Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - NEWTEK BUSINESS SERVICES, INC. | d581967d8k.htm |
 Newtek Business
Services, Inc. Newtek Business Services, Inc.
“The Small Business Authority®”
“The Small Business Authority®”
Hosted by:
Hosted by:
Barry Sloane, President & CEO
Barry Sloane, President & CEO
Jennifer Eddelson, EVP & CAO
Jennifer Eddelson, EVP & CAO
Second Quarter Quarter 2013
Second Quarter Quarter 2013
Financial Results Conference Call
Financial Results Conference Call
August 6, 2013 4:15pm ET
August 6, 2013 4:15pm ET
NASDAQ: NEWT
NASDAQ: NEWT
www.thesba.com
www.thesba.com
Investor Relations
Public Relations
Newtek IR
Hayden Investor Relations
Rubenstein Public Relations, Inc.
Jayne Cavuoto
Director of IR
jcavuoto@thesba.com
(212) 273-8179
Brett Maas
brett@haydenir.com
(646) 536-7331
Peter Seltzberg
peter@haydenir.com
(646) 415-8972
Jonathan Goldberg
jgoldberg@rubensteinpr.com
(212) 843-9335
Exhibit 99.1 |
 Safe Harbor
Statement Safe Harbor Statement
The statements in this slide presentation including statements regarding anticipated future
financial performance, Newtek's beliefs, expectations, intentions or strategies for the
future, may be "forward-looking statements" under the Private Securities
Litigation Reform Act of 1995. All forward-looking statements involve a number of
risks and uncertainties that could cause actual results to differ materially from the
plans, intentions and expectations reflected in or suggested by the forward-looking
statements. Such risks and uncertainties include, among others, intensified
competition, operating problems and their impact on revenues and profit margins,
anticipated future business strategies and financial performance, anticipated future
number of customers, business prospects, legislative developments and similar matters. Risk
factors, cautionary statements and other conditions which could cause Newtek’s
actual results to differ from management's current expectations are contained in
Newtek’s filings with the Securities and Exchange Commission and available through
http://www.sec.gov 2 |
 Q2 2013
Financial Highlights Q2 2013 Financial Highlights
Q2 2013 diluted EPS increased by 66.7% to $0.05
•
Expect to achieve at least 20% growth in diluted EPS for 2013
Total operating revenues increased by 14.5% to $37.0 million in Q2 2013
Small Business Finance:
•
Funded
$42.8
million
in
loans
in
Q2
2013,
a
103.7%
increase
over
Q2
2012
•
Company on track to fund $175 million of SBA 7(a) loans in 2013
Electronic Payment Processing:
•
Q2 2013: pretax income increased by nearly 30% and revenue increased by
approximately 10%
•
Expect approximately $4.5 billion of annualized electronic payment processing volume
by the end of 2013
Managed Technology Solutions:
•
Q2
2013
revenue
increased
by
approximately
1%
to
$4.6
million
•
Sequential increase in revenue and pretax income over Q1 2013
3 |
 Q2 2013
Operational Highlights Q2 2013 Operational Highlights
Small Business Finance:
•
As
of
June
30,
2013,
Total
Pipeline*
increased
by
101.8%
to
$391
million
year
over
year
•
Lender
on
a
run
rate
to
receive
between
$4.5
–
$5
billion
in
referrals
for
2013,
representing approximately 2x the $2.3 billion in referrals received in 2012
•
Received extension (through May 2015) and enhanced terms on warehouse lines with
Capital One N.A.
•
Added
approximately
$55
million
in
external
servicing
for
Valley
National
Bank
Electronic Payment Processing:
•
Expect
significant
increase
in
revenue
in
2
nd
half
of
2013
through
uptick
in
ISO
contracts
•
Hired Thomas Harkins as Chief Credit and Risk Officer of EPP division
Managed Technology Solutions:
•
Repositioning strategy yielding positive results
•
Segment being transformed to take advantage of shift to cloud-based business trends
•
For Q2 2013 vs. Q2 2012:
•
Average Cloud revenue per user increased by 26.7%
•
Total cloud service accounts increased by 31.3%, to 28,637 accounts
•
Average number of Cloud instances increased by 8.0% to 676
4
*Total pipeline = Open loan referrals + Prequalified loans + Loans in underwriting + Loans
approved and pending closing. |
 Q2 2013: Strong
Financial Growth Q2 2013: Strong Financial Growth
5
48.2%
quarter-over-quarter
increase
Pre-tax Net Income
39.3%
quarter-over-quarter
increase
48.0%
quarter-over-quarter increase
14.5%
quarter-over-quarter increase
Modified EBITDA*
Net Income
(Attributable to Newtek Business Services, Inc.)
$ in millions
$ in millions
$ in millions
*See slide 24 for definition of Modified EBITDA
Total Operating Revenues
$ in millions
$5.2
$2.9
$1.9
$37.0
$32.3
$1.8
$1.2
$3.7
Q2 2012
Q2 2013
Q2 2012
Q2 2013
Q2 2012
Q2 2013
Q2 2012
Q2 2013 |
 6
Consolidated Earnings Performance
Consolidated Earnings Performance
Diluted Earnings per Share
Expect at least 20% growth in diluted EPS for 2013
•
66.7%
increase year over year in
diluted EPS in Q2 2013
•
50.0%
increase year over year in
diluted EPS for the 6 months ended
June 30, 2013
$0.00
$0.06
$0.09
$0.02
$0.04
$0.06
$0.08
$0.10
Diluted Earnings Per Share
6 Months 2012
6 Months 2013
$0.00
$0.02
$0.04
Diluted Earnings Per Share
Q2 2012
Q2 2013
$0.06
$0.05
$0.03 |
 Consolidated
Balance Sheet Consolidated Balance Sheet
Balance Sheet changes:
•
Increase of $416 thousand in cash and cash equivalents*
Cash per diluted share equaled $0.61 at June 30, 2013
•
Increase of $3.6 million in total equity
•
Decrease of $3.4 million in Credits and Notes payable in credits
in lieu of cash
7
$ in thousands
Balance
June 30, 2013
Balance
Dec 31, 2012
Total Cash & Cash Equivalents*
$23,101
$22,685
Total Assets
$162,546
$152,742
Total Liabilities
$90,090
$83,840
Total Equity
$72,456
$68,902
Selected Items
*Includes restricted cash of $9.1 million at June 30, 2013, and $8.5 million at December 31,
2012. |
 Operating
Segment Performance Operating Segment Performance
8
Electronic Payment Processing:
•
Revenue increased by 9.7% to $23.4 million
•
Pretax income increased by 28.4% to $2.5 million
For the Second Quarter 2013
Managed Technology Solutions:
•
Revenue increased by 0.7% to $4.6 million
•
Pretax income decreased by 6.5% to $1.0 million
Small Business Lending:
•
Revenue increased by 40.5% to $8.4 million
•
Pretax
income
increased
by
37.3%
to
$2.0
million |
 Small Business
Finance Small Business Finance
9
Q2
2013
SBF
revenue
increased
by
40.5%
to
$8.4
million
from
$6.0
million
in
Q2
2012
Funded
$42.8
million
in
loans
in
Q2
2013,
a
103.7%
increase
over
Q2
2012
•
Company on track to fund $175 million in SBA 7(a) loans in 2013
Received extension on warehouse lines with Capital One N.A., which total $27 million,
from September 30, 2013 to May 31, 2015
•
Enhanced terms of credit facilities: (1) line fully available for funding
non-guaranteed loans (2) increased advance rate to 55% from 50% on
non-guaranteed portions of the SBA 7(a) loans
Q2 2013 SBF revenue was 22.6% of total operating revenue
Newtek Business Services
Q2
2013
Total
Operating
Revenue:
$37.0
million
SBF
$8.4M
SBF Revenue Trend
$1.9
$6.3
$6.0
$8.4 |
 Key Variables
in Loan Sale Transaction Loan Amount
$1,000,000
Guaranty Percent
75%
Guaranteed Balance
$750,000
Unguaranteed Balance
$250,000
Premium*
12.5%
10
Small Business Finance
Small Business Finance
Direct
Revenue
/
Expense
of
a
Loan
Sale
Transaction
–
An
Example
Resulting Revenue (Expense)
Associated Premium**
$93,750
Servicing Asset***
$18,630
Total Premium Income
$112,380
Packaging Fee Income
$2,500
FV Discount
$(18,750)
Referral Fees
$(7,500)
Total Direct Expenses
$(26,250)
Net Risk-adjusted Profit Recognized
$88,630
Net Cash Created pretax
(post securitization)****
$11,250
**Assumes 12.5% of the Guaranteed balance
***
Value determined by GAAP servicing value
**** Assuming the loan is sold in a securitization in
12 months
*Premium above 10% split 50/50 with SBA |
 Small
Small
Business
Business
Finance
Finance
–
–
Total
Total
Pipeline
Pipeline
11
As of June 30, 2013, Total Pipeline* increased by 101.8%, to $391 million year over
year: •
Open Referrals increased by $126.6 million, or 104.4%
•
Prequalified volume increased by $17.9 million, or 47.4%
•
Loans In Underwriting increased by $34.3 million, or 212.3%
•
Approved and Pending Closing increased by $18.5 million, or 99.3%
The
Lender
is
on
a
run
rate
to
receive
between
$4.5
-
$5
billion
in
referrals
for
2013,
approximately 2x the $2.3 billion in total referrals received in
2012
*Total pipeline = Open loan referrals + Prequalified loans + Loans in underwriting + Loans
approved and pending closing. $121.3
$37.7
$16.2
$18.6
$247.9
$55.5
$50.5
$37.0
Open Referrals
Prequalified
In Underwriting
Approved & Pending
Closing
6/30/2012
6/30/2013 |
 12
Comparative Loan Portfolio Data
Comparative Loan Portfolio Data
Loan Characteristic
As of 12/31/10
As of 6/30/13
Business Type:
Existing Businesses
53.93%
82.74%
Business Acquisition
25.89%
11.09%
Start-Ups
20.18%
6.17%
Primary Collateral:
Commercial RE
45.33%
49.28%
Machinery & Equipment
22.79%
27.29%
Residential RE
22.27%
14.16%
All Other
9.61%
6.57%
Percentage First Lien on RE:
Commercial RE
84.84%
93.85%
Residential RE
9.87%
22.07%
Other:
Weighted Average Mean FICO
675
701
Weighted Average Current LTV
78.23%
71.86%
(12/31/10 vs. 6/30/2013)
Currency rate averaged over 95% year over year, signifying that over 95%
of the
loans
in
our
portfolio
are
less
than
31
days
past
due
Loan Characteristic
As of 12/31/10
Loan Characteristic
As of 6/30/13
Industry:
Industry:
Restaurant
10.60%
Restaurant
8.51%
Hotels & Motels
7.58%
Ambulatory Health
Care Services
6.37%
State Concentration:
State Concentration:
Florida
21.55%
New York
12.16%
New York
12.66%
Florida
9.29%
Georgia
14.08%
California
7.81% |
 Servicing
Portfolio Servicing Portfolio
13
The SBF servicing portfolio –
June 30, 2013 vs. 2012:
•
Total servicing portfolio increased by 13.0% to $639.8 million
NEWT portfolio increased by 33.7%; third-party servicing portfolio decreased by
12.1% Added approximately
$55
million
in
external
servicing
for
Valley
National
Bank
Decrease in third-party servicing portfolio due to FDIC decision to sell a significant
group of loans from the portfolio
Maintain expectation to increase aggregate servicing portfolio by a minimum of 32.4%
to a at least $700 million by 12/31/13
•
Expect the addition of new third-party servicing contracts in 2013 will mitigate the
contraction of FDIC portfolio
*Principal balance of loans
serviced (dollars in millions)
$309.5
$257.0
$566.5
$413.8
$226.0
$639.8
NEWT Loans*
Servicing Other Loans*
Total Loans*
30-Jun-12
30-Jun-13 |
 Q2 2013 EPP
revenue increased by 9.7% to $23.4 million from $21.4 million in Q2 2012 Average monthly
processing volume per merchant increased by approximately 8% over Q2 2012
•
Expect approximately $4.5 billion of annualized electronic payment processing volume
by the end of 2013
Expect
significant
increase
in
revenue
in
EPP
segment
in
2
nd
half
of
2013
through
uptick
in ISO Contracts
Hired Thomas Harkins as Chief Credit and Risk Officer of EPP division
Electronic Payment Processing
Electronic Payment Processing
14
EPP
Revenue
$23.4M
Q2 2013 EPP revenue was 63.4% of total operating revenue
Newtek Business Services
Q1 2013
Total
Operating
Revenue:
$37.0
million
$20.4
$20.7
$21.4
$23.4
$0
$5
$10
$15
$20
$25
Q2 '10
Q2 '11
Q2 '12
Q2 '13
EPP Revenue Trend |
 $4.8
$4.8
$4.6
$4.6
$-
$1
$2
$3
$4
$5
$6
Q2 '10
Q2 '11
Q2 '12
Q2 '13
MTS Revenue Trend
Managed Technology Solutions
Managed Technology Solutions
15
MTS
$4.6M
Q2 2013
MTS
revenue
increased
by
0.7%
to
$4.6
million
•
Sequential increase in revenue and pretax income over Q1 2013
This segment is being transformed to take advantage of shift to cloud-based business
trends including: eCommerce, Payroll and Insurance
•
Q2 2013 average Cloud revenue per user up 26.7% over Q2 2012
•
Q2 2013 average number of Cloud instances increased by 8.0% to 676 from 626 in Q2 2012
Upgrade to Linux-based platforms expected to help increase revenues and margins in this
segment
Q2 2013 MTS revenue was 12.4% of total operating revenue
Newtek Business Services
Q2 2013
Total
Operating
Revenue:
$37.0
million |
 Invested for
the Future Invested for the Future
16
During Q2 2013:
•
Total shared Linux accounts increased by 186.7%, to 1,233 accounts
•
Total cloud service accounts increased by 31.3%, to 28,637* accounts
*Includes the 1,233 shared Linux accounts
Linux and Cloud
430
822
955
1,233
0
200
400
600
800
1000
1200
1400
March '13
April '13
May '13
June '13
Growth in New Shared Linux Accounts in
Cloud Environment
21,809
22,642
26,054
28,637
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
March '13
April '13
May '13
June '13
Growth in Total Cloud Services |
 MTS Referral
Trends MTS Referral Trends
17
Q2 2012 vs. Q2 2013
Q2 2012 vs. Q2 2013
•
Total MTS referrals increased by 66.3% to 4,416
•
Total closed referrals increased by 67.5% to 3,106
•
Q2 2013: 70.3% referral close rate
2,655
4,416
0
1,000
2,000
3,000
4,000
5,000
Q2 2012
Q2 2013
Total MTS Referrals
1,854
3,106
0
1,000
2,000
3,000
4,000
Q2 2012
Q2 2013
Total Closed MTS Referrals |
 Reaffirming
2013 Guidance Reaffirming 2013 Guidance
18
Operating Revenue:
•
Midpoint of $148.2 million, with a range of $145.1 million and $151.2
million
•
Increase of 13.0% over 2012 revenue of $131.1 million
Pretax Income:
•
Midpoint of $11.5 million, with a range of $10.0 million and $13.0 million
•
Increase of 22.3% over 2012 pretax income of $9.4 million
Diluted EPS:
•
Midpoint of $0.18, with a range of $0.17 -
$0.19 per share
•
Increase of 20.0% over 2012 diluted EPS of $0.15 per share
Modified EBITDA*:
•
Midpoint of $20.9 million, with a range of $19.3 million and $22.4 million
•
Increase of 25.4% over 2012 Modified EBITDA* of $16.7 million
*See slide 24 for definition of Modified EBITDA |
 19
Growth Strategy
Growth Strategy
Increased
advertising
budget by
50%
Grow brand
organically & via
www.thesba.com
Corporate
re-brand:
authoritative
presence in small
business economy
Cross sell,
cross market &
bundle
products
Continue to
grow alliance
channels
Grow
applications
hosted in the
Cloud
•
Remain #1 in Non-bank
Government Guaranteed
SBA 7(a) Lender
•
Grow Newtek
Advantage™
Platform
•
Expect to grow revenues
by 13% organically in
2013 |
 Comparable
Company Statistics Comparable Company Statistics
Publicly Traded Comparables
Heartland Payment Systems (HPY)
Web.com Group, Inc. (WWWW)
Cbeyond, Inc. (CBEY)
8 x 8, Inc. (EGHT)
ReachLocal, Inc. (RLOC)
Stamps.com, Inc. (STMP)
Universal Business Payment
Solutions (UBPS)
Marchex, Inc. (MCHX)
Digital River (DRIV)
Vistaprint, NV (VPRT)
Vantiv (VNTV)
20
On Deck Capital –
$500 million market valuation
Lending Club –
$1.55 billion market valuation
Digital River (DRIV) announced purchase of LML Payment Systems (LMLP)
Universal Business Payment Solutions (UBPS) announced $179 million planned acquisition
of credit/debit card sales and processing, payroll processing and tax filing companies
GoDaddy announced strategic purchase of a cloud-based financial management
application company to reach more small businesses
Newtek
has
the
advantage
of
experience
providing
a
“suite
of
services”
which
operate
on
a similar, coordinated platform, and will also be available in the cloud; it’s called
The Newtek Advantage™
Medallion
Financial
Corp
(TAXI) |
 Investment
Summary Investment Summary
Publicly traded Company since 2000
Management’s interests aligned with shareholders
•
CEO alone owns approximately 13.4% of outstanding shares*
Trades at slightly more than 3.5x 2013 forecasted Modified EBITDA**
•
2013 forecasted Modified EBITDA** of $20.9 million, an increase of approximately
25.4% over FY 2012 Modified EBITDA** of $16.7 million
Trades at 1.1x book value
Growing revenues
•
Expect to grow revenues by approximately 13% in 2013
Tremendous opportunity to penetrate market
•
Over 27 million small businesses in the U.S.
Inexpensive relative to market comparables
•
Market comps: DRIV, WWWW, VNTV, UBPS, LMLP
21
*As of August 2, 2013
**See slide 24 for definition of Modified EBITDA |
 Key Statistics
– Key Statistics –
NASDAQ: NEWT
NASDAQ: NEWT
22
Stock Price
$2.19
52-Week Range
$1.60-$2.25
Common Shares O/S
35.3M
Market Cap
$77.3M
Avg. Daily Trading Vol.
32,545
(200-day average)
Share Statistics* (USD)
Revenue
$148.2M
Pre-tax Income
$11.5M
Diluted EPS
$0.18
Modified EBITDA*
$20.9M
2013 Guidance
* As of 8/2/2013
**See slide 24 for definition of Modified EBITDA |
 Financial
Review Financial Review
Jennifer C. Eddelson -
Jennifer C. Eddelson -
CAO
CAO |
 Non-GAAP
Financial Measures Non-GAAP Financial Measures
24
In evaluating its business, Newtek considers and uses modified EBITDA as a supplemental measure
of its operating performance. The Company defines modified EBITDA as earnings
before income from tax credits, interest expense, taxes, depreciation and amortization,
stock compensation expense, other than temporary decline in value of investments, Capco
fair value change and the amortization of the 2011 accrued loss on the lease
restructure. Newtek uses modified EBITDA as a supplemental measure to review and assess its
operating performance. The Company also presents modified EBITDA because it believes it is
frequently used by securities analysts, investors and other interested parties as a
measure of financial performance. The term modified EBITDA is not defined under U.S. generally accepted accounting principles, or
U.S. GAAP, and is not a measure of operating income(loss), operating performance or
liquidity presented in accordance with U.S. GAAP. Modified EBITDA has limitations
as a analytical tool and, when assessing the Company’s operating performance,
investors should not consider modified EBITDA in isolation, or as a substitute for net
income (loss) or other consolidated income statement data prepared in accordance with U.S.
GAAP. Among other things, modified EBITDA does not reflect the Company’s
actual cash expenditures. Other companies may calculate similar measures
differently than Newtek, limiting their usefulness as comparative tools. Newtek
compensates for these limitations by relying primarily on its GAAP results and using modified EBITDA
only supplementally.
Our Capcos operate under a different set of rules in each of the 7 jurisdictions and these place
varying requirements on the structure of our investments. In some cases, particularly in
Louisiana or in certain situations in New York, we do not control the equity or
management of a qualified business, but that cannot always be presented orally or in
written presentations. |
 In
millions of dollars *Note: totals may not add due to rounding
Q2 2013 Actual vs. Q2 2012 Actual
Q2 2013 Actual vs. Q2 2012 Actual
25
Revenue
For
The
Quarter
Ended
June
30,
2013
Revenue For
The Quarter
Ended
June 30, 2012
Pretax Income
(Loss) For The
Quarter Ended
June 30, 2013
Pretax Income
(Loss) For The
Quarter Ended
June 30, 2012
MODIFIED
EBITDA For The
Quarter Ended
June 30, 2013
MODIFIED
EBITDA For The
Quarter Ended
June 30, 2012
Electronic
Payment
Processing
23.447
21.373
2.465
1.920
2.554
2.098
Small
Business
Finance
8.376
5.963
2.030
1.478
3.674
2.669
Managed
Technology
Solutions
4.600
4.570
1.042
1.114
1.396
1.446
All Other
0.657
0.451
(0.439)
(0.238)
(0.383)
(0.228)
Corporate
Activities
0.200
0.205
(1.924)
(1.930)
(1.805)
(1.896)
CAPCO
0.038
0.141
(0.293)
(0.398)
(0.283)
(0.386)
Interco
Eliminations
(0.307)
(0.365)
–
–
–
–
Total
37.011
32.338
2.881
1.946
5.153
3.703 |
 2013 Segment
Guidance 2013 Segment Guidance
*Note: totals may not add due to rounding
In millions of dollars
Electronic
Small
Managed
Total
Inter-
Payment
Business
Technology
All
Corporate
Business
CAPCO
Company
Processing
Finance
Solutions
Other
Activities
Segments
Segment
Eliminations
Total
Low
High
Low
High
Low
High
Low
High
Low
High
Low
High
Low
High
Low
High
2013 Full Year
Revenue
90.4
94.1
34.0
35.6
18.4
19.2
2.2
2.2
0.8
0.8
145.8
151.9
0.1
0.1
(0.8)
145.1
151.2
Pretax Income (Loss)
8.2
9.0
10.0
10.8
3.9
4.7
(1.1)
(0.9)
(9.6)
(9.3)
11.4
14.3
(1.5)
(1.3)
-
10.0
13.0
Income from tax credits
-
-
-
-
-
-
-
-
-
-
-
-
(0.1)
(0.1)
-
(0.1)
(0.1)
Net change in fair value of
credits in lieu of cash and
notes payable in credits in
lieu of cash
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Deferred compensation
expense
-
-
-
-
-
-
-
-
0.4
0.4
0.4
0.4
-
-
-
0.4
0.4
Lease loss amortization
-
-
-
-
-
-
-
-
(0.3)
(0.3)
(0.3)
(0.3)
-
-
-
(0.3)
(0.3)
Interest Expense
-
-
5.9
5.9
0.1
0.1
-
-
-
-
6.0
6.0
0.2
0.2
-
6.2
6.2
Depreciation and
Amortization
0.3
0.3
1.2
1.2
1.5
1.5
0.1
0.1
0.1
0.1
3.2
3.2
-
-
-
3.2
3.2
Modified EBITDA
8.5
9.3
17.1
17.9
5.5
6.3
(1.0)
(0.8)
(9.4)
(9.1)
20.7
23.6
(1.4)
(1.2)
-
19.3
22.4
26 |
 Addenda
Addenda |
 Pretax
Income
(Loss)
Income
from Tax
Credits
Net Change
in Fair Value
of Credits in
Lieu of Cash
and Notes
Payable in
Credits in
Lieu of Cash
Deferred
Comp
Expense
Amortization of
2011 Lease
restructuring
charge
Interest
Expense
Depreciation
and
amortization
Second
Quarter
2013
Modified
EBITDA
Electronic Payment
Processing
2.465
-
-
(0.002)
-
-
0.091
2.554
Small Business Finance
2.030
-
-
0.026
-
1.323
0.295
3.674
Managed Technology
Solutions
1.042
-
-
0.012
-
0.006
0.336
1.396
All Other
(0.439)
-
-
0.006
-
-
0.050
(0.383)
Corporate Activities
(1.924)
-
-
0.143
(0.073)
0.006
0.043
(1.805)
CAPCO
(0.293)
(0.029)
(0.007)
-
-
0.045
0.001
(0.283)
Total
2.881
(0.029)
(0.007)
0.185
(0.073)
1.381
0.816
5.153
Modified EBITDA Reconciliation
Modified EBITDA Reconciliation from Pretax Income (Loss)
For the three months ended June 30, 2013
In millions of dollars
*Note: totals may not add due to rounding
28 |
 Pretax
Income
(Loss)
Income
from Tax
Credits
Net Change
in Fair Value
of Credits in
Lieu of Cash
and Notes
Payable in
Credits in
Lieu of Cash
Deferred
Comp
Expense
Amortization of
2011 Lease
restructuring
charge
Interest
Expense
Depreciation
and
amortization
Second
Quarter
2012
Modified
EBITDA
Electronic Payment
Processing
1.920
-
-
0.009
-
-
0.169
2.098
Small Business Finance
1.478
-
-
0.016
-
0.969
0.206
2.669
Managed Technology
Solutions
1.114
-
-
0.008
-
0.021
0.303
1.446
All Other
(0.238)
-
-
0.008
-
-
0.002
(0.228)
Corporate Activities
(1.930)
-
-
0.076
(0.073)
0.002
0.029
(1.896)
CAPCO
(0.398)
(0.129)
(0.005)
-
-
0.144
0.002
(0.386)
Total
1.946
(0.129)
(0.005)
0.117
(0.073)
1.136
0.711
3.703
Modified EBITDA Reconciliation
Modified EBITDA Reconciliation from Pretax Income (Loss)
For the three months ended June 30, 2012
In millions of dollars
*Note: totals may not add due to rounding
29 |