Exhibit 99.1

 

 

Picture 6

 

Picture 7

 

 

 

 

Picture 1

 

 

 

 

 

 

TSYS Reports Fourth Quarter and Full Year Earnings

Provides 2018 Outlook for Revenues and Earnings per Share

 

Columbus, Ga., January 23, 2018 —  TSYS (NYSE: TSS) today reported results for the fourth quarter and full year of 2017.

“2017 proved to be a truly exceptional year for our company. We delivered outstanding financial results, continued to expand our merchant business with the Cayan acquisition announcement and finished the year having met or exceeded our goals,” said M. Troy Woods, chairman, president and chief executive officer of TSYS.

 

Highlights for the fourth quarter of 2017 vs. 2016:

·

Total revenues were $1.3 billion, an increase of 12.5%.

·

Net revenue (non-GAAP), which excludes reimbursable items, interchange and payment network fees, was $870.6 million, an increase of 10.8%.

·

Net income attributable to TSYS common shareholders was $242.2 million, an increase of 227.5%, which includes $135.9 million of tax benefit from the Tax Cuts and Jobs Act.  Diluted EPS were $1.31, an increase of 227.4%.

·

Adjusted earnings (non-GAAP) were $151.0 million, an increase of 16.5%. Adjusted diluted EPS (non-GAAP) were $0.82, an increase of 16.5%.

·

Adjusted EBITDA (non-GAAP) was $293.3 million, an increase of 10.0%.

·

3.45 million shares were purchased for $255.0 million.


 

Page 2 of 15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Highlights for the full year of 2017 vs. 2016:

·

Total revenues were $4.9 billion, an increase of 18.2%.

·

Net revenue (non-GAAP), which excludes reimbursable items, interchange and payment network fees, was $3.4 billion, an increase of 11.8%.

·

Net income attributable to TSYS common shareholders was $586.2 million, an increase of 83.4%, which includes $135.9 million of tax benefit from the Tax Cuts and Jobs Act.  Diluted EPS were $3.16, an increase of 82.4%.

·

Adjusted earnings (non-GAAP) were $624.2 million, an increase of 20.9%. Adjusted diluted EPS (non-GAAP) were $3.37, an increase of 20.2%.

·

Adjusted EBITDA (non-GAAP) was $1.2 billion, an increase of 15.1%.

·

3.85 million shares were purchased for $282.6 million.

·

Debt was reduced by $400 million and totaled $800 million over the past two years.

 

 

“We expect the momentum of 2017 to carry over into 2018. We are projecting strong organic revenue growth as we remain laser focused on executing on our strategic plan and delivering outstanding results,” said Woods.

 

2018 Outlook

On January 1, 2018, TSYS adopted Accounting Standards Codification (ASC) 606 “Revenue from Contracts with Customers” using the modified retrospective transition method. The 2018 guidance is below and includes the expected impact of the adoption of the new revenue standard, the expected impact of the acquisition of Cayan, the expected impact of the new tax law (the Tax Cuts and Jobs Act) and the expected effective date of October 2018 of the prepaid rules by the Consumer Financial Protection Bureau.

 

 


 

Page 3 of 15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018 Financial

 

 

 

 

(in millions, except per share amounts)

 

 

 

Outlook Range(1)

 

Percent Change

Revenue:

 

 

 

 

 

 

 

 

 

 

 

Total revenues (GAAP)

 

 

$

3,850

to

$

3,950

 

(22%)

to

(20%)

Net revenue (non-GAAP)

 

 

$

3,650

to

$

3,750

 

7%

to

10%

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS (GAAP)

 

 

$

2.85

to

$

2.95

 

(10%)

to

(7%)

Adjusted diluted EPS attributable to TSYS common shareholders (non-GAAP)

 

 

$

4.10

to

$

4.20

 

22%

to

25%

 Weighted average diluted shares outstanding

 

 

 

 

184

 

 

 

 

 

 

 

 

(1)

The estimated impact of the adoption of ASC 606 on TSYS’ 2018 Outlook is as follows:

 

 

 

 

Total revenues

($1,600)

to

($1,575)

Net revenue

($62)

to

($69)

Diluted EPS

($0.04)

to

($0.03)

Adjusted diluted EPS

($0.04)

to

($0.03)

 

 

The most significant impact of adopting ASC 606 in 2018 is primarily the result of gross versus net presentation of interchange and payment network fees. In 2018, these fees collected on behalf of the payment networks and card issuers will be presented “net” of the amounts paid to them, as opposed to the “gross” presentation for certain of these fees in 2017.

 

 

Conference Call

TSYS will host its quarterly conference call at 5:00 p.m. ET on Tuesday, January 23. The conference call can be accessed via simultaneous Internet broadcast on the “Investor Relations” section of TSYS’ website at investors.tsys.com where an accompanying slide presentation will also be available. The replay will be archived for 12 months and will be available approximately 30 minutes after the completion of the call.

 

Non-GAAP Measures

This press release contains information prepared in conformity with GAAP as well as non-GAAP information. It is management’s intent to provide non-GAAP financial information to enhance understanding of its consolidated financial information as prepared in accordance with GAAP. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure and the most directly comparable GAAP financial measure are presented so as not to imply that more emphasis should be placed on the non-GAAP measure. The non-GAAP financial information presented may be determined or calculated differently by other companies.

 


 

Page 4 of 15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional information about non-GAAP financial measures, including, but not limited to, net revenue, adjusted earnings, adjusted EBITDA and adjusted diluted EPS, and a reconciliation of those measures to the most directly comparable GAAP measures is included on pages 12 to 15 in the financial schedules of this release.

 

About TSYS

TSYS® (NYSE: TSS) is a leading global payments provider, offering seamless, secure and innovative solutions across the payments spectrum — from issuer processing and merchant acquiring to prepaid program management. We succeed because we put people, and their needs, at the heart of every decision. It’s an approach we call ‘People-Centered Payments®’.

Our headquarters are located in Columbus, Ga., U.S.A., with approximately 11,800 team members and local offices spread across 13 countries. TSYS generated revenue of $4.9 billion in 2017. We are a member of The Civic 50 and were named one of the 2017 World's Most Ethical Companies by Ethisphere magazine. TSYS is a member of the S&P 500 and routinely posts all important information on its website. For more, visit tsys.com.

 

 

Forward-Looking Statements

This press release contains “forward-looking statements” – that is, statements related to future, not past, events. Forward-looking statements often address our expected future business and financial performance and often contain words such as “expect,” “anticipate,” “intend,” “believe,” “should,” “plan,” “potential,” “will,” “could,” and similar expressions. These forward-looking statements include, among others, statements regarding the expectation that the momentum of 2017 will carry over into 2018, the projected strong organic revenue growth and TSYS’ earnings guidance for 2018 total revenues, net revenue, diluted EPS and adjusted diluted EPS, and the assumptions underlying such statements, including with respect to TSYS’ earnings guidance for 2018 set forth under the caption “2018 Outlook” above. These statements are based on the current beliefs and expectations of TSYS’ management, are based on management’s assumptions and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking statements. A number of important factors could cause actual results or events to differ materially from those contemplated by our forward-looking statements in this press release. Many of these factors are beyond TSYS’ ability to control or predict. These factors include, but are not limited to, the material breach of security of any of TSYS’ systems; TSYS’ ability to integrate acquisitions and achieve the anticipated growth opportunities and other benefits of the acquisitions, particularly the recently completed Cayan acquisition; the effect of current domestic and worldwide economic conditions; risks associated with foreign operations, including adverse developments with respect to foreign currency exchange rates, and in particular with respect to the current environment, adverse developments with respect to foreign currency exchange rates as a result of the United Kingdom’s decision to leave the European Union (Brexit); expenses incurred associated with the signing of a significant client; TSYS does not convert clients’ portfolios as scheduled; the deconversion of a significant client; changes occur in laws, rules, regulations, credit card association rules, prepaid industry rules or other industry standards affecting TSYS and our clients that may result in costly new compliance burdens on TSYS and our clients and lead to a decrease in the

 


 

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volume and/or number of transactions processed or limit the types and amounts of fees that can be charged to customers, and in particular the CFPB’s new rule regarding prepaid financial products, including its effective date; the costs and effects of litigation, investigations or similar matters or adverse facts and developments relating thereto; adverse developments with respect to the payment card industry in general, including a decline in the use of cards as a payment mechanism; and growth rates of TSYS’ existing clients are lower than anticipated or attrition rates of existing clients are higher than anticipated. Additional risks and other factors that could cause actual results or events to differ materially from those contemplated in this release can be found in TSYS’ filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. TSYS disclaims any obligation to update any forward-looking statements as a result of new information, future developments or otherwise except as required by law.

 

 

Contacts:

Cyle Mims

TSYS Media Relations

+1.706.644.3110

cylemims@tsys.com

 

Shawn Roberts

TSYS Investor Relations

+1.706.644.6081

shawnroberts@tsys.com

- more -

 

 

 


 

TSYS Announces Fourth Quarter 2017 Earnings

Page 6 of 15

 

 

 

TSYS

Financial Highlights

(unaudited)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

 

 

 

 

Percent

 

 

 

 

 

 

 

Percent

 

 

  

2017

  

2016

  

Change

    

 

2017

  

2016

  

Change

 

Total revenues

 

$

1,273,289

 

1,132,224

 

12.5

 

$

4,927,965

 

4,170,077

 

18.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services

 

 

939,106

 

826,332

 

13.6

 

 

 

3,577,320

 

2,993,062

 

19.5

 

Selling, general and administrative expenses

 

 

160,262

 

175,345

 

(8.6)

 

 

 

616,601

 

603,633

 

2.1

 

Total expenses

 

 

1,099,368

 

1,001,677

 

9.8

 

 

 

4,193,921

 

3,596,695

 

16.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

173,921

 

130,547

 

33.2

 

 

 

734,044

 

573,382

 

28.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonoperating expenses*

 

 

(27,702)

 

(30,125)

 

8.0

 

 

 

(116,482)

 

(112,350)

 

(3.7)

 

Income before income taxes and equity in income of equity investments

 

 

146,219

 

100,422

 

45.6

 

 

 

617,562

 

461,032

 

34.0

 

Income tax (benefit)/expense

 

 

(88,039)

 

33,209

 

nm

 

 

 

65,878

 

161,175

 

(59.1)

 

Income before equity in income of equity investments

 

 

234,258

 

67,213

 

nm

 

 

 

551,684

 

299,857

 

84.0

 

Equity in income of equity investments, net of tax*

 

 

9,613

 

7,162

 

34.2

 

 

 

40,532

 

26,115

 

55.2

 

Net income

 

 

243,871

 

74,375

 

nm

 

 

 

592,216

 

325,972

 

81.7

 

Net income attributable to noncontrolling interests

 

 

(1,663)

 

(425)

 

nm

 

 

 

(6,031)

 

(6,334)

 

4.8

 

Net income attributable to TSYS common shareholders

 

$

242,208

 

73,950

 

nm

%  

 

$

586,185

 

319,638

 

83.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share (EPS):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

$

1.33

 

0.40

 

nm

%  

 

$

3.19

 

1.74

 

83.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

 

$

1.31

 

0.40

 

nm

%  

 

$

3.16

 

1.73

 

82.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(includes participating securities)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

182,661

 

183,665

 

 

 

 

 

183,745

 

183,655

 

 

 

Diluted

 

 

184,639

 

184,533

 

 

 

 

 

185,430

 

184,448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share

 

$

0.13

 

0.10

 

30.0

%  

 

$

0.46

 

0.40

 

15.0

%  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP measures:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue

 

$

870,613

 

785,709

 

10.8

%  

 

$

3,400,332

 

3,041,876

 

11.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

293,277

 

266,547

 

10.0

%  

 

$

1,197,673

 

1,040,551

 

15.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted earnings

 

$

151,036

 

129,620

 

16.5

%  

 

$

624,183

 

516,419

 

20.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted diluted EPS

 

$

0.82

 

0.70

 

16.5

%  

 

$

3.37

 

2.80

 

20.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*   Certain prior year amounts have been reclassified between nonoperating expenses and equity in income of equity investments, net of tax.

**  See reconciliation of non-GAAP measures.

 

nm = not meaningful

 

- more  -

 


 

TSYS Announces Fourth Quarter 2017 Earnings

Page 7 of 15

 

 

 

TSYS

Segment Breakdown

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

 

 

 

 

 

Change

 

 

 

 

 

 

Change

 

 

    

2017

    

2016

    

$

    

%

    

2017

    

2016

    

$

    

%

 

Adjusted operating income by segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuer Solutions (a)

 

$

145,671

 

132,506

 

13,165

 

9.9

%  

$

574,580

 

525,025

 

49,555

 

9.4

%

Merchant Solutions (b)

 

 

94,915

 

88,539

 

6,376

 

7.2

 

 

391,466

 

307,595

 

83,871

 

27.3

 

Netspend (c)

 

 

38,831

 

34,834

 

3,997

 

11.5

 

 

182,082

 

160,371

 

21,711

 

13.5

 

Corporate admin and other

 

 

(37,395)

 

(36,166)

 

(1,229)

 

(3.4)

 

 

(148,564)

 

(135,996)

 

(12,568)

 

(9.2)

 

Adjusted segment operating income (d)

 

 

242,022

 

219,713

 

22,309

 

10.2

 

 

999,564

 

856,995

 

142,569

 

16.6

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

 

13,946

 

9,937

 

4,009

 

40.3

 

 

42,409

 

43,728

 

(1,319)

 

(3.0)

 

TransFirst and Cayan M&A and integration expenses

 

 

3,281

 

2,267

 

1,014

 

44.7

 

 

13,367

 

28,176

 

(14,809)

 

(52.6)

 

Litigation, claims, judgments or settlements

 

 

43

 

21,719

 

(21,676)

 

(99.8)

 

 

1,947

 

21,719

 

(19,772)

 

(91.0)

 

Acquisition intangible amortization

 

 

50,831

 

55,243

 

(4,412)

 

(8.0)

 

 

207,797

 

189,990

 

17,807

 

9.4

 

Operating income

 

 

173,921

 

130,547

 

43,374

 

33.2

 

 

734,044

 

573,382

 

160,662

 

28.0

 

Nonoperating expenses

 

 

(27,702)

 

(30,125)

 

2,423

 

8.0

 

 

(116,482)

 

(112,350)

 

(4,132)

 

(3.7)

 

Income before income taxes and equity in income of equity investments

 

$

146,219

 

100,422

 

45,797

 

45.6

%  

$

617,562

 

461,032

 

156,530

 

34.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue by segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuer Solutions (e)

 

$

413,869

 

380,446

 

33,423

 

8.8

%  

$

1,594,959

 

1,515,462

 

79,497

 

5.2

%

Merchant Solutions (f)

 

 

282,714

 

253,960

 

28,754

 

11.3

 

 

1,103,682

 

898,533

 

205,149

 

22.8

 

Netspend (g)

 

 

186,422

 

160,617

 

25,805

 

16.1

 

 

746,870

 

663,579

 

83,291

 

12.6

 

Segment net revenue

 

 

883,005

 

795,023

 

87,982

 

11.1

 

 

3,445,511

 

3,077,574

 

367,937

 

12.0

 

Less: Intersegment revenues

 

 

12,392

 

9,314

 

3,078

 

33.0

 

 

45,179

 

35,698

 

9,481

 

26.6

 

Net revenue (h)

 

 

870,613

 

785,709

 

84,904

 

10.8

 

 

3,400,332

 

3,041,876

 

358,456

 

11.8

 

Add: reimbursable items, interchange and payment network fees

 

 

402,676

 

346,515

 

56,161

 

16.2

 

 

1,527,633

 

1,128,201

 

399,432

 

35.4

 

Total revenues

 

$

1,273,289

 

1,132,224

 

141,065

 

12.5

%  

$

4,927,965

 

4,170,077

 

757,888

 

18.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted segment operating margin on segment net revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Issuer Solutions (a)/(e)

 

 

35.2%

 

34.8%

 

 

 

 

 

 

36.0%

 

34.6%

 

 

 

 

 

  Merchant Solutions (b)/(f)

 

 

33.6%

 

34.9%

 

 

 

 

 

 

35.5%

 

34.2%

 

 

 

 

 

  Netspend (c)/(g)

 

 

20.8%

 

21.7%

 

 

 

 

 

 

24.4%

 

24.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted segment operating margin on net revenue: (d)/(h)

 

 

27.8%

 

28.0%

 

 

 

 

 

 

29.4%

 

28.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


- more -

 

 


 

TSYS Announces Fourth Quarter 2017 Earnings

Page 8 of 15

 

 

TSYS

Segment Breakdown

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

Twelve Months Ended December 31,

 

 

 

 

 

 

 

Change

 

 

 

 

 

 

Change

 

 

    

2017

    

2016

    

$

    

%

    

 

2017

    

2016

    

$

    

%

 

Depreciation and amortization by segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuer Solutions

 

$

38,627

 

35,450

 

3,177

 

9.0

%

XX

$

147,914

 

141,309

 

6,605

 

4.7

%

Merchant Solutions

 

 

7,487

 

6,851

 

636

 

9.3

 

 

 

29,477

 

25,553

 

3,924

 

15.4

 

Netspend

 

 

3,782

 

3,667

 

115

 

3.1

 

 

 

15,838

 

13,133

 

2,705

 

20.6

 

Depreciation and amortization

 

 

49,896

 

45,968

 

3,928

 

8.5

 

 

 

193,229

 

179,995

 

13,234

 

7.4

 

Acquisition intangible amortization

 

 

50,831

 

55,243

 

(4,412)

 

(8.0)

 

 

 

207,797

 

189,990

 

17,807

 

9.4

 

Corporate admin and other

 

 

1,358

 

866

 

492

 

56.8

 

 

 

4,880

 

3,561

 

1,319

 

37.0

 

Total depreciation and amortization

 

$

102,085

 

102,077

 

 8

 

0.0

%

 

$

405,906

 

373,546

 

32,360

 

8.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment statistical data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuer Solutions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total transactions (in millions)

 

 

5,863.5

 

5,224.8

 

638.7

 

12.2

%

 

 

21,575.6

 

19,858.1

 

1,717.5

 

8.6

%

Total Accounts on file (AOF) (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

797.5

 

751.5

 

46.0

 

6.1

%

Total traditional AOF (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

571.9

 

521.8

 

50.1

 

9.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merchant Solutions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Point-of-sale transactions (in millions)

 

 

1,221.8

 

1,120.5

 

101.3

 

9.0

%

 

 

4,844.1

 

4,548.1

 

296.0

 

6.5

%

Dollar sales volume (in millions)

 

$

32,439.0

 

28,710.2

 

3,728.8

 

13.0

%

 

$

124,165.1

 

97,735.1

 

26,430.0

 

27.0

%

Segment net revenue per transaction

 

$

0.231

 

0.227

 

0.005

 

2.1

%

 

$

0.228

 

0.198

 

0.030

 

15.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Netspend

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross dollar volume (in millions)

 

$

7,579.7

 

6,579.1

 

1,000.6

 

15.2

%

 

$

32,034.8

 

28,722.3

 

3,312.5

 

11.5

%

Direct deposit 90-day active cards (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

2,395.1

 

2,136.0

 

259.1

 

12.1

%

90-day active cards (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

4,902.9

 

4,295.0

 

607.9

 

14.2

%

% of 90-day active cards with direct deposit

 

 

 

 

 

 

 

 

 

 

 

 

48.9%

 

49.7%

 

 

 

 

 


- more -

 

 


 

TSYS Announces Fourth Quarter 2017 Earnings

Page 9 of 15

 

 

TSYS

Condensed Balance Sheet

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

    

December 31, 2017

    

December 31, 2016

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

450,357

 

425,354

Accounts receivable, net

 

 

412,322

 

432,847

Other current assets

 

 

176,770

 

164,488

Total current assets

 

 

1,039,449

 

1,022,689

Goodwill

 

 

3,264,071

 

3,270,952

Software and other intangible assets, net

 

 

1,106,741

 

1,329,864

Property and equipment, net

 

 

325,218

 

282,345

Other long term assets

 

 

552,672

 

460,327

Total assets

 

$

6,288,151

 

6,366,177

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

58,191

 

38,712

Current portion of long-term borrowings, capital leases and license agreements

 

 

565,812