Company Quick10K Filing
Total System Services
Price126.74 EPS3
Shares177 P/E47
MCap22,430 P/FCF33
Net Debt3,560 EBIT579
TEV25,990 TEV/EBIT45
TTM 2019-06-30, in MM, except price, ratios
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-25
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-02-26
10-Q 2012-09-30 Filed 2012-11-05
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-01
8-K 2019-09-17 Leave Agreement, M&A, Shareholder Rights, Control, Officers, Amend Bylaw, Other Events, Exhibits
8-K 2019-08-29 Officers
8-K 2019-08-29 Shareholder Vote
8-K 2019-08-20 Other Events
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-05-27 Enter Agreement, Exhibits
8-K 2019-05-27 Amend Bylaw, Other Events, Exhibits
8-K 2019-05-02 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2019-04-23 Earnings, Exhibits
8-K 2019-01-31 Other Events
8-K 2019-01-29 Earnings, Exhibits
8-K 2018-10-23 Earnings, Exhibits
8-K 2018-10-22 Officers
8-K 2018-07-24 Earnings, Exhibits
8-K 2018-06-20
8-K 2018-05-11 Other Events, Exhibits
8-K 2018-04-26 Shareholder Vote
8-K 2018-04-24 Earnings, Exhibits
8-K 2018-04-23 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-01-23 Earnings, Exhibits
8-K 2018-01-10 Enter Agreement, M&A, Off-BS Arrangement, Other Events, Exhibits

TSS 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Note 1 - Summary of Significant Accounting Policies
Note 2 - Supplementary Balance Sheet Information
Note 3 - Revenue From Contracts with Customers
Note 4 - Leases
Note 5 - Long - Term Borrowings and License Agreements
Note 6 - Commitments and Contingencies
Note 7 - Share - Based Compensation
Note 8 - Income Taxes
Note 9 - Earnings per Share
Note 10 - Supplementary Cash Flow Information
Note 11 - Segment Reporting and Major Customers
Note 12 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-10.1 tss-20190630ex101d544a8.htm
EX-10.2 tss-20190630ex1022005e0.htm
EX-31.1 tss-20190630ex311695d76.htm
EX-31.2 tss-20190630ex312a3400d.htm
EX-32 tss-20190630xex32.htm

Total System Services Earnings 2019-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
1.31.00.80.50.30.02012201420172020
Rev, G Profit, Net Income
1.50.7-0.1-0.8-1.6-2.42012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from To

Commission file number: 1-10254

Graphic

Total System Services, Inc.

www.tsys.com

(Exact name of registrant as specified in its charter)

Georgia

58-1493818

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

One TSYS Way, Post Office Box 1755, Columbus, Georgia 31902

(Address of principal executive offices) (Zip Code)

(706) 644-4388

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.10 par value

TSS

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of June 30, 2019, there were 176,977,106 shares of the registrant’s common stock, $0.10 par value, outstanding.

Table of Contents

Graphic

TOTAL SYSTEM SERVICES, INC.

Table of Contents

Page
Number

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Consolidated Balance Sheets (unaudited) — June 30, 2019 and December 31, 2018

3

Consolidated Statements of Income (unaudited) — Three and six months ended June 30, 2019 and 2018

4

Consolidated Statements of Comprehensive Income (unaudited) — Three and six months ended June 30, 2019 and 2018

5

Consolidated Statements of Cash Flows (unaudited) — Six months ended June 30, 2019 and 2018

6

Consolidated Statement of Changes in Equity (unaudited) — Three and six months ended June 30, 2019 and 2018

7

Notes to Unaudited Consolidated Financial Statements

9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

Item 3. Quantitative and Qualitative Disclosures About Market Risk

49

Item 4. Controls and Procedures

50

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

50

Item 1A. Risk Factors

50

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

54

Item 6. Exhibits

54

SIGNATURES

55

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

TOTAL SYSTEM SERVICES, INC.

Consolidated Balance Sheets

(Unaudited)

(in thousands, except per share data)

    

June 30, 2019

    

December 31, 2018

Assets

Current assets:

Cash and cash equivalents (Note 2)

$

458,220

471,156

Accounts receivable, net of allowances for doubtful accounts and billing adjustments of $6.1 million and $6.0 million as of 2019 and 2018, respectively

513,712

450,322

Contract assets (Note 3)

43,847

30,950

Prepaid expenses and other current assets (Note 2)

224,048

188,355

Total current assets

1,239,827

1,140,783

Contract assets (Note 3)

56,925

47,839

Goodwill

4,114,851

4,114,838

Other intangible assets, net of accumulated amortization of $891.1 million and $802.0 million as of 2019 and 2018, respectively

703,617

796,702

Intangible assets - computer software, net of accumulated amortization of $955.2 million and $893.4 million as of 2019 and 2018, respectively

520,494

534,536

Property and equipment, net of accumulated depreciation and amortization of $530.4 million and $522.7 million as of 2019 and 2018, respectively (Note 4)

373,868

383,074

Operating lease right-of-use assets, net (Note 4)

198,539

-

Contract cost assets, net of accumulated amortization

148,938

145,598

Equity investments, net

206,504

180,661

Deferred income tax assets

7,516

7,773

Other assets

135,727

116,905

Total assets

$

7,706,806

7,468,709

Liabilities

Current liabilities:

Accounts payable

$

57,911

97,956

Contract liabilities (Note 3)

51,553

47,227

Current portion of operating lease liabilities (Note 4)

43,346

-

Accrued salaries and employee benefits

34,922

73,143

Current portion of long-term borrowings (Note 5)

17,811

20,807

Current portion of obligations under finance leases and license agreements (Note 4)

17,712

8,318

Other current liabilities (Note 2)

278,072

268,150

Total current liabilities

501,327

515,601

Long-term borrowings, excluding current portion (Note 5)

4,003,248

3,843,394

Deferred income tax liabilities

401,486

380,278

Operating lease liabilities, excluding current portion (Note 4)

167,102

-

Obligations under finance leases and license agreements, excluding current portion (Note 4)

39,490

46,147

Contract liabilities (Note 3)

25,281

21,489

Other long-term liabilities

74,278

75,894

Total liabilities

5,212,212

4,882,803

Commitments and contingencies (Note 6)

Shareholders' Equity

Shareholders’ equity:

Common stock- $0.10 par value. Authorized 600,000 shares; 202,765 issued as of 2019 and 2018; 176,977 and 180,586 outstanding as of 2019 and 2018, respectively

20,277

20,277

Additional paid-in capital

203,098

189,889

Accumulated other comprehensive loss, net (Notes 1 and 2)

(64,200)

(60,223)

Treasury stock, at cost (25,788 and 22,179 shares as of 2019 and 2018, respectively)

(1,426,177)

(1,042,687)

Retained earnings

3,761,596

3,478,650

Total shareholders’ equity

2,494,594

2,585,906

Total liabilities and shareholders' equity

$

7,706,806

7,468,709

See accompanying Notes to Unaudited Consolidated Financial Statements

3

Table of Contents

TOTAL SYSTEM SERVICES, INC.

Consolidated Statements of Income

(Unaudited)

    

Three months ended

Six months ended

June 30, 

June 30, 

(in thousands, except per share data)

    

2019

    

2018

    

2019

    

2018

Total revenues (Notes 3 and 11)

$

1,035,485

1,007,580

2,070,016

1,994,750

Cost of services

630,820

617,818

1,263,032

1,231,183

Selling, general and administrative expenses

185,578

181,064

364,627

366,598

Total operating expenses

816,398

798,882

1,627,659

1,597,781

Operating income

219,087

208,698

442,357

396,969

Nonoperating expenses, net

(37,416)

(41,170)

(80,407)

(78,812)

Income before income taxes and equity in income of equity investments

181,671

167,528

361,950

318,157

Income taxes (Note 8)

31,128

37,415

61,027

55,549

Income before equity in income of equity investments

150,543

130,113

300,923

262,608

Equity in income of equity investments, net of tax

12,217

12,322

23,444

22,929

Net income

162,760

142,435

324,367

285,537

Net income attributable to noncontrolling interests

-

-

-

(1,261)

Net income attributable to Total System Services, Inc. (TSYS) common shareholders

$

162,760

142,435

324,367

284,276

Basic earnings per share (EPS) attributable to TSYS common shareholders (Note 9)

$

0.92

0.78

1.83

1.56

Diluted EPS attributable to TSYS common shareholders (Note 9)

$

0.91

0.78

1.81

1.55

See accompanying Notes to Unaudited Consolidated Financial Statements

4

Table of Contents

TOTAL SYSTEM SERVICES, INC.

Consolidated Statements of Comprehensive Income

(Unaudited)

Three months ended

Six months ended

June 30, 

June 30, 

(in thousands)

2019

    

2018

   

2019

    

2018

Net income

$

162,760

142,435

324,367

285,537

Other comprehensive income (loss), net of tax:

Foreign currency translation adjustments

(10,009)

(21,752)

416

(9,257)

Postretirement healthcare plan adjustments

837

(211)

659

(358)

Unrealized (loss) gain on available-for-sale securities (Note 1)

-

(1,840)

-

741

Other comprehensive (loss) income

(9,172)

(23,803)

1,075

(8,874)

Comprehensive income

153,588

118,632

325,442

276,663

Comprehensive income attributable to noncontrolling interests

-

-

-

(1,261)

Comprehensive income attributable to TSYS common shareholders

$

153,588

118,632

325,442

275,402

See accompanying Notes to Unaudited Consolidated Financial Statements

5

Table of Contents

TOTAL SYSTEM SERVICES, INC.

Consolidated Statements of Cash Flows

(Unaudited)

Six months ended

June 30, 

(in thousands)

    

2019

    

2018

Cash flows from operating activities:

Net income

$

324,367

285,537

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

208,483

208,679

Amortization of operating lease right-of-use assets

25,555

-

Provisions for cardholder losses

25,540

34,433

Share-based compensation

22,214

20,524

Provisions for bad debt expenses and billing adjustments

5,587

5,170

Charges for transaction processing provisions

1,319

3,177

Amortization of debt issuance costs

2,652

2,362

Dividends received from equity investments

-

892

Loss (gain) on foreign currency

287

(107)

Amortization of bond discount

557

482

(Gain) loss on disposal of equipment, net

(801)

32

Deferred income tax expense

21,258

18,657

Changes in value of equity investments

(5,196)

-

Equity in income of equity investments, net of tax

(23,444)

(22,929)

Changes in operating assets and liabilities, net of effects of acquisitions:

Accounts receivable

(69,011)

(17,489)

Contract assets and contract liabilities

(13,965)

(8,797)

Contract cost assets

(3,214)

2,989

Prepaid expenses, other current assets and other long-term assets

(52,859)

5,111

Accounts payable

(9,156)

(3,368)

Accrued salaries and employee benefits

(38,282)

(38,784)

Other current liabilities and other long-term liabilities

(26,461)

(25,978)

Net cash provided by operating activities

395,430

470,593

Cash flows from investing activities:

Additions to licensed computer software from vendors

(61,209)

(19,216)

Purchases of property and equipment

(30,844)

(48,608)

Additions to internally developed computer software

(24,817)

(19,934)

Cash used in acquisitions, net of cash acquired

-

(1,051,629)

Other investing activities

(2,700)

(4,119)

Net cash used in investing activities

(119,570)

(1,143,506)

Cash flows from financing activities:

Principal payments on long-term borrowings, finance lease obligations and license agreements

(299,499)

(2,626,534)

Purchase of noncontrolling interest

-

(126,000)

Dividends paid on common stock

(46,534)

(47,190)

Subsidiary dividends paid to noncontrolling shareholders

-

(3,778)

Repurchase of common stock under plans and tax withholding

(400,023)

(82)

Debt issuance costs

-

(15,979)

Proceeds from borrowings of long-term debt

450,000

3,477,000

Proceeds from exercise of stock options

6,911

29,289

Net cash (used in) provided by financing activities

(289,145)

686,726

Cash, cash equivalents and restricted cash:

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(332)

(4,143)

Net (decrease) increase in cash, cash equivalents and restricted cash

(13,617)

9,670

Cash, cash equivalents and restricted cash at beginning of period

474,279

451,370

Cash, cash equivalents and restricted cash at end of period

$

460,662

461,040

Supplemental cash flow information:

Interest paid

$

85,404

71,778

Income taxes paid, net

$

59,411

21,475

See accompanying Notes to Unaudited Consolidated Financial Statements

6

Table of Contents

TOTAL SYSTEM SERVICES, INC.

Consolidated Statements of Changes in Equity

(Unaudited)

TSYS Shareholders

Accumulated

Other

Redeemable

Additional

Comprehensive

Noncontrolling

Common Stock

Paid-In

Income (Loss),

Treasury

Retained

(in thousands, except per share data)

    

Interests

    

Shares

    

Dollars

    

Capital

    

Net of Tax

    

Stock

    

Earnings

    

Total Equity

Balance as of December 31, 2018

$

-

202,765

$

20,277

189,889

(60,223)

(1,042,687)

3,478,650

$

2,585,906

Cumulative effect adjustment from adoption of ASU No. 2016-01 (Note 1)

-

-

-

-

(5,052)

-

5,052

-

Cumulative effect adjustment from adoption of ASU No. 2016-02 (Note 1)

-

-

-

-

-

-

(203)

(203)

Net income

-

-

-

-

-

-

161,607

161,607

Other comprehensive income

-

-

-

-

10,247

-

-

10,247

Common stock issued from treasury shares for exercise of stock options

-

-

-

3,485

-

2,981

-

6,466

Common stock unissued due to forfeiture of nonvested awards

-

-

-

77

-

(77)

-

-

Common stock issued from treasury shares for nonvested awards

-

-

-

(12,812)

-

12,812

-

-

Share-based compensation (Note 7)

-

-

-

11,296

-

-

-

11,296

Cash dividends declared ($0.13 per share)

-

-

-

-

-

-

(22,546)

(22,546)

Purchase of treasury shares

-

-

-

-

-

(400,013)

-

(400,013)

Balance as of March 31, 2019

-

202,765

20,277

191,935

(55,028)

(1,426,984)

3,622,560

2,352,760

Net income

-

-

-

-

-

-

162,760

162,760

Other comprehensive loss

-

-

-

-

(9,172)

-

-

(9,172)

Common stock issued from treasury shares for exercise of stock options

-

-

-

30

-

416

-

446

Common stock issued from treasury shares for nonvested awards

-

-

-

(401)

-

401

-

-

Common stock issued from treasury shares for dividend equivalents

-

-

-

602

-

-

-

602

Share-based compensation (Note 7)

-

-

-

10,932

-

-

-

10,932

Cash dividends declared ($0.13 per share)

-

-

-

-

-

-

(23,724)

(23,724)

Purchase of treasury shares

-

-

-

-

-

(10)

-

(10)

Balance as of June 30, 2019

$

-

202,765

$

20,277

203,098

(64,200)

(1,426,177)

3,761,596

$

2,494,594

See accompanying Notes to Unaudited Consolidated Financial Statements

7

Table of Contents

TOTAL SYSTEM SERVICES, INC.

Consolidated Statements of Changes in Equity

(Unaudited)

TSYS Shareholders

Accumulated

Other

Redeemable

Additional

Comprehensive

Noncontrolling

Common Stock

Paid-In

Income (Loss),

Treasury

Retained

(in thousands, except per share data)

    

Interests

    

Shares

    

Dollars

    

Capital

    

Net of Tax

    

Stock

    

Earnings

    

Total Equity

Balance as of December 31, 2017

$

115,689

202,765

$

20,277

162,806

(36,148)

(909,960)

3,004,018

$

2,240,993

Cumulative effect adjustment from adoption of ASU No. 2014-09 (Note 3)

-

-

-

-

-

-

(4,445)

(4,445)

Net income

1,261

-

-

-

-

-

141,841

141,841

Other comprehensive income

-

-

-

-

14,929

-

-

14,929

Common stock issued from treasury shares for exercise of stock options

-

-

-

5,199

-

21,258

-

26,457

Common stock unissued due to forfeiture of nonvested awards

-

-

-

551

-

(551)

-

-

Common stock issued from treasury shares for nonvested awards

-

-

-

(12,368)

-

12,368

-

-

Common stock issued from treasury shares for dividend equivalents

-

-

-

925

-

9

-

934

Share-based compensation (Note 7)

-

-

-

6,835

-

-

-

6,835

Cash dividends declared ($0.13 per share)

-

-

-

-

-

-

(23,895)

(23,895)

Purchase of treasury shares

-

-

-

-

-

(24)

-

(24)

Adjustments to redemption value of redeemable noncontrolling interest

9,051

-

-

(9,051)

-

-

-

(9,051)

Subsidiary dividends paid to noncontrolling interests

(1)

-

-

-

-

-

-

-

Balance as of March 31, 2018

126,000

202,765

20,277

154,897

(21,219)

(876,900)

3,117,519

2,394,574

Net income

-

-

-

-

-

-

142,435

142,435

Other comprehensive loss

-

-

-

-

(23,803)

-

-

(23,803)

Common stock issued from treasury shares for exercise of stock options

-

-

-

1,110

-

1,717

-

2,827

Common stock unissued due to forfeiture of nonvested awards

-

-

-

78

-

(78)

-

-

Common stock issued from treasury shares for nonvested awards

-

-

-

(577)

-

577

-

-

Share-based compensation (Note 7)

-

-

-

13,406

-

-

-

13,406

Cash dividends declared ($0.13 per share)

-

-

-

-

-

-

(