TSS
$59.67
Total System Services
$.03
.05%
Earnings Details
1st Quarter March 2017
Tuesday, April 25, 2017 4:15:01 PM
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Summary

TSYS Raises Guidance

Total System Services (TSS) reported 1st Quarter March 2017 earnings of $0.79 per share on revenue of $1.2 billion. The consensus earnings estimate was $0.73 per share on revenue of $1.2 billion. Revenue grew 60.2% on a year-over-year basis.

The company said it expects 2017 non-GAAP earnings of $3.16 to $3.26 per share on revenue of $4.77 billion to $4.87 billion. The company's previous guidance was earnings of $3.05 to $3.15 per share on revenue of $4.75 billion to $4.85 billion and the current consensus earnings estimate is $3.13 per share on revenue of $4.82 billion for the year ending December 31, 2017.

Total System Services Inc is a payment solutions provider that provides services to financial & nonfinancial institutions. It services are divided into four operating segments North America Services, Merchant Services, International Services & NetSpend.

Results
Reported Earnings
$0.79
Earnings Whisper
-
Consensus Estimate
$0.73
Reported Revenue
$1.18 Bil
Revenue Estimate
$1.21 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

TSYS Reports First Quarter Earnings

TSYS (TSS) today reported results for the first quarter of 2017.

"We are extremely pleased to report an outstanding beginning to 2017 with across the board high double digit growth in our consolidated revenues, income and earnings per share in the first quarter. We continue to execute on our strategy of diversification and growth of our businesses while maintaining our leadership in technology, product innovation and service to our customers," said M. Troy Woods, chairman and chief executive officer of TSYS.

Highlights for the first quarter of 2017:

Total revenues were $1.2 billion, an increase of 60.2% over last year’s $739.4 million.

Net revenue (non-GAAP), which excludes reimbursable items, interchange and assessment expenses, was $832.9 million, an increase of 24.0% over last year’s $671.6 million.

Net income attributable to TSYS common shareholders was $105.9 million, an increase of 16.8% over last year’s $90.6 million. Diluted earnings per share were $0.57, an increase of 16.1% over last year’s $0.49.

Adjusted earnings (non-GAAP) were $152.3 million, an increase of 26.1% over last year’s $120.7 million. Adjusted diluted earnings per share (non-GAAP) were $0.82, an increase of 25.4% over last year’s $0.66.

Adjusted EBITDA (non-GAAP) was $287.2 million, an increase of 24.4% over last year’s $230.8 million.

Increasing 2017 Outlook

"As a result of our strong first quarter performance and the six-month delay in the effective date of the CFPB’s rule governing prepaid accounts, we are increasing our revenue and EPS guidance for 2017. We are raising our total revenue and net revenue guidance by $20 million as a result of the rule’s delay. We are also raising our EPS guidance by $0.11 per share," said Woods.

The 2017 revised guidance is below.

2017 Revised
Financial Outlook
Percent
Range
Change
(in millions, except per share amounts)
Revenue:
Total revenues (GAAP)
$4,770
to
$4,870
14%
to
17%
Net revenue (non-GAAP)
$3,295
to
$3,395
8%
to
12%
Earnings per share:
Diluted EPS (GAAP)
$2.25
to
$2.32
30%
to
34%
Adjusted diluted EPS attributable to TSYS common shareholders
$3.16
to
$3.26
13%
to
17%
(non-GAAP)
Weighted average diluted shares
185

Conference Call

TSYS will host its quarterly conference call at 5:00 p.m. ET on Tuesday, April 25. The conference call can be accessed via simultaneous Internet broadcast on the "Investor Relations" section of TSYS’ website at investors.tsys.com where an accompanying slide presentation will also be available. The replay will be archived for 12 months and will be available approximately 30 minutes after the completion of the call.

Non-GAAP Measures

This press release contains information prepared in conformity with GAAP as well as non-GAAP information. It is management’s intent to provide non-GAAP financial information to enhance understanding of its consolidated financial information as prepared in accordance with GAAP. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure and the most directly comparable GAAP financial measure are presented so as not to imply that more emphasis should be placed on the non-GAAP measure. The non-GAAP financial information presented may be determined or calculated differently by other companies.

Additional information about non-GAAP financial measures, including, but not limited to, net revenue, adjusted earnings, adjusted EBITDA and adjusted diluted EPS, and a reconciliation of those measures to the most directly comparable GAAP measures is included on pages 11 to 14 in the financial schedules of this release.

About TSYS

TSYS(R) (TSS) is a leading global payments provider, offering seamless, secure and innovative solutions across the payments spectrum -- from issuer processing and merchant acquiring to prepaid program management. We succeed because we put people, and their needs, at the heart of every decision. It’s an approach we call ’People-Centered Payments(R)’.

Our headquarters are located in Columbus, Ga., U.S.A., with approximately 11,500 team members and local offices spread across 13 countries. TSYS generated revenue of $4.2 billion in 2016, while processing more than 25.5 billion transactions. We are a member of The Civic 50 and were named one of the 2017 World’s Most Ethical Companies by Ethisphere magazine. TSYS is a member of the S&P 500 and routinely posts all important information on its website. For more, visit tsys.com.

Forward-Looking Statements

This press release contains "forward-looking statements" - that is, statements related to future, not past, events. Forward-looking statements often address our expected future business and financial performance and often contain words such as "expect," "anticipate," "intend," "believe," "should," "plan," "potential," "will," "could," and similar expressions. These forward-looking statements include, among others, statements regarding TSYS’ earnings guidance for 2017 total revenues, net revenue, diluted EPS and adjusted diluted EPS, and the assumptions underlying such statements. These statements are based on the current beliefs and expectations of TSYS’ management, are based on management’s assumptions and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking statements. A number of important factors could cause actual results or events to differ materially from those contemplated by our forward-looking statements in this press release. Many of these factors are beyond TSYS’ ability to control or predict. These factors include, but are not limited to, the material breach of security of any of TSYS’ systems; TSYS’ ability to integrate acquisitions and achieve the anticipated growth opportunities and other benefits of the acquisitions, particularly the TransFirst acquisition; the effect of current domestic and worldwide economic conditions; risks associated with foreign operations, including adverse developments with respect to foreign currency exchange rates, and in particular with respect to the current environment, adverse developments with respect to foreign currency exchange rates as a result of the United Kingdom’s decision to leave the European Union (Brexit); expenses incurred associated with the signing of a significant client; TSYS does not convert clients’ portfolios as scheduled; the deconversion of a significant client; changes occur in laws, rules, regulations, credit card association rules, prepaid industry rules or other industry standards affecting TSYS and our clients that may result in costly new compliance burdens on TSYS and our clients and lead to a decrease in the volume and/or number of transactions processed or limit the types and amounts of fees that can be charged to customers, and in particular the CFPB’s new rule regarding prepaid financial products; the costs and effects of litigation, investigations or similar matters or adverse facts and developments relating thereto; adverse developments with respect to the payment card industry in general, including a decline in the use of cards as a payment mechanism; and growth rates of TSYS’ existing clients are lower than anticipated or attrition rates of existing clients are higher than anticipated. Additional risks and other factors that could cause actual results or events to differ materially from those contemplated in this release can be found in TSYS’ filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. TSYS disclaims any obligation to update any forward-looking statements as a result of new information, future developments or otherwise except as required by law.

TSYS
Financial Highlights
(unaudited)
(in thousands, except per share data)
Three Months Ended
March 31,
Percent
2017
2016
Change
Total revenues
$
1,184,725
739,378
60.2
%
Cost of services*
861,856
484,507
77.9
Selling, general and administrative expenses*
155,686
103,184
50.9
Total expenses
1,017,542
587,691
73.1
Operating income
167,183
151,687
10.2
Nonoperating expenses*
(29,903 )
(22,098 )
(35.3 )
Income before income taxes, noncontrolling interests and equity in
137,280
129,589
5.9
income of equity investments
Income taxes
43,082
43,429
(0.8 )
Income before noncontrolling interests and equity in income of
94,198
86,160
9.3
equity investments
Equity in income of equity investments, net of tax*
12,909
6,248
nm
Net income
107,107
92,408
15.9
Net income attributable to noncontrolling interests
(1,239 )
(1,780 )
30.4
Net income attributable to TSYS common shareholders
$
105,868
90,628
16.8
%
Earnings per share (EPS):
Basic EPS
$
0.58
0.49
16.4
%
Diluted EPS
$
0.57
0.49
16.1
%
Weighted average shares outstanding:
(includes participating securities)
Basic
183,880
183,256
Diluted
184,938
183,886
Dividends declared per share
$
0.10
0.10
Non-GAAP measures:**
Net revenue
$
832,892
671,644
24.0
%
Adjusted EBITDA
$
287,237
230,829
24.4
%
Adjusted earnings
$
152,265
120,710
26.1
%
Adjusted diluted EPS
$
0.82
0.66
25.4
%
* Certain prior year amounts have been reclassified between
nonoperating expenses and equity in income of equity investments,
net of tax and between cost of services and selling, general and
administrative expenses.
** See reconciliation of non-GAAP measures.
nm = not meaningful
TSYS
Segment Breakdown
(unaudited)
(in thousands)
Three Months Ended March 31,
Change
2017
2016
$
%
Operating income: (a)
$
167,183
151,687
15,496
10.2
%
Share-based compensation
9,047
8,158
889
10.9
TransFirst M&A expenses
4,868
3,401
1,467
43.1
Litigation, claims, judgments or settlements
1,961
-
1,961
na
Acquisition intangible amortization
55,167
22,921
32,246
nm
Adjusted operating income (b)
$
238,226
186,167
52,059
28.0
%
Adjusted segment operating income:
Issuer Solutions (c)
$
133,873
135,077
(1,204 )
(0.9 )
%
Merchant Solutions (d)
91,279
38,357
52,922
nm
Netspend (e)
48,648
42,201
6,447
15.3
Corporate admin and other
(35,574 )
(29,468 )
(6,106 )
(20.7 )
Adjusted segment operating income
$
238,226
186,167
52,059
28.0
%
Total revenues: (f)
$
1,184,725
739,378
445,347
60.2
%
Less: reimbursable items, interchange and assessments expenses
351,833
67,734
284,099
nm
Net revenue (g)
832,892
671,644
161,248
24.0
Intersegment revenues
12,389
11,969
420
3.5
Segment net revenue
$
845,281
683,613
161,668
23.6
%
Segment net revenue:
Issuer Solutions (h)
$
387,255
378,009
9,246
2.4
%
Merchant Solutions (i)
260,561
120,612
139,949
nm
Netspend (j)
197,465
184,992
12,473
6.7
Segment net revenue
$
845,281
683,613
161,668
23.6
%
Operating margin (GAAP): (a)/(f)
14.11 %
20.52 %
Adjusted operating margin on net revenue: (b)/(g)
28.60 %
27.72 %
Adjusted segment operating margin on net revenue:
Issuer Solutions (c)/(h)
34.57 %
35.73 %
Merchant Solutions (d)/(i)
35.03 %
31.80 %
Netspend (e)/(j)
24.64 %
22.81 %
Segment external net revenue:
Issuer Solutions
$
375,529
366,884
8,645
2.4
%
Merchant Solutions
260,305
120,561
139,744
nm
Netspend
197,058
184,199
12,859
7.0
Segment external net revenue
$
832,892
671,644
161,248
24.0
%
nm = not meaningful
na = not applicable
TSYS
Segment Breakdown
(unaudited)
(in thousands)
Three Months Ended March 31,
Change
2017
2016
$
%
Depreciation and amortization:
Issuer Solutions
$
36,853
35,619
1,234
3.5
%
Merchant Solutions
7,022
5,050
1,972
39.0
Netspend
4,092
3,110
982
31.6
Segment depreciation and amortization
47,967
43,779
4,188
9.6
Acquisition intangible amortization
55,167
22,921
32,246
nm
Corporate admin and other
1,044
883
161
18.2
$
104,178
67,583
36,595
54.1
%
Total depreciation and amortization
Segment statistical data:
Issuer Solutions
Total transactions (in millions)
4,876.6
4,587.9
288.7
6.3
%
Total Accounts on file (AOF) (in millions)
762.0
750.5
11.5
1.5
%
Total Traditional AOF (in millions)
532.3
488.8
43.5
8.9
%
Merchant Solutions
Point-of-sale transactions (in millions)
1,127.7
1,091.0
36.7
3.4
%
Dollar sales volume (in millions)
$
29,120.4
11,783.4
17,337.0
nm
%
Net revenue per transaction
$
0.231
0.111
0.120
nm
%
Netspend
Gross dollar volume (in millions)
$
9,607.2
9,161.5
445.7
4.9
%
Direct deposit 90-day active cards (in thousands)
2,854.0
2,789.2
64.8
2.3
%
90-day active cards (in thousands)
5,147.4
4,881.6
265.8
5.4
%
% of 90-day active cards with direct deposit
55.4%
57.1%
nm = not meaningful
TSYS
Condensed Balance Sheet
(unaudited)
(in thousands)
March 31, 2017
December 31, 2016
Assets
Current assets:
Cash and cash equivalents
$
464,740
425,354
Accounts receivable, net
405,746
432,847
Other current assets
180,325
164,488
Total current assets
1,050,811
1,022,689
Goodwill
3,272,237
3,270,952
Software and other intangible assets, net
1,268,403
1,329,864
Property and equipment, net
281,430
282,345
Other long term assets
477,799
460,327
Total assets
$
6,350,680
6,366,177
Liabilities
Current liabilities:
Accounts payable
$
45,656
38,712
Long-term borrowings and capital leases
33,097
50,727
Other current liabilities
373,505
330,914
Total current liabilities
452,258
420,353
Long-term borrowings and capital leases, excluding current portion
3,229,137
3,313,276
419,786
419,552
Deferred income tax liabilities
Other long-term liabilities
90,032
88,983
Total liabilities
4,191,213
4,242,164
Redeemable noncontrolling interest
14,737
24,093
Equity
2,144,730
2,099,920
Total liabilities and equity
$
6,350,680
6,366,177
TSYS
Selected Cash Flow Highlights
(unaudited)
(in thousands)
Three Months Ended March 31,
2017
2016
Cash flows from operating activities:
Net income
$
107,107
92,408
Adjustments to reconcile net income to net cash provided by
operating activities:
Equity in income of equity investments, net of tax
(12,909 )
(6,248 )
Depreciation and amortization
104,178
67,583
Amortization of debt issuance costs
1,079
10,386
Share-based compensation
9,047
8,158
Deferred income tax expense
891
20,156
Other noncash adjustments
16,916
8,719
Changes in operating assets and liabilities
33,852
(55,334 )
Net cash provided by operating activities
260,161
145,828
Purchases of property and equipment
(12,240 )
(9,940 )
Additions to licensed computer software from vendors
(5,162 )
(4,894 )
Additions to internally developed computer software
(7,355 )
(8,544 )
Additions to contract acquisition costs
(7,668 )
(21,010 )
Other investing activities
(379 )
-
Net cash used in investing activities
(32,804 )
(44,388 )
(104,654 )
(304,654 )
Principal payments on long-term borrowings and capital lease
obligations
Proceeds from long-term borrowings
-
1,796,295
Debt issuance costs
-
(26,592 )
Purchase of noncontrolling interests
(70,000 )
(5,879 )
Dividends paid on common stock
(18,333 )
(18,283 )
Proceeds from exercise of stock options
4,207
626
Other financing activities
(769 )
499
Net cash (used in) provided by financing activities
(189,549 )
1,442,012
Cash and cash equivalents:
Effect of exchange rate changes on cash and cash equivalents
1,578
(669 )
Net increase in cash and cash equivalents
39,386
1,542,783
Cash and cash equivalents at beginning of period
425,354
389,328
Cash and cash equivalents at end of period
$
464,740
1,932,111
Supplemental
Capital expenditures
$
32,425
44,388
Free cash flow (non-GAAP)*
$
227,736
101,440
* See reconciliation of non-GAAP measures.
TSYS
Supplemental Information
(unaudited)
Other
AOF:
Total Accounts on File
(in millions)
At
At
%
March 2017
March 2016
Change
Consumer
450.0
414.8
8.5
Commercial
50.0
46.3
8.0
Other
32.3
27.7
16.5
Traditional AOF
532.3
488.8
8.9
Prepaid*/Stored Value
54.1
103.1
(47.6 )
Government Services
90.3
82.7
9.2
Commercial Card Single Use
85.3
75.9
12.5
Total AOF
762.0
750.5
1.5
* Prepaid does not include Netspend accounts
Growth in Accounts on File (in millions):
March 2016 to
March 2015 to
March 2017
March 2016
Beginning balance
750.5
723.7
Change in accounts on file due to:
Internal growth of existing clients
51.8
52.3
New clients
23.3
43.1
Purges/Sales
(16.6 )
(24.3 )
Deconversions
(47.0 )
(44.3 )
Ending balance
762.0
750.5
Reconciliation of GAAP to Non-GAAP Financial Measures
Non-GAAP Measures
The schedules below provide a reconciliation of revenues and
operating results on a constant currency basis to reported revenues
and operating income. This non-GAAP measure presents first quarter
2017 financial results using the previous year’s foreign currency
exchange rates. On a constant currency basis, TSYS’ total revenues
for the first quarter of 2017 grew 61.7% as compared to a reported
GAAP increase of 60.2%.
The schedules below also provide a reconciliation of diluted EPS to
adjusted diluted EPS.
The schedules below also provide a reconciliation of net income to
EBITDA and adjusted EBITDA.
The schedules below also provide a reconciliation of cash flows from
operating activities and capital expenditures to free cash flow.
The schedules below also provide a reconciliation of 2017 guidance
of total revenues to net revenue and diluted EPS to adjusted diluted
EPS.
The tax rate used in the calculation of adjusted diluted EPS for the
quarter and year is equal to an estimate of our annual effective tax
rate on GAAP income. This effective rate is estimated annually and
may be adjusted during the year to take into account events or
trends that materially impact the effective tax rate including, but
not limited to, significant changes resulting from tax legislation,
material changes in the mix of revenues and expenses by entity and
other significant events.
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 potential
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 measures of other
companies due to potential inconsistencies in the method of
calculation.
TSYS believes that its provision of non-GAAP financial measures
provides investors with important 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 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
(unaudited)
(in thousands)
Three Months Ended March 31,
Percent
2017
2016
Change
Consolidated
Constant currency (1)
$ 1,195,848
739,378
61.7
%
Foreign currency impact (2)
(11,123 )
-
Total revenues
$ 1,184,725
739,378
60.2
%
Constant currency (1)
$
843,231
671,644
25.5
%
Foreign currency impact (2)
(10,339 )
-
Net revenue
$
832,892
671,644
24.0
%
Constant currency (1)
$
171,971
151,687
13.4
%
Foreign currency impact (2)
(4,788 )
-
Operating income
$
167,183
151,687
10.2
%
Issuer Solutions
Constant currency (1)
$
448,235
429,713
4.3
%
Foreign currency impact (2)
(11,118 )
-
Total revenues
$
437,117
429,713
1.7
%
Constant currency (1)
$
397,590
378,009
5.2
%
Foreign currency impact (2)
(10,335 )
-
Net revenue
$
387,255
378,009
2.4
%
(1) Reflects current period results on a non-GAAP basis as if
foreign currency rates did not change from the comparable prior year
period.
(2) Reflects the impact of calculated changes in foreign currency
rates from the comparable period.
Net Revenue
(unaudited)
(in thousands)
Three Months Ended March 31,
Percent
2017
2016
Change
Total revenues
$ 1,184,725
739,378
60.2
%
Less: reimbursable items, interchange and assessments expenses
351,833
67,734
nm
Net revenue
$
832,892
671,644
24.0
%
nm = not meaningful
Reconciliation of GAAP to Non-GAAP
Adjusted Diluted Earnings per Share
(unaudited)
(in thousands, except per share data)
Three Months Ended March 31,
Percent
2017
2016
Change
Net income attributable to TSYS common shareholders
$ 105,868
90,628
16.8
%
Adjust for amounts attributable to TSYS common shareholders:
Add: Acquisition intangible amortization
$
55,002
22,645
nm
Add: Share-based compensation
9,041
8,149
10.9
Add: TransFirst M&A expenses*
4,825
13,183
(63.4 )
Add: Litigation, claims, judgments or settlements**
1,961
-
na
Less: Tax impact of adjustments***
(24,432 )
(13,895 )
(75.8 )
Adjusted earnings
$ 152,265
120,710
26.1
%
Diluted EPS - Net income attributable to TSYS common
shareholders
As reported (GAAP)
$
0.57
0.49
16.1
%
Adjusted diluted EPS
$
0.82
0.66
25.4
%
Weighted average diluted shares outstanding
184,938
183,886
* Costs associated with the TransFirst acquisition and integration
that are included in selling, general and administrative expenses
and nonoperating expenses.
** Litigation settlement or settlement discussions and related legal
expenses in the 1st quarter.
*** Certain of these merger and acquisition costs are
nondeductible for income tax purposes. Income tax impact includes
a discrete item as a result of the acquisition.
Adjusted EBITDA
(unaudited)
(in thousands)
Three Months Ended March 31,
Percent
2017
2016
Change
Net income
$ 107,107
92,408
15.9
%
Adjust for:
Less: Equity in income of equity investments
(12,909 )
(6,248 )
nm
Add: Income taxes
43,082
43,429
(0.8 )
Add: Nonoperating expense
29,903
22,098
35.3
Add: Depreciation and amortization
104,178
67,583
54.1
EBITDA
$ 271,361
219,270
23.8
%
Adjust for:
Add: Share-based compensation
9,047
8,158
10.9
Add: TransFirst M&A expenses*
4,868
3,401
43.1
Add: Litigation, claims, judgments or settlements
1,961
-
na
Adjusted EBITDA
$ 287,237
230,829
24.4
%
* Costs associated with the TransFirst acquisition and integration
that are included in selling, general and administrative expenses.
nm = not meaningful
na = not applicable
Reconciliation of GAAP to Non-GAAP
Free Cash Flow
(unaudited)
(in thousands)
Three Months Ended
Free cash flow:
March 31,
2017
2016
Net cash provided by operating activities (GAAP)
$ 260,161
145,828
Capital expenditures
(32,425 )
(44,388 )
Free cash flow (non-GAAP)
$ 227,736
101,440
Revised Guidance Summary
(unaudited)
(in millions, except per share data)
Revenue:
2017
% Change
Total revenues (GAAP)
$
4,770
to
$
4,870
14 %
to
17 %
1,475
to
1,475
Less: reimbursable items, interchange and assessments expenses
Net revenue (non-GAAP)
$
3,295
to
$
3,395
8 %
to
12 %
Earnings per share (EPS):
Diluted EPS (GAAP)
$
2.25
to
$
2.32
30 %
to
34 %
0.91
to
0.94
Acquisition intangible amortization, share-based compensation,
litigation, claims, judgments or settlements and TransFirst M&A
expenses, less the tax impact of adjustments
$
3.16
to
$
3.26
13 %
to
17 %
Adjusted diluted EPS attributable to TSYS common shareholders*
(non-GAAP)
* Weighted average diluted shares outstanding
185

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TSYS
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or
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