The non-GAAP financial measures of constant currency and revenues , 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|
|Three Months Ended September 30,||Nine Months Ended September 30,|
|Constant currency (1)||$||470,470||459,747||2.3||%||$||1,397,952||1,336,732||4.6||%|
|Foreign currency (2)||(2,411||)||-||(6,080||)||-|
|Constant currency (1)||$||89,038||81,180||9.7||%||$||264,125||232,738||13.5||%|
|Foreign currency (2)||1,855||-||3,696||-|
|Constant currency (1)||$||105,290||99,891||5.4||%||$||313,007||288,271||8.6||%|
|Foreign currency (2)||(2,599||)||-||(6,541||)||-|
Reflects current period results on a non-GAAP basis as if foreign currency rates did not change from the comparable prior year period.
Reflects the impact of calculated changes in foreign currency rates from the comparable period.
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