Total System Services (TSS) Tops Q4 EPS by 1c, Revenues Beat; Offers FY19 EPS/Revenue Guidance

Total System Services (NYSE: TSS) reported Q4 EPS of $1.08, $0.01 better than the analyst estimate of $1.07. Revenue for the quarter came in at $1.02 billion versus the consensus estimate of $973.15 million.

“Strong results in the fourth quarter closed out another exceptional year for our company. In 2018, we delivered outstanding financial results, expanded our Merchant capabilities with the acquisition of Cayan and iMobile3, and continued to make strategic long-term investments across the enterprise,” said M. Troy Woods, chairman, president and chief executive officer of TSYS.

Highlights for the fourth quarter of 2018 vs. 2017:

• Total revenues were $1.02 billion, a decrease of 20.0%. The decrease is the result of adopting ASC 606.(1)
• Net revenue (non-GAAP), which excludes reimbursable items, interchange and payment network fees, was $959.3 million, an increase of 10.2%.
• Net income attributable to TSYS common shareholders was $136.4 million, a decrease of 43.7%. The decrease is the result of $135.9 million of tax benefit from the Tax Cuts and Jobs Act in 4Q 2017. Diluted EPS were $0.74, a decrease of 43.4%.
• Adjusted earnings (non-GAAP) were $197.5 million, an increase of 30.8%. Adjusted diluted EPS (non-GAAP) were $1.08, an increase of 31.5%.
• Adjusted EBITDA (non-GAAP) was $346.0 million, an increase of 18.0%.

GUIDANCE:

Total System Services sees FY2019 EPS of $4.75-$4.90, versus the consensus of $4.87. Total System Services sees FY2019 revenue of $3.99-4.09 billion, versus the consensus of $4.08 billion.

For earnings history and earnings-related data on Total System Services (TSS) click here.

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