Tsys reports strong Q3 EPS growth

Source: Tsys

Tsys ( TSS ) today reported results for the third quarter and year to date.

We are very pleased with our outstanding third quarter results. These exceptional results were driven by the performance of our clients, the businesses we serve, the consumers who buy and use our products and our team members executing to our strategic plan, said M. Troy Woods, chairman, president and chief executive officer of TSYS.

As a result of this continued strong performance, we are raising our guidance range for revenues before reimbursables to 12-13%, up from the previous range of 10-12%, and our adjusted earnings per share (EPS) guidance range to 24-26%, up from the previous range of 15-17%, said Woods.

Highlights for the third quarter of 2015 include:

  • Adjusted EPS from continuing operations were $0.78, an increase of 40.2%. On a GAAP basis, basic EPS from continuing operations were $0.66, an increase of 46.7%.
  • Excluding the impact from discrete tax items of approximately $0.13 per share in the quarter, adjusted EPS was $0.65, an increase of 17.2%.
  • Income from continuing operations attributable to TSYS shareholders was $120.6 million, an increase of 45.5%.
  • Adjusted EBITDA was $238.9 million, an increase of 20.6%.
  • Total revenues for the quarter were $707.9 million, an increase of 14.8%. Revenues before reimbursable items were $636.4 million, an increase of 15.1%.
  • Adjusted operating margin was 31.0%. GAAP operating margin was 23.0%.

Highlights for the first nine months of 2015 include:

  • Adjusted EPS from continuing operations were $1.89, an increase of 36.8%. On a GAAP basis, basic EPS from continuing operations were $1.53, an increase of 48.2%.
  • Excluding the impact from discrete tax items of approximately $0.13 per share year to date, adjusted EPS was $1.76, an increase of 27.5%.
  • Income from continuing operations attributable to TSYS shareholders was $281.2 million, an increase of 46.5%.
  • Adjusted EBITDA was $638.9 million, an increase of 23.2%.
  • Total revenues were $2.1 billion, an increase of 13.8%. Revenues before reimbursable items were $1.9 billion, an increase of 14.2%.
  • Adjusted operating margin was 27.9%. GAAP operating margin was 20.2%.

Our year-to-date free cash flow increased 45.8% over 2014 to $324.4 million. With this build-up of cash during the quarter, we plan to continue our strategic goal of returning approximately 75% of available free cash flow to our shareholders in the form of dividends and share repurchases, said Woods. 

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