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Article by DailyStocks_admin    (10-06-08 02:53 AM)

The Daily Magic Formula Stock for 10/04/2008 is Total System Services Inc. According to the Magic Formula Investing Web Site, the ebit yield is 10% and the EBIT ROIC is 75-100%.

Dailystocks.com only deals with facts, not biased journalism. What is a better way than to go to the SEC Filings? It's not exciting reading, but it makes you money. We cut and paste the important information from SEC filings for you to get started on your research on a specific company.


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BUSINESS OVERVIEW

Safe Harbor Statement
We have included or incorporated by reference in this Annual Report on Form 10-K, and from time to time our management may make, statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which by their nature are inherently uncertain and outside our control. These statements include statements other than historical information or statements of current condition and may relate to our future plans, objectives and results, among other things, and also include (without limitation) statements made in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of this Annual Report. It is possible that our actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Important factors that could cause actual results to differ from those in the forward-looking statements include, among others, those discussed under “Risk Factors” in Part I, Item 1A of this Annual Report and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of this Annual Report.
Accordingly, you are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are made, whether as a result of new information, future events or otherwise except as required by applicable law. You should, however, consult further disclosures we may make in future filings of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and any amendments thereto.
Item 1. Business
Business . We provide electronic payment processing and related services to financial and nonfinancial institutions. Services include processing consumer, retail, commercial, government services, stored value and debit cards. Based in Columbus, Georgia, and traded on the New York Stock Exchange under the symbol “TSS,” we provide services to financial and nonfinancial institutions throughout the United States and internationally. We currently offer merchant acquiring services to financial institutions and other organizations in the United States through our wholly owned subsidiary, TSYS Acquiring Solutions, L.L.C., and in Japan through our majority owned subsidiary, GP Network Corporation. We also offer optional value added products and services to support our core processing services. Value added products and services include: risk management tools and techniques, such as credit evaluation, fraud detection and prevention and behavior analysis tools; and revenue enhancement tools and customer retention programs, such as loyalty programs and bonus rewards.

The services we provide are divided into three operating segments, domestic-based support services, which accounted for 70.5% of our revenues in 2007, international-based support services, which accounted for 13.8% of our revenues in 2007, and merchant acquiring services, which accounted for 15.7% of our revenues in 2007. In addition, a new cost center, spin-related costs, was added for 2007 to include information regarding the spin-off by Synovus Financial Corp. (“Synovus”) to its shareholders of all of the shares of TSYS stock formerly owned by Synovus on December 31, 2007. See Note 23 of Notes to Consolidated Financial Statements on pages 80 and 81 of the Annual Report which is incorporated in this document by reference for additional information about the spin-off.
Seasonality . Due to the somewhat seasonal nature of the credit card industry, our revenues and results of operations have generally increased in the fourth quarter of each year because of increased transaction and authorization volumes during the traditional holiday shopping season.
Intellectual Property . Our intellectual property portfolio is a component of our ability to be a leading electronic payment services provider. We diligently protect and work to build our intellectual property rights through patent, servicemark and trade secret laws. We also use various licensed intellectual property to conduct our business. In addition to using our intellectual property in our own operations, we grant licenses to certain of our clients to use our intellectual property.
Major Customers . A significant amount of our revenues is derived from long-term contracts with large clients, including our major customers during 2007, Bank of America Corporation and Capital One Financial Corporation. For the year ended December 31, 2007, Bank of America Corporation and Capital One Financial Corporation accounted for approximately 11.8% and 13.1%, respectively, of our total revenues. As a result, the loss of Bank of America Corporation or Capital One Financial Corporation, or other large clients, could have a material adverse effect on our financial position, results of operations and cash flows. See “Major Customers” under the “Financial Review” Section on pages 28 and 29 and Note 20 on pages 74 through 78 of the Annual Report which are incorporated in this document by reference.
Competition . We encounter vigorous competition in providing electronic payment processing services from several different sources. Most of the national market in third party card processors is presently being provided by approximately three vendors. We believe that as of December 31, 2007 we are the second largest third party card processor in the United States. In addition, we compete with in house processors and software vendors which provide their products to institutions which process in house. We are presently encountering, and in the future anticipate continuing to encounter, substantial competition from data processing and bankcard computer service firms and other such third party vendors located throughout the United States and from certain international processors with respect to international-based support services. Based upon available market share data that includes cards processed in house, we believe that during 2007 we held a 42% share of the domestic consumer credit card processing market, an 87% share of the Visa and MasterCard domestic commercial card processing market and a 10% share of the domestic retail card processing market. With respect to merchant acquiring services, we believe that TSYS Acquiring Solutions is the second largest processor of merchant accounts and holds an approximately 20% market share of all bank card accepting merchant locations in the U.S. We expect a decrease in domestic consumer and commercial market share in 2008 as a result of a large customer migrating from an outsourcing to a licensing model in 2007.
Our major competitor in the card processing industry is First Data Resources, LLC, a wholly owned subsidiary of First Data Corporation, which provides card processing services. The principal methods of competition between us and First Data Resources are price, system performance and reliability, breadth of features and functionality, disaster recovery capabilities, data security, scalability and flexibility of infrastructure and servicing capability. Certain other subsidiaries of First Data Corporation also compete with us with respect to the provision of merchant acquiring services.
Backlog of Accounts. As of December 31, 2007, we had a pipeline of approximately six million accounts associated with new clients. We expect to convert our entire backlog of six million new accounts in 2008.
Regulation and Examination . We are subject to being examined, and are indirectly regulated, by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the National Credit Union Administration, and the various state financial regulatory agencies which supervise and regulate the financial institutions for which we provide electronic payment processing services. Matters reviewed and examined by these federal and state financial institution regulatory agencies have included our internal controls in connection with our present performance of electronic payment processing services, and the agreements pursuant to which we provide such services. In addition, we are registered with Visa, MasterCard, American Express and the Discover Network as a service provider and are subject to their respective rules.

CEO BACKGROUND

As Messrs. Tomlinson and Woods are directors of TSYS, relevant information pertaining to their positions with TSYS is set forth under the caption “Members of the Board of Directors” on page 11.

James B. Lipham was elected as Senior Executive Vice President and Chief Financial Officer of TSYS in April 2004. From 1995 until 2004, Mr. Lipham served as Executive Vice President and Chief Financial Officer of TSYS. From 1987 until 1995, Mr. Lipham served in various financial capacities with TSYS, including Senior Vice President and Treasurer.

William A. Pruett was elected as Senior Executive Vice President and Chief Client Officer of TSYS in April 2004. From 1993 until 2004, Mr. Pruett served as Executive Vice President of TSYS. From 1982 until 1993, Mr. Pruett served in various capacities with TSYS, including Senior Vice President.

Kenneth L. Tye was elected as Senior Executive Vice President and Chief Information Officer of TSYS in April 2004. From 1999 until 2004, Mr. Tye served as Executive Vice President and Chief Information Officer of TSYS. From 1982 until 1999, Mr. Tye served in various capacities with TSYS, including Senior Vice President.

G. Sanders Griffith, III was elected as Senior Executive Vice President of TSYS in January 2008, Secretary of TSYS in 1995 and General Counsel of TSYS in 1988. From 1988 until 2008, Mr. Griffith served in various capacities with Synovus, including Senior Executive Vice President, General Counsel and Secretary.

CONF CALL

Shawn Roberts

Before we get started I want to call you attention to the fact that we will be making forward looking statements about the future operating results of TSYS. These forward looking statements involve risks and uncertainties. Factors that could cause TSYS’ actual results to differ materially from the forward looking statements are set forth in TSYS’ reports filed with the SEC. At this point I’d like to turn the floor over to our Chairman and CEO, Phil Tomlinson.

Phil Tomlinson

Welcome everybody to the TSYS xecond quarter earnings call. I’d like to thank everyone of you for taking time during this busy season to participate in the call. I wanted to take a few minutes and explain our reasoning for changing this call that was originally scheduled for tomorrow morning. We changed it to this evening last week.

After our first quarter we noticed some confusion regarding the decline in international margins as a result of the nationwide operations center start up cost in London. With today’s announcements and the earnings adjustment that we’re going to talk about we decided that considering the volatility in the market it would be best if we had the earnings call as early as possible after the press release. I apologize for any inconvenience we might have caused for anybody out there but believe this route will give you the latest real time information.

Also, I hope you have had time to notice that we have substantially changed the format of the press release and we’re providing much more detailed information as many of you have asked for. Every time I go the gas pump it certainly feels like a recession to me. We’re continuing to experience growth but we’re now experiencing the back wash of what I would call economic headwinds that our clients have faced all year long.

As outlined in the press release we are reducing our guidance primarily for two reasons. First is the first six months of 2008 were tough on our clients and anyone certainly including us could have ever imagined. The fact that most of our major clients have earnings problems and the anticipated card growth began to slow down in late May and has continued through June. We’re certainly disappointed with the change but our fundamentals are as strong as ever and we’re confident about long term growth prospects.

Now I’d like just hit some highlights on the second quarter. As you’ve seen the consolidated total revenues increased 5% in Q2 and 6.2% for the first six months ending June 30, as compared to 2007, very solid performance under the current conditions. Our operating income on a GAAP basis increased 1.8% in Q2 versus Q2 ’07 and on a non-GAAP basis which excludes the one time Synovus spin related cost, operating income increased 3.1% for the same period.

Our Global Services segment grew total revenues for Q2 at 31.9% over Q2 2007. Sequentially Global Services operating income grew a remarkable 57.7% as we benefited from the investment in the first quarter to start up the processing and managed service clients in the UK, the new ones that we talked about last quarter.

Basic EPS on a GAAP basis came in at $0.32 per share as compared to last year and on a non-GAAP excluding the one time spin expenses we came in at $0.33 per share for the second quarter and $0.64 year to date.

Some highlights, new business we announced that we’ve signed a processing agreement with Global Card for the launch of consumer credit card portfolio in Mexico. We’ll provide account processing services, risk management, portfolio management and reporting to Global Card. As I said, they’re based in Mexico.

We also announced an agreement that we’re very excited about, PartnersFirst Affinity Services, which is a division of Torrey Pines Bank, to process its consumer credit card portfolio. In addition the core processing PartnersFirst will use all of our technology for online credit card services, instant applications, cards, statements, letter production and a full suite of the customer care offerings.

It’s a great partnership between two good companies and we’ll offer a full range of card services for small and mid-size Affinity partner marketing groups. They’ve already experienced good success in this Affinity space and we certainly expect big things from them going forward.

We also announced that we’ve renewed our agreement to exclusively process Canadian Tire. It’s a multi-year contract and it’s for the MasterCard and private label portfolios. We also negotiated several other long term contracts with customers. I do have some negative news, we’ve been notified that one of our retail clients will be de-converting to a competitor in March of next year I believe it is. Price was the issue and while I hate to lose them they represent less than 1% of our revenue.

We’ve also signed a deal in Japan with Sony Bank. We always have a lot of questions about China UnionPay. I’m thrilled to tell you, you may have read pieces of it in the trades here recently. We signed a deal with CUP Data for the Chinese Citi debit business which is very exciting to us. We also, I think this is the kind of things that sometimes go unnoticed at TSYS. This one is so big I just wanted to give you a flavor for it.

I’m not in a position to give you any names today but one of our banks has recently signed a new Affinity group and they have added over a million accounts as a result of that Affinity group in the past 25 days. Those are the things that make a real difference here. Value added products have continued to be a solid contributor. Value added was up 12.2% for the year and 12.4% for the second quarter.

In our Merchant Processing business revenues for the first six months are up 2.1% over the same period in 2007 but TAS contributed significantly to operating income or margins of 29.4% and revenues increased 5% for the first quarter. I talked enough I want to turn it over to Jim Lipham our CFO who is going to give you a lot more details about what is going on at TSYS.

Jim Lipham

I would ask everyone to take a look at the income statement we provided with the press release. As a reminder I’d like to note that several of the comparisons of ’08 to ’07 are impacted by the migration of Chase from a processing solution to an in house licensing model. We’ll anniversary this at the end of July of ’08 and then our comparisons thereafter will be done a quarter basis a more true reflection of the trends of our business.

We’ll start off with electronic payment processing. As you know it mainly includes our core processing and licensing arrangements for both our North American segment as well as our global based clients. As shown in the release our electronic payments processing revenue was down 1% or $2.3 million for the quarter and for the first six months we’re actually up 1.9% or $8.9 million.

The revenues in ’07 include the processing revenues from Chase prior to its migration and this loss of revenue was really picked up by new business that we put on mainly in Europe and the growth of our existing clients here in the US.

We’ve had some good things happen to help offset that loss of revenue. When you exclude the revenues associated with the de-converted class, the impact of the migration also, the electronic payments actually grew 9.3% for the quarter and 12% for the year. Out of this growth 70% of the quarterly growth and approximately 50% growth for the year is also new business added since the second quarter of ’07. This is mainly, as I said in Europe our clients such as Nationwide, CapOne and Rabobank.

The remaining portion of our growth was provided by our consolidated internal growth rate for the year to date is at 7% and we’ve had a little drop in the second quarter which is part of the reason for the change in the guidance we’ve seen the internal growth drop off some and we had price concessions as Phil mentioned we had some re-negotiated contracts that we did through the first half of this year and we had price concessions also affecting our growth from internal customers.

The International revenue segment this includes Global Services as well as Canada and Mexico. That revenue stream increased $20 million or 25% over last year’s second quarter and increased $35.8 million or 18.9% year to date. There again the real increase there is the strong growth in the UK and the international clients that we’ve added.

Also in Europe are the international revenues, mainly in Europe, were affected positively by the currency translation adjustment. In the quarter it was about $650,000 and year to day it’s about $2.2 million. Phil mentioned the value added services so I won’t go into that but obviously a big item there is some of our Triad services, scoring services and with the loss of Chase it’s affected that growth. Sequentially we’re showing some good growth there, about 8.4% in the value added area. It really complements our core services.

Phil Tomlinson

I misspoke a minute ago. Those numbers of 12.2% and 12.4%. What I really meant to say is as a percentage of revenues that growth is.

Jim Lipham

Sequentially I think the big thing there is we are growing in the value added area and it’s up 8.4%. We lost a lot with the loss of Chase. Compare more favorably as we go forward.

During the quarter we were very successful as Phil said in extending the agreements with Target and Canadian Tire. Overall we’ve renewed six clients including four of our top 20. Most of these clients are signed up through at least 2012.

Excluding the de-converted council filed from last year our council file numbers year over year grew 17.8% or 56.7 million accounts to $372.9 million the growth was really the result of 30.1 million new clients and we’ve added a lot of customers with folks like Charming Shops and Green Dot. Then we’ve had internal growth and added another 39.5 million accounts.

Transactions, despite the current economic environment we continue to see cardholders using the accounts. Sequentially our quarterly transactions grew 8% to $1.95 billion and authorizations also increased a little over 8.2% to $1.77 billion. Good growth sequentially in transactions.

Drop to the merchant acquiring services revenue, it increased compared to prior year and also for the quarter. More importantly when you look at it sequentially these revenues are up 6.3% primarily as an increase of both the outgoing transactions and point of sale transactions growing at 7%. TSYS acquiring its revenues before reimbursables are down slightly for the quarter and the other part of the growth here is coming from GPNet. That’s mainly due to their drop still from the de-conversions and price compressions that they’ve had going on which is suppressing their growth.

However, when you look at their operating income for the second quarter it was $18.1 million an 11% increase over the second quarter of ’07. Year to date the operating margin excluding reimbursables increased to 29.4% compared to 24.9% in ’07. This is the result of a concerted effort by all those team members managing those costs and we’ve said that before we tend to do a real good job of managing our expenses in light of our revenues.

TSYS acquiring also had a great quarter from the service standpoint as both it front end and back end maintained over 99.99% availability. Good performance for them.

For the other services revenue you can see there its pretty strong growth in ’08 compared to ’07. The primary reason is Phil mentioned the call center business in Europe and we’ve had huge growth there with Nationwide as we’ve put them on in the first quarter and they really came, the revenues started showing up this quarter. We’ve had also an increase in the US, and it’s mainly coming from Charming Shops.

The reimbursable line item increased for the quarter 15.3% and 16.7% for the year and this is again the result of the treatment of the court costs and our debt management business as reimbursable items instead of our revenue and that’s caused this big jump here in our reimbursable items. Total revenues for the second quarter increased 5% to $23 million excluding de-conversions from the second quarter ’07. These revenues for the second quarter were up 12.2% or $51.9 million. Year to date would have been up 13.4% or $110 million. Revenues would have been strong when you take the de-conversion out.

As we go down the page, looking at the expenses the expense growth in employment was at 1.5% for the quarter $2.1 million and 3.5% or $10 million for the year to date. This is mainly the result of increased salaries, from increased headcount that we’ve had. Basically put on a lot of it in the first quarter and we’ve also had merit increase partially offset by reduction in performance based incentive benefits.

Our growth in employees over ’07 stands around 809 employees and there again it’s the result of the call center build up that we had in Europe mainly. On a sequential quarter basis employment expenses are slightly down so we’re holding the line on them as we go through the rest of this year but it’s slightly down about $651,000.

[Inaudible] and equipment category increased 8% for the quarter and for the year. This increase is again the result of the software licensing agreement signed in December ’07 and the increase associated with the increased capacity is causing the software amortization to grow. In addition to that we’ve had higher maintenance and repairs in our equipment area as well as we’ve had some increased rent and building maintenance in Europe which totaled about $1.5 million so it’s mainly a capacity issue and hopefully this will level out for the rest of this year.

As the result of the spin off from Synovus we did incur expenses associated with advisory services related to the deal. We also had costs that include the incremental fair value associated with converting these Synovus options to TSYS options held by TSYS employees. We do expect to incur additional expenses going forward as we continue to split the shared services we had with Synovus primarily talking about the payroll system. Through all this spin off we have not experienced any significant changes in our own going operating expenses due to the spin.

The other expense category saw a decrease of 4.4% for the quarter and 7.1% for the year. This is largely a part of due to the lower transaction delivery costs of TSYS acquiring. Also the reclassification of court costs expense to pass through items. We’ve had lower TS2 conversion amortization during this period of time and also this was the category that housed the management fee expense that we paid to Synovus in ’07 and it’s now been redistributed as we have obviously brought those expenses in house.

On the operating income line my analysis in talking about that I want to exclude the one time spin costs there. As you see on the P&L its 1.8% growth for the quarter and 1.6% for the year to date but when you back out or exclude the spin cost operating income grew 3.1% for the quarter and 6% for the year. We did improve the quarter and the first six months on our operating profit margin. Without the spin we’re at 26.6% for the quarter compared to 26.3% in ’07. Year to date we’re 26.3% compared to 25.7% year to date.

As included in the ’08 guidance we expect our margins excluding reimbursable items to continue to remain in the rage of 25% to 27%. On our year to date EBITDA it was at $272.3 million on a non-GAAP basis for a 5.5% increase over 2007’s $258.2 million. Our EBITDA margin before reimbursables in ’08 was 37.2% compared to 36.4% prior year and we expect that level to continue as indicated in our guidance.

Other income it decreased $5.4 million for the second quarter and $10.1 million for the year. Interest expense associated with the long term debt arrangements as well as decreased amounts of cash available to invest accounted for all these changes. As you know our debt is that we got is based on LIBOR for the second quarter LIBOR was at 3.25% or 2488 and in July it’s dropped down again to 3.08%. It’s been very favorable for us to have LIBOR based debt.

The effective tax rate was impacted in the quarter as the result of the spin transaction and subsequent utilization of certain state tax credits and discrete items. The discrete items resulted in a tax benefit of $1.6 million for the second quarter and effects of these items resulted in an effective tax rate being 35.1% for the quarter compared to 35.3% last year. Year to date we’re at 35.97% on taxes compared to about 36.5% last year. As we said before we anticipate our effective tax rate pre discrete items to remain in the 36% range.

Net income when you look at pro-forma net income for the quarter it decreased 2.7% to roughly $63.9 million, that’s taking the spin out and that’s down from $65.7 million for the second quarter last year. For the six months it increased 2% to $125.5 million up from $123 million for the second part of last year. Pro-forma earnings per share remained at 33% for the quarter compared to last year and for the year it increased to $0.64 compared to $0.63 last year.

As we mentioned in the press release we did rename our three segments of business to better clarify how we manage our company. I didn’t want to go back over those comments other than have a few words about Global Services because we have seen significant growth as Phil mentioned in revenues and operating income from this segment from the conversions that went on in the first quarter for CapOne and Nationwide.

Last quarter there was a concern going on there regarding our build up of expense in anticipation of these conversions and related drop in our quarterly operating margin. As we expected the operating margin for the second quarter strongly rebounded and we expect operating results to improve significantly as 2008 progresses.

Moving on from the income statement just a few comments I’d like to make on the balance sheet and cash flow statement. If you look at the balance sheet the changes from December ’07 unrestricted cash at $257.8 million that’s an increase of $47.3 million since December. Also during the quarter we purchased 500,000 shares of treasury stock at a cost of $12.2 million. This brought our total for the year to one million shares that we’ve purchased during the first half of the year $23.6 million.

On the cash flow statement you’ll note our significant contribution to cash generated from operating activities at $174 million. It’s good growth for the first six months of this year and we invested roughly $26.3 million in property. This may slow going forward and equipment we bought was mainly in the hardware second of the mainframe disk drives and about $16.9 million was spent on software roughly $8.6 million was purchased and $8.3 million for developed.

We also had an increase in our cash used for contract acquisition costs where the customers were brought on in Europe and some signing incentives. In addition to that payment of dividends was at $27.8 million. With that Phil I’ll turn it back over to you.

Phil Tomlinson

As we all know everybody in the financial services business right now is really treading on unfilled ground and its new territory for everyone that I’ve talked with. The basics and the fundamentals at TSYS are still the same. You’ve heard me say before we’ve got blue chip clients, we’ve got long term contracts, wonderful technology. We are aggressively and successfully expanding internationally. I think the numbers for that are up 15.8% year to date as a percentage of revenues and up to 16.4% for the quarter, showing good strong growth as percentage of revenues.

We’ve got a strong and growing market share in key and emerging markets that you heard from me earlier about. We’ve got a strong recurring revenue model. Also a great play in the consumer and commercial credit business without any credit risk. I think there’s no doubt in anyone’s mind. I know you heard this from Visa and MasterCard that plastic card transactions will continue at a rapid rate replacing checks and cash which means more transactions, which is a good thing for TSYS.

We have this newly acquired M&A capability. We’ve got a strong prospect list and I think you’ll see us continue to win in the marketplace. We’re a company that continues to enjoy a sterling reputation and we’re a company that’s easy to do business with. As I said the fundamentals are all there. We have not lost our way and we are still pushing forward very strongly. With that I’m going to open it up. We’ve got some time for some questions and we’ll try to get them answered for you before we close out.

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