TSYS (NYSE: TSS) today reported results for the fourth quarter and full year results for 2013.
Summary of Fourth Quarter and Full Year Financial Results Compared to 2012
- Total revenues for the quarter were $600.8 million, an increase of 25.4%. For the year, total revenues were $2.1 billion, an increase of 14.0%. Total revenues for the quarter and year were negatively impacted by currency translation of $3.8 million and $20.6 million, respectively, as well as a decrease in reimbursable items of $2.7 million and $11.9 million, respectively.
- Revenues before reimbursable items for the quarter were $543.0 million, an increase of 29.7%. For the year, revenues before reimbursable items were $1.9 billion, an increase of 16.9%. Revenues before reimbursable items were negatively impacted by currency translation of $3.9 million for the quarter and $20.3 million for the year.
- Adjusted EBITDA* for the quarter was $184.2 million, an increase of 32.2%. For the year, adjusted EBITDA was $634.2 million, an increase of 16.0%.
- Adjusted cash earnings per share (EPS)* for the quarter were $0.48, an increase of 26.9%. For the year, adjusted cash EPS was $1.72, an increase of 17.8%.
- On a GAAP basis, net income attributable to common shareholders for the quarter was $65.7 million, an increase of 7.9%. For the year, net income attributable to common shareholders was $244.8 million, an increase of 0.2%.
- Basic EPS for the quarter was $0.35, an increase of 6.2%. Diluted EPS was $0.34, an increase of 5.5%. For the year, basic EPS was $1.30, which was the same as last year. Diluted EPS was $1.29, a decrease of 0.2%.
* Note: Adjusted EBITDA and adjusted cash EPS are non-GAAP measures which are detailed later in this press release in the section "Reconciliation of GAAP to Non-GAAP Financial Measures."
"Our total revenues exceeded $2 billion for the first time in our history, and we met the high end of the range of our adjusted cash EPS guidance of $1.72. This was truly a transformational year for TSYS," said Philip W. Tomlinson, chairman and chief executive officer of TSYS.
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