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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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