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February 5, 2013
$ in millions, except per share amounts See appendix for information regarding non-GAAP financial measures.
Adjusted Revenue
2012 2011 Change $4,196 $4,071 3%
Adjusted EPS
$5.13 $4.58 12%
$ in millions, except per share amounts See appendix for information regarding non-GAAP financial measures.
$ in millions, except per share amounts See appendix for information regarding non-GAAP financial measures.
4Q-12 3% (3%) --
2012 2% 2% 2%
Segment
Payments Financial Total
4Q-12
31.2% 33.1% 30.7%
4Q-11
31.2% 33.1% 30.0%
Change
--70 bps
Segment
Payments Financial Total
2012
30.3% 32.0% 29.6%
2011
31.0% 30.6% 29.2%
Change
(70 bps) 140 bps 40 bps
Performance Metrics
4Q-12 Electronic Payments Bill Payment 1,2 Transaction Growth -New Sales 113 2012 Transaction Growth 1% New Sales 404
e-Bill 2
Social Payments Debit / EFT 4
3
3%
104% 15%
108
113 40
1%
114% 16%
388
455 165
Bill payment transactions represent online transactions occurring through financial institutions, brokerage firms or portals. Transaction growth excludes the impact of the Wachovia deconversion due to acquisition. The substantial majority of new bill payment sales also include e-bill. Year-over-year social payments transaction growth includes Popmoney and ZashPay transactions in both the current and prior year periods. Includes financial institution issuers signature debit, PIN POS, ATM and ACCEL/Exchange transactions.
2 3 4
Performance Metrics
2012 Performance Strategic Initiatives Integrated Sales 1 Operational Effectiveness
2
Sales
Sales Quota Attainment
$ in millions
1
100%
Integrated sales include sales from a designated list of products sold to account processing and other selected clients. Dollar amounts represent the amount of estimated recurring annual revenue. Dollar amounts are the actual savings in the measurement period and are incremental to amounts in prior periods. Sales quota attainment in the fourth quarter of 2012 was 126%.
2 3
10
11
Financial Metric
Growth Range
> $6.60
10-50 bps
Includes the negative impact of (i) approximately 60 bps from the conversion of a significant account processing client to its parent companys account processing platform and the renewal of the Bank of America agreement; and (ii) the dilutive impact of the O pen Solutions acquisition.
12
Appendix
13
Segment Payments
Financial Total
1Q-12 3%
4% 4%
2Q-12 1%
1% 1%
3Q-12 2%
5% 4%
4Q-12 3%
(3%) --
2012 2%
2% 2%
See page 2 for disclosures related to non-GAAP financial measures. Adjusted internal revenue growth is measured as the increase in adjusted revenue, excluding all acquired revenue for the current period, divided by adjusted revenue from the prior year period. Acquired revenue was $16 million in the first quarter of 2012 ($15 million in the Payments segment and $1 million in the Financial segment); $14 million in the Payments segment, and for the total company, in the second quarter of 2012; $11 million in the Payments segment, and for the total company, in the third quarter of 2012; $2 million in the Financial segment, and for the total company, in the fourth quarter of 2012; and $43 million ($40 million in the Payments segment and $3 million in the Financial segment) for the full year.
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Tax benefit 2
Adjusted EPS $
-1.20 $
(0.10)
1.28 $
-1.27 $
-1.39 $
(0.10)
5.13
See page 2 for disclosures related to non-GAAP financial measures. Earnings per share is calculated using actual, unrounded amounts.
1
Represents a charge of $4 million of interest expense associated with hedge ineffectiveness of interest rate swap agreements settled in conjunction with the companys bond offering. Represents certain discrete income tax benefits related to prior years recognized for GAAP purposes that have been excluded from adjusted earnings per share.
15
0.77
0.01 0.08 0.16 ----
0.67
0.02 -0.18 0.26 ---
0.89
0.04 -0.17 0.11 (0.02) (0.02)
1.07
0.01 -0.19 ----
3.40
0.07 0.08 0.69 0.37 (0.02) (0.02)
1.02
1.13
1.16
1.27
4.58
See page 2 for disclosures related to non-GAAP financial measures. Earnings per share is calculated using actual, unrounded amounts.
1
Represents the premium paid on the early retirement of debt and other costs associated with the issuance of senior notes and subsequent repurchase of certain notes due in 2012.
16
See page 2 for disclosures related to non-GAAP financial measures. Free cash flow per share is calculated using actual, unrounded amounts.
Free cash flow is calculated as net cash provided by operating activities less capital expenditures and excludes the net change in settlement assets and obligations; tax-effected severance, merger and integration payments; and other items which management believes may not be indicative of the future free cash flow of the company. Free cash flow does not include $70 million received in the fourth quarter of 2012, comprised of the portion of a cash dividend received from an unconsolidated affiliate that is included in net cash from investing activities and an insurance recovery in discontinued operations.
17
$ in millions, except per share amounts See page 2 for disclosures related to non-GAAP financial measures. Free cash flow per share is calculated using actual, unrounded amounts. Free cash flow is calculated as net cash provided by operating activities less capital expenditures and excludes the net change in settlement assets and obligations; tax-effected severance, merger and integration payments; and other items which management believes may not be indicative of the future free cash flow of the company.
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Operating income Merger and integration costs Severance costs Amortization of acquisition-related intangible assets Adjusted operating income Operating margin Adjusted operating margin
241 3 12 40
259 2 -41
267 4 -41
289 4 -41
1,056 13 12 163
$ in millions See page 2 for disclosures related to non-GAAP financial measures. Operating margin percentages are calculated using actual, unrounded amounts.
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Operating income Merger and integration costs Severance costs Amortization of acquisition-related intangible assets Adjusted operating income Operating margin Adjusted operating margin
221 2 18 38
251 4 -39
243 9 -38
281 2 -42
996 17 18 157
$ in millions See page 2 for disclosures related to non-GAAP financial measures. Operating margin percentages are calculated using actual, unrounded amounts.
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Revenue
Output solutions postage reimbursements Adjusted revenue Operating income Operating margin Adjusted operating margin
619
(74)
609
(71)
617
(69)
644
(72)
2,489
(286)
$ $
$ $
538 160
$ $
$ $
$ $
26.3%
29.8%
Financial Segment
1Q-12 Revenue Operating income Operating margin $ $ 501 151 30.2% $ $ 2Q-12 502 163 32.5% $ $ 3Q-12 513 165 32.1% $ $ 4Q-12 524 173 33.1% $ $ 2012 2,040 652 32.0%
$ in millions See page 2 for disclosures related to non-GAAP financial measures. Operating margin percentages are calculated using actual, unrounded amounts.
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Revenue
Output solutions postage reimbursements Adjusted revenue Operating income Operating margin Adjusted operating margin
580
(66)
579
(62)
587
(61)
635
(77)
2,381
(266)
$ $
$ $
517 164
$ $
$ $
$ $
28.4%
31.7%
Financial Segment
1Q-11 Revenue Operating income Operating margin $ $ 480 139 28.9% $ $ 2Q-11 497 153 30.8% $ $ 3Q-11 487 143 29.4% $ $ 4Q-11 540 178 33.1% $ $ 2011 2,004 613 30.6%
$ in millions See page 2 for disclosures related to non-GAAP financial measures. Operating margin percentages are calculated using actual, unrounded amounts.
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