TSYS Analyst Day May 13, Total System Services, Inc. Proprietary. All rights reserved worldwide.
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1 TSYS Analyst Day May 13, Total System Services, Inc. Proprietary. All rights reserved worldwide.
2 Forward-Looking Statements This presentation and comments made by management contain forwardlooking statements including, among others, statements regarding the expected future operating results of TSYS. These statements are based on management s current expectations and assumptions and are subject to risks, uncertainties and changes in circumstances. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words believe, expect, anticipate, intend, plan, potential, estimate or similar expressions. Actual results may differ materially from those set forth in the forward-looking statements due to a variety of factors. More information about these risks, uncertainties and factors may be found in TSYS filings with the Securities and Exchange Commission, including its 2013 Annual Report on Form 10-K. TSYS does not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise Total System Services, Inc. Proprietary. All rights reserved worldwide.
3 Use of Non-GAAP Financial Measures This slide presentation contains certain non-gaap financial measures determined by methods other than in accordance with generally accepted accounting principles. Such non-gaap financial measures include the following: revenues before reimbursable items; operating margin excluding reimbursable items; revenues measured on a constant currency basis; free cash flow; EBITDA, adjusted EBITDA, adjusted cash earnings per share, adjusted segment operating income and adjusted segment operating margin. The most comparable GAAP measures to these measures are revenues; operating margin; revenues; cash flows from operating activities; net income; net income; earnings per share, operating income and operating margin, respectively. Management uses these non-gaap financial measures to assess the performance of TSYS core business. TSYS believes that these non-gaap financial measures provide meaningful additional information about TSYS to assist investors in evaluating TSYS operating results. These non-gaap financial measures should not be considered as a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures of other companies. The computations of the non-gaap financial measures used in this slide presentation are set forth in the Appendix to this slide presentation Total System Services, Inc. Proprietary. All rights reserved worldwide.
4 Opening Comments Philip W. Tomlinson Chairman & Chief Executive Officer 2014 Total System Services, Inc. Proprietary. All rights reserved worldwide.
5 2014 Strategic Update M. Troy Woods President & Chief Operating Officer 2014 Total System Services, Inc. Proprietary. All rights reserved worldwide.
6 Transformation Journey TSYS Revenue Mix and Customer Base Revenue Mix * North America Merchant International NetSpend 9% 91% 16% 22% 21% 21% 63% 41% 16% Type of Customers Issuers Issuers and Acquirers Issuers, Acquirers, Merchants & Consumers # of Unique Customers ~200 ~400 ~2.9 million % of Revenue from Top 25 Relationships ~80% ~65% ~49% (*) Pro forma as though NetSpend had been acquired Jan 1, 2013 and with Japan reclassified as discontinued operations Total System Services, Inc. Proprietary. All rights reserved worldwide.
7 Available Free Cash Flow Free Cash Flow Allocation: Total System Services, Inc. Proprietary. All rights reserved worldwide.
8 People- Centered Payments Total System Services, Inc. Proprietary. All rights reserved worldwide.
9 North America William A. Pruett President, North America Services 2014 Total System Services, Inc. Proprietary. All rights reserved worldwide.
10 North America Segment Overview #1 Provider of processing & related solutions to North American Consumer & Commercial credit card issuers Key offerings & Target customers Solutions for Consumer and Commercial credit card issuers 3 rd party processing Credit, debit Call center services Card & print Loyalty solutions Customers are primarily banks, retailers and credit unions Solutions for healthcare prepaid card issuers Key Metrics ~120 Unique customers 495M Accounts on file ~5,000 Team members Segment Revenue by Line of Business* 23% 4% 73% Consumer (1) Commercial (2) Other (1) Includes Credit, Debit, Retail, Prepaid & Loyalty (2) Includes Healthcare Total System Services, Inc. Proprietary. All rights reserved worldwide.
11 Our Plan to Win GROW & EXECUTE Grow and perfect our market leading position in serving credit card issuers Complete conversion pipeline flawlessly and on time Pursue new big client wins Expand our clients use of existing offerings Continue to conquer complexity and improve efficiency INNOVATE Innovate and deliver new products and solutions for our clients Anticipate our clients needs and enhance the end-user experience with innovation and new product delivery Leverage our market share and distribution channel to cross-sell NetSpend solutions DIVERSIFY Pursue new business opportunities to expand in areas that will benefit our clients Explore expansion in new value chain areas to better serve issuers Expansion in growing or underpenetrated market segments Total System Services, Inc. Proprietary. All rights reserved worldwide.
12 1Q 2014 North America Segment Highlights Improving revenue growth 6th Straight positive growth quarter Adjusted segment operating income up 8.5% Adjusted operating margin: 33.2% Chase license expiration Increased incentive pay Market salary adjustments ($ in millions) Segment Revenue* YOY Growth % $213.6 $214.5 $217.3 $223.3 $224.4 Adjusted Segment Operating Income Operating Margin* ($ in millions) $81.2 $81.3 $84.4 $87.1 $73.4 $71.5 $74.6 $68.7 $205.6 $203.5 $ % 35.2% 38.0% 33.4% 37.9% 38.9% 39.0% 33.2% 3.4% (1.3%) 1.9% 0.8% 4.4% 6.8% 4.5% 9.1% 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 (*) Revenues Before Reimbursable Items 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q Total System Services, Inc. Proprietary. All rights reserved worldwide.
13 1Q 2014 North America Segment Highlights Thirteenth straight quarter of account on file YOY growth Large account conversion pipeline Sixteenth straight quarter of transaction YOY growth Same client transactions up 12.9%: Eighteenth straight quarter of YOY growth (in millions) Accounts on File YOY Growth % (in millions) 2, ,036.6 Transaction Volume YOY Growth % 2, , , , , , % 20.9% 20.9% 16.9% 11.2% 11.6% 13.4% 17.2% * 7.2% 3.4% 5.5% 5.2% 6.3% 16.2% 16.5% 17.1% 12.1% 9.5% 12.7% 7.8% 11.5% 17.6% 13.4% 15.6% 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 (*) Growth Excluding Prepaid, Government Services and Single Use Accounts 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q Total System Services, Inc. Proprietary. All rights reserved worldwide.
14 Segment Summary Market leader Strong conversion and sales pipeline Increased acquisition activity by current clients Opportunity for growth in new and existing markets Scale and reliability Intense focus on regulation and compliance Proven secure environment Customer service Tenured executive team and staff Industry leading customer service culture Total System Services, Inc. Proprietary. All rights reserved worldwide.
15 Merchant Mark D. Pyke President, Merchant Services 2014 Total System Services, Inc. Proprietary. All rights reserved worldwide.
16 Merchant Segment Overview - A Tale of Two Cities INDIRECT 1Q2014 Revenue Mix DIRECT Business model: 3rd Party processing Customer type: Bank & Non-bank acquirers Key metrics: ~200 Customers 24 of Top 25 acquirers 4.3B Annual POS transactions Indirect 43% Direct 57% Business model: Direct acquiring Customer type: Merchants Key metrics: 375K Merchant outlets $5.3B 1Q SBS sales volume ~15% of annual POS transactions Key capabilities/ Differentiators Full spectrum of acquiring functions Scale through single platform and shared data center Self enrollment and instant enablement High growth 1099 channel Total System Services, Inc. Proprietary. All rights reserved worldwide.
17 Market Overview - U.S. Acquiring Indirect industry size $0.5B, declining ~8% TSYS market share ~40% Why we remain committed to INDIRECT: Strong margins and cash flow to fund other TSYS investments Scale of Indirect business benefits our direct business (single platform) Source of lower risk M&A candidates for our Direct business Direct industry size $12.5B, growing 5-8% TSYS #11 Based on revenue, #7 Based on merchant outlets DIRECT industry dynamics: Bundled to unbundled pricing shift New models expanding addressable market while increasing competition Product and distribution critical to success Total System Services, Inc. Proprietary. All rights reserved worldwide.
18 Our Plan to Win Become a Top 10 global acquirer Make Direct 80% of segment revenue via M&A DIRECT Expand new business generation capacity Improve sales productivity of existing channels Develop new distribution channels INDIRECT Leverage technology and operational advantages Leverage single platform to support Direct Acquiring Business Increase client share of spend PRODUCT Deliver innovative product and service offerings Launch new products to capitalize on industry trends Enable new ways to accept payments Total System Services, Inc. Proprietary. All rights reserved worldwide.
19 1Q 2014 Merchant Segment Highlights Direct revenue mix holds at 57% Direct revenues up 4.2% and Indirect revenues down 13.5% Anniversary of acquisitions Expanded CPay ownership to 75% Completed clearing & Settlement conversion Indirect 43% Direct 57% Segment Revenue by LOB ($ in millions) Indirect Direct $98 $98 $106 $109 $113 $114 $110 $104 $40 $50 $51 $57 $62 $63 $62 $59 45% 55% 26% 22% 4% Adjusted Segment Operating Income Operating Margin* ($ in millions) $38.7 $41.1 $37.7 $37.6 $41.3 $40.8 $36.0 $ % 38.2% 35.6% 34.4% 36.6% 35.9% 32.6% 28.8% $58 $58 $55 $52 $51 $51 $48 $45 (12%) (11%) (12%) (12%) (14%) 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 (*) Revenues Before Reimbursable Items Total System Services, Inc. Proprietary. All rights reserved worldwide.
20 Segment Summary Indirect Strong operating leverage with solid margins and cash flow Single, Scalable platform to power direct business Source for lower risk M&A candidates Direct Successful acquisition track record Innovative products to capitalize on industry trends Growth of Direct business via M&A to reduce drag of Indirect business Become a Top 10 global acquirer Make Direct 80% of segment revenue via M&A Total System Services, Inc. Proprietary. All rights reserved worldwide.
21 Break 2014 Total System Services, Inc. Proprietary. All rights reserved worldwide.
22 International Gaylon Jowers Jr. President, International Services 2014 Total System Services, Inc. Proprietary. All rights reserved worldwide.
23 International Segment Overview Business Model Channel for TSYS services outside North America Segment Revenue by LOB Processing, PRIME Licensing and Managed Services Customer Focus Top 100 Banks/Retailers Consumer Credit, Debit and Commercial Cards Key Metrics 14% 12% 74% Processing (74%) Licensing (14%) Managed Services (12%) 143 Clients/70+ Countries 29 Processing/114 Licensing Top 25 Clients ~ 75% of revenue 61M AOF/2B+ Transactions CUP Data ~ $10+M TSYS net income Processing/Operations scale Long-standing relationships Secure/Compliant delivery Total System Services, Inc. Proprietary. All rights reserved worldwide.
24 2014 International Segment Highlights 1Q 2014 Financial Highlights Revenue $76.8M* Up 0.5% Down 4.6% on constant currency Historical Operating Margins (Adjusted for Japan exit) % Dependable AOF growth, Despite client purging % Irish debit AOF grew by 71.2% Double-digit transaction growth of 19.3% % (Budget) Margin plan being delivered ($ in millions) $79.8 $77.3 $83.1 Segment Revenue* YOY Growth % $76.4 $76.6 $77.9 $90.6 $76.8 1Q Q 2015 New Business 3 New processing contracts signed 7 Client renewals/extensions in negotiations Reported 5.6% 1.4% 1.1% (2.6%) (4.0%) 0.7% 9.0% 0.5% 3 Major product launches/start-ups planned Constant Currency 9.6% 4.4% 0.1% (0.9%) (1.0%) 3.1% 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 (*) Revenues Before Reimbursable Items 8.6% (4.6%) 3 Conversions scheduled Solid pipeline for 2015/Beyond Total System Services, Inc. Proprietary. All rights reserved worldwide.
25 Our Plan to Win Accelerate Growth Accelerate Change TS2 Processing Managed Services PRIME Licensing Japan Prime Processing Brazil TS2 European expansion Close sub-scale platforms Enhance VAP solutions/delivery Consolidate Prime Processing Expand PRIME Licensing margins Streamline Brazil operating model CUP Data/Partnerships/M&A Sell GP Net/Japan issuing Total System Services, Inc. Proprietary. All rights reserved worldwide.
26 Segment Summary Delivering our goals Multi-year operating margin targets being met Market leader in client engagement/satisfaction Strategic focus Streamline Prime Processing solutions Enhance PRIME Licensing LOB/Margins Partnerships Extend/Leverage CUP Data capabilities Selective new partnerships/m&a opportunities to diversify Growth agenda Expand TS2 processing addressable market/pipeline Implement enterprise-level product enhancements/investments Total System Services, Inc. Proprietary. All rights reserved worldwide.
27 NetSpend Dan Henry Chief Executive Officer, NetSpend 2014 Total System Services, Inc. Proprietary. All rights reserved worldwide.
28 NetSpend Segment Overview MISSION: Empower consumers with the convenience, security and freedom to be self-banked Key offerings & Target customers Open loop GPR & Commercial prepaid 68 Million underbanked/unbanked Self-banked consumer needs Maximize dollars earned and track funds Conducting personal financial business Financial security Simplify the financial relationships Key Metrics 2M DDA (90-day) 500+ AFS distributors 66K+ Distributing merchant locations 130K+ Reload locations 1,900 Employer relationships $6.6B Gross dollar volume 1Q2014 Key capabilities & Differentiators PRODUCT DISTRIBUTION FOCUS TECHNOLOGY Total System Services, Inc. Proprietary. All rights reserved worldwide.
29 Our Plan to Win Product innovation to maintain leadership PRODUCT Mobile-friendly suite of innovative features that are easy to use Acquire customers directly through partners DISTRIBUTION Ability to buy and reload anywhere our customers shop, live, work and play Loyalty and lifecycle marketing drives retention FOCUS Higher engagement in self-service behaviors that improve product experience and money management outcomes Technology and operations enable growth TECHNOLOGY Secure, reliable and convenient access to funds Total System Services, Inc. Proprietary. All rights reserved worldwide.
30 Business Development and Synergies Update ACTIVE DIRECT DEPOSIT ACCOUNTS (DDA) 1 (in thousands) 1,321 1, F 1 Number of active cards that have had a direct deposit load in the past three months (in millions) REVENUE $430.0 $128.6 $183.2 $225.0 $275.4 $306.3 $351.3 Cross-selling pipeline showing success 75 wins from North America and Merchant existing clients F Total System Services, Inc. Proprietary. All rights reserved worldwide.
31 The NetSpend Customer LIVE SHOP WORK PAYCHECK ALTERNATIVE: AMY Saves time and money with the Skylight ONE Card Does not want a traditional checking account Portable from one employer to the next No more payday check-cashing hassles Anytime Alerts give her a sense of control Payback Rewards treats her family to meals BANK ALTERNATIVE: RON Manages daily finances and plans for the future with the NetSpend Prepaid Card Budget-conscious, savvy mobile user Tries new features, gets paid faster Anytime, anywhere access from mobile app Direct Deposit, card-to-card transfers Budgeting and savings tools for future use CASH ALTERNATIVE: CURT Pays bills with the NetSpend Prepaid Card Does not qualify for traditional checking Needs a safe place for cash between bill payments Pays for just what he needs Can find reload locations near home and job Money back for mobile top-ups Total System Services, Inc. Proprietary. All rights reserved worldwide.
32 1Q 2014 NetSpend Segment Highlights Direct deposit active cards up 21.2% Exceeded 2M for the first time in history Gross dollar volume (GDV) up 22.1% Record tax season Direct Deposit Active Cards YOY Growth % 2,070.3 Gross Dollar Volume YOY Growth % $6,567.2 (in thousands) 1,707.9 ($ in millions) $5, , , , , , % 24.8% 25.1% 66.7% 42.3% 23.8% 22.1% 21.2% $3,034.7 $3,089.8 $3,265.4 $3,947.9 $3,780.9 $3, % 17.9% 18.2% 42.8% 30.1% 22.4% 21.5% 22.1% 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q Total System Services, Inc. Proprietary. All rights reserved worldwide.
33 1Q 2014 NetSpend Segment Highlights Revenue $132.6M up 13.1% Segment Revenue by Channel QTD Added 2K retail locations Added 70+ new PayCard clients Announced PayChex and Western Union 28% 12% 52% Partner Retail Direct partnerships 8% Paycard ($ in millions) Segment Revenue YOY Growth % $132.6 ($ in millions) Adjusted Segment Operating Income* Operating Margin* $117.3 $85.3 $84.9 $ % 14.2% 16.9% 28.3% $104.9 $103.7 $ % 22.2% 16.1% 13.1% $34.6 $31.7 $28.0 $29.3 $28.7 $25.7 $24.9 $ % 29.4% 26.7% 27.9% 33.4% 30.5% 23.9% 21.7% 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 (*NOTE: Periods prior to the acquisition by TSYS have been restated ) Total System Services, Inc. Proprietary. All rights reserved worldwide.
34 Segment Summary High growth market Strong tailwinds toward electronic forms of payment Large underpenetrated and underserved market Product differentiation and diversity of distribution channels Maintaining strong market position through investment in innovative products and expanding distribution RETAIL Emerging leader in prepaid cards sold through traditional retail merchants PARTNER DIRECT COMMERCIAL Market leader in prepaid cards sold through alternative financial service providers Market leader in prepaid cards sold through online and direct channels Leading corporate payroll card provider through Skylight Visa Prepaid Card Total System Services, Inc. Proprietary. All rights reserved worldwide.
35 Questions & Answer Panel Discussion 2014 Total System Services, Inc. Proprietary. All rights reserved worldwide.
36 Closing Comments Philip W. Tomlinson Chairman & Chief Executive Officer 2014 Total System Services, Inc. Proprietary. All rights reserved worldwide.
37 2014 First Quarter Results April 22, Total System Services, Inc. Proprietary. All rights reserved worldwide.
38 Forward-Looking Statements This presentation and comments made by management contain forwardlooking statements including, among others, statements regarding the expected future operating results of TSYS. These statements are based on management s current expectations and assumptions and are subject to risks, uncertainties and changes in circumstances. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words believe, expect, anticipate, intend, plan, potential, estimate or similar expressions. Actual results may differ materially from those set forth in the forward-looking statements due to a variety of factors. More information about these risks, uncertainties and factors may be found in TSYS filings with the Securities and Exchange Commission, including its 2013 Annual Report on Form 10-K. TSYS does not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise Total System Services, Inc. Proprietary. All rights reserved worldwide.
39 Use of Non-GAAP Financial Measures This slide presentation contains certain non-gaap financial measures determined by methods other than in accordance with generally accepted accounting principles. Such non-gaap financial measures include the following: revenues before reimbursable items; operating margin excluding reimbursable items; revenues measured on a constant currency basis; free cash flow; EBITDA, adjusted EBITDA, adjusted cash earnings per share, adjusted segment operating income and adjusted segment operating margin. The most comparable GAAP measures to these measures are revenues; operating margin; revenues; cash flows from operating activities; net income; net income; earnings per share, operating income and operating margin, respectively. Management uses these non-gaap financial measures to assess the performance of TSYS core business. TSYS believes that these non-gaap financial measures provide meaningful additional information about TSYS to assist investors in evaluating TSYS operating results. These non-gaap financial measures should not be considered as a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures of other companies. The computations of the non-gaap financial measures used in this slide presentation are set forth in the Appendix to this slide presentation Total System Services, Inc. Proprietary. All rights reserved worldwide.
40 1Q 2014 North America Segment Highlights Improving Revenue Growth 6th Straight Positive Growth Quarter Adjusted Segment Operating Income Up 8.5% Adjusted Operating Margin: 33.2% Chase License Payments Expired Increased Incentive Pay Market Salary Adjustments Segment Revenue by Line of Business* 4% 23% 73% Consumer (1) Commercial (2) Other (1) Includes Credit, Debit, Retail, Prepaid & Loyalty (2) Includes Healthcare ($ in millions) Segment Revenue* YOY Growth % $213.6 $214.5 $217.3 $223.3 $224.4 Adjusted Segment Operating Income Operating Margin* ($ in millions) $81.2 $81.3 $84.4 $87.1 $73.4 $71.5 $74.6 $68.7 $205.6 $203.5 $ % 35.2% 38.0% 33.4% 37.9% 38.9% 39.0% 33.2% 3.4% (1.3%) 1.9% 0.8% 4.4% 6.8% 4.5% 9.1% 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 (*) Revenues Before Reimbursable Items 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q Total System Services, Inc. Proprietary. All rights reserved worldwide.
41 1Q 2014 North America Segment Highlights Thirteenth Straight Quarter of Account On File YOY Growth Large Account Conversion Pipeline Sixteenth Straight Quarter of Transaction YOY Growth Same Client Transactions Up 12.9%: Eighteenth Straight Quarter of YOY Growth (in millions) Accounts on File YOY Growth % (in millions) 2, ,036.6 Transaction Volume YOY Growth % 2, , , , , , % 20.9% 20.9% 16.9% 11.2% 11.6% 13.4% 17.2% * 7.2% 3.4% 5.5% 5.2% 6.3% 16.2% 16.5% 17.1% 12.1% 9.5% 12.7% 7.8% 11.5% 17.6% 13.4% 15.6% 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 (*) Growth Excluding Prepaid, Government Services and Single Use Accounts 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q Total System Services, Inc. Proprietary. All rights reserved worldwide.
42 1Q 2014 International Segment Highlights Revenue $76.8M* Up 0.5% Down 4.6% on Constant Currency Currency Tailwinds Continued Margin Improvement Focus Reemphasis on Accelerating Growth Japan Market Divestitures Segment Revenue by Region QTD 5% 6% 89% Europe MEA Rest Of World ($ in millions) $79.8 $77.3 $83.1 Segment Revenue* YOY Growth % $76.4 $76.6 $77.9 $90.6 $76.8 ($ in millions) Adjusted Segment Operating Income Operating Margin* $18.0 Reported Constant Currency 5.6% 1.4% 1.1% (2.6%) (4.0%) 0.7% 9.6% 4.4% 0.1% (0.9%) (1.0%) 3.1% 9.0% 8.6% 0.5% (4.6%) 12.2% 19.9% $9.2 $9.5 $6.8 $7.0 $7.7 $ % 8.9% 8.4% 9.0% 10.0% $ % 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 (*) Revenues Before Reimbursable Items 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 (NOTE: International numbers restated for Japan discontinued operations Total System Services, Inc. Proprietary. All rights reserved worldwide.
43 1Q 2014 International Segment Highlights Strong AOF Growth, Despite Some Client Purging Irish Debit AOF Grew By 71.2% Double-digit Transaction Growth of 19.3% Same Client Transaction Growth of 17.3% (in millions) Accounts on File YOY Growth % (in millions) Transaction Volume YOY Growth % % 5.7% 4.1% 3.7% 9.9% 12.1% 8.5% 8.9% % 15.9% 19.5% 14.2% 23.3% 26.7% 17.3% 19.3% 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q Total System Services, Inc. Proprietary. All rights reserved worldwide.
44 1Q 2014 Merchant Segment Highlights Anniversary of Acquisitions Completed Clearing and Settlement Conversion Direct Revenue Mix Holds at 57% Expanded CPAY Ownership to 75% Segment Revenue by Mix* QTD 57% 43% Direct Indirect ($ in millions) $97.7 Segment Revenue* YOY Growth % $107.8 $105.9 $109.3 $113.0 $113.6 $110.4 $104.6 ($ in millions) Adjusted Segment Operating Income Operating Margin* $38.7 $41.1 $37.7 $37.6 $41.3 $40.8 $36.0 $ % 38.2% 35.6% 34.4% 36.6% 35.9% 32.6% 28.8% 5.0% 15.6% 5.5% 11.1% 15.6% 5.4% 4.3% (4.3%) 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 (*) Revenues Before Reimbursable Items 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q Total System Services, Inc. Proprietary. All rights reserved worldwide.
45 1Q 2014 Merchant Segment Highlights Direct Revenues Up 4.2% Indirect Revenues Down 13.5% POS Transactions Increased 2.7%, Excluding Deconverted Accounts High Single-digit Direct Small Business Sales Volume Growth ($ in billions) SBS Sales Volume* YOY Growth % ($ in millions) Segment Revenue by LOB $3.8 $4.4 $4.7 $4.8 $5.3 $5.3 $5.2 $5.3 $40 $50 $51 $57 $62 $63 $62 $59 45% 55% 26% 22% 4% 12.3% 23.0% 32.2% 35.3% 40.6% 22.0% 11.1% 9.3% $58 $58 $55 $52 $51 $51 $48 $45 (12%) (11%) (12%) (12%) (14%) 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 (*) Excludes Managed Accounts 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Indirect Direct Total System Services, Inc. Proprietary. All rights reserved worldwide.
46 1Q 2014 NetSpend Segment Highlights Revenue $132.6M up 13.1% Segment Revenue by Channel QTD Added 2k Retail Locations Added 70+ New PayCard Clients Announced PayChex and Western Union 28% 12% 52% Partner Retail Direct Partnerships 8% Paycard ($ in millions) Segment Revenue YOY Growth % $132.6 ($ in millions) Adjusted Segment Operating Income* Operating Margin* $117.3 $85.3 $84.9 $ % 14.2% 16.9% 28.3% $104.9 $103.7 $ % 22.2% 16.1% 13.1% $34.6 $31.7 $28.0 $29.3 $28.7 $25.7 $24.9 $ % 29.4% 26.7% 27.9% 33.4% 30.5% 23.9% 21.7% 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 (*NOTE: Periods prior to the acquisition by TSYS have been restated ) Total System Services, Inc. Proprietary. All rights reserved worldwide.
47 1Q 2014 NetSpend Segment Highlights Direct Deposit Active Cards up 21.2% Exceeded 2M for the first time in history Gross Dollar Volume (GDV) up 22.1% Record Tax Season Direct Deposit Active Cards YOY Growth % 2,070.3 Gross Dollar Volume YOY Growth % $6,567.2 (in thousands) 1,707.9 ($ in millions) $5, , , , , , % 24.8% 25.1% 66.7% 42.3% 23.8% 22.1% 21.2% $3,034.7 $3,089.8 $3,265.4 $3,947.9 $3,780.9 $3, % 17.9% 18.2% 42.8% 30.1% 22.4% 21.5% 22.1% 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q Total System Services, Inc. Proprietary. All rights reserved worldwide.
48 Consolidated Selected Financial Highlights (in thousands, except per share data) 1 St Qtr st Qtr 2013 Percent Change Total Revenues $592,848 $448, % Revenues Before Reimbursable Items 532, , Adjusted EBITDA* 149, , Adjusted Cash EPS* from Continuing Operations $0.38 $0.38 (1.1) (*) Adjusted Cash EPS and Adjusted EBITDA definitions are contained in Appendix Total System Services, Inc. Proprietary. All rights reserved worldwide.
49 Segment Operating Margin and Consolidated Adjusted Operating Margin Three Months Ended March 31, 2014 (in thousands) Adjusted Segment Operating Income Revenues before Reimbursable Items Adjusted Operating Margin North America $74,578 $224, % International 4,555 76, % Merchant 30, , % NetSpend 28, , % Eliminations -- (5,656) Corporate administration excluding stock comp (24,144) -- Adjusted operating margin $113,874 $532, % Amortization of acquisition intangibles (24,313) NetSpend M&A expenses (1,253) Stock-based compensation (7,611) Operating income (US GAAP) $80, Total System Services, Inc. Proprietary. All rights reserved worldwide.
50 Rollforward of Quarterly Cash Balance (in millions) $500 $400 $300 Beginning Balance $248 Operating Activities $149 Cap Ex ($47) Debt Pmts ($22) Acquisition ($38) Dividends ($19) Other $3 Ending Balance $274 $200 $100 $0 12/31/2013 3/31/ Total System Services, Inc. Proprietary. All rights reserved worldwide.
51 Cash Flow Strength: 2014 TTM Consolidated Financial Highlights (in millions) $750 $675 $600 $525 $450 $375 $300 $225 $150 $75 $0 $650 $549 $363 $249 $274 Adjusted EBITDA Cash flow from operations Free cash flow Net income Ending cash TTM = Trailing Twelve Months Total System Services, Inc. Proprietary. All rights reserved worldwide.
52 2014 Revised Guidance* (in millions, except per share data) Range Range Percent Change Total Revenues $2,422 to $2, % to 20% Revenues Before Reimbursable Items $2,182 to $2,226 20% to 22% Adjusted EBITDA $732 to $746 17% to 20% Adjusted Cash EPS from continuing operations $1.90 to $ % to 12% Average Basic Weighted Shares (*) See Appendix for guidance assumptions Total System Services, Inc. Proprietary. All rights reserved worldwide.
53 Appendix 2014 Total System Services, Inc. Proprietary. All rights reserved worldwide.
54 Appendix: Non-GAAP Items Adjusted EBITDA and Adjusted Cash EPS Adjusted EBITDA is net income excluding equity in income of equity investments, nonoperating income/(expense), taxes, depreciation, amortization and stock-based compensation expenses and other non-recurring items. Adjusted cash EPS is adjusted cash earnings divided by weighted average shares outstanding used for basic EPS calculations. Adjusted cash earnings is net income excluding the after-tax impact of stock-based compensation expenses, amortization of acquisition intangibles, and other non-recurring items. Adjusted segment operating income is operating income at the segment level adjusted for acquisition intangible amortization. Adjusted segment operating margin is adjusted segment operating income divided by segment revenues before reimbursable items. The Company believes that these non-gaap financial measures it presents are useful to investors in evaluating the Company s operating performance for the following reasons: adjusted EBITDA and adjusted cash EPS are widely used by investors to measure a company s operating performance without regard to items, such as interest expense, income tax expense, depreciation and amortization, merger and acquisition expenses and employee stock-based compensation expense that can vary substantially from company to company depending upon their respective financing structures and accounting policies, the book values of their assets, their capital structures and the methods by which their assets were acquired; and securities analysts use adjusted EBITDA and adjusted cash EPS as supplemental measures to evaluate the overall operating performance of companies. By comparing the Company s adjusted EBITDA and adjusted cash EPS in different historical periods, investors can evaluate the Company s operating results without the additional variations caused by employee stock-based compensation expense, which may not be comparable from period to period due to changes in the fair market value of the Company s common stock (which is influenced by external factors like the volatility of public markets and the financial performance of the Company s peers) and is not a key measure of the Company s operations. The Company s management uses the non-gaap financial measures: as measures of operating performance, because they exclude the impact of items not directly resulting from the Company s core operations; for planning purposes, including the preparation of the Company s annual operating budget; to allocate resources to enhance the financial performance of the Company s business; to evaluate the effectiveness of the Company s business strategies; and in communications with the Company s board of directors concerning the Company s financial performance Total System Services, Inc. Proprietary. All rights reserved worldwide.
55 Appendix: Accounts on File Portfolio Summary (in millions) Mar 2014 Mar 2013 % Change Mar 2014 Dec 2013 % Change Consumer Credit Retail (0.9) Total Consumer Commercial Other Subtotal Prepaid */ Stored Value Government Services Commercial Card Single Use Total AOF (* - Prepaid does not include NetSpend accounts) Total System Services, Inc. Proprietary. All rights reserved worldwide.
56 Appendix: Non-GAAP Reconciliation Revenues Before Reimbursable Items (in thousands) Three Months Ended 03/31/14 03/31/13 Total Revenues $592,848 $448,791 Reimbursable Items 60,098 60,759 Revenues Before Reimbursable Items $532,750 $388, Total System Services, Inc. Proprietary. All rights reserved worldwide.
57 Appendix: Non-GAAP Reconciliation Adjusted Segment Operating Income and Operating Margin (in thousands) Three Months Ended 3/31/14 3/31/13 Operating income $80,697 $74,520 Add: Acquisition intangible amort 24,313 8,532 Add: Corporate admin and other 33,008 30,193 Total segment adjusted operating income $138,018 $113,245 By segment: North America services (a) $74,578 $68,748 International services (b) $4,555 $6,861 Merchant services (c) $30,168 $37,636 NetSpend (d) $28,717 $-- Total revenues $592,848 $448,791 Reimbursable items (60,098) (60,759) Total segment revenues before reimbursable items $532,750 $388,032 Intersegment revenues 5,656 3,252 By segment: North America services (e) $224,368 $205,596 International services (f) $76,773 $76,387 Merchant services (g) $104,625 $109,301 NetSpend (h) $132,640 $-- Adjusted segment operating margin: North America services (a) / (e) 33.24% 33.44% International services (b) / (f) 5.93% 8.98% Merchant services (c) / (g) 28.83% 34.43% NetSpend (d) / (h) 21.65% na Total System Services, Inc. Proprietary. All rights reserved worldwide.
58 Appendix: Non-GAAP Reconciliation Constant Currency (in thousands) Consolidated: Three Months Ended 3/31/14 3/31/13 Percentage Change Constant Currency (1) $588,485 $448, % Foreign Currency (2) 4, Total Revenues $592,848 $448, % International Services: Constant Currency (1) $78,134 $80,891 (3.4%) Foreign Currency (2) 4, Total Revenues $82,378 $80, % (1) Reflects current period results on a non-gaap basis as if foreign currency rates did not change from the comparable prior year period. (2) Reflects the impact of calculated changes in foreign currency rates from the comparable period Total System Services, Inc. Proprietary. All rights reserved worldwide.
59 Appendix: Non-GAAP Reconciliation Constant Currency (in thousands) Consolidated: Three Months Ended 3/31/14 3/31/13 Percentage Change Constant Currency (1) $528,701 $388, % Foreign Currency (2) 4, Revenues before reimbursable items $532,750 $388, % International Services: Constant Currency (1) $72,843 $76,387 (4.6%) Foreign Currency (2) 3, Revenues before reimbursable items $76,773 $76, % (1) Reflects current period results on a non-gaap basis as if foreign currency rates did not change from the comparable prior year period. (2) Reflects the impact of calculated changes in foreign currency rates from the comparable period Total System Services, Inc. Proprietary. All rights reserved worldwide.
60 Appendix: Non-GAAP Reconciliation EBITDA and Adjusted EBITDA (in thousands) Three Months Ended Mar 2014 Mar 2013 Net income : As reported (GAAP) (a) $51,625 $59,149 Adjusted for: Deduct: Income from discontinued operations (980) (15) Deduct: Equity in Income of Equity Investments (4,096) (3,817) Add: Income Taxes 24,335 17,463 Add: Nonoperating expenses 9,813 1,740 Add: Depreciation and amortization 60,035 40,852 EBITDA $140,732 $115,372 Adjust for: Add: Share-based compensation 7,611 4,593 Add: NetSpend M&A expenses 1,253 3,481 Adjusted EBITDA $149,596 $123, Total System Services, Inc. Proprietary. All rights reserved worldwide.
61 Appendix: Non-GAAP Reconciliation Adjusted Cash EPS (in thousands) Income from continuing operations available to TSYS common shareholders: Three Months Ended Mar 2014 Mar 2013 As reported (GAAP) (a) $49,321 $57,905 Adjusted for amounts attributable to TSYS common shareholders (net of taxes): Acquisition intangible amortization 15,813 5,492 Share-based compensation 5,017 3,148 Cash earnings $70,151 $66,545 NetSpend M&A expenses (nonrecurring) 1,204 5,222 Adjusted cash earnings (b) $71,355 $71,767 Average common shares outstanding and participating securities (c) 187, ,807 Basic EPS from continuing operations available to TSYS common shareholders (a) / (c) $0.26 $0.31 Adjusted cash EPS Available to TSYS common shareholders (b) / (c) $0.38 $ Total System Services, Inc. Proprietary. All rights reserved worldwide.
62 Appendix: Non-GAAP Reconciliation EBITDA and Adjusted EBITDA (in thousands) Trailing Twelve Months Ended 3/31/2014 Net Income $249,074 Adjusted for: Deduct: Discontinued operations (3,021) Deduct: Equity in Income of Equity Investments (13,327) Add: Income Taxes 218,210 Add: Nonoperating expense 38,097 Add: Depreciation and Amortization 117,854 EBITDA $606,886 Adjust for: Share-based compensation 31,950 NetSpend M&A Operating Expenses* 11,406 Adjusted EBITDA $650,243 * Excludes share-based compensation Total System Services, Inc. Proprietary. All rights reserved worldwide.
63 Appendix: Non-GAAP Reconciliation Free Cash Flow (in thousands) Trailing Twelve Months Ended 3/31/2014 Cash Flows from Operating Activities $548,668 Less: Purchase of Property and Equipment (47,757) Additions to Licensed Computer Software from Vendors (40,788) Additions to Internally Developed Computer Software (36,944) Additions to Contract Acquisition Costs (60,202) Free Cash Flow $362, Total System Services, Inc. Proprietary. All rights reserved worldwide.
64 Appendix: 2014 Guidance Assumptions The guidance assumes: There will be no significant movements in the London Interbank Offered rate and TSYS will not make any significant draws on the remaining balance of its credit facility; There will be no significant movement in foreign currency exchange rates related to TSYS business; TSYS will not incur significant expenses associated with the conversion of new large clients other than included in the 2014 estimate, additional acquisitions, or any significant impairment of goodwill or other intangibles; There will be no deconversions of large clients during the year; There will be minimal synergies from the NetSpend acquisition for 2014; and The economy will not worsen Total System Services, Inc. Proprietary. All rights reserved worldwide.
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