(continued).....
FIRST DATA CORPORATION
SUMMARY SEGMENT DATA
(Unaudited)
(In millions)
Three Months Ended September 30,
2000 1999 % Inc/Dec
Revenues:
Payment Instruments $596.4 $503.7 18%
Card Issuer Services(c) 363.2 361.1 1%
Merchant Processing Services 454.9 387.9 17%
Emerging Payments(d) 16.4 17.5 -6%
All Other (including Corporate) 46.7 61.2 -24%
Subtotal 1,477.6 1,331.4 11%
Divested or To Be Divested
Operations --- 93.0 N/M
Eliminations (a) (37.3) (41.4) -10%
Consolidated $1,440.3 $1,383.0 4%
Operating Profit: (b)
Payment Instruments $190.2 $160.0 19%
Card Issuer Services 73.5 64.7 14%
Merchant Processing Services 137.3 108.9 26%
Emerging Payments (d) (0.4) 2.2 N/M
All Other (including Corporate) (6.6) 8.0 N/M
Subtotal 394.0 343.8 15%
Divested or To Be Divested
Operations --- 16.5 N/M
Corporate Interest Expense (26.1) (27.4) -5%
Restructuring, Business
Divestitures, Litigation
and Impairments, net 112.9 (6.1) N/M
Eliminations (a) (37.3) (41.4) -10%
Consolidated $443.5 $285.4 55%
Depreciation & Amortization:
Payment Instruments $27.5 $27.6 0%
Card Issuer Services 52.7 63.4 -17%
Merchant Processing Services 57.4 48.2 19%
Emerging Payments (d) 0.7 0.8 -13%
All Other (including
Corporate) 4.2 4.7 -11%
Subtotal 142.5 144.7 -2%
Divested or To Be Divested
Operations --- 9.6 N/M
Consolidated $142.5 $154.3 -8%
(a) Represents elimination of adjustment to record payment instruments
revenues on a pre-tax equivalent basis.
(b) Operating profit with respect to the Company's segments represents
earnings before income taxes and interest expense and includes
certain allocations of Corporate overhead.
(c) First Data Corporation adopted Staff Accounting Bulletin No. 101
("SAB 101")-- Revenue Recognition in Financial Statements in the
third quarter 2000 which resulted in the netting of certain revenue
and expenses that were previously presented gross in the income
statement. The impact of SAB 101 on segment revenue growth was
approximately 3% for the quarter ended September 30, 2000.
(d) The Emerging Payments segment was created in the third quarter 2000
by moving non-core E-Commerce related activity and investments from
the other segments and "All Other." Additionally, a small
information business was moved from "All Other" to "Card Issuer
Services." All periods were restated.
N/M = Not meaningful
FIRST DATA CORPORATION
SUMMARY SEGMENT DATA
(Unaudited)
(In millions)
Nine Months Ended September 30,
2000 1999 % Inc/Dec
Revenues:
Payment Instruments $1,695.3 $1,431.0 18%
Card Issuer Services (c) 1,099.1 1,016.0 8%
Merchant Processing
Services (e) 1,311.2 1,126.0 16%
Emerging Payments (d) 55.0 52.9 4%
All Other (including Corporate) 150.8 184.3 -18%
Subtotal 4,311.4 3,810.2 13%
Divested or To Be Divested
Operations --- 331.3 N/M
Eliminations (a) (114.0) (117.6) -3%
Consolidated $4,197.4 $4,023.9 4%
Operating Profit: (b)
Payment Instruments $481.5 $408.6 18%
Card Issuer Services 223.8 193.0 16%
Merchant Processing Services 347.6 277.8 25%
Emerging Payments (d) 8.1 6.6 23%
All Other (including Corporate) (6.8) 16.7 N/M
Subtotal 1,054.2 902.7 17%
Divested or To Be Divested
Operations -- 49.0 N/M
Corporate Interest Expense (65.4) (74.4) -12%
Restructuring, Business
Divestitures, Litigation and
Impairments, net 100.6 (41.0) N/M
Eliminations (a) (114.0) (117.6) -3%
Consolidated $975.4 $718.7 36%
Depreciation & Amortization:
Payment Instruments $87.9 $78.4 12%
Card Issuer Services 162.6 188.2 -14%
Merchant Processing Services (e) 173.5 145.9 19%
Emerging Payments (d) 1.5 1.8 -17%
All Other (including Corporate) 11.9 12.9 -8%
Subtotal 437.4 427.2 2%
Divested or To Be Divested
Operations --- 35.3 N/M
Consolidated $437.4 $462.5 -5%
(a) Represents elimination of adjustment to record payment instruments
revenues on a pre-tax equivalent basis.
(b) Operating profit with respect to the Company's segments represents
earnings before income taxes and interest expense and includes
certain allocations of Corporate overhead.
(c) First Data Corporation adopted Staff Accounting Bulletin No. 101
("SAB 101") -- Revenue Recognition in Financial Statements in the
third quarter 2000 which resulted in the netting of certain revenue
and expenses that were previously presented gross in the income
statement. The impact of SAB 101 on segment revenue growth was
approximately 2% for the nine months ended September 30, 2000.
(d) The Emerging Payments segment was created in the third quarter 2000
by moving non-core E-Commerce related activity and investments from
the other segments and "All Other." Additionally, a small
information business was moved from "All Other" to "Card Issuer
Services." All periods were restated.
(e) In the third quarter 2000, the Company gained a controlling interest
in a merchant alliance. Revenues and expenses have been restated to
the beginning of 2000 to reflect this venture as a consolidated
subsidiary.
N/M -- Not meaningful
FIRST DATA CORPORATION
SUMMARY OF RESTATED SEGMENTS
2000 2000 2000 2000
Q1 Q2 Q3 YTD
Revenues:
Payment Instruments $530.5 $568.4 $596.4 $1,695.3
Card Issuer Services 364.0 371.9 363.2 1,099.1
Merchant Processing
Services 408.3 448.0 454.9 1,311.2
Emerging Payments 20.4 18.2 16.4 55.0
All Other & Corporate 57.4 46.7 46.7 150.8
Subtotal 1,380.6 1,453.2 1,477.6 4,311.4
Divested or to
be divested --- --- --- ---
Eliminations (37.4) (39.3) (37.3) (114.0)
Consolidated 1,343.2 $1,413.9 $1,440.3 $4,197.4
Operating Profit:
Payment Instruments $134.4 $156.9 $190.2 $481.5
Card Issuer Services 68.9 81.4 73.5 223.8
Merchant Processing
Services 85.7 124.6 137.3 347.6
Emerging Payments 3.2 5.3 (0.4) 8.1
All Other & Corporate 4.7 (4.9) (6.6) (6.8)
Subtotal 296.9 363.3 394.0 1,054.2
Divested or to
be divested --- --- --- ---
Corporate interest
expense (20.4) (18.9) (26.1) (65.4)
Restructuring and
business
divestitures, net (9.5) (2.8) 112.9 100.6
Eliminations (37.4) (39.3) (37.3) (114.0)
Consolidated 229.6 $302.3 $443.5 $975.4
Depreciation & Amortization:
Payment Instruments $30.3 $30.1 $27.5 $87.9
Card Issuer Services 56.0 53.9 52.7 162.6
Merchant Processing
Services 58.6 57.5 57.4 173.5
Emerging Payments 0.7 0.1 0.7 1.5
All Other & Corporate 3.9 3.8 4.2 11.9
Subtotal 149.5 145.4 142.5 437.4
Divested or to
be divested --- --- --- ---
Consolidated $149.5 $145.4 $142.5 $437.4
1999 1999 1999 1999 1999
Q1 Q2 Q3 Q4 YTD
Revenues:
Payment Instruments $441.7 $485.6 $503.7 $522.3 $1,953.3
Card Issuer Services 313.7 341.2 361.1 379.0 1,395.0
Merchant Processing
Services 345.6 392.5 387.9 421.7 1,547.7
Emerging Payments 17.3 18.1 17.5 18.0 70.9
All Other & Corporate 59.9 63.2 61.2 92.1 276.4
Subtotal 1,178.2 1,300.6 1,331.4 1,433.1 5,243.3
Divested or to be divested 115.7 122.6 93.0 63.2 394.5
Eliminations (36.0) (40.2) (41.4) (40.3) (157.9)
Consolidated $1,257.9 $1,383.0 $1,383.0 $1,456.0 $5,479.9
Operating Profit:
Payment Instruments $113.3 $135.3 $160.0 $172.2 $580.8
Card Issuer Services 58.4 69.9 64.7 73.0 266.0
Merchant Processing Services 70.0 98.9 108.9 134.0 411.8
Emerging Payments 2.8 1.6 2.2 4.6 11.2
All Other & Corporate 4.1 4.6 8.0 29.3 46.0
Subtotal 248.6 310.3 343.8 413.1 1,315.8
Divested or to be divested 13.1 19.4 16.5 6.5 55.5
Corporate interest expense (24.2) (22.8) (27.4) (29.4) (103.8)
Restructuring and business
divestitures, net --- (34.9) (6.1) 756.8 715.8
Eliminations (36.0) (40.2) (41.4) (40.3) (157.9)
Consolidated $201.5 $231.8 $285.4 $1,106.7 $1,825.4
Depreciation & Amortization:
Payment Instruments $24.5 $26.3 $27.6 $30.4 $108.8
Card Issuer Services 54.9 69.9 63.4 59.7 247.9
Merchant Processing Services 48.1 49.6 48.2 53.0 198.9
Emerging Payments 0.5 0.5 0.8 0.8 2.6
All Other & Corporate 4.2 4.0 4.7 5.0 17.9
Subtotal 132.2 150.3 144.7 148.9 576.1
Divested or to be divested 12.7 13.0 9.6 6.4 41.7
Consolidated $144.9 $163.3 $154.3 $155.3 $617.8
1998
YTD
Revenues:
Payment Instruments $1,639.0
Card Issuer Services 1,255.4
Merchant Processing Services 1,394.2
Emerging Payments 57.6
All Other & Corporate 270.4
Subtotal 4,616.6
Divested or to be divested 554.2
Eliminations (123.7)
Consolidated $5,047.1
Operating Profit:
Payment Instruments $493.4
Card Issuer Services 255.5
Merchant Processing Services 329.1
Emerging Payments 13.4
All Other & Corporate 92.0
Subtotal 1,183.4
Divested or to be divested 75.4
Corporate interest expense (104.1)
Restructuring and business divestitures, net (319.1)
Eliminations (123.7)
Consolidated $711.9
Depreciation & Amortization:
Payment Instruments $92.3
Card Issuer Services 230.3
Merchant Processing Services 188.4
Emerging Payments 2.5
All Other & Corporate 18.3
Subtotal 531.8
Divested or to be divested 59.3
Consolidated $591.1
NOTE: All segment information has been restated for the creation of the
Emerging Payments segment by moving non-core E-Commerce related activity
and investments from the other segments and "All Other". Additionally, a
small information business was moved from "All Other" to "Card Issuer
Services". The Company further adopted Staff Accounting Bulletin No 101 -
Revenue Recognition in Financial Statements in the third quarter 2000
which resulted in the netting of certain revenue and expenses that were
previously presented gross in the income statement. All periods presented
have been restated.
SOURCE: First Data Corporation |
