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|Vantiv Reports Fourth Quarter and Full-Year 2014 Results|
Vantiv Reports Fourth Quarter and Full-Year 2014 Results
Fourth Quarter Net Revenue Increased 30% to $402 Million and Pro Forma Adjusted Net Income per Share Increased 18% to $0.53
Full-Year 2014 Net Revenue Increased 20% to $1,403 Million and Pro Forma Adjusted Net Income per Share Increased 20% to $1.87
CINCINNATI, Feb. 12, 2015 - Vantiv, Inc. (NYSE: VNTV) ("Vantiv" or the "Company") today announced financial results for the fourth quarter and full-year ended December 31, 2014. Revenue increased 31% to $733.8 million in the fourth quarter as compared to $558.4 million in the prior year period. Net revenue increased 30% to $402.2 million in the fourth quarter as compared to $308.6 million in the prior year period, primarily due to strong growth in our Merchant Services segment. On a GAAP basis, net income attributable to Vantiv, Inc. was $68.6 million or $0.35 per diluted share in the fourth quarter as compared to $42.8 million or $0.26 per diluted share in the prior year period. Pro forma adjusted net income increased 16% to $105.1 million in the fourth quarter as compared to $90.4 million in the prior year period. Pro forma adjusted net income per share increased 18% to $0.53 in the fourth quarter as compared to $0.45 in the prior year period. (See Schedule 2 for pro forma adjusted net income and Schedule 6 for GAAP net income reconciliation to pro forma adjusted net income.)
For full-year 2014, revenue increased 22% to $2,577.2 million as compared to $2,108.1 million in the prior year. Net revenue increased 20% to $1,402.5 million in 2014 as compared to $1,172.6 million in the prior year, primarily due to strong growth in our Merchant Services segment. On a GAAP basis, net income attributable to Vantiv, Inc. was $125.3 million or $0.75 per diluted share in 2014 as compared to $133.6 million or $0.87 per diluted share in the prior year. Pro forma adjusted net income increased 16% to $372.4 million in 2014 as compared to $320.5 million in the prior year. Pro forma adjusted net income per share increased 20% to $1.87 in 2014 as compared to $1.56 in the prior year. (See Schedule 2 for pro forma adjusted net income and Schedule 7 for GAAP net income reconciliation to pro forma adjusted net income.)
"We delivered strong results for 2014, including completing our strategic acquisition of Mercury, expanding organic growth throughout the year, and leveraging our strengths in security, EMV and omni-channel to win new business," said Charles Drucker, president and chief executive at Vantiv. "During 2015, we will press our advantages in order to continue to win market share as well as to drive superior returns."
Financial Institution Services
First Quarter and Full-Year 2015 Financial Outlook
For the full-year 2015, net revenue is expected to be $1,600 to $1,625 million, representing growth of 14% to 16% above the prior year. Pro forma adjusted net income per share is expected to be $2.09 to $2.15 for the full-year 2015, representing growth of 12% to 15% above the prior year. GAAP net income per share attributable to Vantiv, Inc. is expected to be $0.93 to $0.99 for the full-year 2015.
Earnings Conference Call and Audio Webcast
About Vantiv, Inc.
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Non-GAAP and Pro Forma Financial Measures
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 information presented herein, 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 risks are discussed in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC") and include, but are not limited to: (i) our ability to adapt to developments and change in our industry; (ii) competition; (iii) unauthorized disclosure of data or security breaches; (iv) systems failures or interruptions; (v) our ability to expand our market share or enter new markets; (vi) our ability to identify and complete acquisitions, joint ventures and partnerships; (vii) failure to comply with applicable requirements of Visa, MasterCard or other payment networks or changes in those requirements; (viii) our ability to pass along fee increases; (ix) termination of sponsorship or clearing services; (x) loss of clients or referral partners; (xi) reductions in overall consumer, business and government spending; (xii) fraud by merchants or others; (xiii) a decline in the use of credit, debit or prepaid cards; (xiv) consolidation in the banking and retail industries; (xv) the effects of governmental regulation or changes in laws; and (xvi) 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. More information on potential factors that could affect the Company's financial results and performance is included from time to time in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's periodic reports filed with the SEC, including the Company's most recently filed Annual Report on Form 10-K and its subsequent filings with the SEC.
Any forward-looking statement made by us in this release speaks only as of the date of this release. 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.