Vantiv Reports Third Quarter 2012 Results

Any forward-looking statement made by us in this release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Schedule 1
Vantiv, Inc.
Consolidated Statements of Income
(Unaudited)
(in thousands, except share data)
		Three Months Ended											Nine Months Ended
		September 30,				September 30,							September 30,				September 30,
		2012				2011				% Change			2012				2011				% Change
Revenue		$	466,736			$	409,364			14	%		$	1,369,147			$	1,183,374			16	%
Network fees and other costs		208,239				192,466				8	%		617,691				560,376				10	%
Net revenue		258,497				216,898				19	%		751,456				622,998				21	%
Sales and marketing		69,313				56,495				23	%		212,602				172,284				23	%
Other operating costs		40,376				35,028				15	%		119,802				107,748				11	%
General and administrative		28,600				18,896				51	%		86,387				68,503				26	%
Depreciation and amortization		40,618				40,066				1	%		119,181				115,767				3	%
Income from operations		79,590				66,413				20	%		213,484				158,696				35	%
Interest expense—net		(10,056		)		(26,198		)		(62	)%		(44,675		)		(85,771		)		(48	)%
Non-operating expenses(1)		—				—				NM			(92,672		)		(13,799		)		NM
Income before applicable income taxes		69,534				40,215				73	%		76,137				59,126				29	%
Income tax expense		20,895				11,532				81	%		22,848				14,083				62	%
Net income		48,639				28,683				70	%		53,289				45,043				18	%
Less: Net income attributable to non-controlling interests		(24,375		)		(17,035		)		43	%		(24,433		)		(24,516		)		—	%
Net income attributable to Vantiv, Inc.		$	24,264			$	11,648			108	%		$	28,856			$	20,527			41	%
Net income per share of Class A common stock attributable to Vantiv, Inc.:
Basic		$	0.20			$	0.13						$	0.26			$	0.23
Diluted		$	0.19			$	0.13						$	0.24			$	0.23
Shares used in computing net income per share of Class A common stock:
Basic		122,959,429				89,515,617							112,953,425				89,515,617
Diluted		131,127,197				89,515,617							119,600,082				89,515,617
Non Financial Data:
Transactions (in millions)		3,928				3,221				22	%		11,191				9,445				18	%

(1) Non-operating expenses primarily consist of charges incurred with the refinancing of our debt in March 2012 and May 2011 and the termination of our interest rate swaps in March 2012.

Schedule 2
Vantiv, Inc.
Cash Net Income (Non-GAAP)
(Unaudited)
(in thousands, except share data)
See schedule 6 and 7 for a reconciliation of GAAP net income to cash net income.
		Three Months Ended											Nine Months Ended
		September 30,				September 30,							September 30,				September 30,
		2012				2011				% Change			2012				2011				% Change
Revenue		$	466,736			$	409,364			14	%		$	1,369,147			$	1,183,374			16	%
Network fees and other costs		208,239				192,466				8	%		617,691				560,376				10	%
Net revenue		258,497				216,898				19	%		751,456				622,998				21	%
Sales and marketing		69,313				56,204				23	%		212,602				171,993				24	%
Other operating costs		39,823				32,296				23	%		117,451				95,335				23	%
General and administrative		17,503				17,015				3	%		55,558				47,280				18	%
Adjusted EBITDA(1)		131,858				111,383				18	%		365,845				308,390				19	%
Depreciation and amortization		11,039				8,093				36	%		31,026				24,280				28	%
Adjusted income from operations		120,819				103,290				17	%		334,819				284,110				18	%
Interest expense—net		(10,056		)		(26,624		)		(62	)%		(44,675		)		(79,874		)		(44	)%
Adjusted income before applicable income taxes		110,763				76,666				44	%		290,144				204,236				42	%
Income tax expense (at an effective tax rate of 38.5%)(2)		42,644				29,517				44	%		111,705				78,632				42	%
Cash net income(3)		$	68,119			$	47,149			44	%		$	178,439			$	125,604			42	%
Adjusted cash net income per share(4)		$	0.32										$	0.83
Adjusted shares outstanding(5)		215,046,333											213,787,832
Non Financial Data:
Transactions (in millions)		3,928				3,221				22	%		11,191				9,445				18	%

Non-GAAP Financial Measures

This schedule presents net revenue, adjusted EBITDA, cash net income, and adjusted cash net income per share information. These are important financial performance measures for the company, but are not financial measures as defined by GAAP. Such financial measures should not be considered as alternatives to GAAP net income, and such measures may not be comparable to those reported by other companies.

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