |
- |
- |
|||||
548,983 |
(28,464) |
(6,748) |
(14,674) |
499,097 |
||||||
Operating income |
69,369 |
28,464 |
6,748 |
14,674 |
119,255 |
|||||
Other income (expense): |
||||||||||
Interest and other income |
3,647 |
- |
- |
- |
3,647 |
|||||
Interest and other expense |
(8,065) |
- |
- |
- |
(8,065) |
|||||
(4,418) |
- |
- |
- |
(4,418) |
||||||
Income before income taxes |
64,951 |
28,464 |
6,748 |
14,674 |
114,837 |
|||||
Provision for income taxes |
(18,585) |
(8,865) |
(1,053) |
(4,190) |
(32,693) |
|||||
Net income |
46,366 |
19,599 |
5,695 |
10,484 |
82,144 |
|||||
Less: Net income attributable to noncontrolling interests, net of tax |
(5,561) |
- |
- |
(1,481) |
(7,042) |
|||||
Net income attributable to |
$ 40,805 |
$ 19,599 |
$ 5,695 |
$ 9,003 |
$ 75,102 |
|||||
Diluted shares |
76,651 |
76,651 |
||||||||
Diluted earnings per share |
$ 0.53 |
$ 0.26 |
$ 0.07 |
$ 0.12 |
$ 0.98 |
|||||
Three Months Ended |
||||||||||
GAAP |
Processing System Intrusion |
Other1 |
Cash Earnings Adjustments2 |
Cash Earnings |
||||||
Revenues |
$ 597,032 |
$ - |
$ - |
$ - |
$ 597,032 |
|||||
Operating expenses: |
||||||||||
Cost of service |
213,071 |
- |
- |
(13,020) |
200,051 |
|||||
Sales, general and administrative |
289,712 |
- |
(15,322) |
- |
274,390 |
|||||
Processing system intrusion |
84,438 |
(84,438) |
- |
- |
- |
|||||
587,221 |
(84,438) |
(15,322) |
(13,020) |
474,441 |
||||||
Operating income |
9,811 |
84,438 |
15,322 |
13,020 |
122,591 |
|||||
Other income (expense): |
||||||||||
Interest and other income |
2,818 |
- |
- |
- |
2,818 |
|||||
Interest and other expense |
(4,185) |
- |
- |
- |
(4,185) |
|||||
(1,367) |
- |
- |
- |
(1,367) |
||||||
Income before income taxes |
8,444 |
84,438 |
15,322 |
13,020 |
121,224 |
|||||
Benefit (provision) for income taxes |
3,202 |
(30,666) |
(5,034) |
(3,820) |
(36,318) |
|||||
Net income |
11,646 |
53,772 |
10,288 |
9,200 |
84,906 |
|||||
Less: Net income attributable to noncontrolling interests, net of tax |
(6,560) |
- |
- |
(1,877) |
(8,437) |
|||||
Net income attributable to |
$ 5,086 |
$ 53,772 |
$ 10,288 |
$ 7,323 |
$ 76,469 |
|||||
Diluted shares |
79,192 |
79,192 |
||||||||
Diluted earnings per share |
$ 0.06 |
$ 0.68 |
$ 0.13 |
$ 0.10 |
$ 0.97 |
|||||
1Represents one-time charges primarily related to employee termination benefits and certain contract settlement and related costs. |
||||||||||
2Represents adjustments to cost of service to exclude acquisition intangible amortization expense from net income and the related income tax benefit. |
||||||||||
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 YEAR TO DATE CASH EARNINGS ATTRIBUTABLE TO GLOBAL PAYMENTS TO GAAP |
||||||||||
|
||||||||||
(In thousands, except per share data) |
||||||||||
Year Ended |
||||||||||
GAAP |
Processing System Intrusion |
Other1 |
Cash Earnings Adjustments2 |
Cash Earnings |
||||||
Revenues |
$ 2,375,923 |
$ - |
$ - |
$ - |
$ 2,375,923 |
|||||
Operating expenses: |
||||||||||
Cost of service |
862,075 |
- |
(1,358) |
(56,765) |
803,952 |
|||||
Sales, general and administrative |
1,119,860 |
- |
(6,351) |
- |
1,113,509 |
|||||
Processing system intrusion |
36,775 |
(36,775) |
- |
- |
- |
|||||
2,018,710 |
(36,775) |
(7,709) |
(56,765) |
1,917,461 |
||||||
Operating income |
357,213 |
36,775 |
7,709 |
56,765 |
458,462 |
|||||
Other income (expense): |
||||||||||
Interest and other income |
10,353 |
- |
- |
- |
10,353 |
|||||
Interest and other expense |
(33,282) |
- |
8,383 |
- |
(24,899) |
|||||
(22,929) |
- |
8,383 |
- |
(14,546) |
||||||
Income before income taxes |
334,284 |
36,775 |
16,092 |
56,765 |
443,916 |
|||||
Provision for income taxes |
(95,571) |
(11,913) |
(2,586) |
(16,224) |
(126,294) |
|||||
Net income |
238,713 |
24,862 |
13,506 |
40,541 |
317,622 |
|||||
Less: Net income attributable to noncontrolling interests, net of tax |
(22,588) |
- |
(3,594) |
(6,024) |
(32,206) |
|||||
Net income attributable to |
$ 216,125 |
$ 24,862 |
$ 9,912 |
$ 34,517 |
$ 285,416 |
|||||
Diluted shares |
78,227 |
78,227 |
||||||||
Diluted earnings per share |
$ 2.76 |
$ 0.32 |
$ 0.13 |
$ 0.44 |
$ 3.65 |
|||||
Year Ended |
||||||||||
GAAP |
Processing System Intrusion |
Other1 |
Cash Earnings Adjustments2 |
Cash Earnings |
||||||
Revenues |
$ 2,203,847 |
$ - |
$ - |
$ - |
$ 2,203,847 |
|||||
Operating expenses: |
||||||||||
Cost of service |
784,756 |
- |
- |
(50,696) |
734,060 |
|||||
Sales, general and administrative |
1,027,304 |
- |
(15,322) |
- |
1,011,982 |
|||||
Processing system intrusion |
84,438 |
(84,438) |
- |
- |
- |
|||||
1,896,498 |
(84,438) |
(15,322) |
(50,696) |
1,746,042 |
||||||
Operating income |
307,349 |
84,438 |
15,322 |
50,696 |
457,805 |
|||||
Other income (expense): |
||||||||||
Interest and other income |
9,946 |
- |
- |
- |
9,946 |
|||||
Interest and other expense |
(16,848) |
- |
- |
- |
(16,848) |
|||||
(6,902) |
- |
- |
- |
(6,902) |
||||||
Income before income taxes |
300,447 |
84,438 |
15,322 |
50,696 |
450,903 |
|||||
Provision for income taxes |
(82,881) |
(30,640) |
(5,034) |
(14,900) |
(133,455) |
|||||
Net income |
217,566 |
53,798 |
10,288 |
35,796 |
317,448 |
|||||
Less: Net income attributable to noncontrolling interests, net of tax |
(29,405) |
- |
- |
(7,788) |
(37,193) |
|||||
Net income attributable to |
$ 188,161 |
$ 53,798 |
$ 10,288 |
$ 28,008 |
$ 280,255 |
|||||
Diluted shares |
79,431 |
79,431 |
||||||||
Diluted earnings per share |
$ 2.37 |
$ 0.68 |
$ 0.13 |
$ 0.35 |
$ 3.53 |
|||||
1Represents one-time charges primarily related to employee termination benefits and certain contract settlement and related costs. |
||||||||||
2Represents adjustments to cost of service to exclude acquisition intangible amortization expense from net income and the related income tax benefit. |
||||||||||
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 8 |
||||||||||||||||||||||
RECONCILIATION OF CASH EARNINGS SEGMENT INFORMATION TO GAAP |
||||||||||||||||||||||
|
||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||
Three Months Ended May 31, |
||||||||||||||||||||||
2013 |
2012 |
|||||||||||||||||||||
GAAP |
Processing System Intrusion |
Other1 |
Cash |
Cash Earnings |
GAAP |
Processing System Intrusion |
Other1 |
Cash |
Cash Earnings |
|||||||||||||
Revenues: |
||||||||||||||||||||||
|
$ 372,425 |
$ - |
$ - |
$ - |
$ 372,425 |
$ 351,872 |
$ - |
$ - |
$ - |
$ 351,872 |
||||||||||||
|
77,115 |
- |
- |
- |
77,115 |
79,015 |
- |
- |
- |
79,015 |
||||||||||||
|
449,540 |
- |
- |
- |
449,540 |
430,887 |
- |
- |
- |
430,887 |
||||||||||||
|
132,217 |
- |
- |
- |
132,217 |
128,521 |
- |
- |
- |
128,521 |
||||||||||||
|
36,595 |
- |
- |
- |
36,595 |
37,624 |
- |
- |
- |
37,624 |
||||||||||||
International merchant services |
168,812 |
- |
- |
- |
168,812 |
166,145 |
- |
- |
- |
166,145 |
||||||||||||
Total revenues |
$ 618,352 |
$ - |
$ - |
$ - |
$ 618,352 |
$ 597,032 |
$ - |
$ - |
$ - |
$ 597,032 |
||||||||||||
Operating income: |
||||||||||||||||||||||
|
$ 69,101 |
$ - |
$ 4,688 |
$ 6,440 |
$ 80,229 |
$ 76,412 |
$ - |
$ 1,538 |
$ 3,244 |
$ 81,194 |
||||||||||||
International merchant services |
48,295 |
53 |
878 |
8,234 |
57,460 |
48,074 |
- |
3,814 |
9,776 |
61,664 |
||||||||||||
Corporate |
(48,027) |
28,411 |
1,182 |
- |
(18,434) |
(114,675) |
84,438 |
9,970 |
- |
(20,267) |
||||||||||||
Operating income |
$ 69,369 |
$ 28,464 |
$ 6,748 |
$ 14,674 |
$ 119,255 |
$ 9,811 |
$ 84,438 |
$ 15,322 |
$ 13,020 |
$ 122,591 |
||||||||||||
Year Ended May 31, |
||||||||||||||||||||||
2013 |
2012 |
|||||||||||||||||||||
GAAP |
Processing System Intrusion |
Other1 |
Cash |
Cash Earnings |
GAAP |
Processing System Intrusion |
Other1 |
Cash |
Cash Earnings |
|||||||||||||
Revenues: |
||||||||||||||||||||||
|
$ 1,394,675 |
$ - |
$ - |
$ - |
$ 1,394,675 |
$ 1,234,818 |
$ - |
$ - |
$ - |
$ 1,234,818 |
||||||||||||
|
311,000 |
- |
- |
- |
311,000 |
332,434 |
- |
- |
- |
332,434 |
||||||||||||
|
1,705,675 |
- |
- |
- |
1,705,675 |
1,567,252 |
- |
- |
- |
1,567,252 |
||||||||||||
|
522,593 |
- |
- |
- |
522,593 |
489,300 |
- |
- |
- |
489,300 |
||||||||||||
|
147,655 |
- |
- |
- |
147,655 |
147,295 |
- |
- |
- |
147,295 |
||||||||||||
International merchant services |
670,248 |
- |
- |
- |
670,248 |
636,595 |
- |
- |
- |
636,595 |
||||||||||||
Total revenues |
$ 2,375,923 |
$ - |
$ - |
$ - |
$ 2,375,923 |
$ 2,203,847 |
$ - |
$ - |
$ - |
$ 2,203,847 |
||||||||||||
Operating income (loss) for segments: |
||||||||||||||||||||||
|
$ 258,910 |
$ - |
$ 5,593 |
$ 23,659 |
$ 288,162 |
$ 281,305 |
$ - |
$ 1,538 |
$ 12,160 |
$ 295,003 |
||||||||||||
International merchant services |
211,242 |
53 |
878 |
33,106 |
245,279 |
196,137 |
- |
3,814 |
38,536 |
238,487 |
||||||||||||
Corporate |
(112,939) |
36,722 |
1,238 |
- |
(74,979) |
(170,093) |
84,438 |
9,970 |
- |
(75,685) |
||||||||||||
Operating income |
$ 357,213 |
$ 36,775 |
$ 7,709 |
$ 56,765 |
$ 458,462 |
$ 307,349 |
$ 84,438 |
$ 15,322 |
$ 50,696 |
$ 457,805 |
||||||||||||
1Represents one-time charges primarily related to employee termination benefits and certain contract settlement and related costs. |
||||||||||||||||||||||
2 Represents acquisition intangible amortization expense. |
SCHEDULE 9 |
|||||||
OUTLOOK SUMMARY |
|||||||
|
|||||||
(In millions, except per share data) |
|||||||
Fiscal 2013 Actual |
Fiscal 2014 Outlook |
% Change FY13 |
|||||
Revenue Outlook |
|||||||
Total Revenues |
|
|
6% to 8% |
||||
EPS Outlook |
|||||||
Cash EPS |
$ 3.65 |
|
8% to 10% |
||||
Acquisition-related intangibles assets, non-recurring items and |
|||||||
processing system intrusion 1 |
(0.89) |
( |
35% |
||||
GAAP Diluted EPS |
$ 2.76 |
$3.35 to |
21% to 24% |
||||
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 on a "cash earnings" basis in this earnings release as a measure to help evaluate performance. We calculated income and earnings per share on a cash basis by excluding costs related to the processing system intrusion, acquisition intangible amortization and one-time charges related to employee termination benefits and certain contract settlement and related costs. We exclude these charges in order to more clearly focus on the factors we believe are pertinent to the daily management of our operations. Our income and earnings per share reported on a cash earnings basis should be considered in addition to, and not as a substitute for, income and earnings per share determined in accordance with GAAP. Our measures of income and earnings per share on a cash earnings basis reflect management's judgment of particular items, and may not be comparable to similarly titled measures reported by other companies. |
|||||||
1 Fiscal 2014 reflects |
SOURCE
News Provided by Acquire Media