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 TSYS Reports Fourth Quarter and Full Year Earnings
   Tuesday, January 24, 2017 4:15:02 PM ET

TSYS (TSS ) today reported results for the fourth quarter and full year of 2016.

"2016 was truly an exceptional year in the history of our company. We delivered record financial results, completed our largest acquisition in TransFirst that doubled the size of our Merchant business, and finished the year with results in all four segments having met or exceeded our goals," said M. Troy Woods, chairman and chief executive officer of TSYS.

Highlights for the fourth quarter of 2016 include:

-- Total revenues were $1.1 billion, an increase of 57.9% over last year’s $716.8 million.

-- Net revenue (non-GAAP), which excludes reimbursable items, interchange and assessment expense, was $785.7 million, an increase of 21.8% over last year’s $645.1 million.



-- Income from continuing operations attributable to TSYS common shareholders was $74.0 million, a decrease of 9.2% from last year’s $81.4 million. Basic earnings per share (EPS) from continuing operations were $0.40 per share, a decrease of 9.3% from last year’s $0.44.

-- Adjusted earnings from continuing operations (non-GAAP) were $129.6 million, an increase of 24.7% over last year’s $103.9 million. 4th quarter ’16 adjusted EPS from continuing operations (non-GAAP) was $0.71, an increase of 24.5% over last year’s $0.57.

-- Adjusted EBITDA (non-GAAP) was $266.5 million, an increase of 36.7% over last year’s $195.0 million.

Highlights for the full year of 2016 include:

-- Total revenues were $4.2 billion, an increase of 50.0% over last year’s $2.8 billion.

-- Net revenue (non-GAAP), which excludes reimbursable items, interchange and assessment expense, was $3.0 billion, an increase of 21.7% over last year’s $2.5 billion.

-- Income from continuing operations attributable to TSYS common shareholders was $319.6 million, a decrease of 11.9% from last year’s $362.6 million. Basic EPS was $1.74 per share, a decrease of 11.6% from last year’s $1.97.

-- Adjusted earnings from continuing operations (non-GAAP) were $516.4 million, an increase of 14.2% over last year’s $452.1 million. Adjusted EPS from continuing operations (non-GAAP) was $2.81, an increase of 14.5% over last year’s $2.46.

-- Adjusted EBITDA (non-GAAP) was $1.0 billion, an increase of 24.8% over last year’s $833.9 million.

"We expect the momentum of 2016 to continue in 2017. We are projecting strong organic revenue growth and double digit earnings growth as we remain laser focused on executing our strategic plans and delivering outstanding results," said Woods.

2017 Segment Changes

As a result of combining our North America and International segments, TSYS has included in the financial schedules of this release a schedule recasting its 2016 and 2015 quarterly segment results as if its Issuer Solutions Segment was combined for all of 2016 and 2015.

2017 Outlook

Beginning in 2017, TSYS will provide adjusted EPS figures based upon diluted shares to be more comparative to our industry peers. The 2017 guidance is below.

                                                                                                         
                                                                                                                                      2017 Financial                                                                  Percent
                                                                                                                                       Outlook Range                                                                                                        Change
                                                                                                        ---------------------------------------------------------------------     -------------------- -------------------- -----------------------------------------------------------------
(in millions, except per share amounts)                                                                                                                                                                                               
Revenue:
Total revenues (GAAP)                                                                                                 $4,750                       to                      $4,850                                           14%                      to                                       16%
Net revenue (non-GAAP)                                                                                                $3,275                       to                      $3,375                                            8%                      to                                       11%
                                                                                                                                                                                                                                                                              
Earnings per share:
Diluted EPS (GAAP)                                                                                                     $2.14                       to                       $2.21                                           23%                      to                                       28%
Adjusted diluted EPS attributable to TSYS common shareholders                                                          $3.05                       to                       $3.15                                            9%                      to                                       12%
(non-GAAP)
Average diluted weighted shares                                                                                                 185
                                                                                                                                                                                                                                                                              

Conference Call

TSYS will host its quarterly conference call at 5:00 p.m. ET on Tuesday, January 24. The conference call can be accessed via simultaneous Internet broadcast on the "Investor Relations" section of TSYS’ website at investors.tsys.com where an accompanying slide presentation will also be available. The replay will be archived for 12 months and will be available approximately 30 minutes after the completion of the call.

Non-GAAP Measures

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

Additional information about non-GAAP financial measures, including, but not limited to, net revenue, adjusted earnings, adjusted EBITDA and adjusted EPS, and a reconciliation of those measures to the most directly comparable GAAP measures is included on pages 11 to 15 in the financial schedules of this release.

About TSYS

TSYS(R) (TSS ) unlocks opportunities in payments for payment providers, businesses and consumers. Our headquarters are in Columbus, Georgia, 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 and expertise. We succeed because we put people, and their needs, at the heart of every decision. It’s an approach we call ’People-Centered Payments(R)’.

Our industry is changing every day -- and we’re leading the way toward the payments of tomorrow. We routinely post all important information on our website. For more, visit us at tsys.com.

Forward-Looking Statements

This press release contains "forward-looking statements" - that is, statements related to future, not past, events. Forward-looking statements often address our expected future business and financial performance and often contain words such as "expect," "anticipate," "intend," "believe," "should," "plan," "potential," "will," "could," and similar expressions. These forward-looking statements include, among others, statements regarding TSYS’ earnings guidance for 2017 total revenues, net revenue, diluted EPS and adjusted diluted EPS, and the assumptions underlying such statements. These statements are based on the current beliefs and expectations of TSYS’ management, are based on management’s assumptions and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking statements. A number of important factors could cause actual results or events to differ materially from those contemplated by our forward-looking statements in this press release. Many of these factors are beyond TSYS’ ability to control or predict. These factors include, but are not limited to, the material breach of security of any of TSYS’ systems; TSYS’ ability to integrate acquisitions and achieve the anticipated growth opportunities and other benefits of the acquisitions, particularly the TransFirst acquisition; the effect of current domestic and worldwide economic conditions; risks associated with foreign operations, including adverse developments with respect to foreign currency exchange rates, and in particular with respect to the current environment, adverse developments with respect to foreign currency exchange rates as a result of the United Kingdom’s decision to leave the European Union (Brexit); expenses incurred associated with the signing of a significant client; TSYS does not convert clients’ portfolios as scheduled; the deconversion of a significant client; changes occur in laws, rules, regulations, credit card association rules, prepaid industry rules or other industry standards affecting TSYS and our clients that may result in costly new compliance burdens on TSYS and our clients and lead to a decrease in the volume and/or number of transactions processed or limit the types and amounts of fees that can be charged to customers, and in particular the CFPB’s new rule regarding prepaid financial products; the costs and effects of litigation, investigations or similar matters or adverse facts and developments relating thereto; adverse developments with respect to the payment card industry in general, including a decline in the use of cards as a payment mechanism; and growth rates of TSYS’ existing clients are lower than anticipated or attrition rates of existing clients are higher than anticipated. Additional risks and other factors that could cause actual results or events to differ materially from those contemplated in this release can be found in TSYS’ filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. TSYS disclaims any obligation to update any forward-looking statements as a result of new information, future developments or otherwise except as required by law.

 
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                   TSYS
                                                                                                                                                                           Financial Highlights
                                                                                                                                                                                (unaudited)
                                                                                                                                                                   (in thousands, except per share data)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                        
                                                                                                                                         Three Months Ended                                                                                                                        Twelve Months Ended
                                                                                                                                            December 31,                                                                                                                              December 31,
                                                                                          ----------------------------------------------------------------------------------------------------------------                         ------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                  Percent                                                                                                                                    Percent
                                                                                                       2016                                               2015                                    Change                                        2016                                                2015                                     Change
                                                                                          -------------------------------                     -----------------------------                     ----------                         -------------------------------                     -------------------------------                     ----------
                                                                                                                                                                                                                                                                                                                                                      
Total revenues                                                                          $ 1,132,224                                           716,843                                            57.9     %                      $ 4,170,077                                           2,779,541                                            50.0     %
                                                                                                                                                                                                                                                                                                                                                      
Cost of services                                                                            826,332                                           489,040                                            69.0                              2,993,062                                           1,855,181                                            61.3
Selling, general and administrative expenses                                                175,345                        109,898                         59.6                                603,633                          390,253                         54.7
                                                                                          --------- --------------------                      ------- --------------------                                                         --------- --------------------                      --------- --------------------
Total expenses                                                                            1,001,677                        598,938                         67.2                              3,596,695                        2,245,434                         60.2
                                                                                          --------- --------------------                      ------- --------------------                                                         --------- --------------------                      --------- --------------------
                                                                                                                                                                                                                                                                                                                                                      
Operating income                                                                            130,547                                           117,905                                            10.7                                573,382                                             534,107                                             7.4
                                                                                                                                                                                                                                                                                                                                                      
Nonoperating expenses                                                                       (29,662 )                                          (9,237 )                                            nm                               (112,168 )                                           (37,219 )                                            nm
                                                                                          --------- --------------------                      ------- --------------------                                                         --------- --------------------                      --------- --------------------
                                                                                                                                                                                                                                                                                                                                                      
Income before income taxes, noncontrolling interests and equity in                          100,885                                           108,668                                            (7.2 )                              461,214                                             496,888                                            (7.2 )
income of equity investments
Income taxes                                                                                 33,209                         32,160                          3.3                                161,175                          151,364                          6.5
                                                                                          --------- --------------------                      ------- --------------------                                                         --------- --------------------                      --------- --------------------
Income before noncontrolling interests and equity in income of                               67,676                                            76,508                                           (11.5 )                              300,039                                             345,524                                           (13.2 )
equity investments
   Equity in income of equity investments, net of tax                                         6,699                          6,797                         (1.4 )                               25,933                           22,106                         17.3
                                                                                          --------- --------------------                      ------- --------------------                                                         --------- --------------------                      --------- --------------------
   Income from continuing operations, net of tax                                             74,375                                            83,305                                           (10.7 )                              325,972                                             367,630                                           (11.3 )
   Gain from discontinued operations, net of tax                                                  -                          1,411                           nm                                      -                            1,411                           nm
                                                                                          --------- --------------------                      ------- --------------------                                                         --------- --------------------                      --------- --------------------
Net income                                                                                   74,375                                            84,716                                           (12.2 )                              325,972                                             369,041                                           (11.7 )
Net income attributable to noncontrolling interests                                            (425 )                                          (1,888 )                                          77.5                                 (6,334 )                                            (4,997 )                                         (26.8 )
                                                                                          --------- --------------------                      ------- --------------------                                                         --------- --------------------                      --------- --------------------
                                                                                                                                                                                                                                                                                                                                                      
Net income attributable to TSYS common shareholders                                     $    73,950                         82,828                        (10.7 )   %                      $   319,638                          364,044                        (12.2 )   %
                                                                                          ========= ====================                      ======= ====================                                                         ========= ====================                      ========= ====================
                                                                                                                                                                                                                                                                                                                                                      
Earnings per share (EPS):
                                                                                        $      0.40                                              0.44                                            (9.3 )   %                      $      1.74                                                1.97                                           (11.6 )   %
   Income from continuing operations to TSYS common shareholders
                                                                                                  -                           0.01                           nm                                      -                             0.01                           nm
   Gain from discontinued operations to TSYS common shareholders
                                                                                          --------- --------------------                      ------- --------------------                                                         --------- --------------------                      --------- --------------------
   Basic EPS                                                                            $      0.40                           0.45                        (10.8 )   %                      $      1.74                             1.98                        (12.0 )   %
                                                                                          ========= ====================                      ======= ====================                                                         ========= ====================                      ========= ====================
                                                                                                                                                                                                                                                                                                                                                      
Diluted EPS:
                                                                                        $      0.40                                              0.44                                            (9.2 )   %                      $      1.73                                                1.96                                           (11.5 )   %
   Income from continuing operations to TSYS common shareholders
                                                                                                  -                           0.01                           nm                                      -                             0.01                           nm
   Gain from discontinued operations to TSYS common shareholders
                                                                                          --------- --------------------                      ------- --------------------                                                         --------- --------------------                      --------- --------------------
   Diluted EPS                                                                          $      0.40                           0.45                        (10.7 )   %                      $      1.73                             1.97                        (11.8 )   %
                                                                                          ========= ====================                      ======= ====================                                                         ========= ====================                      ========= ====================
                                                                                                                                                                                                                                                                                                                                                      
Weighted average shares outstanding:
  (includes participating securities)
   Basic                                                                                    183,665                        183,376                                                             183,655                          184,082  
                                                                                          ========= ====================                      ======= ====================                                                         ========= ====================                      ========= ====================
   Diluted                                                                                  184,533                        184,581                                                             184,448                          185,239  
                                                                                          ========= ====================                      ======= ====================                                                         ========= ====================                      ========= ====================
                                                                                                                                                                                                                                                                                                                                                      
Dividends declared per share                                                            $      0.10                           0.10                                                         $      0.40                             0.40  
                                                                                          ========= ====================                      ======= ====================                                                         ========= ====================                      ========= ====================
                                                                                                                                                                                                                                                                                                                                                      
Amounts attributable to TSYS common shareholders:
   Income from continuing operations, net of tax                                        $    73,950                                            81,417                                            (9.2 )   %                      $   319,638                                             362,633                                           (11.9 )   %
   Gain from discontinued operations, net of tax                                                  -                          1,411                           nm                                      -                            1,411                           nm
                                                                                          --------- --------------------                      ------- --------------------                                                         --------- --------------------                      --------- --------------------
   Net income                                                                           $    73,950                         82,828                        (10.7 )   %                      $   319,638                          364,044                        (12.2 )   %
                                                                                          ========= ====================                      ======= ====================                                                         ========= ====================                      ========= ====================
                                                                                                                                                                                                                                                                                                                                                      
Non-GAAP measures:*
------------------------------------------------------------------
   Net revenue                                                                          $   785,709                        645,095                         21.8     %                      $ 3,041,876                        2,499,349                         21.7     %
                                                                                          ========= ====================                      ======= ====================                                                         ========= ====================                      ========= ====================
                                                                                                                                                                                                                                                                                                                                                      
   Adjusted EBITDA                                                                      $   266,547                        195,031                         36.7     %                      $ 1,040,551                          833,920                         24.8     %
                                                                                          ========= ====================                      ======= ====================                                                         ========= ====================                      ========= ====================
                                                                                                                                                                                                                                                                                                                                                      
   Adjusted EPS                                                                         $      0.71                           0.57                         24.5     %                      $      2.81                             2.46                         14.5     %
                                                                                          ========= ====================                      ======= ====================                                                         ========= ====================                      ========= ====================
                                                                                                                                                                                                                                                                                                                                                      
* See reconciliation of non-GAAP measures.
nm = not meaningful
                                                                                                                                                                                                                                                                                                                                                      
 
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                     TSYS
                                                                                                                                                                                                                                     Segment Breakdown
                                                                                                                                                                                                                                     (unaudited)
                                                                                                                                                                                                                                     (in thousands)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                           
                                                                                                                                                                 Three Months Ended December 31,                                                                                                                                                                                           Twelve Months Ended December 31,
                                                                                              --------------------------------------------------------------------------------------------------------------------------------------------------------------------                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                Change                                                                                                                                                                                                                      Change
                                                                                                                                                                                                    --------------------------------------------------------------                                                                                                                                                    ----------------------------------------------------------------------------------
                                                                                                           2016                            2015                             $                    %                                                                2016                             2015                               $                     %
                                                                                              --------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ---------                                               --------------------------------------------------- --------------------------------------------------- --------------------------------------------------- ---------
Operating income (a)                                                                        $   130,547                                           117,905                                            12,642                                            10.7     %                                           $   573,382                                             534,107                                              39,275                                             7.4              %
Share-based compensation                                                                          9,937                                            10,080                                              (143 )                                          (1.4 )                                                    43,728                                              41,548                                               2,180                                             5.2
TransFirst M&A expenses                                                                           2,267                                                 -                                             2,267                                              na                                                      28,175                                                   -                                              28,175                                              na
Litigation, claims, judgments or settlements                                                     21,719                                                 -                                            21,719                                              na                                                      21,719                                                   -                                              21,719                                              na
Acquisition intangible amortization                                                              55,243      22,920      32,323                           nm                                                     189,991        92,522        97,469                           nm
                                                                                              --------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------                                                                              --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
   Adjusted operating income (b)                                                            $   219,713     150,905      68,808                         45.6     %                                           $   856,995       668,177       188,818                         28.3              %
                                                                                              ========= ==================== ==================== ======= ==================== ==================== ======= ====================                                                                              ========= ==================== ==================== ========= ==================== ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Adjusted segment operating income:
   North America Services (c)                                                               $   117,296                                           104,162                                            13,134                                            12.6     %                                           $   468,251                                             429,064                                              39,187                                             9.1              %
   International Services (d)                                                                    15,210                                            21,381                                            (6,171 )                                         (28.9 )                                                    56,774                                              60,087                                              (3,313 )                                          (5.5 )
   Merchant Services (e)                                                                         88,539                                            33,033                                            55,506                                              nm                                                     307,595                                             150,225                                             157,370                                              nm
   NetSpend (f)                                                                                  34,834                                            28,614                                             6,220                                            21.7                                                     160,371                                             137,837                                              22,534                                            16.3
Corporate admin and other                                                                       (36,166 )                      (36,285 )                          119                          0.3                                                    (135,996 )                       (109,036 )                        (26,960 )                                         (24.7 )
                                                                                              --------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------                                                                              --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
Adjusted segment operating income                                                           $   219,713     150,905      68,808                         45.6     %                                           $   856,995       668,177       188,818                         28.3              %
                                                                                              ========= ==================== ==================== ======= ==================== ==================== ======= ====================                                                                              ========= ==================== ==================== ========= ==================== ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Total revenues (g)                                                                          $ 1,132,224                                           716,843                                           415,381                                            57.9     %                                           $ 4,170,077                                           2,779,541                                           1,390,536                                            50.0              %
Less: reimbursable items                                                                         62,354      71,748      (9,394 )                                         (13.1 )                                                   259,543       280,192       (20,649 )                                          (7.4 )
                                                                                              --------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------                                                                              --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
Revenue before reimbursable items                                                             1,069,870                                           645,095                                           424,775                                            65.8                                                   3,910,534                                           2,499,349                                           1,411,185                                            56.5
Less: interchange and assessments expenses                                                      284,161           -     284,161                           na                                                     868,658             -       868,658                           na
                                                                                              --------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------                                                                              --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
   Net revenue (h)                                                                              785,709                                           645,095                                           140,614                                            21.8                                                   3,041,876                                           2,499,349                                             542,527                                            21.7
   Intersegment revenues                                                                         10,379       8,383       1,996                         23.8                                                      39,880        33,481         6,399                         19.1
                                                                                              --------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------                                                                              --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
        Segment net revenue                                                                 $   796,088     653,478     142,610                         21.8     %                                           $ 3,081,756     2,532,830       548,926                         21.7              %
                                                                                              ========= ==================== ==================== ======= ==================== ==================== ======= ====================                                                                              ========= ==================== ==================== ========= ==================== ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Segment net revenue
   North America Services (i)                                                               $   304,450                                           300,265                                             4,185                                             1.4     %                                           $ 1,206,013                                           1,147,254                                              58,759                                             5.1              %
   International Services (j)                                                                    77,061                                            87,126                                           (10,065 )                                         (11.6 )                                                   313,631                                             331,159                                             (17,528 )                                          (5.3 )
   Merchant Services (k)                                                                        253,960                                           122,053                                           131,907                                              nm                                                     898,533                                             474,040                                             424,493                                            89.5
   NetSpend (l)                                                                                 160,617     144,034      16,583                         11.5                                                     663,579       580,377        83,202                         14.3
                                                                                              --------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------                                                                              --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
        Segment net revenue                                                                 $   796,088     653,478     142,610                         21.8     %                                           $ 3,081,756     2,532,830       548,926                         21.7              %
                                                                                              ========= ==================== ==================== ======= ==================== ==================== ======= ====================                                                                              ========= ==================== ==================== ========= ==================== ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Segment revenue before reimbursable items
   North America Services                                                                   $   304,450                                           300,265                                             4,185                                             1.4     %                                           $ 1,206,013                                           1,147,254                                              58,759                                             5.1              %
   International Services                                                                        77,061                                            87,126                                           (10,065 )                                         (11.6 )                                                   313,631                                             331,159                                             (17,528 )                                          (5.3 )
   Merchant Services                                                                            538,121                                           122,053                                           416,068                                              nm                                                   1,767,191                                             474,040                                           1,293,151                                              nm
   NetSpend                                                                                     160,617     144,034      16,583                         11.5                                                     663,579       580,377        83,202                         14.3
                                                                                              --------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------                                                                              --------- -------------------- -------------------- --------- -------------------- -------------------- --------- --------------------
        Segment revenue before reimbursable items                                           $ 1,080,249     653,478     426,771                         65.3     %                                           $ 3,950,414     2,532,830     1,417,584                         56.0              %
                                                                                              ========= ==================== ==================== ======= ==================== ==================== ======= ====================                                                                              ========= ==================== ==================== ========= ==================== ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Operating margin (GAAP) (a)/(g)                                                                   11.53 %                        16.45 %                                                                                                                                                       13.75 %                          19.22 %
                                                                                              ========= ==================== ==================== ======= ====================                                                                                                                                ========= ==================== ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Adjusted operating margin on net revenue (b)/(h)                                                  27.96 %                        23.39 %                                                                                                                                                       28.17 %                          26.73 %
                                                                                              ========= ==================== ==================== ======= ====================                                                                                                                                ========= ==================== ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Adjusted segment operating margin on net revenue
North America Services(c)/(i)                                                                     38.53 %                        34.69 %                                                                                                                                                       38.83 %                          37.40 %
                                                                                              ========= ==================== ==================== ======= ====================                                                                                                                                ========= ==================== ==================== ========= ====================
International Services (d)/(j)                                                                    19.74 %                        24.54 %                                                                                                                                                       18.10 %                          18.14 %
                                                                                              ========= ==================== ==================== ======= ====================                                                                                                                                ========= ==================== ==================== ========= ====================
Merchant Services (e)/(k)                                                                         34.86 %                        27.06 %                                                                                                                                                       34.23 %                          31.69 %
                                                                                              ========= ==================== ==================== ======= ====================                                                                                                                                ========= ==================== ==================== ========= ====================
NetSpend (f)/(l)                                                                                  21.69 %                        19.87 %                                                                                                                                                       24.17 %                          23.75 %
                                                                                              ========= ==================== ==================== ======= ====================                                                                                                                                ========= ==================== ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
nm = not meaningful
na = not applicable
 
                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                    
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                  TSYS
                                                                                                                                                                                                                            Segment Breakdown
                                                                                                                                                                                                                               (unaudited)
                                                                                                                                                                                                                             (in thousands)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                    
                                                                                                                                                Three Months Ended December 31,                                                                                                                                                                          Twelve Months Ended December 31,
                                                                                                 -----------------------------------------------------------------------------------------------------------------------------                                            -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                          Change                                                                                                                                                                                                                         Change
                                                                                                                                                             -----------------------------------------------------------------                                                                                                                                                  -----------------------------------------------------------------------------------------
                                                                                                   2016       2015                    $                     %                                                                 2016                            2015                              $                        %
                                                                                                 -------- -------------------- -------- -------------------- -------------------------------------------------- ----------                                                -------------------------------------------------- -------------------------------------------------- -------------------------------------------------- -----------------
Depreciation and amortization:
   North America Services                                                                      $   27,878                        26,712                         1,166                                             4.4       %                                           $  110,343                                             99,544                                             10,799                                            10.8                      %
   International Services                                                                           7,572                         8,808                        (1,236 )                                         (14.0 )                                                     30,966                                             34,892                                             (3,926 )                                         (11.3 )
   Merchant Services                                                                                6,851                         4,874                         1,977                                            40.6                                                       25,553                                             18,268                                              7,285                                            39.9
   NetSpend                                                                                         3,667      3,139        528                         16.8                                                       13,133       10,686        2,447                         22.9
                                                                                                 -------- -------------------- -------- -------------------- -------- --------------------                                                                                -------- -------------------- -------------------- -------- -------------------- -------------------- -------- --------------------
Segment depreciation and amortization                                                              45,968                        43,533                         2,435                                             5.6                                                      179,995                                            163,390                                             16,605                                            10.2
Acquisition intangible amortization                                                                55,243                        22,920                        32,323                                              nm                                                      189,991                                             92,522                                             97,469                                              nm
Corporate admin and other                                                                             866        593        273                         46.0                                                        3,560        2,352        1,208                         51.4
                                                                                                 -------- -------------------- -------- -------------------- -------- --------------------                                                                                -------- -------------------- -------------------- -------- -------------------- -------------------- -------- --------------------
      Total depreciation and amortization                                                      $  102,077     67,046     35,031                         52.2       %                                           $  373,546      258,264      115,282                         44.6                      %
                                                                                                 ======== ==================== ======== ==================== ======== ====================                                                                                ======== ==================== ==================== ======== ==================== ==================== ======== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Segment statistical data:
----------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Transactions (in millions)
   North America Services:                                                                        4,482.7                       4,264.9                         217.8                                             5.1       %                                             17,140.3                                           15,774.5                                            1,365.8                                             8.7                      %
   International Services:                                                                          742.1      661.7       80.4                         12.2                                                      2,717.8      2,473.6        244.2                          9.9
                                                                                                 -------- -------------------- -------- -------------------- -------- --------------------                                                                                -------- -------------------- -------------------- -------- -------------------- -------------------- -------- --------------------
   Total transactions                                                                             5,224.8    4,926.6      298.2                          6.1       %                                             19,858.1     18,248.1      1,610.0                          8.8                      %
                                                                                                 ======== ==================== ======== ==================== ======== ====================                                                                                ======== ==================== ==================== ======== ==================== ==================== ======== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Accounts on file (AOF) (in millions)
   North America Services:                                                                                                                                                                                                                                                   662.8                                              654.1                                                8.7                                             1.3                      %
   International Services:                                                                                                                                                                                                                                                    88.7         78.5         10.2                         13.0
                                                                                                                                                                                                                                                                          -------- -------------------- -------------------- -------- -------------------- -------------------- -------- --------------------
   Total AOF                                                                                                                                                                                                                                                                 751.5        732.5         19.0                          2.6                      %
                                                                                                                                                                                                                                                                          ======== ==================== ==================== ======== ==================== ==================== ======== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Traditional accounts on file (AOF) (in millions)
   North America Services:                                                                                                                                                                                                                                                   454.1                                              415.1                                               39.0                                             9.4                      %
   International Services:                                                                                                                                                                                                                                                    67.7         65.1          2.6                          4.1
                                                                                                                                                                                                                                                                          -------- -------------------- -------------------- -------- -------------------- -------------------- -------- --------------------
   Total Traditional AOF                                                                                                                                                                                                                                                     521.8        480.2         41.6                          8.7                      %
                                                                                                                                                                                                                                                                          ======== ==================== ==================== ======== ==================== ==================== ======== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Merchant Services
   Point-of-sale transactions (in millions)                                                       1,120.5                       1,075.2                          45.3                                             4.2       %                                              4,548.1                                            4,266.5                                              281.6                                             6.6                      %
   Dollar sales volume (in millions)                                                           $ 28,710.2                      12,401.1                      16,309.1                                              nm       %                                           $ 97,735.1                                           48,072.7                                           49,662.4                                              nm                      %
                                                                                                                                                                                                                                                                                                                                                                                                                                                     
NetSpend
   Gross dollar volume (in millions)                                                           $  6,579.1                       5,692.0                         887.1                                            15.6       %                                           $ 28,722.3                                           24,274.9                                            4,447.4                                            18.3                      %
                                                                                                                                                                                                                                                                                                                                                                                                                                                     
   Direct deposit 90-day active cards (in thousands)                                                                                                                                                                                                                       2,136.0                                            1,895.0                                              241.0                                            12.7                      %
   90-day active cards (in thousands)                                                                                                                                                                                                                                      4,295.0                                            3,894.1                                              400.9                                            10.3                      %
   % of 90-day active cards with direct deposit                                                                                                                                                                                                                               49.7 %                                             48.7 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                     
nm = not meaningful
                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                         
 
----------------------------------------------------------------------------------------------------------------------------------
                                                               TSYS
                                                      Condensed Balance Sheet
                                                            (unaudited)
                                                          (in thousands)
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                              
                                                                       December 31, 2016                       December 31, 2015
                                                                      -----------------                      --------------------
 Assets
 Current assets:
   Cash and cash equivalents                                        $           425,354                                   389,328
   Accounts receivable, net                                                     432,847                                   314,705
   Other current assets                                                         164,488                                   154,199
                                                                      -----------------                      --------------------
          Total current assets                                                1,022,689                                   858,232
 Goodwill                                                                     3,270,952                                 1,545,424
 Other intangible assets, net                                                   906,676                                   328,320
 Property, equipment and software, net                                          705,533                                   694,968
 Other long term assets                                                         460,327                                   450,951
                                                                      -----------------                      --------------------
          Total assets                                              $         6,366,177                                 3,877,895
                                                                      =================                      ====================
                                                                                                              
 Liabilities
 Current liabilities:
      Accounts payable                                              $            38,712                                    52,213
      Notes payable and capital leases                                           50,727                                    53,546
      Other current liabilities                                                 330,914                                   233,173
                                                                      -----------------                      --------------------
          Total current liabilities                                             420,353                                   338,932
 Bonds payable, notes payable and capital leases, excluding current           3,313,276                                 1,377,541
 portion
 Deferred tax liability                                                         419,552                                   192,445
 Other long-term liabilities                                                     88,983                                    96,885
                                                                      -----------------                      --------------------
          Total liabilities                                                   4,242,164                                 2,005,803
                                                                      -----------------                      --------------------
 Redeemable noncontrolling interest                                              24,093                                    23,410
                                                                      -----------------                      --------------------
 Equity
 Shareholders’ equity                                                         2,099,920                                 1,843,018
 Noncontrolling interests in consolidated subsidiaries                                -                                     5,664
                                                                      -----------------                      --------------------
          Total equity                                                        2,099,920                                 1,848,682
                                                                      -----------------                      --------------------
          Total liabilities and equity                              $         6,366,177                                 3,877,895
                                                                      =================                      ====================
                                                                                                              
                                                                                                              
                                                                                                              
Note: TSYS adopted Accounting Standards Update (ASU) 2015-03
"Interest - Imputation of Interest (Subtopic 835-30), Simplifying
the Presentation of Debt Issuance Cost" on January 1, 2016. This ASU
requires TSYS to present debt issuance costs in the balance sheet as
a direct deduction from the carrying amount of the corresponding
debt liability, consistent with debt discounts. All prior periods
presented have been restated for this ASU.
 
TSYS also adopted ASU 2015-17 "Income Taxes (Topic 740), Balance
Sheet Classification of Deferred Taxes" on January 1, 2016. This ASU
requires the classification of all deferred tax assets and
liabilities as noncurrent on the balance sheet instead of separating
deferred taxes into current and noncurrent amounts. All prior
periods presented have been restated for this ASU.
 
                                                              
-------------------------------------------------------------- -------------------- ---------------------------------------------------- --------------------------------
                                                                                  TSYS
                                                                      Selected Cash Flow Highlights
                                                                               (unaudited)
                                                                             (in thousands)
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                     
                                                                                                              Twelve Months Ended December 31,
                                                                                    -------------------------------------------------------------------------------------
                                                                                                  2016                                                 2015
                                                                                    --------------------------------                     --------------------------------
Cash flows from operating activities:
   Net income                                                                     $    325,972                                              369,041
   Adjustments to reconcile net income to net cash provided by
   operating activities:
       Gain on disposal of subsidiaries                                                      -                                               (3,568 )
       Equity in income of equity investments                                          (25,933 )                                            (22,106 )
       Dividends received from equity investments                                       15,246                                               12,097
       Depreciation and amortization                                                   373,546                                              258,264
       Amortization of debt issuance costs                                              13,570                                                1,841
       Share-based compensation                                                         43,728                                               41,548
       Deferred income tax expense (benefit)                                             7,435                                               (4,083 )
       Other noncash adjustments                                                        51,357                                               24,728
       Changes in operating assets and liabilities                                     (87,012 )                                            (77,568 )
                                                                                    ---------- --------------------                      ---------- --------------------
           Net cash provided by operating activities                                   717,909                                              600,194
                                                                                                                                          
           Net cash used in investing activities                                    (2,492,876 )                                           (202,184 )
                                                                                                                                          
           Net cash provided by (used in) financing activities                       1,822,190                                             (290,754 )
                                                                                                                                          
Cash and cash equivalents:
 Effect of exchange rate changes on cash and cash equivalents                          (11,197 )                                             (7,111 )
                                                                                    ---------- --------------------                      ---------- --------------------
 Net increase in cash and cash equivalents                                              36,026                                              100,145
 Cash and cash equivalents at beginning of period                                      389,328                           289,183  
                                                                                    ---------- --------------------                      ---------- --------------------
 Cash and cash equivalents at end of period                                       $    425,354                           389,328  
                                                                                    ========== ====================                      ========== ====================
                                                                                                                                                     
 
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                             TSYS
                                                                                                   Supplemental Information
                                                                                                          (unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                               
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
Other
AOF:                                                                                                                                                 Total Accounts on File
                                                                                                   ---------------------------------------------------------------------------------------------------------------------------
(in millions)                                                                                                    At                              At                          %
                                                                                                            December 2016                                      December 2015                                    Change
                                                                                                   ----------------------------  -------------------- ----------------------------  -------------------- -------------------
Consumer                                                                                              442.9                                              408.2                                                  8.5
Commercial                                                                                             47.9                                               45.4                                                  5.4
Other                                                                                                  31.0         26.6                              16.8
                                                                                                   -------- -------------------- -------------------- -------- --------------------
   Traditional AOF                                                                                    521.8                                              480.2                                                  8.7
Prepaid*/Stored Value                                                                                  57.8                                               97.2                                                (40.5 )
Government Services                                                                                    88.7                                               79.3                                                 11.7
Commercial Card Single Use                                                                             83.2         75.8                               9.8
                                                                                                   -------- -------------------- -------------------- -------- --------------------
   Total AOF                                                                                          751.5        732.5                               2.6
                                                                                                   ======== ==================== ==================== ======== ====================
                    * Prepaid does not include NetSpend accounts
                                                                                                                                                                                                          
Growth in Accounts on File (in millions):
-----------------------------------------
                                                                                                          December 2015 to                December 2014 to
                                                                                                            December 2016                                      December 2015
                                                                                                   ----------------------------  -------------------- ----------------------------
Beginning balance                                                                                     732.5                                              616.7
Change in accounts on file due to:
                                          Internal growth of existing clients                          53.1                                               42.2
                                                                  New clients                          27.8                                              145.6
                                                                 Purges/Sales                         (12.9 )                                            (29.0 )
                                                                Deconversions                         (49.0 )                         (43.0 )
                                                                                                   -------- -------------------- -------------------- -------- --------------------
Ending balance                                                                                        751.5        732.5  
                                                                                                   ======== ==================== ==================== ======== ====================
                                                                                                                                                                                                          
 
                      Reconciliation of GAAP to Non-GAAP Financial Measures
 
Non-GAAP Measures
 
The schedules below provide a reconciliation of revenues and
operating results on a constant currency basis to reported revenues
and operating income. This non-GAAP measure presents fourth quarter
2016 financial results using the previous year’s foreign currency
exchange rates. On a constant currency basis, TSYS’ total revenues
for 2016 grew 51.6% as compared to a reported GAAP increase of 50.0%.
 
 
The schedules below also provide a reconciliation of EPS to adjusted
EPS.
 
The schedules below also provide a reconciliation of net income to
EBITDA and adjusted EBITDA.
 
The schedules below also provide a reconciliation of cash flows from
operating activities and capital expenditures to free cash flow.
 
The schedules below also provide a reconciliation of 2017 guidance
of total revenues to net revenue and diluted EPS to adjusted diluted
EPS. TSYS has also provided historical diluted EPS and adjusted
diluted EPS
 
The tax rate used in the calculation of adjusted EPS for the quarter
and year is equal to an estimate of our annual effective tax rate on
GAAP income. This effective rate is estimated annually and may be
adjusted during the year to take into account events or trends that
materially impact the effective tax rate including, but not limited
to, significant changes resulting from tax legislation, material
changes in the mix of revenues and expenses by entity and other
significant events.
 
TSYS believes that non-GAAP financial measures are important to
enable investors to understand and evaluate its ongoing operating
results. Accordingly, TSYS includes non-GAAP financial measures when
reporting its financial results to shareholders and potential
investors in order to provide them with an additional tool to
evaluate TSYS’ ongoing business operations. TSYS believes that the
non-GAAP financial measures are representative of comparative
financial performance that reflects the economic substance of TSYS’
current and ongoing business operations.
 
 
Although non-GAAP financial measures are often used to measure TSYS’
operating results and assess its financial performance, they are not
necessarily comparable to similarly titled measures of other
companies due to potential inconsistencies in the method of
calculation.
 
TSYS believes that its provision of non-GAAP financial measures
provides investors with important key financial performance
indicators that are utilized by management to assess TSYS’ operating
results, evaluate the business and make operational decisions on a
prospective, going-forward basis. Hence, management provides
disclosure of non-GAAP financial measures to give shareholders and
potential investors an opportunity to see TSYS as viewed by
management, to assess TSYS with some of the same tools that
management utilizes internally and to be able to compare such
information with prior periods. TSYS believes that inclusion of
non-GAAP financial measures provides investors with additional
information to help them better understand its financial statements
just as management utilizes these non-GAAP financial measures to
better understand the business, manage budgets and allocate
resources.
 
                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                               Reconciliation of GAAP to Non-GAAP
                                                                                                                                                                                                                                                                                                                           
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                  Constant Currency Comparison
                                                                                                                                                                                           (unaudited)
                                                                                                                                                                                         (in thousands)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                   
                                                                                                                               Three Months Ended December 31,                                                                                                                           Twelve Months Ended December 31,
                                                                                 ---------------------------------------------------------------------------------------------------------------------------                           ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                              Percent                                                                                                                                                     Percent
                                                                                              2016                    2015           Change                                                2016                             2015                           Change
                                                                                 --------------------------------------------------- -------------------- ------- -------------------- ---------------------                           --------------------------------------------------- --------------------------------------------------- ----------------------------
Consolidated
Constant currency (1)                                                          $ 1,148,810                                                                716,843                                  60.3     %                        $ 4,212,598                                                                2,779,541                                  51.6            %
Foreign currency impact (2)                                                        (16,586 )                              -                                                                        (42,521 )                                -
                                                                                 --------- -------------------- -------------------- -------------------- -------                                                                      --------- -------------------- -------------------- -------------------- ---------
Total revenues                                                                 $ 1,132,224       716,843                                  57.9     %                        $ 4,170,077       2,779,541                                  50.0            %
                                                                                 ========= ==================== ==================== ==================== =======                                                                      ========= ==================== ==================== ==================== =========
                                                                                                                                                                                                                                                                                                                                                                            
Constant currency (1)                                                          $   801,145                                                                645,095                                  24.2     %                        $ 3,081,534                                                                2,499,349                                  23.3            %
Foreign currency impact (2)                                                        (15,436 )                              -                                                                        (39,658 )                                -
                                                                                 --------- -------------------- -------------------- -------------------- -------                                                                      --------- -------------------- -------------------- -------------------- ---------
Net revenue                                                                    $   785,709       645,095                                  21.8     %                        $ 3,041,876       2,499,349                                  21.7            %
                                                                                 ========= ==================== ==================== ==================== =======                                                                      ========= ==================== ==================== ==================== =========
                                                                                                                                                                                                                                                                                                                                                                            
Constant currency (1)                                                          $   137,738                                                                117,905                                  16.8     %                        $   589,934                                                                  534,107                                  10.5            %
Foreign currency impact (2)                                                         (7,191 )                              -                                                                        (16,552 )                                -
                                                                                 --------- -------------------- -------------------- -------------------- -------                                                                      --------- -------------------- -------------------- -------------------- ---------
Operating income                                                               $   130,547       117,905                                  10.7     %                        $   573,382         534,107                                   7.4            %
                                                                                 ========= ==================== ==================== ==================== =======                                                                      ========= ==================== ==================== ==================== =========
                                                                                                                                                                                                                                                                                                                                                                            
International Services
Constant currency (1)                                                          $    99,180                                                                 93,128                                   6.5     %                        $   378,512                                                                  354,725                                   6.7            %
Foreign currency impact (2)                                                        (16,618 )                              -                                                                        (42,535 )                                -
                                                                                 --------- -------------------- -------------------- -------------------- -------                                                                      --------- -------------------- -------------------- -------------------- ---------
Total revenues                                                                 $    82,562        93,128                                 (11.3 )   %                        $   335,977         354,725                                  (5.3 )          %
                                                                                 ========= ==================== ==================== ==================== =======                                                                      ========= ==================== ==================== ==================== =========
                                                                                                                                                                                                                                                                                                                                                                            
Constant currency (1)                                                          $    92,531                                                                 87,126                                   6.2     %                        $   353,303                                                                  331,159                                   6.7            %
Foreign currency impact (2)                                                        (15,470 )                              -                                                                        (39,672 )                                -
                                                                                 --------- -------------------- -------------------- -------------------- -------                                                                      --------- -------------------- -------------------- -------------------- ---------
Net revenue                                                                    $    77,061        87,126                                 (11.6 )   %                        $   313,631         331,159                                  (5.3 )          %
                                                                                 ========= ==================== ==================== ==================== =======                                                                      ========= ==================== ==================== ==================== =========
                                                                                                                                                                                                                                                                                                                                                                            
(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.
                                                                                                                                                                                                                                                                                     
-------------------- -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                           Net Revenue
                                                                                                                                                                                           (unaudited)
                                                                                                                                                                                         (in thousands)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                               Three Months Ended December 31,                                                                                                                           Twelve Months Ended December 31,
                                                                                 ---------------------------------------------------------------------------------------------------------------------------                           ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                              Percent                                                                                                                                                     Percent
                                                                                              2016                    2015           Change                                                2016                     2015                Change
                                                                                 --------------------------------------------------- -------------------- ------- -------------------- ---------------------                           --------------------------------------------------- -------------------- --------- -------------------- ----------------------------
Total revenues                                                                 $ 1,132,224                                                                716,843                                  57.9     %                        $ 4,170,077                                                                2,779,541                                  50.0            %
Less: reimbursable items                                                            62,354        71,748                                 (13.1 )                                259,543         280,192                                  (7.4 )
                                                                                 --------- -------------------- -------------------- -------------------- -------                                                                      --------- -------------------- -------------------- -------------------- ---------
Revenue before reimbursable items                                                1,069,870                                                                645,095                                  65.8                                3,910,534                                                                2,499,349                                  56.5
Less: interchange and assessments expenses                                         284,161             -                                    na                                  868,658               -                                    na
                                                                                 --------- -------------------- -------------------- -------------------- -------                                                                      --------- -------------------- -------------------- -------------------- ---------
Net revenue                                                                    $   785,709       645,095                                  21.8     %                        $ 3,041,876       2,499,349                                  21.7            %
                                                                                 ========= ==================== ==================== ==================== =======                                                                      ========= ==================== ==================== ==================== =========
                                                                                                                                                                                                                                                                                                                                                                            
na = not applicable
                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                  Reconciliation of GAAP to Non-GAAP
                                                                                                                                                                                                                                                                 
-------------------- -------------------- --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------------------------------- --------------------
                                                                                                                                                                                      Adjusted Earnings per Share
                                                                                                                                                                                              (unaudited)
                                                                                                                                                                                 (in thousands, except per share data)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                    
                                                                                                                                       Three Months Ended December 31,                                                                                                                           Twelve Months Ended December 31,
                                                                                       -------------------------------------------------------------------------------------------------------------------------------                           ---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                     Percent                                                                                                                                                     Percent
                                                                                                   2016                           2015                         Change                                                   2016                            2015                         Change
                                                                                       ------------------------------------------------- ------------------------------------------------- ---------------------------                           --------------------------------------------------- ------------------------------------------------- ---------------------------
Income from continuing operations attributable to TSYS common                        $  73,950                                            81,417                                            (9.2 )                    %                        $   319,638                                           362,633                                           (11.9 )                    %
shareholders
Adjust for amounts attributable to TSYS common shareholders:
   Add: Acquisition intangible amortization                                          $  54,967                                            22,645                                              nm                                               $   188,887                                            91,418                                              nm
   Add: Share-based compensation                                                         9,925                                            10,076                                            (1.5 )                                                  43,691                                            41,535                                             5.2
   Add: TransFirst M&A expenses*                                                         2,268                                                 -                                              na                                                    37,957                                                 -                                              na
   Add: Litigation, claims, judgments or settlements**                                  19,913                                                 -                                              na                                                    19,913                                                 -                                              na
   Less: Tax impact of adjustments***                                                  (31,403 )                      (10,208 )                                            nm                                                   (93,667 )                      (43,474 )                                            nm
                                                                                       ------- -------------------- -------------------- ------- --------------------                                                                            --------- -------------------- -------------------- ------- --------------------
Adjusted earnings                                                                    $ 129,620     103,930                         24.7                      %                        $   516,419     452,112                         14.2                      %
                                                                                       ======= ==================== ==================== ======= ====================                                                                            ========= ==================== ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                   
Basic EPS - Income from continuing operations attributable to
TSYS common shareholders
As reported (GAAP)                                                                   $    0.40        0.44                         (9.3 )                    %                        $      1.74        1.97                        (11.6 )                    %
                                                                                       ======= ==================== ==================== ======= ====================                                                                            ========= ==================== ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                   
Adjusted EPS                                                                         $    0.71        0.57                         24.5                      %                        $      2.81        2.46                         14.5                      %
                                                                                       ======= ==================== ==================== ======= ====================                                                                            ========= ==================== ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                   
Weighted average shares outstanding                                                    183,665     183,376                                                                                183,655     184,082  
                                                                                       ======= ==================== ==================== ======= ====================                                                                            ========= ==================== ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                   
* Costs associated with the TransFirst acquisition and integration
that are included in selling, general and administrative expenses
and nonoperating expenses.
** Litigation settlement or settlement discussions and related legal
expenses in the 4th quarter.
*** Certain of these merger and acquisition costs are nondeductible
for income tax purposes. Income tax impact includes a discrete item
as a result of the acquisition.
                                                                                                                                                                                                                                                                                                                          
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- --------------------
                                                                                                                                                                                            Adjusted EBITDA
                                                                                                                                                                                              (unaudited)
                                                                                                                                                                                            (in thousands)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                       Three Months Ended December 31,                                                                                                                           Twelve Months Ended December 31,
                                                                                       -------------------------------------------------------------------------------------------------------------------------------                           ---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                     Percent                                                                                                                                                     Percent
                                                                                                   2016                           2015                         Change                                         2016         2015                Change
                                                                                       ------------------------------------------------- ------------------------------------------------- ---------------------------                           --------- -------------------- -------------------- ------- -------------------- -------------------- ---------------------------
Net income                                                                           $  74,375                                            84,716                                           (12.2 )                    %                        $   325,972                                           369,041                                           (11.7 )                    %
 Adjust for:
   Less: Income from discontinued operations                                                 -                                            (1,411 )                                            nm                                                         -                                            (1,411 )                                            nm
   Less: Equity in income of equity investments                                         (6,699 )                                          (6,797 )                                           1.4                                                   (25,933 )                                         (22,106 )                                         (17.3 )
   Add: Income taxes                                                                    33,209                                            32,160                                             3.3                                                   161,175                                           151,364                                             6.5
   Add: Nonoperating expense                                                            29,662                                             9,237                                              nm                                                   112,168                                            37,219                                              nm
   Add: Depreciation and amortization                                                  102,077      67,046                         52.2                                                   373,546     258,264                         44.6
                                                                                       ------- -------------------- -------------------- ------- --------------------                                                                            --------- -------------------- -------------------- ------- --------------------
 EBITDA                                                                              $ 232,624                                           184,951                                            25.8                      %                        $   946,928                                           792,371                                            19.5                      %
 Adjust for:
   Add: Share-based compensation                                                         9,937                                            10,080                                            (1.4 )                                                  43,728                                            41,549                                             5.2
   Add: TransFirst M&A expenses*                                                         2,267                                                 -                                              na                                                    28,176                                                 -                                              na
   Add: Litigation, claims, judgments or settlements                                    21,719           -                           na                                                    21,719           -                           na
                                                                                       ------- -------------------- -------------------- ------- --------------------                                                                            --------- -------------------- -------------------- ------- --------------------
 Adjusted EBITDA                                                                     $ 266,547     195,031                         36.7                      %                        $ 1,040,551     833,920                         24.8                      %
                                                                                       ======= ==================== ==================== ======= ====================                                                                            ========= ==================== ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                   
* Costs associated with the TransFirst acquisition and integration
that are included in selling, general and administrative expenses.
nm = not meaningful
na = not applicable
                                                                                                                                                                                                                                                                                                                                                                                   
 
                                                                                                                                                                             Reconciliation of GAAP to Non-GAAP
                                                                                              
-------------------- --------------------------------------------------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- -------------------- ---------------------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
                                                                                                                                                                                       Free Cash Flow
                                                                                                                                                                                         (unaudited)
                                                                                                                                                                                       (in thousands)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                        Twelve Months Ended                                                                                                               
Free cash flow:                                                                                                                                                               December 31,
                                                                                                          ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                        2016                                    2015
                                                                                                          ---------------------------------------------------- -------------------- -------------------- -------------------- --------------------------------
                                                                                                                                                                  
                     Net cash provided by operating activities (GAAP)                                   $    717,909                                                                                                             600,194
                     Capital expenditures                                                                   (142,573 )                                                                                                          (203,315 )
                                                                                                          ---------- --------------------                                                                                     ---------- --------------------
                     Free cash flow (non-GAAP)                                                          $    575,336                                                                                          396,879  
                                                                                                          ========== ====================                                                                                     ========== ====================
                                                                                                                                                                                                                                                                                                                                                                        
                                                                                              
-------------------- --------------------------------------------------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- -------------------- ---------------------------------------------------- ----------------------------------------- -------------------- -------------------- ---------------------
                                                                                                                                                                                      Guidance Summary
                                                                                                                                                                                         (unaudited)
                                                                                                                                                                            (in millions, except per share data)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                        
Revenue:                                                                                                                                                                          2017                                                                                                                                             % Change
                                                                                                          ----------------------------------------------------------------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                        
                     Total revenues (GAAP)                                                              $      4,750                                                    to                                                  $      4,850                                                   14 %                                       to                                       16 %
                                                                                                                                                                                                                                                                                                                                                                        
                     Less: reimbursable items, interchange and assessments expenses                            1,475              to                   1,475                                 
                                                                                                          ---------- -------------------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------                      -------------------  -------------------- -------------------- -------------------- -------------------
                     Net revenue (non-GAAP)                                                             $      3,275                                                    to                                                  $      3,375                                                    8 %                                       to                                       11 %
                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                        
Earnings per share (EPS):
                                                                                                                                                                                                                                                                                                                                                                        
                     Diluted EPS (GAAP)                                                                 $       2.14                                                    to                                                  $       2.21                                                   23 %                                       to                                       28 %
                                                                                                                                                                                                                                                                                                                                                                        
                     Acquisition intangible amortization, share-based compensation,                             0.91              to                    0.94                                 
                     litigation, claims, judgments or settlements and TransFirst M&A
                     expenses, less the tax impact of adjustments
                                                                                                          ---------- -------------------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------                      -------------------  -------------------- -------------------- -------------------- -------------------
                     Adjusted diluted EPS attributable to TSYS common shareholders*                     $       3.05                                                    to                                                  $       3.15                                                    9 %                                       to                                       12 %
                     (non-GAAP)
                                                                                                                                                                                                                                                                                                                                                                        
                     * Average diluted weighted shares                                                                                                                  185
                                                                                                                                                                                                                                                                                                                                                                        
 
                                                                                                                                                                                                                                     Reconciliation of GAAP to Non-GAAP
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                     Adjusted Diluted Earnings per Share
                                                                                                                                                                                                                                     (unaudited)
                                                                                                                                                                                                                                     (in thousands, except per share data)
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                                                                                                                                                                                                                            2015                                                                                                                                                                                                                                                                               2016
                                                                                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                         Q1                             Q2                             Q3                             Q4                             YTD                                                                      Q1                             Q2                             Q3                             Q4                               YTD
                                                                                                            ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- -----------------------------                                            ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- --------------------------------
Income from continuing operations attributable to TSYS common                                             $  77,755                                            82,839                                           120,622                                            81,417                                           362,633                                                                $  90,628                                            69,708                                            85,352                                            73,950                                              319,638
shareholders
Adjust for amounts attributable to TSYS common shareholders:
   Add: Acquisition intangible amortization                                                               $  23,590                                            22,576                                            22,607                                            22,645                                            91,418                                                                $  22,645                                            58,210                                            53,065                                            54,967                                              188,887
   Add: Share-based compensation                                                                              8,144                                            12,024                                            11,291                                            10,076                                            41,535                                                                    8,150                                            12,557                                            13,059                                             9,925                                               43,691
   Add: TransFirst M&A expenses                                                                                   -                                                 -                                                 -                                                 -                                                 -                                                                   13,183                                            20,676                                             1,830                                             2,268                                               37,957
   Add: Litigation, claims, judgments or settlements                                                              -                                                 -                                                 -                                                 -                                                 -                                                                        -                                                 -                                                 -                                            19,913                                               19,913
   Less: Tax impact of adjustments                                                                          (10,532 )                      (11,484 )                      (11,250 )                      (10,208 )                      (43,474 )                                                                (13,896 )                      (25,735 )                      (22,633 )                      (31,403 )                         (93,667 )
                                                                                                            ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------                                             ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ---------- --------------------
Adjusted earnings                                                                                         $  98,957     105,955     143,270     103,930     452,112                                             $ 120,710     135,416     130,673     129,620        516,419  
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Diluted EPS - Income from continuing operations attributable to
TSYS common shareholders
As reported (GAAP)                                                                                        $    0.42        0.45        0.65        0.44        1.96                                             $    0.49        0.38        0.46        0.40           1.73  
                                                                                                            ======= ==================== ==================== ======= ==================== ==================== ======= ==================== ==================== ======= ==================== ==================== ======= ====================                                             ======= ==================== ==================== ======= ==================== ==================== ======= ==================== ==================== ======= ==================== ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Adjusted diluted EPS                                                                                      $    0.53        0.57        0.77        0.56        2.44                                             $    0.66        0.73        0.71        0.70           2.80  
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Average diluted weighted shares                                                                             185,563     185,020     185,281     184,581     185,239                                               183,886     184,598     184,640     184,533        184,448  
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                                                                                                                                                                                                                                     TSYS
                                                                                                                                                                                                                                     Segment Breakdown Recast for New Segment Structure
                                                                                                                                                                                                                                     (unaudited)
                                                                                                                                                                                                                                     (in thousands)
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                                                                                                                                                                                                                            2015                                                                                                                                                                                                                                                                                   2016
                                                                                                           ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                        Q1                             Q2                             Q3                             Q4                              YTD                                                                       Q1                              Q2                               Q3                               Q4                                YTD
                                                                                                           ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- -------------------------------                                            ------------------------------------------------- --------------------------------------------------- --------------------------------------------------- --------------------------------------------------- --------------------------------
Operating income (a)                                                                                     $ 122,496                                           130,602                                           163,104                                           117,905                                             534,107                                                                $ 151,687                                             135,821                                             155,327                                             130,547                                              573,382
Share-based compensation                                                                                     8,143                                            12,030                                            11,295                                            10,080                                              41,548                                                                    8,158                                              12,566                                              13,069                                               9,937                                               43,730
TransFirst M&A expenses                                                                                          -                                                 -                                                 -                                                 -                                                   -                                                                    3,401                                              20,676                                               1,830                                               2,267                                               28,174
Litigation, claims, judgments or settlements                                                                     -                                                 -                                                 -                                                 -                                                   -                                                                        -                                                   -                                                   -                                              21,719                                               21,719
Acquisition intangible amortization                                                                         23,867      22,852      22,883      22,920        92,522                                                22,921        58,486        53,341        55,243        189,991  
                                                                                                           ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- --------- --------------------                                             ------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---------- --------------------
   Adjusted operating income (b)                                                                         $ 154,506     165,484     197,282     150,905       668,177                                             $ 186,167       227,549       223,567       219,713        856,996  
                                                                                                           ======= ==================== ==================== ======= ==================== ==================== ======= ==================== ==================== ======= ==================== ==================== ========= ====================                                             ======= ==================== ==================== ========= ==================== ==================== ========= ==================== ==================== ========= ==================== ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Adjusted segment operating income:
   Issuer Solutions (c)                                                                                  $ 109,553                                           121,738                                           132,316                                           125,543                                             489,151                                                                $ 135,077                                             128,493                                             128,949                                             132,506                                              525,025
   Merchant Services (d)                                                                                    34,115                                            40,690                                            42,387                                            33,033                                             150,225                                                                   38,357                                              89,915                                              90,784                                              88,539                                              307,595
   NetSpend (e)                                                                                             35,467                                            36,442                                            37,315                                            28,614                                             137,837                                                                   42,201                                              42,481                                              40,856                                              34,834                                              160,372
Corporate admin and other                                                                                  (24,629 )                      (33,386 )                      (14,736 )                      (36,285 )                       (109,036 )                                                                (29,468 )                        (33,340 )                        (37,022 )                        (36,166 )                        (135,996 )
                                                                                                           ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- --------- --------------------                                             ------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---------- --------------------
Adjusted segment operating income                                                                        $ 154,506     165,484     197,282     150,905       668,177                                             $ 186,167       227,549       223,567       219,713        856,996  
                                                                                                           ======= ==================== ==================== ======= ==================== ==================== ======= ==================== ==================== ======= ==================== ==================== ========= ====================                                             ======= ==================== ==================== ========= ==================== ==================== ========= ==================== ==================== ========= ==================== ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Total revenues (f)                                                                                       $ 662,156                                           692,652                                           707,890                                           716,843                                           2,779,541                                                                $ 739,378                                           1,151,587                                           1,146,889                                           1,132,224                                            4,170,078
Less: reimbursable items, interchange and assessments expenses                                              66,372      70,568      71,504      71,748       280,192                                                67,734       356,649       357,302       346,517      1,128,202  
                                                                                                           ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- --------- --------------------                                             ------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---------- --------------------
   Net revenue (g)                                                                                         595,784                                           622,084                                           636,386                                           645,095                                           2,499,349                                                                  671,644                                             794,938                                             789,587                                             785,707                                            3,041,876
   Intersegment revenues                                                                                     8,569       7,256       5,950       7,207        28,982                                                11,969         7,011         7,401         9,316         35,697  
                                                                                                           ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- --------- --------------------                                             ------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---------- --------------------
    Segment net revenue                                                                                  $ 604,353     629,340     642,336     652,302     2,528,331                                             $ 683,613       801,949       796,988       795,023      3,077,573  
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Segment net revenue
   Issuer Solutions (h)                                                                                  $ 338,881                                           369,851                                           378,967                                           386,215                                           1,473,914                                                                $ 378,009                                             377,862                                             379,145                                             380,446                                            1,515,462
   Merchant Services (i)                                                                                   110,398                                           117,868                                           123,721                                           122,053                                             474,040                                                                  120,612                                             261,467                                             262,494                                             253,960                                              898,533
   NetSpend (j)                                                                                            155,074     141,621     139,648     144,034       580,377                                               184,992       162,620       155,349       160,617        663,578  
                                                                                                           ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- --------- --------------------                                             ------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---------- --------------------
        Segment net revenue                                                                              $ 604,353     629,340     642,336     652,302     2,528,331                                             $ 683,613       801,949       796,988       795,023      3,077,573  
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Operating margin (GAAP) (a)/(g)                                                                              18.50 %                        18.86 %                        23.04 %                        16.45 %                          19.22 %                                                                  20.52 %                          11.79 %                          13.54 %                          11.53 %                           13.75 %
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Adjusted operating margin on net revenue (b)/(h)                                                             25.93 %                        26.60 %                        31.00 %                        23.39 %                          26.73 %                                                                  27.72 %                          28.62 %                          28.31 %                          27.96 %                           28.17 %
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Adjusted segment operating margin on net revenue
Issuer Solutions(c)/(h)                                                                                      32.33 %                        32.92 %                        34.91 %                        32.51 %                          33.19 %                                                                  35.73 %                          34.01 %                          34.01 %                          34.83 %                           34.64 %
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Merchant Services (d)/(i)                                                                                    30.90 %                        34.52 %                        34.26 %                        27.06 %                          31.69 %                                                                  31.80 %                          34.39 %                          34.59 %                          34.86 %                           34.23 %
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NetSpend (e)/(j)                                                                                             22.87 %                        25.73 %                        26.72 %                        19.87 %                          23.75 %                                                                  22.81 %                          26.12 %                          26.30 %                          21.69 %                           24.17 %
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http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170124006423r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170124006423/en/

SOURCE: TSYS"> <Property FormalName="PrimaryTwitterHandle" Value="@TSYS_TSS

TSYS Media Relations 
Cyle Mims, +1-706-644-3110 
cylemims@tsys.com 
or 
TSYS Investor Relations 
Shawn Roberts, +1-706-644-6081 
shawnroberts@tsys.com


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