TSYS Reports EPS Growth of 29% for the Fourth Quarter and 14% for the Full Year

COLUMBUS, Ga.--(BUSINESS WIRE)--

TSYS today reported results for the fourth quarter and full year with basic earnings per share from continuing operations at $0.31 for the quarter, an increase of 29.4%, and $1.15 for the full year, an increase of 14.4% over 2010. Total revenues for the quarter were $472.2 million, an increase of 7.3%, and $1,809.0 million for the year, an increase of 5.3%. Revenues before reimbursable items were $407.7 million and $1,540.7 million, an increase of 9.1% and 6.8%, respectively, for the quarter and the year.

“We are pleased to report that we met or exceeded the high end of our guidance for 2011. Our 2011 results reflect continued strong same client transaction growth of 11.2% in our card issuer processing. The driving forces behind our results were consolidated organic revenue growth of 4.7% for the year, combined with acquisitions in the acquiring space, which added 2.9% to our growth in revenues before reimbursable items,” said Philip W. Tomlinson, chairman and chief executive officer of TSYS.

“During the fourth quarter, we purchased 2.4 million shares of our stock in the open market for $47.7 million, which brought our full year repurchase totals to 6.6 million shares for $120.6 million. All shares were purchased at values that we believe were attractive. We continue to pursue acquisitions that meet our strategy of being the leading global payment solutions provider. During the year, we deployed approximately $335 million of capital for share repurchases and acquisitions as we continue to aggressively invest in our future and add shareholder value. We were also pleased to announce a 42.9% increase in our quarterly dividends and a total shareholder return of 29.2% for 2011. We continue to believe TSYS will have good growth in 2012, resulting in our guidance of double digit growth in earnings per share and a solid top line revenue increase,” said Tomlinson.

			2012 Guidance
			Range
			(in millions, except per share amounts)										Percent Change
Total revenues			$1,809			to			$1,845				0%			to			2%
Revenues before reimbursable items			$1,569			to			$1,624				2%			to			5%
Income from continuing operations			$238			to			$243				8%			to			10%
EPS from continuing operations available to TSYS common shareholders			$1.26			to			$1.28				10%			to			12%

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 at tsys.com by clicking on the link under "Webcasts" on the main homepage. The replay will be archived for 12 months and will be available approximately 30 minutes after the completion of the call. A slide presentation to accompany the call will be available by clicking on the link under "Webcasts" on the main homepage of tsys.com.

Non-GAAP Measures

The financial highlights section of this release contains the non-GAAP financial measures of revenues and basic EPS excluding revenues from termination fees and revenues and operating results on a constant currency basis, respectively, to describe TSYS' performance. Management uses these non-GAAP financial measures to better understand and assess TSYS' operating results and financial performance. TSYS believes these non-GAAP financial measures provide meaningful additional information about TSYS to assist investors in understanding and evaluating its operating results.

Additional information about non-GAAP financial measures and a reconciliation of those measures to the most directly comparable GAAP measures are included on pages 10 and 11 of this release.

About TSYS

TSYS TSS is reshaping a new era in digital commerce, connecting consumers, merchants, financial institutions, businesses and governments. Through unmatched customer service and industry insight, TSYS creates a better experience for buyers and sellers, supporting cross-border payments in more than 85 countries. Offering merchant payment-acceptance solutions as well as services in credit, debit, prepaid, mobile, chip, healthcare, installments, money transfer and more, TSYS makes it possible for those in the global marketplace to conduct safe and secure electronic transactions with trust and convenience.

TSYS' headquarters are located in Columbus, Georgia, with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS provides services to more than half of the top 20 international banks. For more information, please visit us at www.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,” “will,” “could,” and similar expressions. These forward-looking statements include, among others, statements regarding TSYS' belief that it will continue to exhibit strong growth in 2012 and TSYS' earnings guidance for 2012 total revenues, revenues before reimbursable items, income from continuing operations and EPS from continuing operations, 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 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: continued consolidation and turmoil in the financial services and other industries during 2012, including the merger of TSYS clients with entities that are not TSYS processing clients, the sale of portfolios by TSYS clients to entities that are not TSYS processing clients and the nationalization or seizure by banking regulators of TSYS clients; TSYS is unable to control expenses and increase market share both domestically and internationally; TSYS is unable to manage the impact of slowing economic conditions and consumer spending; the material breach of security of any of TSYS' systems; the impact of potential and completed acquisitions, including the costs associated therewith and their being more difficult to integrate than anticipated; adverse developments with respect to foreign currency exchange rates; expenses are incurred associated with the signing of a significant client; the deconversion of a significant client; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on TSYS and on our clients; changes occur in laws, rules, regulations, credit card association 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; the costs and effects of litigation, investigations or similar matters or adverse facts and developments relating thereto; adverse developments with respect to the credit card industry in general, including a decline in the use of credit cards as a payment mechanism; and internal growth rates of TSYS' existing clients are lower than anticipated whether as a result of unemployment rates, card delinquencies and charge-off rates or otherwise. Additional risks and other factors that could cause actual results 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. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise.

TSYS
Financial Highlights
(unaudited)
(in thousands, except per share data)
			Three Months Ended													Twelve Months Ended
			December 31,													December 31,
									Percent													Percent
			2011			2010			Change							2011			2010			Change
Total revenues		$	472,234			439,991			7.3		%				$	1,808,966			1,717,577			5.3		%
Cost of services			322,946			311,901			3.5							1,257,970			1,201,012			4.7
Selling, general and administrative expenses			59,570			57,116			4.3							228,540			207,136			10.3
Operating income			89,718			70,974			26.4							322,456			309,429			4.2
Nonoperating expenses			(541	)		(215	)		nm							(5,905	)		(1,617	)		nm
Income from continuing operations before income
taxes, noncontrolling interests and equity in income
of equity investments			89,177			70,759			26.0							316,551			307,812			2.8
Income taxes			29,497			21,840			35.1							102,597			106,088			(3.3	)
Income from continuing operations before noncontrolling
interests and equity in income of equity investments			59,680			48,919			22.0							213,954			201,724			6.1
Equity in income of equity investments			1,234			2,780			(55.6	)						8,708			7,142			21.9
Income from continuing operations, net of tax			60,914			51,699			17.8							222,662			208,866			6.6
Loss from discontinued operations, net of tax			-			(82	)		100.0							-			(3,245	)		100.0
Net income			60,914			51,617			18.0							222,662			205,621			8.3
Net income attributable to noncontrolling interests			(1,040	)		(4,444	)		76.6							(2,103	)		(11,674	)		82.0
Net income attributable to TSYS common shareholders		$	59,874			47,173			26.9		%				$	220,559			193,947			13.7		%
Basic earnings per share:
Income from continuing operations to TSYS
common shareholders*		$	0.31			0.24			29.4		%				$	1.15			1.00			14.4		%
Loss from discontinued operations to TSYS
common shareholders*			-			(0.00	)		nm							-			(0.02	)		nm
Net income attributable to TSYS common shareholders*		$	0.31			0.24			29.7		%				$	1.15			0.99			16.3		%
Diluted earnings per share:
Income from continuing operations to TSYS
common shareholders*		$	0.31			0.24			29.2		%				$	1.15			1.00			14.3		%
Loss from discontinued operations to TSYS
common shareholders*			-			(0.00	)		nm							-			(0.02	)		nm
Net income attributable to TSYS common shareholders*		$	0.31			0.24			29.4		%				$	1.15			0.99			16.2		%
Dividends declared per share		$	0.10			0.07									$	0.31			0.28
Amounts attributable to TSYS common shareholders:
Income from continuing operations, net of tax		$	59,874			47,255			26.7		%				$	220,559			197,192			11.8		%
(Loss) income from discontinued operations, net of tax			-			(82	)		100.0							-			(3,245	)		100.0
Net income		$	59,874			47,173			26.9		%				$	220,559			193,947			13.7		%
nm = not meaningful
* Basic and diluted EPS amounts for continuing operations and net income do not total due to rounding.

TSYS
Earnings Per Share
(unaudited)
(in thousands, except per share data)
		Three Months Ended						Three Months Ended							Twelve Months Ended						Twelve Months Ended
		December 31, 2011						December 31, 2010							December 31, 2011						December 31, 2010
		Common			Participating			Common			Participating				Common			Participating			Common			Participating
		Stock			Securities			Stock			Securities				Stock			Securities			Stock			Securities
Basic Earnings per share:
Net income	$	59,874						47,173						$	220,559						193,947
Less income allocated to nonvested awards		(213	)		213			(221	)		221				(805	)		805			(959	)		959
Net income allocated to common stock for
EPS calculation ( a )	$	59,661			213			46,952			221			$	219,754			805			192,988			959
Average common shares outstanding ( b )		189,506			684			193,352			914				191,239			707			195,378			975
Average common shares and participating securities		190,190						194,266							191,946						196,353
Basic Earnings per share ( a )/( b )	$	0.31			0.31			0.24			0.24			$	1.15			1.14			0.99			0.98
Diluted Earnings per share:
Net income	$	59,874						47,173						$	220,559						193,947
Less income allocated to nonvested awards		(212	)		212			(221	)		221				(804	)		804			(959	)		959
Net income allocated to common stock for
EPS calculation ( c )	$	59,662			212			46,952			221			$	219,755			804			192,988			959
Average common shares outstanding		189,506			684			193,352			914				191,239			707			195,378			975
Increase due to assumed issuance of shares related
to common equivalent shares outstanding		517						214							345						193
Average common and common
equivalent shares outstanding ( d )		190,023			684			193,566			914				191,584			707			195,571			975
Average common and common
equivalent shares and participating securities		190,707						194,480							192,291						196,546
Diluted Earnings per share ( c )/( d )	$	0.31			0.31			0.24			0.24			$	1.15			1.14			0.99			0.98

TSYS
Segment Breakdown
(unaudited)
(in thousands)
			Three Months Ended December 31,													Twelve Months Ended December 31,
									Change													Change
			2011			2010			$			%				2011			2010			$			%
Revenues before reimbursable items
North America Services	$		209,618			198,742			10,876			5.5		%		809,069			809,012			57			0.0		%
International Services			102,792			88,547			14,245			16.1		%		380,129			321,846			58,283			18.1		%
Merchant Services			100,379			93,482			6,897			7.4		%		373,159			337,178			35,981			10.7		%
Intersegment revenues			(5,106	)		(6,927	)		1,821			26.3		%		(21,659	)		(25,600	)		3,941			15.4		%
Revenues before reimbursable items
from external customers	$		407,683			373,844			33,839			9.1		%		1,540,698			1,442,436			98,262			6.8		%
Total revenues
North America Services	$		246,190			233,960			12,230			5.2		%		954,550			956,546			(1,996	)		(0.2	)	%
International Services			106,560			92,248			14,312			15.5		%		394,831			334,954			59,877			17.9		%
Merchant Services			126,224			122,519			3,705			3.0		%		487,997			458,921			29,076			6.3		%
Intersegment revenues			(6,740	)		(8,736	)		1,996			22.8		%		(28,412	)		(32,844	)		4,432			13.5		%
Revenues from external customers	$		472,234			439,991			32,243			7.3		%		1,808,966			1,717,577			91,389			5.3		%
Depreciation and amortization
North America Services	$		18,767			20,017			(1,250	)		(6.2	)	%		78,155			78,834			(679	)		(0.9	)	%
International Services			15,373			13,457			1,916			14.2		%		51,888			40,792			11,096			27.2		%
Merchant Services			8,893			9,782			(889	)		(9.1	)	%		36,124			40,298			(4,174	)		(10.4	)	%
Corporate Admin			729			748			(19	)		(2.5	)	%		2,998			3,003			(5	)		(0.2	)	%
Total depreciation and amortization	$		43,762			44,004			(242	)		(0.5	)	%		169,165			162,927			6,238			3.8		%
Segment operating income
North America Services	$		66,560			56,339			10,221			18.1		%		253,844			244,989			8,855			3.6		%
International Services			11,983			7,429			4,554			61.3		%		41,408			42,689			(1,281	)		(3.0	)	%
Merchant Services			32,958			29,782			3,176			10.7		%		112,986			102,444			10,542			10.3		%
Corporate Admin			(21,783	)		(22,576	)		793			3.5		%		(85,782	)		(80,693	)		(5,089	)		(6.3	)	%
Operating income	$		89,718			70,974			18,744			26.4		%		322,456			309,429			13,027			4.2		%
Other:
Reimbursable items:
North America Services	$		36,573			35,219			1,354			3.8		%		145,481			147,534			(2,053	)		(1.4	)	%
International Services			3,768			3,701			67			1.8		%		14,702			13,108			1,594			12.2		%
Merchant Services			25,845			29,036			(3,191	)		(11.0	)	%		114,838			121,743			(6,905	)		(5.7	)	%
Intersegment revenues			(1,635	)		(1,809	)		174			9.6		%		(6,753	)		(7,244	)		491			6.8		%
Reimbursable items	$		64,551			66,147			(1,596	)		(2.4	)	%		268,268			275,141			(6,873	)		(2.5	)	%
Volumes:
FTEs (continuing operations)
North America Services																4,318			4,297			21			0.5		%
International Services																2,376			2,043			333			16.3		%
Merchant Services																1,158			1,115			43			3.9		%
Corporate Admin																397			334			63			18.9		%
FTEs																8,249			7,789			460			5.9		%
																At						Change
Total assets (in thousands)																12/31/2011			12/31/2010			$			%
North America Services																1,621,664			1,632,882			(11,218	)		(0.7	)	%
International Services																433,203			408,880			24,323			5.9		%
Merchant Services																487,858			460,750			27,108			5.9		%
Intersegment assets																(684,333	)		(550,251	)		(134,082	)		(24.4	)	%
Total assets																1,858,392			1,952,261			(93,869	)		(4.8	)	%
			Three Months Ended December 31,													Twelve Months Ended December 31,
									Change													Change
			2011			2010			Inc(Dec)			%				2011			2010			Inc(Dec)			%
North America Segment:
Accounts on File (AOF) (in millions)																351.4			296.7			54.7			18.5		%
Transactions (in millions)			1,966.5			1,730.6			235.9			13.6		%		7,261.2			6,410.8			850.3			13.3		%
International Segment:
AOF (in millions)																52.8			46.3			6.5			14.0		%
Transactions (in millions)			399.5			357.6			41.9			11.7		%		1,426.6			1,259.6			167.0			13.3		%
Merchant Segment:
Point-of-sale Transactions (in millions)			1,216.4			1,235.7			(19.3	)		(1.6	)	%		4,955.5			5,315.4			(359.9	)		(6.8	)	%

TSYS
Balance Sheet
(unaudited)
(in thousands)
		Dec 31, 2011					Dec 31, 2010
Assets
Current assets:
Cash and cash equivalents	$	316,337					394,795
Restricted cash		-					434
Accounts receivable, net		248,541					237,646
Deferred income tax assets		12,872					11,090
Prepaid expenses and other current assets		72,431					77,848
Total current assets		650,181					721,813
Property and equipment, net		266,608					300,102
Computer software, net		215,244					246,424
Contract acquisition costs, net		162,987					166,251
Goodwill		355,498					320,399
Equity investments, net		82,924					77,127
Other intangible assets, net		81,250					83,118
Deferred income tax assets, net		4,069					2,704
Other assets		39,631					34,323
Total assets	$	1,858,392					1,952,261
Liabilities
Current liabilities:
Current portion of notes payable	$	181,251					39,557
Accrued salaries and employee benefits		33,004					27,414
Accounts payable		26,095					36,068
Current portion of obligations under capital leases		14,363					13,191
Other current liabilities		125,863					111,040
Total current liabilities		380,576					227,270
Notes payable, excluding current portion		39,104					194,703
Deferred income tax liabilities		32,889					42,547
Obligations under capital leases, excluding current portion		24,489					30,573
Other long-term liabilities		60,325					53,363
Total liabilities		537,383					548,456
Redeemable noncontrolling interest		-					146,000
Equity
Shareholders' equity:
Common stock		20,186					20,133
Additional paid-in capital		125,976					119,722
Accumulated other comprehensive income, net		(473	)				(2,585	)
Treasury stock		(225,034	)				(115,449	)
Retained earnings		1,380,634					1,219,303
Total shareholders' equity		1,301,289					1,241,124
Noncontrolling interests in consolidated subsidiaries		19,720					16,681
Total equity		1,321,009					1,257,805
Total liabilities and equity	$	1,858,392					1,952,261

TSYS
Cash Flow
(unaudited)
(in thousands)
		Twelve Months Ended December 31,
		2011		2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	222,662		205,621
Adjustments to reconcile net income to net cash
provided by operating activities:
Equity in income of equity investments		(8,708	)	(7,142	)
Dividends received from equity investments		6,835		6,572
Net loss (gain) on currency translation adjustments		3,091		162
Depreciation and amortization		169,165		163,111
Amortization of debt issuance costs		160		154
Share-based compensation		16,477		15,832
Excess tax expense (benefit) from share-based payment arrangements		149		(111	)
Asset impairments		799		-
Provisions for (recoveries of) bad debt expense and billing		1,552		(798	)
adjustments
Charges for transaction processing provisions		4,750		3,891
Deferred income tax expense (benefit)		6,565		(4,388	)
(Gain) loss on disposal of equipment, net		(1,159	)	145
Loss on disposal of subsidiary		-		1,591
Changes in operating assets and liabilities:
Accounts receivable		(7,044	)	(7,138	)
Prepaid expenses, other current assets and other long-term assets		23,099		(1,495	)
Accounts payable		(15,512	)	13,916
Accrued salaries and employee benefits		4,492		(21,965	)
Other current liabilities and other long-term liabilities		8,400		21,202
Net cash provided by operating activities		435,773		389,160
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment, net		(26,938	)	(46,547	)
Additions to licensed computer software from vendors		(19,502	)	(69,826	)
Additions to internally developed computer software		(17,882	)	(25,466	)
Proceeds from sale of tradename		4,500		-
Proceeds from disposition, net of expenses paid and cash disposed		-		4,265
Cash used in acquisitions, net of cash acquired		(47,909	)	(148,531	)
Purchase of private equity investments		(1,573	)	-
Dividends received from equity investments as a return of capital		-		68
Subsidiary repurchase of noncontrolling interest		(494	)	-
Additions to contract acquisition costs		(31,622	)	(75,669	)
Net cash used in investing activities		(141,420	)	(361,706	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt borrowings and
capital lease obligations		(28,892	)	(11,741	)
Proceeds from borrowings of long-term debt		-		39,757
Proceeds from exercise of stock options		8,065		543
Excess tax expense (benefit) from share-based payment arrangements		(149	)	111
Repurchase of common stock		(121,099	)	(46,228	)
Purchase of noncontrolling interests		(174,050	)	-
Subsidiary dividends paid to noncontrolling shareholders		(433	)	(9,031	)
Dividends paid on common stock		(53,949	)	(55,087	)
Net cash used in financing activities		(370,507	)	(81,676	)
CASH AND CASH EQUIVALENTS:
Effect of exchange rate changes on cash and cash equivalents		(2,304	)	(938	)
Net increase (decrease) in cash and cash equivalents		(78,458	)	(55,160	)
Cash and cash equivalents at beginning of period		394,795		449,955
Cash and cash equivalents at end of period	$	316,337		394,795

Supplemental Information:
									Accounts on File
									Total
(in millions)										Dec 2011					Dec 2010				% Change
Consumer Credit										195.0					179.4				8.7
Government Services										29.7					28.1				5.7
Retail										24.6					24.2				1.4
Total Consumer										249.3					231.7				7.6
Commercial										61.9					49.7				24.4
Other										7.9					6.2				28.3
Subtotal										319.1					287.6				10.9
Prepaid/Stored Value										85.1					55.3				53.9
Total AOF										404.2					342.9				17.9
Growth in Accounts on File (in millions):
			Dec 2010 to Dec 2011							Dec 2009 to Dec 2010
Beginning balance			342.9							344.8
Change in accounts on file due to:
	Internal growth of existing clients		33.9							22.4
	New clients		43.4							30.8
	Purges/Sales		(15.3	)						(39.3	)
	Deconversions		(0.7	)						(15.8	)
Ending balance			404.2							342.9

Reconciliation of GAAP to Non-GAAP
Non-GAAP Measures
The schedule below provides a reconciliation of revenues and operating results on a constant currency basis to reported revenues and operating income. This non-GAAP measure presents year-to-date 2011 financial results using the previous year's foreign currency exchange rates. On a year-to-date constant currency basis, TSYS' total revenues grew 4.3% as compared to a reported GAAP increase of 5.3%. The schedule below also provides a reconciliation of revenues and basic EPS excluding revenues from termination fees.
The non-GAAP financial measures of constant currency and revenues and basic EPS excluding revenues from termination fees, with respect to year-to-date revenues and basic EPS presented by TSYS, are utilized by management to better understand and assess TSYS' operating results and financial performance. TSYS also uses the non-GAAP financial measures to evaluate and assess TSYS' financial performance against budget, as well as to evaluate financial performance for executive and management compensation purposes.
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 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 captions of other companies due to potential inconsistencies in the method of calculation.
TSYS believes that its use of non-GAAP financial measures provides investors with the same 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 the presentation of GAAP financial measures alone would not provide its shareholders and potential investors with the ability to appropriately analyze its ongoing operational results, and therefore expected future results. TSYS therefore 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 Dec 31,									Twelve Months Ended Dec 31,
								Percent											Percent
				2011		2010		Change					2011			2010			Change
Consolidated
Constant currency (1)			$	472,017		439,991		7.3	%			$	1,791,670			1,717,577			4.3	%
Foreign currency (2)				217		-							17,296			-
Total revenues			$	472,234		439,991		7.3	%			$	1,808,966			1,717,577			5.3	%
Constant currency (1)			$	89,630		70,974		26.3	%			$	321,315			309,429			3.8	%
Foreign currency (2)				88		-							1,141			-
Operating income			$	89,718		70,974		26.4	%			$	322,456			309,429			4.2	%
International Services
Constant currency (1)			$	106,465		92,248		15.4	%
Foreign currency (2)				95		-
Total revenues			$	106,560		92,248		15.5	%
(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.
Revenue and BASIC EPS Excluding Termination Fees
(unaudited)
(in thousands, except per share data)
													Twelve Months Ended Dec 31,
																			Percent
													2011			2010			Change
Consolidated
Total Revenues												$	1,808,966			1,717,577			5.3	%
Less:
Termination Fees													-			32,667
Total revenues excluding termination fees												$	1,808,966			1,684,910			7.4	%
Net income attributable to TSYS common shareholders												$	220,559			193,947			13.7	%
Less:
Termination Fees, net of tax													-			21,011
Net Income excluding termination fees, net of tax, attributable to TSYS common shareholders
												$	220,559			172,936			27.5	%
Average common shares and participating securities													191,946			196,353
BASIC EPS - Net income attributable to TSYS
common shareholders												$	1.15			0.99			16.3	%
Less:
Termination Fees, net of tax													-			0.11
BASIC EPS - Net Income excluding termination fees, net of tax, attributable to TSYS common
shareholders												$	1.15			0.88			30.5	%
Note: Earnings per share may not foot due to rounding.