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Vantiv Reports Strong First Quarter 2012 Results

CINCINNATI--(BUSINESS WIRE)-- Vantiv, Inc. (NYSE: VNTV) (Vantiv or "the Company") today announced financial results for the first quarter ended March 31, 2012. Revenue increased 17% to $432.8 million as compared to $371.4 million in the prior year. Net revenue increased 23% to $232.6 million as compared to $189.2 million in the prior year. Cash net income increased 30% to $42.4 million as compared to $32.5 million in the prior year. Adjusted cash net income per share was $0.20. (See Schedule 2 for cash net income and Schedule 6 for GAAP net income reconciliation to cash net income.)

On a GAAP basis, net loss attributable to Vantiv, Inc. was $18.4 million, or $0.38 per diluted share, compared with net income of $3.5 million, or $0.04 per diluted share, in the prior year. GAAP net loss included $91.8 million, or $0.55 loss on a diluted per share basis, primarily related to charges incurred in connection with refinancing of indebtedness following the Company's initial public offering.

Transactions increased 12% and net revenue increased 23% primarily driven by a 16% increase in transactions in the Merchant Services segment and a 17% increase in rate per transaction in the Merchant Services segment. Adjusted EBITDA increased 18% to $102.9 million as compared to $87.5 million in the prior year. (See Schedule 7 for reconciliation from GAAP income from operations to adjusted EBITDA.)

"I am very proud of the results that the 2,500 employees in our talented Vantiv team produced in this new era as a publicly traded company. Our successful IPO and first quarter results are a testament to our strong record of performance and our ability to create and capitalize on opportunities in this fast paced industry," president and chief executive officer Charles Drucker said. "We are focused on growing our comprehensive and integrated suite of services and diversifying our distribution channels to expand our market share. I also want to welcome our new shareholders. You can expect our team to continue to build on its accomplishments with a laser focus on creating long-term value."

Merchant Services

Net revenue increased 36% to $157.5 million as compared to $115.8 million in the prior year, primarily due to a 16% increase in transactions, as well as a 17% increase in net revenue per transaction. We continue to experience an increase in net revenue per transaction as we expand our channels and increase our focus on the small and mid-sized merchants. Sales and marketing expenses increased 36% to $66.7 million as compared to $48.9 million in the prior year in connection with the increase in revenue and continued expansion of distribution channels.

Financial Institution Services

Net revenue increased 2% to $75.1 million as compared to $73.5 million in the prior year, as organic revenue growth more than offset the attrition of a large client in the third quarter of 2011. Sales and marketing expenses decreased by 10%.

2012 Financial Outlook

Net revenue for 2012 is expected to be between $995 million and $1,010 million, representing an increase of 15% to 17% as compared to 2011. Cash net income is expected to be between $234 million and $242 million. Adjusted cash net income per share is expected to be between $1.09 and $1.13. GAAP net income per share is expected to be between $0.42 and $0.46 on a diluted per share basis.

Earnings Conference Call and Audio Webcast

The Company will host a conference call to discuss first quarter 2012 financial results today at 8:00 AM ET. Hosting the call will be Charles Drucker, president and chief executive officer and Mark Heimbouch, chief financial officer. The conference call can be accessed live over the phone by dialing (877) 941-1428, or for international callers (480) 629-9665. A replay will be available approximately two hours after the call concludes and can be accessed by dialing (877) 870-5176, or for international callers (858) 384-5517, and entering the conference ID 4532093. The replay will be available through Thursday, May 3, 2012. The call will be webcast live from the Company's investor relations website at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Finvestors.vantiv.com&esheet=50254125&lan=en-US&anchor=http%3A%2F%2Finvestors.vantiv.com&index=1&md5=61ac1ec52b6da4570db393d104741183.

About Vantiv, Inc.

Vantiv, Inc. (NYSE: VNTV) is a leading, integrated payment processor differentiated by a single, proprietary technology platform. Vantiv offers a comprehensive suite of traditional and innovative payment processing and technology solutions to merchants and financial institutions of all sizes in the U.S., enabling them to address their payment processing needs through a single provider. We build strong relationships with our customers, helping them become more efficient, more secure and more successful. Vantiv is the third largest merchant acquirer and the largest PIN debit acquirer based on number of transactions in the U.S. The company's growth strategy includes expanding further into high growth payment segments, such as ecommerce, mobile, prepaid and information solutions, and attractive industry verticals, such as business-to-business, government, healthcare and education. For more information, visit http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.vantiv.com&esheet=50254125&lan=en-US&anchor=www.vantiv.com&index=2&md5=e491297676e54879c32d65fc537021af.

Non-GAAP Financial Measures

This earnings release presents non-GAAP financial information including net revenue, EBITDA, adjusted EBITDA, cash net income, and adjusted cash net income per share information. These are important financial measures for the Company, but are not financial measures as defined by GAAP. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that they provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the attached schedules.

Net revenue is revenue, less network fees and other costs. Cash net income includes adjustments to exclude amortization of intangible assets acquired in business combinations, primarily customer related intangible assets, share-based compensation, transition costs associated with our separation from Fifth Third Bank, integration costs incurred in connection with acquisitions and conversion of non-controlling interests into shares of Class A common stock. For purposes of providing better comparability we also made adjustments to interest expense and depreciation in 2011. (See Schedule 6 for a reconciliation from GAAP net income to cash net income.)

Forward-Looking Statements

This release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this release are forward-looking statements including any statements of a general economic or industry specific nature. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "should," "can have," "likely" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events.

The forward-looking statements contained in this release are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you review and consider this presentation, you should understand that these statements are not guarantees of future performance or results. They depend upon future events and are subject to risks, uncertainties (many of which are beyond our control) and assumptions. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual future performance or results and cause them to differ materially from those anticipated in the forward-looking statements. Certain of these factors and other risk factors are discussed in the Company's registration statement filed with the U.S. Securities and Exchange Commission and include, but are not limited to: (i) the ability to keep pace with rapid developments and change in our industry and provide new services to our clients; (ii) competition within our industry; (iii) disclosure of unauthorized data and security breaches that expose us to liability, litigation and reputational damage; (iv) failures of our systems or systems of our third party providers; (v) our inability to expand our market share in existing markets or expand into new markets; (vi) our ability to identify acquisition, joint venture and partnership candidates and finance or integrate businesses, services or technologies that we acquire; (vii) failure to comply with applicable requirements of Visa, MasterCard or other payment networks; (viii) changes in payment network rules or standards; (ix) our ability to pass fee increases along to merchants; (x) termination of sponsorship or clearing services provided to us; (xi) increased attrition of our merchants, independent sales organizations, or ISOs, or referral partners; (xii) inability to successfully renew or renegotiate agreements with our clients or ISOs; (xiii) reductions in overall consumer, business and government spending; (xiv) fraud by merchants or others; (xv) a decline in the use of credit, debit or prepaid cards; (xvi) consolidation in the banking and retail industries; and (xvii) the effects of governmental regulation, changes in laws and outcomes of future litigation or investigations. Should one or more of these risks or uncertainties materialize, or should any of these assumptions prove incorrect, our actual results may vary in material respects from those projected in these forward-looking statements.

Any forward-looking statement made by us in this release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

 
Schedule 1
Vantiv, Inc.
Consolidated Statements of Income (Loss)
(in thousands, except share data)
(Unaudited)
                                                                     
                                             Three months ended
                                       March 31,        March 31,     % Change
                                         2012              2011
                                                                       
Revenue                            $     432,789     $    371,446           17 %
Network fees and other costs             200,208          182,216           10 %
Net revenue                              232,581          189,230           23 %
Sales and marketing                       72,757           56,219           29 %
Other operating costs                     39,009           37,740            3 %
General and administrative                28,597           21,383           34 %
Depreciation and amortization             38,895           36,700            6 %
Income from operations                    53,323           37,188           43 %
Interest expense--net                    (24,450 )        (30,621 )        -20 %
Non-operating expenses(1)                (91,836 )              -           NM
Income (loss) before applicable          (62,963 )          6,567           NM
income taxes
Income tax expense (benefit)             (20,035 )          1,868           NM
Net income (loss)                        (42,928 )          4,699           NM
Less: Net (income) loss
attributable to noncontrolling            24,564           (1,200 )         NM
interests
Net income (loss) attributable     $     (18,364 )   $      3,499           NM
to Vantiv, Inc.
                                                                       
Net income (loss) per share of
Class A common stock
attributable to Vantiv, Inc.:
Basic                              $       (0.20 )   $       0.04
Diluted                            $       (0.38 )   $       0.04
Shares used in computing net
income (loss) per share of Class
A common stock:
Basic                                 93,018,506       89,515,617
Diluted                              102,377,931       89,515,617
                                                                       
Non Financial Data:
Transactions (in millions)                 3,367            3,002           12 %
                                                                       

(1) Non-operating expenses primarily consist of charges incurred with the
refinancing of our debt and the termination of our interest rate swaps in March
2012.


Schedule 2
Vantiv, Inc.
Cash Net Income (Non-GAAP)
(in thousands, except share data)
(Unaudited)
See schedule 6 for a reconciliation of GAAP net income (loss) to cash net
income.
                                                                           
                                                    Three months ended
                                                March 31,      March 31,     %
                                                  2012           2011       Change
                                                                             
Revenue                                     $     432,789     $ 371,446     17 %
Network fees and other costs                      200,208       182,216     10 %
Net revenue                                       232,581       189,230     23 %
Sales and marketing                                72,757        56,219     29 %
Other operating costs                              38,557        31,500     22 %
General and administrative                         18,327        13,990     31 %
Adjusted EBITDA(1)                                102,940        87,521     18 %
Depreciation and amortization                       9,606         8,093     19 %
Income from operations                             93,334        79,428     18 %
Interest expense--net                             (24,450 )     (26,625 )   -8 %
Income before applicable income                    68,884        52,803     30 %
taxes
Income tax expense (at an effective                26,520        20,330     30 %
tax rate of 38.5%)
Cash net income(2)                          $      42,364     $  32,473     30 %
                                                                             
Adjusted cash net income per share          $        0.20
                                                                             
Adjusted shares outstanding(3)                212,304,534
                                                                             
Non Financial Data:
Transactions (in millions)                          3,367         3,002     12 %
 
                                                                             
Non-GAAP Financial Measures
This schedule presents net revenue, adjusted EBITDA, cash net income, and
adjusted cash net income per share information. These are important financial
measures for the company, but are not financial measures as defined by GAAP.
Such financial measures should not be considered as alternatives to GAAP net
income, and such measures may not be comparable to those reported by other
companies.
                                                                             
Cash net income is derived from GAAP net income, adjusting for the following
items: (a) amortization of intangible assets acquired in business combinations,
primarily customer related intangible assets; (b) non-operating expenses
primarily associated with the refinancing of our debt and the termination of our
interest rate swaps in March 2012; (c) adjustments to income tax expense
assuming conversion of non-controlling interests into shares of Class A common
stock. For purposes of providing better comparability, we also make adjustments
for Q1 2011 to reflect depreciation and amortization assuming that our property
and equipment at December 31, 2011 was in place on January 1, 2011 and for
interest expense assuming the Company's level of debt and applicable terms as of
December 31, 2011 was outstanding on January 1, 2011.
                                                                             
(1) See schedule 7 for a reconciliation of GAAP income from operations to
adjusted EBITDA.
(2) Cash net income assumes the conversion of non-controlling interests into
shares of Class A common stock.
(3) Shares are pro forma assuming the equity structure in place March 31, 2012,
was in place January 1, 2012. Shares used in computing GAAP diluted net income
(loss) per share were 102,377,931.
                                                                             
                                                                             
  Adjusted shares for the three
  months ended March 31, 2012
  Shares used in computing adjusted
  cash net income per share:
  Class A common stock(a)                     120,641,114
  Class B units of Vantiv Holding              85,913,505
  (b)
  Restricted stock(a)(c)                        1,961,837
  Warrant(d)                                    3,788,078  
  Adjusted shares outstanding                 212,304,534                    
                                                                             
  (a) Shares are weighted as if the equity structure in place March 31, 2012,
  was in place January 1, 2012.
  (b) Class B units in Vantiv Holding are based on the if-converted method and
  represent fully diluted ownership in Vantiv, Inc. weighted as if the equity
  structure in place March 31, 2012, was in place January 1, 2012.
  (c) Restricted Class A common stock issued under the treasury method based on
  the closing share price of VNTV as of March 30, 2012. These are excluded for
  GAAP purposes as they are anti-dilutive.
  (d) Class A common stock issued upon exercise of the Warrant under the
  treasury method based on the closing share price of VNTV as of March 30, 2012.
  These are excluded for GAAP purposes as they are anti-dilutive.
   

 
Schedule 3
Vantiv, Inc.
Segment Information
(in thousands)
(Unaudited)
                                                                 
                                       Three months ended March 31, 2012
                               Merchant    Financial   General
                               Services    Institution Corporate/Ot  Total
                                           Services
                                                                   
Total revenue                  $ 322,978   $ 109,811   $    -     $ 432,789
Network fees and other costs     165,526      34,682        -       200,208
Net revenue                      157,452      75,129        -       232,581
Sales and marketing               66,699       6,058        -        72,757
Segment profit                 $  90,753   $  69,071   $    -     $ 159,824
                                                                   
Non-financial data:
Transactions (in millions)         2,544         823                  3,367
Net revenue per transaction    $  0.0619   $  0.0913              $  0.0691
                                                                   
                                       Three months ended March 31, 2011
                               Merchant    Financial   General
                               Services    Institution Corporate/Ot  Total
                                           Services
                                                                   
Total revenue                  $ 262,686   $ 108,760   $    -     $ 371,446
Network fees and other costs     146,911      35,305        -       182,216
Net revenue                      115,775      73,455        -       189,230
Sales and marketing               48,887       6,710      622        56,219
Segment profit                 $  66,888   $  66,745   $ (622 )   $ 133,011
                                                                   
Non-financial data:
Transactions (in millions)         2,184         818                  3,002
Net revenue per transaction    $  0.0530   $  0.0898              $  0.0630
                                                                     


                                                                   
Schedule 4
Vantiv, Inc.
Condensed Consolidated Statements of Financial Position
(in thousands, except share data)
                                                                     
                                                       March 31,    December 31,
                                                         2012           2011
Assets                                                (Unaudited)
Current assets:
Cash and cash equivalents                           $   156,362     $   370,549  
Accounts receivable -- net                              352,033         368,658
Related party receivable                                  5,002           4,361
Settlement assets                                        71,811          46,840
Prepaid expenses                                         11,270           8,642
Other                                                    46,734          20,947  
Total current assets                                    643,212         819,997
                                                                     
Customer incentives                                      17,681          17,493
Property and equipment -- net                           160,272         152,310
Intangible assets -- net                                889,389         916,198
Goodwill                                              1,532,374       1,532,374
Deferred taxes                                           12,292           4,292
Other assets                                             28,540          47,046  
Total assets                                        $ 3,283,760     $ 3,489,710  
                                                                     
Liabilities and equity
Current liabilities:
Accounts payable and accrued expenses               $   172,107     $   193,706
Related party payable                                       950           3,814
Settlement obligations                                  163,851         208,669
Current portion of note payable                          52,500          16,211
Deferred income                                           9,402           7,313
Current maturities of capital lease obligations           4,256           4,607
Other                                                     5,759           6,400  
Total current liabilities                               408,825         440,720
Long-term liabilities:
Note payable                                          1,202,217       1,738,498
Tax receivable agreement obligations                    333,000               -
Capital lease obligations                                11,152          12,322
Deferred taxes                                            9,263           9,263
Other                                                     2,006          33,187  
Total long-term liabilities                           1,557,638       1,793,270
Total liabilities                                     1,966,463       2,233,990
                                                                     
Commitments and contingencies
Equity:
Total equity(1)                                       1,317,297       1,255,720  
Total liabilities and equity                        $ 3,283,760     $ 3,489,710  
                                                                     
(1) Includes equity attributable to non-controlling interests.


 
Schedule 5
Vantiv, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
                                                                                        
                                                                               Three months ended
                                                                           March 31,      March 31,
                                                                              2012          2011
Operating Activities:
Net (loss) income                                                       $    (42,928 )   $   4,699
Adjustments to reconcile net (loss) income to net cash (used in)
provided by operating activities:
Depreciation and amortization expense                                         38,895        36,700
Amortization of customer incentives                                            1,234           684
Amortization and write-off of debt issuance costs                             56,352         2,575
Share-based compensation expense                                               8,663           652
Change in operating assets and liabilities:
Decrease in accounts receivable and related party receivable                  15,984        25,611
Decrease in net settlement assets and obligations                            (69,789 )     (42,852 )
Increase in customer incentives                                               (1,422 )      (3,045 )
Increase in prepaid and other assets                                         (26,764 )      (7,231 )
Decrease in accounts payable and accrued expenses                            (35,099 )     (13,505 )
Decrease in payable to related party                                          (2,864 )      (2,798 )
Increase in other liabilities                                                  1,719           495  
Net cash (used in) provided by operating activities                          (56,019 )       1,985  
                                                                                          
Investing Activities:
Purchases of property and equipment                                          (10,269 )      (7,915 )
Residual buyouts                                                              (2,829 )        (512 )
Purchase of investments                                                            -        (3,300 )
Net cash used in investing activities                                        (13,098 )     (11,727 )
                                                                                          
Financing Activities:
Proceeds from initial public offering, net of offering costs                 460,913             -
Proceeds from follow-on offering, net of offering costs                       33,512             -
Proceeds from issuance of long-term debt                                   1,248,750             -
Repayment of debt and capital lease obligations                           (1,761,784 )      (3,972 )
Payment of debt issuance costs                                               (28,949 )           -
Purchase of Class B units in Vantiv Holding from Fifth Third                 (33,512 )           -
Repurchase of Class A common stock (to satisfy tax withholding               (11,929 )           -
obligations)
Tax benefit from employee share-based compensation                            10,244             -
Distribution to funds managed by Advent International Corporation            (40,086 )           -
Distribution to non-controlling interests                                    (22,229 )         (28 )
Net cash used in financing activities                                       (145,070 )      (4,000 )
                                                                                          
Net decrease in cash and cash equivalents                                   (214,187 )     (13,742 )
Cash and cash equivalents -- Beginning of period                             370,549       236,512  
Cash and cash equivalents --End of period                               $    156,362     $ 222,770  
                                                                                          
Cash Payments:
Interest                                                                $     32,559     $  26,927
Taxes                                                                            773           667
Noncash Items:
Assets acquired under capital lease obligations                         $          -     $  12,234
                                                                                                    


 
Schedule 6
Vantiv, Inc.
Reconciliation of GAAP Net Income (Loss) to Cash Net Income
(in thousands)
(Unaudited)
                                                                                                               
                                                                        Three months ended March 31, 2012
                                     Transition,
                                     Acquisition       Share-Based        Comparability          Other            Cash Net
                        GAAP             and           Compensation        Adjustments        Adjustments          Income
                                     Integration
                                         (1)
                                                                                                                 
Revenue            $ 432,789         $      -          $      -           $ -                 $       -         $ 432,789
Network fees
and other            200,208                -                 -             -                         -           200,208  
costs
Net revenue          232,581                -                 -             -                         -           232,581
Sales and             72,757                -                 -             -                         -            72,757
marketing
Other
operating             39,009             (452 )               -             -                         -            38,557
costs
General and           28,597           (1,607 )          (8,663 )           -                         -            18,327
administrative
Depreciation
and                   38,895                -                 -             -                   (29,289 ) (2)       9,606  
amortization
Income from           53,323            2,059             8,663             -                    29,289            93,334
operations
Interest             (24,450 )              -                 -             -                         -           (24,450 )
expense--net
Non-operating        (91,836 )              -                 -             -                    91,836   (3)           -  
expenses
Income (loss)
before               (62,963 )          2,059             8,663             -                   121,125            68,884
applicable
income taxes
Income tax
expense              (20,035 )            793             3,335             -                    42,427   (4)      26,520  
(benefit)
Net income         $ (42,928 )       $  1,266          $  5,328           $ -                 $  78,698         $  42,364  
(loss)(5)
 
                                                                                                                 
                                                                        Three months ended March 31, 2011
                                                                                                                 
                                     Transition,
                                     Acquisition       Share-Based        Comparability          Other            Cash Net
                        GAAP             and           Compensation        Adjustments        Adjustments          Income
                                     Integration
                                         (1)
                                                                                                                 
Revenue            $ 371,446         $      -          $      -           $      -            $       -         $ 371,446
Network fees
and other            182,216                -                 -                  -                    -           182,216  
costs
Net revenue          189,230                -                 -                  -                    -           189,230
Sales and             56,219                -                 -                  -                    -            56,219
marketing
Other
operating             37,740           (6,240 )               -                  -                    -            31,500
costs
General and           21,383           (6,741 )            (652 )                -                    -            13,990
administrative
Depreciation
and                   36,700                -                 -              2,597      (6)     (31,204 ) (2)       8,093  
amortization
Income (loss)
from                  37,188           12,981               652             (2,597 )             31,204            79,428
operations
Interest             (30,621 )              -                 -              3,996      (7)           -           (26,625 )
expense--net
Non-operating              -                -                 -                  -                    -                 -  
expenses
Income before
applicable             6,567           12,981               652              1,399               31,204            52,803
income taxes
Income tax             1,868            4,998               251                539               12,674   (4)      20,330  
expense
Net income(5)      $   4,699         $  7,983          $    401           $    860            $  18,530         $  32,473  
 
                                                                                                                 
Non-GAAP Financial Measures
This schedule presents net revenue and cash net income. These are important financial measures for the company, but are not
financial measures as defined by GAAP. Such financial measures should not be considered as alternatives to GAAP net income,
and such measures may not be comparable to those reported by other companies.
                                                                                                                 
(1) Represents costs associated with our separation from Fifth Third Bank and acquisition and integration costs in
connection with our acquisitions in 2010.
(2) Represents amortization of intangible assets acquired in business combinations, primarily customer related intangible
assets.
(3) Represents non-operating expenses primarily associated with the refinancing of our debt and the termination of our
interest rate swaps in March 2012.
(4) Represents adjustments to income tax expense assuming conversion of non-controlling interests into shares of Class A
common stock.
(5) Net income (loss) assumes the conversion of non-controlling interests into shares of Class A common stock.
(6) Depreciation and amortization represents expense associated with our property and equipment, assuming that our property
and equipment at December 31, 2011 was in place on January 1, 2011.
(7) Represents adjustment to reflect what our 2011 interest expense would have been if the Company's level of debt and
applicable terms as of December 31, 2011 was outstanding on January 1, 2011.

Schedule 7
Vantiv, Inc.
Reconciliation of GAAP Income from Operations to Adjusted EBITDA
(in thousands)
(Unaudited)
                                                                      
                                                                        
                                                                        
                                                Three months ended
                                             March 31,    March 31,      %
                                               2012          2011      Change
                                                                        
Income from operations                      $  53,323     $ 37,188      43 %
Depreciation and amortization                  38,895       36,700       6 %
EBITDA                                         92,218       73,888      25 %
Transition, acquisition and integration         2,059       12,981     -84 %
costs(1)
Share-based compensation                        8,663          652      NM
Adjusted EBITDA                             $ 102,940     $ 87,521      18 %
 
                                                                        
Non-GAAP Financial Measures
This schedule presents EBITDA and adjusted EBITDA. These are important
financial measures for the company, but are not financial measures as
defined by GAAP.
These financial measures should not be considered as an alternative to GAAP
income from operations, and may not be comparable to those reported by other
companies.
                                                                        
(1) Represents costs associated with our separation from Fifth Third Bank
and acquisition and integration costs in connection with our acquisitions in
2010.

    CONTACT: Vantiv, Inc.
             Don Duffy/Dara Dierks
             866-254-4811 or 513-900-4811
             IR@vantiv.com
    Source: Vantiv, Inc.