Attached files
| file | filename |
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| 8-K - 8-K - HEARTLAND PAYMENT SYSTEMS INC | hpy8kearnings.htm |
Exhibit 99.1
 | ||
Heartland Payment Systems | ||
90 Nassau Street | ||
Princeton, NJ 08542 | ||
888.798.3131 | ||
HeartlandPaymentSystems.com | ||
HEARTLAND PAYMENT SYSTEMS REPORTS 22% INCREASE IN FOURTH QUARTER
AND FULL YEAR ADJUSTED EARNINGS PER SHARE
Full Year GAAP Earnings a Record $1.96 Per Share
Princeton, NJ - February 5, 2014 - Heartland Payment Systems, Inc. (NYSE: HPY), one of the nation's largest payment processors, today announced Adjusted Net Income and Adjusted Earnings per share from continuing operations of $20.5 million and $0.55 per share, respectively, for the quarter ended December 31, 2013. Adjusted Net Income and Adjusted Earnings per share from continuing operations were $17.7 million and $0.45, respectively, for the quarter ended December 31, 2012. GAAP net income was $17.4 million, or $0.46 per share, for the three months ended December 31, 2013. Adjusted Net Income and Adjusted Earnings per share from continuing operations are non-GAAP measures that are detailed later in this press release in the section “Reconciliation of Non-GAAP Financial Measures.”
Highlights for the fourth quarter of 2013 include:
• | Same store sales rose 2.4%, the highest growth in seven quarters, while volume attrition fell to12.9% in the fourth quarter, a 20 basis point sequential improvement from the preceding quarter |
• | Record quarterly and full year new margin installed of $19.2 million and $71.1 million, respectively, up 33% for the fourth quarter and 22% for the year |
• | Small and Mid-Sized Enterprise (SME) quarterly transaction processing volume of $18.3 billion, up 4.0% from the fourth quarter of 2012 |
• | Quarterly Net Revenue of $149.2 million, up 12.8% from the fourth quarter of 2012 |
• | Operating Margin on Net Revenue of 20.9% compared to 19.1% for the fourth quarter in 2012 |
• | The combination of share-based compensation and acquisition-related amortization reduced earnings by $5.4 million pre-tax, or approximately $0.09 per share, compared with $5.3 million pre-tax, or $0.08 per share in the fourth quarter of 2012 |
• | Charges associated with our investment in Leaf reduced earnings by $0.03 per share in the fourth |
quarter
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Robert O. Carr, Chairman and CEO, said, “For the second consecutive year, Heartland Payment Systems reported record earnings and net revenue. We achieved strong performance in both our card and non-card businesses as well as strong momentum in new business activity, particularly new margin installed, which has been steadily increasing since the third quarter of 2012 and is a leading indicator of future growth. New Margin Installed reached record levels in the fourth quarter as well as for the full year. This growth is attributable to successfully adding new relationship managers and providing them with innovative new tools and products that continue to enhance productivity across our sales organization. Non-card business growth remains strong, with both Payroll and Campus Solutions revenues more than doubling in 2013 from 2012 levels reflecting both organic growth and strategic acquisitions. Our expansion is being managed prudently, and we continue to make productivity enhancements a priority, which contributed to an expansion in operating margins for both the fourth quarter and for the full year. Cash flow also remains strong. Reflecting our confidence in the future, the Board authorized a 21% increase in the quarterly dividend, and continues to support the repurchase of shares to reward shareholders. Over the past several years, our performance has been very consistent. The business has been growing and margins have been expanding, providing the resources to invest for the future. This has enabled us to strengthen our market presence and enhance our value proposition, all of which build value for our shareholders."
SME card processing volume for the three months ended December 31, 2013 increased 4.0% from the year-ago quarter to $18.3 billion, benefitting from a 2.4% increase in same store sales and 30% increase in new margin installed, while volume attrition was held to 12.9%. Led by Payroll and Campus Solutions, non-card businesses continued their strong growth, helping drive a 12.8% increase in total net revenue for the quarter. The fourth quarter 2013 operating margin expanded to 20.9% of net revenue from 19.1% in the year ago quarter, as general and administrative expenses rose just 5.5% in the quarter. Reflecting continued productivity and efficiency enhancements, we were able to increase the fourth quarter operating margin despite funding $1.8 million of operating losses attributable to Leaf in the quarter.
Mr. Carr continued, “Heartland continues to successfully penetrate the SME market. We are increasingly seen as a resource that merchants can trust when considering card, payroll and gift/loyalty solutions. This is a position of respect we have earned over the years through our investment in the industry's largest employee sales organization and their efforts to understand the challenges facing small and mid-sized merchants. At the same time, we continue to achieve success by providing outsourcing solutions, including payments, for K-12 and higher education clients, and in emerging micropayments opportunities. For these reasons, we continue to invest heavily in our organization and selectively add to our capabilities through strategic acquisitions and partnerships. Our commitment to innovation has consistently provided merchants with tools that are ideally suited to their unique needs, and builds value for shareholders.”
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FULL YEAR 2013 RESULTS:
For the full year of 2013, net revenue was $599.0 million, up 13.0% from $530.0 million in 2012, and Adjusted Net Income from continuing operations and related earnings was $88.1 million or $2.32 per share, compared to $76.2 million, or $1.90 per share, in the prior year. GAAP net income from continuing operations was $74.7 million, or $1.96 per share, compared to $64.4 million or $1.60 per share, for 2012. Full year 2013 share-based compensation expense and acquisition-related amortization expense reduced pre-tax earnings by $22.0 million, or $0.36 per share in 2013, compared to $19.4 million, or $0.30 per share, in 2012. Both full year GAAP and adjusted per share earnings from continuing operations were reduced by $0.04 in 2013 from our investment in Leaf.
FULL YEAR 2014 GUIDANCE:
For full year 2014, we expect Net Revenue to grow 8% to 10% to be between approximately $645 million and $660 million, and adjusted EPS to be in the range of $2.37- $2.41. Guidance assumes after-tax share-based compensation and acquisition-related amortization expenses reduce earnings per share by $0.41 for the year and an approximately 40% tax rate, due to the non-deductibility of the company's proportionate share of Leaf's operating losses. The earnings reduction from our investment in Leaf, which is reflected in this guidance, is expected to be $0.14 in 2014.
BOARD RAISES DIVIDEND 21%, SETS RECORD AND PAYMENT DATE; SHARE REPURCHASE PROGRAM UPDATE:
The Company also announced that the Board of Directors voted to raise the quarterly dividend by 21% to $0.085 per common share. The new, higher dividend is payable March 14, 2014 to shareholders of record on March 3, 2014. In the fourth quarter, the Company utilized approximately $10.1 million in cash to repurchase approximately 237,000 shares at an average cost of $42.54 per share, raising the amount of cash used to repurchase shares to over $50 million in 2013. At the end of the quarter, approximately $54 million remained outstanding on the Company's existing repurchase authorization.
CONFERENCE CALL:
Heartland Payment Systems, Inc. will host a conference call on February 5, 2014 at 8:30 a.m. Eastern Time to discuss financial results and business highlights. Heartland Payment Systems invites all interested parties to listen to its conference call, broadcast through a webcast on the Company's website. To access the call, please visit the Investor Relations portion of the Company's website at: www.heartlandpaymentsystems.com. The conference call may also be accessed by calling (888) 317-6003. Please provide the operator with PIN number 2573348. The webcast will be archived on the Company's website within two hours of the live call.
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About Heartland Payment Systems
Heartland Payment Systems, Inc. (NYSE: HPY), the sixth largest payments processor in the United States, delivers credit/debit/prepaid card processing, school solutions, loyalty marketing services, campus solutions, payroll and related business solutions and services to more than 250,000 business and education locations nationwide. A FORTUNE 1000 company, Heartland is the founding supporter of The Merchant Bill of Rights, (www.merchantbillofrights.org), a public advocacy initiative that educates merchants about fair credit and debit card processing practices. The company is also a leader in the development of end-to-end encryption technology designed to protect cardholder data, rendering it useless to cybercriminals. For more detailed information, visit www.HeartlandPaymentSystems.com or follow the company on Twitter @HeartlandHPY and Facebook at facebook.com/HeartlandHPY.
Forward-looking Statements
This press release contains statements of a forward-looking nature which represent our management's beliefs and assumptions concerning future events. Forward-looking statements involve risks, uncertainties and assumptions and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including risks and additional factors that are described in the Company's Securities and Exchange Commission filings, including but not limited to the Company's annual report on Form 10-K for the year ended December 31, 2012. We undertake no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
Contact:
Joe Hassett
Gregory FCA Communications
27 West Athens Ave.
Ardmore, PA 19003
Tel: 610-228-2110
Email: Heartland_ir@gregoryfca.com
TABLES FOLLOW
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Heartland Payment Systems, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(unaudited)
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Total revenues | $ | 530,380 | $ | 499,965 | $ | 2,135,372 | $ | 2,013,436 | |||||||
Costs of services: | |||||||||||||||
Interchange | 332,448 | 318,720 | 1,335,487 | 1,284,038 | |||||||||||
Dues, assessments and fees | 48,757 | 49,009 | 200,903 | 199,503 | |||||||||||
Processing and servicing | 59,264 | 50,953 | 237,232 | 216,863 | |||||||||||
Customer acquisition costs | 10,555 | 10,201 | 42,109 | 43,547 | |||||||||||
Depreciation and amortization | 5,909 | 5,582 | 19,975 | 19,750 | |||||||||||
Total costs of services | 456,933 | 434,465 | 1,835,706 | 1,763,701 | |||||||||||
General and administrative | 42,326 | 40,289 | 173,568 | 139,934 | |||||||||||
Total expenses | 499,259 | 474,754 | 2,009,274 | 1,903,635 | |||||||||||
Income from operations | 31,121 | 25,211 | 126,098 | 109,801 | |||||||||||
Other income (expense): | |||||||||||||||
Interest income | 29 | 32 | 124 | 201 | |||||||||||
Interest expense | (1,683 | ) | (902 | ) | (5,429 | ) | (3,446 | ) | |||||||
Provision for processing system intrusion costs | (101 | ) | (35 | ) | (353 | ) | (563 | ) | |||||||
Other, net | (70 | ) | (24 | ) | 112 | (949 | ) | ||||||||
Total other expense | (1,825 | ) | (929 | ) | (5,546 | ) | (4,757 | ) | |||||||
Income from continuing operations before income taxes | 29,296 | 24,282 | 120,552 | 105,044 | |||||||||||
Provision for income taxes | 12,411 | 9,798 | 46,450 | 40,691 | |||||||||||
Net income from continuing operations | 16,885 | 14,484 | 74,102 | 64,353 | |||||||||||
Income from discontinued operations, net of income tax of $— , $248, $2,135 and $803 | — | 673 | 3,970 | 2,185 | |||||||||||
Net income | 16,885 | 15,157 | 78,072 | 66,538 | |||||||||||
Less: Net income (loss) attributable to noncontrolling interests | |||||||||||||||
Continuing operations | (520 | ) | — | (610 | ) | — | |||||||||
Discontinued operations | — | 203 | 56 | 649 | |||||||||||
Net income attributable to Heartland | $ | 17,405 | $ | 14,954 | $ | 78,626 | $ | 65,889 | |||||||
Amounts Attributable to Heartland: | |||||||||||||||
Net income from continuing operations, net of noncontrolling interests | $ | 17,405 | $ | 14,484 | $ | 74,712 | $ | 64,353 | |||||||
Income from discontinued operations, net of income tax and noncontrolling interests | — | 470 | 3,914 | 1,536 | |||||||||||
Net income attributable to Heartland | $ | 17,405 | $ | 14,954 | $ | 78,626 | $ | 65,889 | |||||||
Basic earnings per share: | |||||||||||||||
Income from continuing operations | $ | 0.47 | $ | 0.39 | $ | 2.03 | $ | 1.67 | |||||||
Income from discontinued operations | — | 0.01 | 0.11 | 0.04 | |||||||||||
Basic earnings per share | $ | 0.47 | $ | 0.40 | $ | 2.14 | $ | 1.71 | |||||||
Diluted earnings per share: | |||||||||||||||
Income from continuing operations | $ | 0.46 | $ | 0.37 | $ | 1.96 | $ | 1.60 | |||||||
Income from discontinued operations | — | 0.01 | 0.10 | 0.04 | |||||||||||
Diluted earnings per share | $ | 0.46 | $ | 0.38 | $ | 2.06 | $ | 1.64 | |||||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic | 36,906 | 37,386 | 36,791 | 38,468 | |||||||||||
Diluted | 37,972 | 38,878 | 38,053 | 40,058 | |||||||||||
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Heartland Payment Systems, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(unaudited)
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income | $ | 16,885 | $ | 15,157 | $ | 78,072 | $ | 66,538 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Unrealized gains on investments, net of income tax of $4, $2, $8 and 21 | 8 | 3 | 12 | 33 | |||||||||||
Unrealized (losses) gains on derivative financial instruments, net of tax of ($38), $49, $153 and $29 | (61 | ) | 79 | 254 | 51 | ||||||||||
Foreign currency translation adjustment | — | (183 | ) | (54 | ) | 281 | |||||||||
Comprehensive income | 16,832 | 15,056 | 78,284 | 66,903 | |||||||||||
Less: Net (loss) income attributable to noncontrolling interests | (520 | ) | 148 | (570 | ) | 733 | |||||||||
Comprehensive income attributable to Heartland | $ | 17,352 | $ | 14,908 | $ | 78,854 | $ | 66,170 | |||||||
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Heartland Payment Systems, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(unaudited)
December 31, | |||||||
Assets | 2013 | 2012 | |||||
Current assets: | |||||||
Cash and cash equivalents | $ | 71,932 | $ | 48,440 | |||
Funds held for customers | 127,375 | 131,405 | |||||
Receivables, net | 200,040 | 180,448 | |||||
Investments | 4,101 | 1,199 | |||||
Inventory | 11,087 | 9,694 | |||||
Prepaid expenses | 15,284 | 10,421 | |||||
Current tax assets | 10,426 | — | |||||
Current deferred tax assets, net | 9,548 | 10,475 | |||||
Assets held for sale | — | 17,044 | |||||
Total current assets | 449,793 | 409,126 | |||||
Capitalized customer acquisition costs, net | 61,027 | 56,425 | |||||
Property and equipment, net | 147,388 | 125,031 | |||||
Goodwill | 190,978 | 168,062 | |||||
Intangible assets, net | 49,857 | 53,594 | |||||
Deposits and other assets, net | 1,262 | 1,176 | |||||
Total assets | $ | 900,305 | $ | 813,414 | |||
Liabilities and Equity | |||||||
Current liabilities: | |||||||
Due to sponsor banks | $ | 19,109 | $ | 37,586 | |||
Accounts payable | 70,814 | 64,065 | |||||
Customer fund deposits | 127,375 | 131,405 | |||||
Processing liabilities | 130,871 | 95,273 | |||||
Current portion of accrued buyout liability | 13,943 | 10,478 | |||||
Accrued expenses and other liabilities | 49,861 | 47,817 | |||||
Current portion of borrowings | — | 102,001 | |||||
Current tax liabilities | — | 4,323 | |||||
Liabilities related to assets held for sale | — | 1,672 | |||||
Total current liabilities | 411,973 | 494,620 | |||||
Deferred tax liabilities, net | 40,600 | 29,632 | |||||
Reserve for unrecognized tax benefits | 5,633 | 3,069 | |||||
Long-term portion of borrowings | 150,000 | 50,000 | |||||
Long-term portion of accrued buyout liability | 25,436 | 24,932 | |||||
Total liabilities | 633,642 | 602,253 | |||||
Commitments and contingencies | — | — | |||||
Equity | |||||||
Common stock, $0.001 par value, 100,000,000 shares authorized, 37,485,486 and 37,571,708 shares issued at December 31, 2013 and December 31, 2012; 36,950,886 and 36,855,908 outstanding at December 31, 2013 and December 31, 2012 | 37 | 38 | |||||
Additional paid-in capital | 245,055 | 222,705 | |||||
Accumulated other comprehensive loss | (88 | ) | (399 | ) | |||
Retained earnings | 35,960 | 7,629 | |||||
Treasury stock, at cost (534,600 and 715,800 shares at December 31, 2013 and December 31, 2012) | (20,489 | ) | (20,187 | ) | |||
Total stockholders’ equity | 260,475 | 209,786 | |||||
Noncontrolling interests | 6,188 | 1,375 | |||||
Total equity | 266,663 | 211,161 | |||||
Total liabilities and equity | $ | 900,305 | $ | 813,414 | |||
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Heartland Payment Systems, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flow
(In thousands)
(unaudited)
Year Ended December 31, | |||||||
2013 | 2012 | ||||||
Cash flows from operating activities | |||||||
Net income | $ | 78,072 | $ | 66,538 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Amortization of capitalized customer acquisition costs | 45,648 | 45,125 | |||||
Other depreciation and amortization | 35,389 | 28,213 | |||||
Addition to loss reserves | 2,711 | 2,595 | |||||
Provision for doubtful receivables | 195 | 1,043 | |||||
Deferred taxes | 8,403 | 5,136 | |||||
Share-based compensation | 12,838 | 14,187 | |||||
Gain on sale of business | (3,786 | ) | — | ||||
Write off of fixed assets and other | 1,034 | 1,066 | |||||
Changes in operating assets and liabilities: | |||||||
Increase in receivables | (19,693 | ) | (665 | ) | |||
(Increase) decrease in inventory | (1,343 | ) | 1,460 | ||||
Payment of signing bonuses, net | (29,091 | ) | (29,320 | ) | |||
Increase in capitalized customer acquisition costs | (21,159 | ) | (17,216 | ) | |||
Increase in prepaid expenses | (2,664 | ) | (612 | ) | |||
(Increase) decrease in current tax assets | (3,138 | ) | 9,118 | ||||
Increase in deposits and other assets | (1,118 | ) | (451 | ) | |||
Excess tax benefits on employee share-based compensation | (11,596 | ) | (5,954 | ) | |||
Increase in reserve for unrecognized tax benefits | 2,564 | 1,251 | |||||
Decrease in due to sponsor banks | (18,477 | ) | (26,295 | ) | |||
Increase in accounts payable | 2,136 | 11,840 | |||||
Decrease in accrued expenses and other liabilities | (1,605 | ) | (964 | ) | |||
Increase in processing liabilities | 32,837 | 61,993 | |||||
Payouts of accrued buyout liability | (13,651 | ) | (11,886 | ) | |||
Increase in accrued buyout liability | 17,620 | 15,638 | |||||
Net cash provided by operating activities | 112,126 | 171,840 | |||||
Cash flows from investing activities | |||||||
Purchase of investments | (5,262 | ) | (6,556 | ) | |||
Maturities of investments | 2,000 | 4,714 | |||||
Decrease (increase) in funds held for customers | 4,040 | (88,839 | ) | ||||
(Decrease) increase in customer fund deposits | (4,030 | ) | 88,893 | ||||
Proceeds from sale of business | 19,343 | — | |||||
Acquisitions of businesses, net of cash acquired | (15,182 | ) | (103,470 | ) | |||
Purchases of property and equipment | (52,924 | ) | (34,549 | ) | |||
Net cash used in investing activities | (52,015 | ) | (139,807 | ) | |||
Cash flows from financing activities | |||||||
Proceeds from borrowings, net | 156,416 | 133,000 | |||||
Principal payments on borrowings | (161,001 | ) | (66,003 | ) | |||
Proceeds from exercise of stock options | 14,174 | 18,303 | |||||
Excess tax benefits on employee share-based compensation | 11,596 | 5,954 | |||||
Repurchases of common stock | (49,625 | ) | (103,774 | ) | |||
Dividends paid on common stock | (10,321 | ) | (9,238 | ) | |||
Net cash used in financing activities | (38,761 | ) | (21,758 | ) | |||
Net increase in cash | 21,350 | 10,275 | |||||
Effect of exchange rates on cash | 1 | 5 | |||||
Cash at beginning of year | 50,581 | 40,301 | |||||
Cash at end of year | $ | 71,932 | $ | 50,581 | |||
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Reconciliation of Non-GAAP Financial Measures And Regulation G Disclosure
To supplement its consolidated financial statements presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company provides additional measures of its operating results on a continuing operations basis, namely income from operations, operating margin, net income and earnings per share, which exclude acquisition-related amortization expense and share-based compensation expense. These measures meet the definition of a non-GAAP financial measure. The Company believes that application of these non-GAAP financial measures is appropriate to enhance understanding of its historical performance as well as prospects for its future performance.
This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Pursuant to Regulation G, a reconciliation of these non-GAAP financial measures with the comparable financial measures calculated in accordance with GAAP for the three and twelve months ended December 31, 2013 and 2012 follows (in thousands except per share data):
Three Months Ended December 31, 2013 | GAAP | Acquisition- related Amortization | Share-based Compensation | Adjusted Non-GAAP | |||||||||||
Income from Operations | $ | 31,121 | $ | 2,339 | $ | 3,075 | $ | 36,535 | |||||||
Operating Margin (a) | 20.9 | % | 24.5 | % | |||||||||||
Net Income From Continuing Operations Attributable to Heartland | $ | 17,405 | $ | 1,348 | $ | 1,772 | $ | 20,525 | |||||||
Diluted Earnings Per Share From Continuing Operations | $ | 0.46 | $ | 0.04 | $ | 0.05 | $ | 0.55 | |||||||
Diluted Shares Used in Computing Earnings Per Share From Continuing Operations | 37,972 | 37,972 | |||||||||||||
Three Months Ended December 31, 2012 | GAAP | Acquisition- related Amortization | Share-based Compensation | Adjusted Non-GAAP | |||||||||||
Income from Operations | $ | 25,211 | $ | 1,544 | $ | 3,775 | $ | 30,530 | |||||||
Operating Margin (a) | 19.1 | % | 23.1 | % | |||||||||||
Net Income From Continuing Operations Attributable to Heartland | $ | 14,484 | $ | 921 | $ | 2,252 | $ | 17,657 | |||||||
Diluted Earnings Per Share From Continuing Operations | $ | 0.37 | $ | 0.02 | $ | 0.06 | $ | 0.45 | |||||||
Diluted Shares Used in Computing Earnings Per Share From Continuing Operations | 38,878 | 38,878 | |||||||||||||
Twelve Months Ended December 31, 2013 | GAAP | Acquisition- related Amortization | Share-based Compensation | Adjusted Non-GAAP | |||||||||||
Income from Operations | $ | 126,098 | $ | 9,112 | $ | 12,838 | $ | 148,048 | |||||||
Operating Margin (a) | 21.1 | % | 24.7 | % | |||||||||||
Net Income From Continuing Operations Attributable to Heartland | $ | 74,712 | $ | 5,577 | $ | 7,857 | $ | 88,146 | |||||||
Diluted Earnings Per Share From Continuing Operations | $ | 1.96 | $ | 0.15 | $ | 0.21 | $ | 2.32 | |||||||
Diluted Shares Used in Computing Earnings Per Share From Continuing Operations | 38,053 | 38,053 | |||||||||||||
Twelve Months Ended December 31, 2012 | GAAP | Acquisition- related Amortization | Share-based Compensation | Adjusted Non-GAAP | |||||||||||
Income from Operations | $ | 109,801 | $ | 5,249 | $ | 14,187 | $ | 129,237 | |||||||
Operating Margin (a) | 20.7 | % | 24.4 | % | |||||||||||
Net Income From Continuing Operations Attributable to Heartland | $ | 64,353 | $ | 3,209 | $ | 8,681 | $ | 76,243 | |||||||
Diluted Earnings Per Share From Continuing Operations | $ | 1.60 | $ | 0.08 | $ | 0.22 | $ | 1.90 | |||||||
Diluted Shares Used in Computing Earnings Per Share From Continuing Operations | 40,058 | 40,058 | |||||||||||||
(a) Operating Margin is measured as Income from Operations divided by Net Revenue. Net Revenue is defined as total revenues less interchange fees and dues, assessments and fees. | |||||||||||||||
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