NetSpend 2015 Annual Report Download

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5 Annual Report
Unlocking opportunities
in payments.

Table of contents

  • Page 1
    Unlocking opportunities in payments. 2015 Annual Report

  • Page 2
    ... dynamic and fast changing world of payments, people expect how they pay for things will be much different in the future than it is today. TSYS® and our clients will be on the forefront of that change. Our brand promise is to unlock payment opportunities for people and businesses so they can thrive...

  • Page 3
    TSYS, with 2015 revenues of $2.8 billion, offers solutions for payment providers, businesses and consumers. This past year was marked by strong execution both strategically and financially, with robust growth across our three businesses. Sitting squarely in the middle of an industry in the midst of...

  • Page 4
    ... 21% NetSpend 47% North America 2. EARNINGS PER SHARE 3. RETURN TO SHAREHOLDERS $ 2.46 adjusted EPS* INCREASE OF #9 Highest Performing Stock for 2015 in the S&P 500 47.8% TOTAL SHAREHOLDER RETURN 25.5% $ 49.80 closing share price (as of 12/31/2015) 4. CARDHOLDER TRANSACTIONS 5. ADJUSTED...

  • Page 5
    ...2015 $2,779,541 $2,499,349 $534,107 $364,044 $1.97 $1.96 $833,920 $2.46 2014 $2,446,877 $2,192,978 $431,640 $322,872 $1.48 $1.47 $712,267 $1.96 % Change Total revenues Revenues before reimbursable items* Operating income Net income attributable to TSYS common shareholders Basic earnings per share...

  • Page 6
    Dear Shareholders and Friends, 2015 was a record-breaking year for TSYS. We achieved all-time highs in revenue, operating income, transactions and volumes. We worked hard to deliver on both strategic and financial priorities - and it paid off. We saw double-digit growth across all our businesses, ...

  • Page 7
    ... highest performing stocks for 2015. Our closing stock price at year end was $49.80. We bought 5.2 million shares, totaling $242.1 million. These purchases along with our dividends of $73.7 million, returned $315.8 million to our shareholders. That's more than 92 percent of available free cash flow...

  • Page 8
    ... in the history of payments*: the Bank of America® consumer portfolio. In 2015, we also participated in the launch of mobile payments in the United States for Android Pay™ and Samsung Pay™. *Nilson Report **Based on Revenue and AOF We achieved several milestones in our business and IT...

  • Page 9
    ...rely on NetSpend products for their day-to-day spending. As you'd expect, we're also actively preparing for the final rules from the Consumer Financial Protection Bureau (CFPB) on prepaid products in 2016. Regardless of the rules, we're more committed than ever to developing our partner network, and...

  • Page 10
    6

  • Page 11
    ...Payments® - our greatest strength and most strategic asset as a company. We have a uniquely strong hand to play within the world of commerce in 2016 and beyond. On behalf of executive management, and the TSYS Board of Directors, I'd like to thank our clients, team members, shareholders and partners...

  • Page 12
    8

  • Page 13
    ... Richard W. Ussery Chairman of the Board & &KLHI([HFXWLYH2Å·FHUUHWLUHG TSYS M. Troy Woods &KDLUPDQRIWKH%RDUG3UHVLGHQW &KLHI([HFXWLYH2Å·FHU TSYS James D. Yancey &KDLUPDQRIWKH%RDUGUHWLUHG Synovus Columbus Bank and Trust Leadership Executive Management pictured on the left Front Row...

  • Page 14
    ... Statements of Cash Flows...44 Consolidated Statements of Changes in Equity ...45 Notes to Consolidated Financial Statements...46 Report of Independent Registered Public Accounting Firm ...90 Management's Report on Internal Control Over Financial Reporting ...91 Quarterly Financial Data, Stock Price...

  • Page 15
    ..., the Company derives revenues from providing processing services, acquiring solutions, related systems and integrated support services to merchant acquirers and merchants. The Company also derives revenues by providing general-purpose reloadable (GPR) prepaid debit cards and payroll cards and...

  • Page 16
    ... Because changes in foreign currency exchange rates distort the operating growth rates, TSYS discloses the impact of foreign currency translation on its financial performance. A significant amount of the Company's revenues are derived from long-term contracts with large clients. Processing contracts...

  • Page 17
    ... card practices, fees, routing and other matters with respect to credit, debit and prepaid cards, and thus negatively impact the Company's business. Financial Review This Financial Review provides a discussion of critical accounting policies and estimates, related party transactions and off-balance...

  • Page 18
    ... for doubtful accounts and billing adjustments on the Company's Consolidated Balance Sheet as of December 31, 2015 was $2.7 million. Contract Acquisition Costs In evaluating contract acquisition costs for recoverability, expected cash flows are estimated by management. The Company evaluates the...

  • Page 19
    ..., expected undiscounted net operating cash flows are estimated by management. The Company reviews long-lived assets, such as property and equipment and intangibles subject to amortization, including contract acquisition costs and certain computer software, for impairment whenever events or changes...

  • Page 20
    ... it estimates will arise from processing customer transactions, debit card overdrafts, chargebacks for unauthorized card use and merchant-related chargebacks due to non-delivery of goods or services. These reserves are established based upon historical loss and recovery rates and cardholder activity...

  • Page 21
    ... time, the Company does not expect any significant changes related to these obligations within the next year. Recent Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-17 "Income Taxes (Topic 740), Balance Sheet...

  • Page 22
    ... customers through tiered pricing of various thresholds for volume activity. TSYS' revenues are based upon transactional information accumulated by its systems or reported by its customers. The Company's revenues are impacted by currency translation of foreign operations, as well as doing business...

  • Page 23
    ...' revenues are generated from charges based on the number of accounts on file (AOF), transactions and authorizations processed, statements mailed, cards embossed and mailed, and other processing services for cardholder AOF. Cardholder AOF includes active and inactive consumer credit, retail, prepaid...

  • Page 24
    ... new business and organic growth, partially offset by decreases associated with currency translation. The increase in revenues excluding reimbursable items for the year ended December 31, 2014 as compared to the same period in 2013 is primarily the result of the acquisition of NetSpend in July 2013...

  • Page 25
    ... customer on a consolidated basis, a significant amount of the Company's revenues are derived from long-term contracts with large clients. TSYS derives revenues from providing various processing and other services to these clients, including processing of consumer and commercial accounts, as well...

  • Page 26
    ... increase in account usage, growth from existing clients and sales to new clients and the related account conversions. In July 2012, TSYS executed a master services agreement, with a minimum six year term, with Bank of America to provide processing services for its consumer credit card portfolios in...

  • Page 27
    ... accounts on file and transactions processed and approximately 48.1% were derived from non-volume based revenues, such as processing fees, value-added products and services, custom programming and licensing arrangements. International Services The International Services segment provides issuer card...

  • Page 28
    ... services, acquiring solutions, related systems and integrated support services to merchant acquirers and merchants. Revenues from merchant services include processing all payment forms including credit, debit, prepaid, electronic benefit transfer and electronic check for merchants of all sizes...

  • Page 29
    ... of Bank of America as a merchant services client is not expected to have a material adverse effect on the Merchant Services segment's or TSYS' financial position, results of operations or cash flows. Effective June 2013, the Company renewed its processing agreement, which includes revenue minimums...

  • Page 30
    ... July 1, 2013, the date that TSYS acquired NetSpend, through December 31, 2013. Number of active cards represents the total number of prepaid cards that have had a PIN or signature-based purchase transaction, a point-of-sale load transaction or an ATM withdrawal within three months of the date of...

  • Page 31
    ...has active agreements with six Issuing Banks. NetSpend's prepaid card business derived approximately one-fourth of its revenues from cardholders acquired through one of its third-party distributors. Operating Expenses The Company's operating expenses consist of cost of services and selling, general...

  • Page 32
    ..., TSYS considers foreign earnings related to these foreign operations to be permanently reinvested. No provision for U.S. federal and state incomes taxes has been made in the Consolidated Financial Statements for those non-U.S. subsidiaries whose earnings are considered to be reinvested. The amount...

  • Page 33
    ... decreased $5.3 million in 2014 from 2013. The decrease in 2015 compared to 2014 is driven by the sale of GP Net in 2014 and the operating results of the Company's European cost center business. The decrease in 2014 was a result of the additional acquisition of 15% of Central Payment Co., LLC (CPAY...

  • Page 34
    ... and amortization ...EBITDA ...Adjusted for: Share-based compensation ...NetSpend merger and acquisition expenses* ...Adjusted EBITDA ...Deduct: State tax credits and related expenses ...Adjusted EBITDA without impact of one-time tax items ...* Excludes share-based compensation $369,041 (1,411) (22...

  • Page 35
    ... Margin North America Services ...International Services ...Merchant Services ...NetSpend ...Intersegment ...Corporate admin and other ...Adjusted operating margin ...Acquisition intangible amortization ...NetSpend M&A operating expenses ...Share-based compensation ...Operating income and margin...

  • Page 36
    ...TSYS common shareholders As reported (GAAP) ...Adjust for amounts attributable to TSYS common shareholders (net of taxes): Acquisition intangible amortization ...Share-based compensation ...NetSpend merger and acquisition expenses ...Adjusted EPS* ...Deduct: Federal and state tax credits and related...

  • Page 37
    ...major uses of cash for investing activities in 2015, 2014 and 2013 were for additions to contract acquisition costs, equipment, acquisitions, internally developed computer software and licensed computer software from vendors. Contract Acquisition Costs TSYS makes cash payments for processing rights...

  • Page 38
    ...to, and development of, processing systems, were $39.2 million in 2015, $41.5 million in 2014 and $33.6 million in 2013. The changes in capitalized software development costs in 2015, as compared to 2014, were the result of varying levels of activity in two corporate-wide initiatives. One initiative...

  • Page 39
    ... billion 364-day bridge term loan facility. In May, 2013 the Company closed the bridge term loan and issued debt of $1.4 billion to finance the NetSpend acquisition. In April 2013, the Company entered into a new credit agreement that provided for a five-year term loan to the Company in the amount of...

  • Page 40
    ... dividend tax rate that was set to expire on December 31, 2012. Significant Noncash Transactions During 2015, 2014 and 2013, the Company issued 388,211, 673,724 and 1.7 million shares of common stock, respectively, to certain key employees and non-management members of its Board of Directors. The...

  • Page 41
    ...of its strategic initiatives. TSYS funds these initiatives through a balance of internally generated cash, external sources of capital and, when advantageous, access to foreign cash in a tax efficient manner. Where local regulations limit an efficient intercompany transfer of amounts held outside of...

  • Page 42
    ... not limited to: (i) projections of revenue, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans and objectives of TSYS or its management or Board of Directors, including those relating to products...

  • Page 43
    ... growth opportunities and other benefits of the acquisitions; the costs and effects of litigation, investigations or similar matters or adverse facts and developments relating thereto; the impact of the application of and/or changes in accounting principles; TSYS' inability to timely, successfully...

  • Page 44
    ... Revolving Loan Facility commitments in excess of $350 million. For additional information regarding the Credit Agreement, see TSYS' Current Report on Form 8-K filed on February 23, 2016. Management performed an evaluation of the Company's activity as of the date these audited financial statements...

  • Page 45
    ... 2014 Assets Current assets: Cash and cash equivalents (Note 5) ...Accounts receivable, net of allowances for doubtful accounts, billing adjustments and merchant losses of $4.0 million and $5.2 million as of 2015 and 2014, respectively (Note 4) ...Deferred income tax assets (Note 15) ...Prepaid...

  • Page 46
    ... of Income (in thousands, except per share data) Years Ended December 31, 2015 2014 2013 Total revenues (Notes 4 and 22) ...Cost of services ...Selling, general and administrative expenses ...Total operating expenses ...Operating income ...Nonoperating expenses, net ...Income before income...

  • Page 47
    ..., 2015 2014 2013 Net income ...Other comprehensive income (loss), net of tax: Foreign currency translation adjustments ...Less reclassifications of foreign currency translation adjustments to net income ...Total foreign currency translation adjustments ...Postretirement healthcare plan adjustments...

  • Page 48
    ... shareholders ...Purchase of noncontrolling interests ...Debt issuance costs ...Proceeds from long-term borrowings ...Excess tax benefit from share-based payment arrangements ...Proceeds from exercise of stock options ...Net cash (used in) provided by financing activities ...Cash and cash...

  • Page 49
    ... 19) ...Common stock issued from treasury shares for dividend equivalents (Note 19) ...Cash dividends declared ($0.40 per share) ...Purchase of treasury shares (Note 20) ...Subsidiary dividends paid to noncontrolling interests ...Tax benefits associated with share-based compensation ...Balance as of...

  • Page 50
    ... of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the...

  • Page 51
    ... and maintenance costs are expensed as incurred. Maintenance costs that extend the asset life are capitalized and amortized over the remaining estimated life of the asset. LICENSED COMPUTER SOFTWARE: The Company licenses software that is used in providing services to clients. Licensed software is...

  • Page 52
    ... payments for rights to provide processing services. The Company capitalizes internal conversion costs in accordance with GAAP. All costs incurred prior to a signed agreement are expensed as incurred. Contract acquisition costs are amortized using the straight-line method over the expected customer...

  • Page 53
    ... amount of the impairment is written off in the period that such a determination is made. EQUITY INVESTMENTS: TSYS' 49% investment in Total System Services de México, S.A. de C.V. (TSYS de México), an electronic payment processing support operation located in Toluca, Mexico, is accounted for using...

  • Page 54
    ...it estimates will arise from processing customer transactions, debit card overdrafts, chargebacks for unauthorized card use and merchant-related chargebacks due to non-delivery of goods and services. These reserves are established based upon historical loss and recovery rates and cardholder activity...

  • Page 55
    ... and are generally recognized as the services are performed. Payment processing services revenues are generated primarily from charges based on the number of accounts on file, transactions and authorizations processed, statements mailed, cards embossed and mailed and other processing services for...

  • Page 56
    ...is instead charged a monthly or annual subscription fee, as applicable. Cardholders are also charged fees for ATM withdrawals and other transactions conducted at ATMs. Customer Service and Maintenance - Cardholders are typically charged fees for balance inquiries made through NetSpend's call centers...

  • Page 57
    ... by the Company's clients. These expenses consist primarily of postage, access fees and third party software services. SHARE-BASED COMPENSATION: GAAP establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses...

  • Page 58
    ... related to the underpayment of income taxes as income tax expense in the Consolidated Statements of Income. NONCONTROLLING INTEREST: Noncontrolling interests in earnings of subsidiaries represents the minority shareholders' share of the net income or loss of TSYS Managed Services EMEA Limited...

  • Page 59
    ...on the Company's financial position, results of operations or cash flows. In May 2014, the FASB issued ASU 2014-09 "Revenue from Contracts with Customers," which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to...

  • Page 60
    ... RU had been acquired in a business combination and the fair value of the RU was the purchase price paid to acquire the RU. The estimate of fair value of the Company's RUs is determined using various valuation techniques, including using an equally weighted combination of the market approach and the...

  • Page 61
    ... balances with related parties as of December 31, 2015 and 2014: (in thousands) 2015 2014 Accounts receivable ...Account payable ... $ 19 3,278 $ 19 4,329 The table below details revenues and expenses derived from affiliated companies for the years ended December 31, 2015, 2014 and 2013...

  • Page 62
    ... 2014 Cash and cash equivalents in domestic accounts ...Cash and cash equivalents in foreign accounts ...Total ... $307,578 81,750 $389,328 225,396 63,787 289,183 The Company maintains operating accounts outside the United States denominated in currencies other than the U.S. dollar. All amounts...

  • Page 63
    ... December 31, 2015 and 2014 are as follows: (in thousands) North America Services International Services Merchant Services NetSpend Consolidated Balance as of December 31, 2013 ...Disposal of GP Net ...NetSpend purchase price allocation ...Currency translation adjustments ...Balance as of December...

  • Page 64
    ...(in thousands) 2016 2017 2018 2019 2020 ... $75,213 74,823 60,166 47,870 43,711 Note 9 Computer Software, net Computer software as of December 31, 2015 and 2014 is summarized as follows: (in thousands) 2015 2014 Licensed computer software ...Software development costs ...Acquisition technology...

  • Page 65
    ... acquired under capital lease. The Company had the following amortization expense related to computer software for the years ended December 31, 2015, 2014 and 2013: (in thousands) 2015 2014 2013 Amortization expense related to: Licensed computer software ...Software development costs ...Acquisition...

  • Page 66
    ... to contract acquisition cost for the years ended December 31, 2015, 2014 and 2013 are as follows: (in thousands) 2015 2014 2013 Amortization expense related to: Conversion costs ...Payments for processing rights ... $27,392 17,039 17,816 16,209 19,515 13,099 The weighted average useful life for...

  • Page 67
    ... transaction processing, disaster recovery and other services for banks and bankcard issuers in China. TSYS' equity investments are recorded initially at cost and subsequently adjusted for equity in earnings, cash contributions and distributions, and foreign currency translation adjustments. TSYS...

  • Page 68
    ... Bank and Trust. The credit agreement has a maximum available principal balance of $5.0 million, with interest at prime. TSYS did not use the credit facility during 2015, 2014 or 2013. Acquisition-Related Borrowings In April 2013, the Company entered into a Credit Agreement (the "Credit Agreement...

  • Page 69
    ... of the $1.4 billion purchase price of the Company's acquisition of NetSpend and related fees and expenses. The Notes were issued pursuant to an Indenture dated as of May 22, 2013 between the Company and Wells Fargo Bank, National Association, as trustee. The balance as of December 31, 2015 was $549...

  • Page 70
    ...of LIBOR plus an applicable margin of 0.60%. The applicable margin could vary within a range from 0.27% to 0.725% depending on changes in the Company's corporate credit rating. Interest was paid on the last date of each interest period; however, if the period exceeded three months, interest was paid...

  • Page 71
    ... Consolidated Statements of Income were as follows: Years Ended December 31, 2015 2014 2013 (in thousands) Current income tax expense: Federal ...State ...Foreign ...Total current income tax expense ...Deferred income tax expense (benefit): Federal ...State ...Foreign ...Total deferred income tax...

  • Page 72
    ...of December 31, 2015 and 2014 relate to the following: As of December 31, 2015 2014 (in thousands) Deferred income tax assets: Net operating loss and income tax credit carryforwards ...Allowances for doubtful accounts and billing adjustments ...Deferred revenue ...Share-based compensation ...Other...

  • Page 73
    ... income tax liability on these undistributed earnings is not practicable. TSYS is the parent of an affiliated group that files a consolidated U.S. federal income tax return and most state and foreign income tax returns on a separate entity basis. In the normal course of business, the Company is...

  • Page 74
    ... under all operating leases in 2015, 2014 and 2013 was $124.8 million, $105.2 million and $93.4 million, respectively. CONTRACTUAL COMMITMENTS: In the normal course of its business, the Company maintains long-term processing contracts with its clients. These processing contracts contain commitments...

  • Page 75
    ... payment processing services to TelexFree. On April 30, 2015, the plaintiffs filed a Second Consolidated Amended Complaint (the "Second Amended Complaint"), which amends and supersedes the Consolidated Complaint. Like the Consolidated Complaint, the Second Amended Complaint generally alleges...

  • Page 76
    .... As of December 31, 2015 and 2014, the Company's reserves for the losses it estimates will arise from processing customer transactions, debit card overdrafts, chargebacks for unauthorized card use and merchant-related chargebacks due to non-delivery of goods or services was $9.4 million and...

  • Page 77
    ... plans through which TSYS provided benefits to its employees during 2015 are described as follows: RETIREMENT SAVINGS AND STOCK PURCHASE PLANS: TSYS maintains a single plan, the Retirement Savings Plan, which is designed to reward all team members of TSYS U.S.-based companies with a uniform employer...

  • Page 78
    ...general and administrative expenses on the Company's statements of income and corporate administration and other expenses for segment reporting purposes. TSYS does not include amounts associated with share-based compensation as costs capitalized as software development and contract acquisition costs...

  • Page 79
    ... by such officers and employees. The grants to the Board of Directors were fully vested on the date of grant. On July 1, 2013, the Company issued 870,361 shares of TSYS common stock as nonvested stock replacement awards with a market value of $21.5 million as part of the NetSpend acquisition. The...

  • Page 80
    ... cost related to TSYS market-based awards that is expected to be recognized through July 2018. The following table summarizes the performance- and market-based awards granted during the years 2015, 2014 and 2013: Year Awarded Type of Award Performance Period Ending Performance Measure Number...

  • Page 81
    ... Option Awards During 2015, 2014 and 2013, the Company granted stock options to key TSYS executive officers and nonmanagement members of its Board of Directors. The grants to key TSYS executive officers were issued for services to be provided in the future and vest over a period of three years. The...

  • Page 82
    ... that its Board had approved a new stock repurchase plan to purchase up to 20 million shares of TSYS stock. The shares may be purchased from time to time at prices considered appropriate. There is no expiration date for the plan. The previous plan was terminated. During 2015, the Company purchased...

  • Page 83
    ... table sets forth information regarding the Company's purchases of its common stock on a monthly basis during the three months ended December 31, 2015: Total Number of Cumulative shares Purchased as Part of Publicly announced Plans or Programs Maximum Number of Shares That May Yet Be Purchased Under...

  • Page 84
    ...processing and other services to card-issuing and merchant acquiring institutions in the United States and internationally through online accounting and electronic payment processing systems. Corporate expenses, such as finance, legal, human resources, mergers and acquisitions and investor relations...

  • Page 85
    ... Operating Segments 2015 2014 2013 Revenues before reimbursable items North America Services ...International Services ...Merchant Services ...NetSpend ...Intersegment revenues ...Revenues before reimbursable items from external customers ...Total revenues North America Services ...International...

  • Page 86
    ... AREA REVENUE BY OPERATING SEGMENT: The following tables reconcile segment external revenue to revenues by geography for the years ended December 31: 2015 (in thousands) North America Services International Services Merchant Services NetSpend Total % United States ...Europe1 ...Canada1 ...Mexico...

  • Page 87
    ... amount of $13.6 million in 2014. The Company did not acquire any software under direct financing in 2013. Refer to Note 13 for more information. Note 24 2015 Acquisitions In September 2015, TSYS purchased certain assets for its NetSpend segment for $750,000. The purchase qualifies as a business...

  • Page 88
    ... related to services rendered prior to the business combination. The goodwill amount of $1.0 billion arising from the acquisition consists largely of expansion of customer base, differentiation in market opportunity and economies of scale expected from combining the operations of TSYS and NetSpend...

  • Page 89
    ... in acquisition-related costs primarily related to professional legal, finance, and accounting costs for the years ended December 31, 2014 and 2013, respectively. These costs were expensed as incurred and are included in selling, general and administrative expenses on the income statement. 85

  • Page 90
    ... but not limited to, anticipated cost savings from operating synergies. The unaudited pro forma financial information presented in the table above has been adjusted to give effect to adjustments that are (1) directly related to the business combination; (2) factually supportable; and (3) expected to...

  • Page 91
    ... estimated to be approximately $23.4 million. The Company did not accrete any changes to the redemption value as the balance as of December 31, 2015 exceeded the accretion fair value amount. Pro forma Results of Operations The pro forma revenue and earnings of TSYS' acquisitions other than NetSpend...

  • Page 92
    Note 26 Earnings Per Share The following table illustrates basic and diluted EPS under the guidance of GAAP for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Participating Common Participating Common Participating Securities Stock Securities Stock Securities (in thousands, except...

  • Page 93
    ... Revolving Loan Facility commitments in excess of $350 million. For additional information regarding the Credit Agreement, see TSYS' Current Report on Form 8-K filed on February 23, 2016. Management performed an evaluation of the Company's activity as of the date these audited financial statements...

  • Page 94
    ...management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal...

  • Page 95
    ... unauthorized use or disposition, transactions are executed in accordance with management's authorization and accounting records are reliable for preparing financial statements in accordance with accounting principles generally accepted in the United States. Internal control over financial reporting...

  • Page 96
    ... data) 2015 Revenues ...Operating income ...Net income attributable to TSYS common shareholders ...Basic earnings per share attributable to TSYS common shareholders ...Diluted earnings per share attributable to TSYS common shareholders ...Cash dividends declared ...Stock prices: High ...Low ...Close...

  • Page 97
    ... all dividends). COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN Among TSYS, the S&P 500 Index, and the S&P Systems Software Index $400 $350 $300 $250 $200 $150 $100 $50 $0 2010 2011 TSYS 2012 2013 S&P 500 2014 S&P SS 2015 2010 2011 2012 2013 2014 2015 TSYS S&P 500 S&P SS $100.00 $100.00 $100...

  • Page 98

  • Page 99
    ... contact: American Stock Transfer & Trust Company, LLC 6201 15th Avenue Brooklyn, NY 11219 +1.877.833.6707 www.amstock.com TSYS Investor Relations One TSYS Way Columbus, GA 31901 [email protected] Online Access Online Services at tsys.com You can purchase your initial shares online at tsys.com. TSYS...

  • Page 100
    ...USA, and we operate in more than 80 countries with local offices across the Americas, EMEA and Asia-Pacific. We provide seamless, secure and innovative solutions across the payments spectrum - from issuer processing and merchant acquiring to prepaid program management - delivered through partnership...