United States
SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
February 14, 2008
Fidelity National Information Services, Inc.
1-16427
(Commission File Number)
Georgia | 58-2606325 | |
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification Number) |
601 Riverside Avenue
Jacksonville, Florida 32204
(904) 854-8100
(Registrants Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition | ||||||||
Item 9.01. Financial Statements and Exhibits | ||||||||
SIGNATURE | ||||||||
EXHIBIT INDEX | ||||||||
EXHIBIT 99.1 |
Item 2.02. Results of Operations and Financial Condition
On February 14, 2008, Fidelity National Information Services, Inc. issued an earnings release announcing its financial results for the Fourth Quarter of 2007. The information included in Items 2.02 and 9.01 within this Current Report are being furnished and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that Section. The information included in Items 2.02 and 9.01 within this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
A copy of the earnings release is attached as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits
Exhibit |
Description |
|
99.1 |
Press release announcing Fidelity National Information Services, Inc. Reports Fourth Quarter 2007 Earnings. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Fidelity National Information Services, Inc. |
||||
Date: February 19, 2008 | By: | /s/ Jeffrey S. Carbiener | ||
Name: Jeffrey S. Carbiener Title: Executive Vice President and Chief Financial Officer |
||||
EXHIBIT INDEX
Exhibit |
Description |
|
99.1 |
Press release announcing Fidelity National Information Services, Inc. Reports Fourth Quarter 2007 Earnings. |
PRESS RELEASE |
4th Quarter | 4th Quarter | |||||||||||
(As Adjusted) | 2007 | 2006 | % Chg | |||||||||
Total Revenue |
$ | 1,330.4 million | $ | 1,108.5 million | 20.0 | % | ||||||
EBITDA |
$ | 369.3 million | $ | 288.3 million | 28.1 | % | ||||||
Net Earnings |
$ | 102.2 million | $ | 84.3 million | 21.2 | % | ||||||
Net Earnings Per Diluted Share |
$ | 0.52 | $ | 0.43 | 20.9 | % | ||||||
Cash Earnings (as defined below) |
$ | 133.3 million | $ | 111.9 million | 19.1 | % | ||||||
Cash Earnings Per Diluted Share |
$ | 0.68 | $ | 0.58 | 17.2 | % |
Segment Revenues | 4th Quarter | 4th Quarter | ||||||||||
(amounts in millions) | 2007 | 2006 | % Chg. | |||||||||
Transaction Processing Services: |
||||||||||||
Integrated Financial Solutions |
$ | 364.6 | $ | 283.3 | 28.7 | % | ||||||
Enterprise Solutions |
312.5 | 272.5 | 14.7 | % | ||||||||
International |
199.8 | 141.0 | 41.7 | % | ||||||||
Other |
(1.6 | ) | (2.1 | ) | | |||||||
$ | 875.3 | $ | 694.7 | 26.0 | % | |||||||
Lender Processing Services: |
||||||||||||
Mortgage Processing |
$ | 100.5 | $ | 92.5 | 8.7 | % | ||||||
Information Services |
354.7 | 312.9 | 13.4 | % | ||||||||
Other |
(0.4 | ) | 10.0 | | ||||||||
$ | 454.8 | $ | 415.4 | 9.5 | % | |||||||
Corporate |
$ | 0.3 | $ | (1.6 | ) | | ||||||
Total FIS |
$ | 1,330.4 | $ | 1,108.5 | 20.0 | % | ||||||
| Revenue growth of 14% to 16% (6% to 8% excluding eFunds); | ||
| EBITDA growth of 15% to 17%; | ||
| Adjusted earnings per diluted share of $2.15 to $2.25; | ||
| Adjusted cash earnings per diluted share of $2.73 to $2.83 (including eFunds), compared to $2.44 in 2007. eFunds is expected to contribute approximately $0.05 to cash earnings per share; | ||
| Capital expenditures of $280-$300 million; | ||
| Total depreciation and amortization of approximately $530 million, including $180 million in pre-tax purchase amortization ($114 million after-tax); | ||
| Free cash flow, which the Company defines as net earnings plus depreciation and amortization less capital expenditures, of $655-$695 million; |
| Net interest expense of approximately $237 million; | ||
| Corporate expense of approximately $130 million; | ||
| Annual effective tax rate of 36.6%; | ||
| Average diluted shares of 197.5 million. |
Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Processing and services revenues |
$ | 1,330,414 | $ | 1,108,522 | $ | 4,758,016 | $ | 4,042,163 | ||||||||
Cost of revenues |
931,788 | 802,786 | 3,401,931 | 2,875,250 | ||||||||||||
Selling, general, and administrative expenses |
140,208 | 118,968 | 504,130 | 498,246 | ||||||||||||
Research and development costs |
29,161 | 28,019 | 106,314 | 105,580 | ||||||||||||
Operating income |
229,257 | 158,749 | 745,641 | 563,087 | ||||||||||||
Other income (expense)
Interest income |
2,288 | 814 | 4,543 | 4,373 | ||||||||||||
Gain on sale of Covansys stock |
| | 274,488 | | ||||||||||||
Other income (expense) |
11,101 | 1,613 | 15,913 | (69 | ) | |||||||||||
Interest expense |
(68,886 | ) | (50,801 | ) | (228,340 | ) | (192,819 | ) | ||||||||
Total other income (expense) |
(55,497 | ) | (48,374 | ) | 66,604 | (188,515 | ) | |||||||||
Earnings before income taxes, equity earnings and minority interest |
173,760 | 110,375 | 812,245 | 374,572 | ||||||||||||
Provision for income taxes |
64,290 | 40,966 | 300,530 | 139,232 | ||||||||||||
Equity in (losses) earnings of unconsolidated entities |
(330 | ) | 2,014 | 936 | 5,792 | |||||||||||
Minority interest expense |
729 | 225 | 2,192 | 185 | ||||||||||||
Net earnings from continuing operations |
108,411 | 71,198 | 510,459 | 240,947 | ||||||||||||
Earnings from discontinued operations, net of tax |
| 3,922 | 8,639 | 18,140 | ||||||||||||
Gain on disposition of discontinued operations, net of tax |
| | 42,124 | | ||||||||||||
Net earnings |
$ | 108,411 | $ | 75,120 | $ | 561,222 | $ | 259,087 | ||||||||
Net earnings per share-basic from continuing operations |
$ | 0.56 | $ | 0.37 | $ | 2.64 | $ | 1.29 | ||||||||
Net earnings per share-basic from discontined operations |
$ | | $ | 0.02 | $ | 0.27 | $ | 0.10 | ||||||||
Net earnings per share-basic |
$ | 0.56 | $ | 0.39 | $ | 2.91 | $ | 1.39 | ||||||||
Weighted average shares outstanding-basic |
194,479 | 190,534 | 193,080 | 185,926 | ||||||||||||
Net earnings per share-diluted from continuing operations |
$ | 0.55 | $ | 0.37 | $ | 2.60 | $ | 1.27 | ||||||||
Net earnings per share-diluted from discontinued operations |
$ | | $ | 0.02 | $ | 0.26 | $ | 0.10 | ||||||||
Net earnings per share-diluted |
$ | 0.55 | $ | 0.39 | $ | 2.86 | $ | 1.37 | ||||||||
Weighted average shares outstanding-diluted |
196,741 | 194,521 | 196,546 | 189,196 | ||||||||||||
2007 Q4 | ||||
Net Earnings from Continuing Operations |
$ | 108,411 | ||
+ Interest Expense |
68,886 | |||
+ Minority Interest |
729 | |||
+ Income Taxes |
64,290 | |||
+ Depreciation |
30,175 | |||
+ Purchase Price Amortization |
49,384 | |||
+ Other Amortization |
58,344 | |||
- Interest Income |
(2,288 | ) | ||
- Equity in (Earnings) Losses of Unconsolidated Entities, net of tax |
330 | |||
- Other (Income) Expense |
(11,101 | ) | ||
EBITDA from Continuing Operations |
$ | 367,160 | ||
2007 Q4 | ||||
EBITDA from Continuing Operations |
$ | 367,160 | ||
Revenue from Continuing Operations |
$ | 1,330,414 | ||
EBITDA Margin |
27.6 | % |
2007 Q4 | ||||
Net Earnings from Continuing Operations |
$ | 108,411 | ||
+ Interest Expense |
68,886 | |||
+ Minority Interest |
729 | |||
+ Income Taxes |
64,290 | |||
- Interest Income |
(2,288 | ) | ||
- Equity in (Earnings) Losses of Unconsolidated Entities, net of tax |
330 | |||
- Other (Income) Expense |
(11,101 | ) | ||
EBIT from Continuing Operations |
$ | 229,257 | ||
2007 Q4 | ||||
EBIT from Continuing Operations |
$ | 229,257 | ||
Revenue from Continuing Operations |
$ | 1,330,414 | ||
EBIT Margin |
17.2 | % |
2007 Q4 | ||||
Net Earnings |
$ | 108,411 | ||
+ Tax Adjusted Purchase Price Amortization |
31,112 | |||
Cash Earnings |
$ | 139,523 | ||
Diluted Cash EPS |
$ | 0.71 | ||
Diluted Shares Outstanding |
196,741 |
2007 Q4 | ||||
Net Earnings |
$ | 108,411 | ||
+ Depreciation/Amort from Continuing Operations |
137,903 | |||
+ Depreciation/Amort from Discontinued Operations |
| |||
- Capital Expenditures |
(98,628 | ) | ||
Free Cash Flow |
$ | 147,686 | ||
2007 Q4 | ||||
Stock Compensation |
$ | 11,823 |
2006 Q4 | ||||
Net Earnings from Continuing Operations |
$ | 71,198 | ||
+ Interest Expense |
50,801 | |||
+ Minority Interest |
225 | |||
+ Income Taxes |
40,966 | |||
+ Depreciation |
26,685 | |||
+ Purchase Price Amortization |
43,906 | |||
+ Other Amortization |
44,412 | |||
- Interest Income |
(814 | ) | ||
- Equity in (Earnings) Losses of Unconsolidated Entities, net of tax |
(2,014 | ) | ||
- Other (Income) Expense |
(1,613 | ) | ||
EBITDA from Continuing Operations |
$ | 273,752 | ||
2006 Q4 | ||||
EBITDA from Continuing Operations |
$ | 273,752 | ||
Revenue from Continuing Operations |
$ | 1,108,522 | ||
EBITDA Margin |
24.7 | % |
2006 Q4 | ||||
Net Earnings from Continuing Operations |
$ | 71,198 | ||
+ Interest Expense |
50,801 | |||
+ Minority Interest |
225 | |||
+ Income Taxes |
40,966 | |||
- Interest Income |
(814 | ) | ||
- Equity in (Earnings) Losses of Unconsolidated Entities, net of tax |
(2,014 | ) | ||
- Other (Income) Expense |
(1,613 | ) | ||
EBIT from Continuing Operations |
$ | 158,749 | ||
2006 Q4 | ||||
EBIT from Continuing Operations |
$ | 158,749 | ||
Revenue from Continuing Operations |
$ | 1,108,522 | ||
EBIT Margin |
14.3 | % |
2006 Q4 | ||||
Net Earnings |
$ | 75,120 | ||
+ Tax Adjusted Purchase Price Amortization |
27,601 | |||
Cash Earnings |
$ | 102,721 | ||
Diluted Cash EPS |
$ | 0.53 | ||
Diluted Shares Outstanding |
194,521 |
2006 Q4 | ||||
Net Earnings |
$ | 75,120 | ||
+ Depreciation/Amort from Continuing Operations |
115,003 | |||
+ Depreciation/Amort from Discontinued Operations |
243 | |||
- Capital Expenditures |
(83,663 | ) | ||
Free Cash Flow |
$ | 106,703 | ||
2006 Q4 | ||||
Stock Compensation |
$ | 12,853 |
2007 Q4 | ||||
Financial Measures Excluding Non Recurring Items |
||||
EBITDA from Continuing Operations |
$ | 367,160 | ||
Merger and Acquisition, Restructuring and Integration Costs |
2,153 | |||
EBITDA from Continuing Operations, excluding non recurring items |
$ | 369,313 | ||
Net Earnings |
$ | 108,411 | ||
Merger and Acquisition, Restructuring and Integration Costs, net of tax |
(6,245 | ) | ||
Net Earnings , excluding non recurring items |
$ | 102,166 | ||
Diluted Shares Outstanding |
196,741 | |||
Net Earnings per diluted share |
$ | 0.55 | ||
Merger and Acquisition, Restructuring and Integration Costs, net of tax |
(0.03 | ) | ||
Net Earnings per diluted share, excluding non recurring items |
$ | 0.52 | ||
Cash Earnings |
$ | 139,523 | ||
Merger and Acquisition, Restructuring and Integration Costs, net of tax |
(6,245 | ) | ||
Cash Earnings, excluding non recurring items |
$ | 133,278 | ||
Cash Earnings per diluted share |
$ | 0.71 | ||
Merger and Acquisition, Restructuring and Integration Costs, net of tax |
(0.03 | ) | ||
Cash Earnings per diluted share, excluding non recurring items |
$ | 0.68 | ||
Free Cash Flow |
$ | 147,686 | ||
Merger and Acquisition, Restructuring and Integration Costs, net of tax |
(6,245 | ) | ||
Free Cash Flow, excluding non recurring items |
$ | 141,441 | ||
2006 Q4 | ||||
Financial Measures Excluding Non Recurring Items |
||||
EBITDA from Continuing Operations |
$ | 273,752 | ||
Merger and Acquisition, Restructuring and Integration Costs |
14,595 | |||
EBITDA from Continuing Operations, excluding non recurring items |
$ | 288,347 | ||
Net Earnings |
$ | 75,120 | ||
Merger and Acquisition, Restructuring and Integration Costs, net of tax |
9,165 | |||
Net Earnings , excluding non recurring items |
$ | 84,285 | ||
Diluted Shares Outstanding |
194,521 | |||
Net Earnings per diluted share |
$ | 0.39 | ||
Merger and Acquisition, Restructuring and Integration Costs, net of tax |
0.04 | |||
Net Earnings per diluted share, excluding non recurring items |
$ | 0.43 | ||
Cash Earnings |
$ | 102,721 | ||
Merger and Acquisition, Restructuring and Integration Costs, net of tax |
9,165 | |||
Cash Earnings, excluding non recurring items |
$ | 111,886 | ||
Cash Earnings per diluted share |
$ | 0.53 | ||
Merger and Acquisition, Restructuring and Integration Costs, net of tax |
0.05 | |||
Cash Earnings per diluted share, excluding non recurring items |
$ | 0.58 | ||
Free Cash Flow |
$ | 106,703 | ||
Merger and Acquisition, Restructuring and Integration Costs, net of tax |
9,165 | |||
Free Cash Flow, excluding non recurring items |
$ | 115,868 | ||
2007 Year-to-date | 2006 Year-to-date | ||||||||||||||||||||||
FIS | CEY-Jan | ADJ | Pro Forma | ||||||||||||||||||||
Net Earnings from Continuing Operations |
$ | 510,459 | $ | 240,947 | $ | (42,523 | ) | (3,708 | ) | $ | 194,716 | ||||||||||||
+ Interest Expense |
228,340 | 192,819 | 1,081 | | 193,900 | ||||||||||||||||||
+ Minority Interest |
2,192 | 185 | | | 185 | ||||||||||||||||||
+ Income Taxes |
300,530 | 139,232 | (26,396 | ) | (2,626 | ) | 110,210 | ||||||||||||||||
+ Depreciation |
114,965 | 96,513 | 1,633 | | 98,146 | ||||||||||||||||||
+ Purchase Price Amortization |
168,660 | 175,645 | 378 | 5,364 | 181,387 | ||||||||||||||||||
+ Other Amortization |
212,563 | 160,197 | 2,263 | 1,492 | 163,952 | ||||||||||||||||||
- Interest Income |
(4,543 | ) | (4,373 | ) | | | (4,373 | ) | |||||||||||||||
- Equity in (Earnings) Losses of Unconsolidated Entities, net of
tax |
(936 | ) | (5,792 | ) | | | (5,792 | ) | |||||||||||||||
- Other (Income) Expense |
(15,913 | ) | 69 | 123 | | 192 | |||||||||||||||||
- Covansys Gain |
(274,488 | ) | | | | | |||||||||||||||||
EBITDA from Continuing Operations |
$ | 1,241,829 | $ | 995,442 | $ | (63,441 | ) | $ | 522 | $ | 932,523 | ||||||||||||
2007 Year-to-date | 2006 Year-to-date | ||||||||||||||||||||||
FIS | CEY-Jan | ADJ | Pro Forma | ||||||||||||||||||||
EBITDA from Continuing Operations |
$ | 1,241,829 | $ | 995,442 | $ | (63,441 | ) | $ | 522 | $ | 932,523 | ||||||||||||
Revenue from Continuing Operations |
$ | 4,758,016 | $ | 4,042,163 | $ | 92,915 | $ | | $ | 4,135,078 | |||||||||||||
EBITDA Margin |
26.1 | % | 24.6 | % | 22.6 | % | |||||||||||||||||
2007 Year-to-date | 2006 Year-to-date | ||||||||||||||||||||||
FIS | CEY-Jan | ADJ | Pro Forma | ||||||||||||||||||||
Net Earnings from Continuing Operations |
$ | 510,459 | $ | 240,947 | $ | (42,523 | ) | $ | (3,708 | ) | $ | 194,716 | |||||||||||
+ Interest Expense |
228,340 | 192,819 | 1,081 | | 193,900 | ||||||||||||||||||
+ Minority Interest |
2,192 | 185 | | | 185 | ||||||||||||||||||
+ Income Taxes |
300,530 | 139,232 | (26,396 | ) | (2,626 | ) | 110,210 | ||||||||||||||||
- Interest Income |
(4,543 | ) | (4,373 | ) | | | (4,373 | ) | |||||||||||||||
- Equity in (Earnings) Losses of Unconsolidated Entities, net of
tax |
(936 | ) | (5,792 | ) | | | (5,792 | ) | |||||||||||||||
- Other (Income) Expense |
(15,913 | ) | 69 | 123 | | 192 | |||||||||||||||||
- Covansys Gain |
(274,488 | ) | | | | | |||||||||||||||||
EBIT from Continuing Operations |
$ | 745,641 | $ | 563,087 | $ | (67,715 | ) | $ | (6,334 | ) | $ | 489,038 | |||||||||||
2007 Year-to-date | 2006 Year-to-date | ||||||||||||||||||||||
FIS | CEY-Jan | ADJ | Pro Forma | ||||||||||||||||||||
EBIT from Continuing Operations |
$ | 745,641 | $ | 563,087 | $ | (67,715 | ) | $ | (6,334 | ) | $ | 489,038 | |||||||||||
Revenue from Continuing Operations |
$ | 4,758,016 | $ | 4,042,163 | $ | 92,915 | $ | | $ | 4,135,078 | |||||||||||||
EBIT Margin |
15.7 | % | 13.9 | % | 11.8 | % | |||||||||||||||||
2007 Year-to-date | 2006 Year-to-date | ||||||||||||||||||||||
FIS | CEY-Jan | ADJ | Pro Forma | ||||||||||||||||||||
Net Earnings |
$ | 561,222 | $ | 259,087 | $ | (42,523 | ) | $ | (3,708 | ) | $ | 212,856 | |||||||||||
+ Tax Adjusted Purchase Price Amortization |
106,203 | 109,467 | 233 | 3,524 | 113,224 | ||||||||||||||||||
Cash Earnings |
$ | 667,425 | $ | 368,554 | $ | (42,290 | ) | $ | (184 | ) | $ | 326,080 | |||||||||||
Diluted Cash EPS |
$ | 3.40 | $ | 1.95 | $ | 1.68 | |||||||||||||||||
Diluted Shares Outstanding |
196,546 | 189,196 | 194,653 | ||||||||||||||||||||
2007 Year-to-date | 2006 Year-to-date | ||||||||||||||||||||||
FIS | CEY-Jan | ADJ | Pro Forma | ||||||||||||||||||||
Net Earnings |
$ | 561,222 | $ | 259,087 | $ | (42,523 | ) | $ | (3,708 | ) | $ | 212,856 | |||||||||||
+ Depreciation/Amort from Continuing
Operations |
496,188 | 432,355 | 4,274 | 6,856 | 443,485 | ||||||||||||||||||
+ Depreciation/Amort from Discontinued
Operations |
658 | 1,195 | | | 1,195 | ||||||||||||||||||
- Capital Expenditures |
(343,299 | ) | (300,197 | ) | (5,200 | ) | | (305,397 | ) | ||||||||||||||
Free Cash Flow |
$ | 714,769 | $ | 392,440 | $ | (43,449 | ) | $ | 3,148 | $ | 352,139 | ||||||||||||
2007 Year-to-date | 2006 Year-to-date | ||||||||||||||||||||||
FIS | CEY-Jan | ADJ | Pro Forma | ||||||||||||||||||||
Net Earnings from Continuing Operations |
$ | 38,953 | $ | 50,074 | $ | 552 | ) | (552 | ) | $ | 50,074 | ||||||||||||
2007 Year-to-date | ||||
EBITDA from Continuing Operations |
$ | 1,241,829 | ||
Merger and Acquisition, Restructuring and Integration
Costs |
14,157 | |||
Performance Based Stock Option Costs |
| |||
EBITDA from Continuing Operations, excluding non recurring
items |
$ | 1,255,986 | ||
Net Earnings |
$ | 561,222 | ||
Merger and Acquisition, Restructuring and Integration Costs, net
of tax |
8,761 | |||
Covansys Gain, net of tax |
(172,927 | ) | ||
Gain on Property Insight, net of tax |
(42,124 | ) | ||
Debt Restructure Charge, net of tax |
17,059 | |||
Performance Based Stock Option Costs, net of tax |
| |||
Net Earnings , excluding non recurring items |
$ | 371,991 | ||
Diluted Shares Outstanding |
196,546 | |||
Net Earnings per diluted share |
$ | 2.86 | ||
Merger and Acquisition, Restructuring and Integration Costs, net
of tax |
0.04 | |||
Covansys Gain, net of tax |
(0.88 | ) | ||
Gain on Property Insight, net of tax |
(0.21 | ) | ||
Debt Restructure Charge, net of tax |
0.09 | |||
Performance Based Stock Option Costs, net of tax |
| |||
Net Earnings per diluted share, excluding non recurring
items |
$ | 1.90 | ||
Cash Earnings |
$ | 667,425 | ||
Merger and Acquisition, Restructuring and Integration Costs, net
of tax |
8,761 | |||
Covansys Gain, net of tax |
(172,927 | ) | ||
Gain on Property Insight, net of tax |
(42,124 | ) | ||
Debt Restructure Charge, net of tax |
17,059 | |||
Performance Based Stock Option Costs, net of tax |
| |||
Cash Earnings, excluding non recurring items |
$ | 478,194 | ||
Cash Earnings per diluted share |
$ | 3.40 | ||
Merger and Acquisition, Restructuring and Integration Costs, net
of tax |
0.04 | |||
Covansys Gain, net of tax |
(0.88 | ) | ||
Gain on Property Insight, net of tax |
(0.21 | ) | ||
Debt Restructure Charge, net of tax |
0.09 | |||
Performance Based Stock Option Costs, net of tax |
| |||
Cash Earnings per diluted share, excluding non recurring
items |
$ | 2.44 | ||
Free Cash Flow |
$ | 714,769 | ||
Merger and Acquisition, Restructuring and Integration Costs, net
of tax |
(5,707 | ) | ||
Covansys Gain, net of tax |
(172,927 | ) | ||
Gain on Property Insight, net of tax |
(42,124 | ) | ||
Debt Restructure Charge, net of tax |
17,059 | |||
Performance Based Stock Option Costs, net of tax |
| |||
Free Cash Flow, excluding non recurring items |
$ | 511,070 | ||
2006 Year-to-date | ||||
Pro Forma | ||||
EBITDA from Continuing Operations |
$ | 932,523 | ||
Merger and Acquisition, Restructuring and Integration
Costs |
108,945 | |||
Performance Based Stock Option Costs |
24,130 | |||
EBITDA from Continuing Operations, excluding non recurring
items |
$ | 1,065,598 | ||
Net Earnings |
$ | 212,856 | ||
Merger and Acquisition, Restructuring and Integration Costs, net
of tax |
67,654 | |||
Covansys Gain, net of tax |
| |||
Gain on Property Insight, net of tax |
| |||
Debt Restructure Charge, net of tax |
| |||
Performance Based Stock Option Costs, net of tax |
14,888 | |||
Net Earnings , excluding non recurring items |
$ | 295,398 | ||
Diluted Shares Outstanding |
194,653 | |||
Net Earnings per diluted share |
$ | 1.09 | ||
Merger and Acquisition, Restructuring and Integration Costs, net
of tax |
0.35 | |||
Covansys Gain, net of tax |
| |||
Gain on Property Insight, net of tax |
| |||
Debt Restructure Charge, net of tax |
| |||
Performance Based Stock Option Costs, net of tax |
0.08 | |||
Net Earnings per diluted share, excluding non recurring
items |
$ | 1.52 | ||
Cash Earnings |
$ | 326,080 | ||
Merger and Acquisition, Restructuring and Integration Costs, net
of tax |
67,654 | |||
Covansys Gain, net of tax |
| |||
Gain on Property Insight, net of tax |
| |||
Debt Restructure Charge, net of tax |
| |||
Performance Based Stock Option Costs, net of tax |
14,888 | |||
Cash Earnings, excluding non recurring items |
$ | 408,622 | ||
Cash Earnings per diluted share |
$ | 1.68 | ||
Merger and Acquisition, Restructuring and Integration Costs, net
of tax |
0.35 | |||
Covansys Gain, net of tax |
| |||
Gain on Property Insight, net of tax |
| |||
Debt Restructure Charge, net of tax |
| |||
Performance Based Stock Option Costs, net of tax |
0.08 | |||
Cash Earnings per diluted share, excluding non recurring
items |
$ | 2.10 | ||
Free Cash Flow |
$ | 352,139 | ||
Merger and Acquisition, Restructuring and Integration Costs, net
of tax |
67,654 | |||
Covansys Gain, net of tax |
| |||
Gain on Property Insight, net of tax |
| |||
Debt Restructure Charge, net of tax |
| |||
Performance Based Stock Option Costs, net of tax |
14,888 | |||
Free Cash Flow, excluding non recurring items |
$ | 434,681 | ||
Historical | ||||||||||||||||
Transaction | Lender | Corporate | ||||||||||||||
Processing Services | Processing Services | and Other | Total | |||||||||||||
Processing and services revenue |
875,267 | 454,806 | 341 | 1,330,414 | ||||||||||||
Cost of revenues |
658,550 | 273,238 | | 931,788 | ||||||||||||
Gross profit |
216,717 | 181,568 | 341 | 398,626 | ||||||||||||
Selling, general and admin costs |
55,774 | 50,803 | 33,631 | 140,208 | ||||||||||||
Research development costs |
20,376 | 8,785 | | 29,161 | ||||||||||||
Operating income |
140,567 | 121,980 | (33,290 | ) | 229,257 | |||||||||||
Depreciation and amortization |
102,451 | 31,853 | 3,599 | 137,903 | ||||||||||||
EBITDA |
243,018 | 153,833 | (29,691 | ) | 367,160 | |||||||||||
EBITDA |
243,018 | 153,833 | (29,691 | ) | 367,160 | |||||||||||
Merger and Acquisition costs |
| | 2,153 | 2,153 | ||||||||||||
Acceleration of performance based options |
| | | | ||||||||||||
EBITDA, excluding selected items |
243,018 | 153,833 | (27,538 | ) | 369,313 |
Historical | ||||||||||||||||
Transaction | Lender | Corporate | ||||||||||||||
Processing Services | Processing Services | and Other | Total | |||||||||||||
Processing and services revenue |
694,748 | 415,404 | (1,630 | ) | 1,108,522 | |||||||||||
Cost of revenues |
537,295 | 265,491 | | 802,786 | ||||||||||||
Gross profit |
157,453 | 149,913 | (1,630 | ) | 305,736 | |||||||||||
Selling, general and admin costs |
40,765 | 43,701 | 34,502 | 118,968 | ||||||||||||
Research development costs |
18,696 | 9,323 | | 28,019 | ||||||||||||
Operating income |
97,992 | 96,889 | (36,132 | ) | 158,749 | |||||||||||
Depreciation and amortization |
75,696 | 34,690 | 4,617 | 115,003 | ||||||||||||
EBITDA |
173,688 | 131,579 | (31,515 | ) | 273,752 | |||||||||||
EBITDA |
173,688 | 131,579 | (31,515 | ) | 273,752 | |||||||||||
Merger and Acquisition costs |
5,547 | 804 | 8,244 | 14,595 | ||||||||||||
Acceleration of performance based options |
| | | | ||||||||||||
EBITDA, excluding selected items |
179,235 | 132,383 | (23,271 | ) | 288,347 |
Historical | ||||||||||||||||
Transaction | Lender | Corporate | ||||||||||||||
Processing Services | Processing Services | and Other | Total | |||||||||||||
Processing and services revenue |
2,985,077 | 1,761,102 | 11,837 | 4,758,016 | ||||||||||||
Cost of revenues |
2,308,728 | 1,093,203 | | 3,401,931 | ||||||||||||
Gross profit |
676,349 | 667,899 | 11,837 | 1,356,085 | ||||||||||||
Selling, general and admin costs |
191,440 | 188,902 | 123,788 | 504,130 | ||||||||||||
Research development costs |
70,378 | 35,936 | | 106,314 | ||||||||||||
Operating income |
414,531 | 443,061 | (111,951 | ) | 745,641 | |||||||||||
Depreciation and amortization |
342,766 | 131,319 | 22,103 | 496,188 | ||||||||||||
EBITDA |
757,297 | 574,380 | (89,848 | ) | 1,241,829 | |||||||||||
EBITDA |
757,297 | 574,380 | (89,848 | ) | 1,241,829 | |||||||||||
Merger and Acquisition costs |
4,614 | 6,787 | 2,756 | 14,157 | ||||||||||||
EBITDA, excluding selected items |
761,911 | 581,167 | (87,092 | ) | 1,255,986 |
Historical | ||||||||||||||||
Transaction | Lender | Corporate | ||||||||||||||
Processing Services | Processing Services | and Other | Total | |||||||||||||
Processing and services revenue |
2,458,776 | 1,584,170 | (783 | ) | 4,042,163 | |||||||||||
Cost of revenues |
1,914,148 | 961,102 | | 2,875,250 | ||||||||||||
Gross profit |
544,628 | 623,068 | (783 | ) | 1,166,913 | |||||||||||
Selling, general and admin costs |
171,105 | 197,419 | 129,722 | 498,246 | ||||||||||||
Research development costs |
70,879 | 34,701 | | 105,580 | ||||||||||||
Operating income |
302,644 | 390,948 | (130,505 | ) | 563,087 | |||||||||||
Depreciation and amortization |
283,354 | 138,620 | 10,381 | 432,355 | ||||||||||||
EBITDA |
585,998 | 529,568 | (120,124 | ) | 995,442 | |||||||||||
EBITDA |
585,998 | 529,568 | (120,124 | ) | 995,442 | |||||||||||
Merger and Acquisition costs |
13,398 | 4,153 | 91,394 | 108,945 | ||||||||||||
Acceleration of performance based options |
| | 24,130 | 24,130 | ||||||||||||
EBITDA, excluding selected items |
599,396 | 533,721 | (4,600 | ) | 1,128,517 |
Pro Forma | ||||||||||||||||
Transaction | Lender | Corporate | ||||||||||||||
Processing Services | Processing Services | and Other | Total | |||||||||||||
Processing and services revenue |
2,549,741 | 1,584,170 | 1,169 | 4,135,080 | ||||||||||||
Cost of revenues |
1,994,223 | 961,102 | | 2,955,325 | ||||||||||||
Gross profit |
555,518 | 623,068 | 1,169 | 1,179,755 | ||||||||||||
Selling, general and admin costs |
175,516 | 197,419 | 212,202 | 585,137 | ||||||||||||
Research development costs |
70,879 | 34,701 | | 105,580 | ||||||||||||
Operating income |
309,123 | 390,948 | (211,033 | ) | 489,038 | |||||||||||
Depreciation and amortization |
294,394 | 138,620 | 10,471 | 443,485 | ||||||||||||
EBITDA |
603,517 | 529,568 | (200,562 | ) | 932,523 | |||||||||||
EBITDA |
603,517 | 529,568 | (200,562 | ) | 932,523 | |||||||||||
Merger and Acquisition costs |
13,398 | 4,153 | 91,394 | 108,945 | ||||||||||||
Acceleration of performance based options |
| | 24,130 | 24,130 | ||||||||||||
EBITDA, excluding selected items |
616,915 | 533,721 | (85,038 | ) | 1,065,598 |