TSYS Reports Second Quarter Earnings Including TransFirst
TSYS (NYSE: TSS) reported results for the second quarter of 2016.
Highlights for the second quarter of 2016 include:
- Total revenues were $1.2 billion, an increase of 66.3% over last year’s $692.7 million.
- Net revenue, which excludes reimbursable items, interchange and assessment expense, was $794.9 million, an increase of 27.8% over last year’s $622.1 million.
- GAAP net income attributable to TSYS common shareholders, which includes the expenses of closing the TransFirst acquisition during the quarter, was $69.7 million, a decrease of 15.9% from last year’s $82.8 million. GAAP basic earnings per share (EPS) were $0.38 per share, a decrease of 15.8% from last year’s $0.45.
- Adjusted EBITDA was $274.0 million, an increase of 32.7% over last year’s $206.5 million. Adjusted earnings were $135.4 million, an increase of 27.8% over last year’s $106.0 million. Adjusted EPS was $0.74, an increase of 27.9% over last year’s $0.58.
- Cash of $125 million was deployed for accelerated repayments on our bank credit facility.
“We are extremely pleased with the outstanding operational and financial performance for the second quarter as we continue to deliver on our strategic plan. All four segments achieved net revenue growth on a constant currency basis and our consolidated adjusted operating margin expanded by 202 basis points,” said M. Troy Woods, chairman and chief executive officer of TSYS.
“We are also pleased to report that the integration of our TransFirst acquisition this quarter is going very well. TransFirst, along with our legacy merchant business, gives us a commanding leadership position in the merchant acquiring market on which we intend to capitalize,” said Woods.
Source: TSYS
