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Vantiv Reports Third Quarter 2012 Results

(1) Represents costs associated with our separation from Fifth Third Bank and acquisition and integration costs in connection with our acquisitions.

(2) Represents amortization of intangible assets acquired through business combinations and customer portfolio and related asset acquisitions.

(3) Represents adjustments to income tax expense assuming conversion of non-controlling interests into shares of Class A common stock.

(4) Net income assumes the conversion of non-controlling interests into shares of Class A common stock.

(5) Depreciation and amortization represents expense associated with our property and equipment, assuming that our property and equipment at December 31, 2011 was in place on January 1, 2011.

(6) Represents adjustment to reflect what our 2011 interest expense would have been if the Company’s level of debt and applicable terms as of December 31, 2011 was outstanding on January 1, 2011.

 
Schedule 7
Vantiv, Inc.
Reconciliation of GAAP Net Income to Cash Net Income

(Unaudited)

(in thousands)

 
Nine Months Ended September 30, 2012
GAAP   Transition, Acquisition and Integration(1)   Share-Based Compensation   Comparability Adjustments   Other Adjustments Cash Net Income
 
Revenue $ 1,369,147 $ $ $ $ $ 1,369,147
Network fees and other costs 617,691           617,691  
Net revenue 751,456 751,456
Sales and marketing 212,602 212,602
Other operating costs 119,802 (2,351 ) 117,451
General and administrative 86,387 (3,940 ) (26,889 ) 55,558
Depreciation and amortization 119,181         (88,155 ) (2) 31,026  
Income from operations 213,484 6,291 26,889 88,155 334,819
Interest expense—net (44,675 ) (44,675 )
Non-operating expenses (92,672 )       92,672   (3)  
Income before applicable income taxes 76,137 6,291 26,889 180,827 290,144
Income tax expense 22,848   2,422   10,352     76,083   (4) 111,705  
Net income(5) $ 53,289   $ 3,869   $ 16,537   $   $ 104,744   $ 178,439  
 
Nine Months Ended September 30, 2011
GAAP   Transition, Acquisition and Integration(1)   Share-Based Compensation   Comparability Adjustments Other Adjustments Cash Net Income
 
Revenue $ 1,183,374 $ $ $ $ $ 1,183,374
Network fees and other costs 560,376           560,376  
Net revenue 622,998 622,998
Sales and marketing 172,284 (291 ) 171,993
Other operating costs 107,748 (12,413 ) 95,335
General and administrative 68,503 (19,021 ) (2,202 ) 47,280
Depreciation and amortization 115,767       1,734   (6) (93,221 ) (2) 24,280  
Income from operations 158,696 31,725 2,202 (1,734 ) 93,221 284,110
Interest expense—net (85,771 ) 5,897 (7) (79,874 )
Non-operating expenses (13,799 )       13,799   (3)  
Income before applicable income taxes 59,126 31,725 2,202 4,163 107,020 204,236
Income tax expense 14,083   12,215   848   1,603   49,883   (4) 78,632  
Net income(5) $ 45,043   $ 19,510   $ 1,354   $ 2,560   $ 57,137   $ 125,604  
 

Non-GAAP Financial Measures

This schedule presents net revenue and cash net income. 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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