ATLANTA, Aug. 3 /PRNewswire-FirstCall/ -- CheckFree Corporation
(NASDAQ:CKFR) today announced fourth quarter underlying revenue of
$289.0 million, representing a 28 percent increase over the same
period last year, and GAAP (Generally Accepted Accounting
Principles) revenue of $276.7 million, representing a 23 percent
increase from the fourth quarter last year. The Company's GAAP net
income for the quarter was $27.9 million, or $0.31 per share, and
underlying net income was $48.1 million, or $0.53 per share.
CheckFree reported GAAP consolidated revenue for fiscal 2007 of
$972.6 million, reflecting 11 percent growth over fiscal 2006, and
underlying revenue of $996.0 million for fiscal 2007, reflecting 13
percent growth over the previous fiscal year. For the year, the
Company's GAAP net income was $124.4 million, or $1.37 per share,
and underlying net income was $172.3 million, or $1.90 per share.
Free cash flow was $41.3 million for the fourth quarter, and $183.9
million for the year as outlined in Attachment A. "Solid execution
and good product strength provided CheckFree with results just
ahead of our expectations for the fourth quarter and the year,"
said Pete Kight, CheckFree Chairman and Chief Executive Officer.
"The performance of our core business, and the integration of our
newly acquired operations, all ended the year on track or slightly
ahead." GAAP Results: Net income for the fourth quarter was $27.9
million, compared to net income of $29.5 million for the same
quarter last year. Earnings per share were $0.31 for the fourth
quarter of fiscal 2007, compared to earnings per share of $0.31 for
the fourth quarter of last year. For fiscal 2007, net income was
$124.4 million, or $1.37 per share, compared to net income of
$127.3 million, or $1.36 per share for fiscal 2006. Net cash
provided by operating activities was $67.5 million for the fourth
quarter of fiscal 2007, compared to $40.8 million for the same
period last year. Net cash provided by operating activities was
$238.7 million for fiscal 2007, compared to $213.6 million for
fiscal 2006. Underlying Results: Underlying net income for the
fourth quarter was $48.1 million, compared to $36.6 million for the
same quarter of last year. Underlying earnings per share were $0.53
for the fourth quarter of fiscal 2007, compared to $0.39 for the
fourth quarter of last year. For fiscal 2007, underlying net income
was $172.3 million, or $1.90 per share, compared to underlying net
income of $160.9 million, or $1.72 per share, for fiscal 2006.
Underlying revenue for fiscal 2007 excludes an $11.0 million charge
for the value of one million performance-based warrants earned by a
customer and a $12.4 million deferred revenue adjustment related to
acquisitions. Underlying net income and earnings per share for the
fourth quarter exclude the above- described deferred revenue
adjustment, the amortization of acquisition-related intangible
assets, acquisition-related integration costs, the SFAS 123(R)
impact of stock options issued prior to July 1, 2004, and the
related combined tax benefits. In addition to the above-described
items, underlying net income and earnings per share for the full
year of fiscal 2007 excludes the charge for the value of the one
million performance-based warrants earned by a customer in the
third quarter of fiscal 2007, net of related income tax benefits.
Underlying net income and earnings per share for the fourth quarter
and full year of fiscal 2006 exclude the amortization of
acquisition-related intangible assets, the SFAS 123( R ) impact of
options issued prior to July 1, 2004, and the related combined tax
benefits. In addition, underlying net income and earnings per share
for the full year of fiscal 2006 exclude the historical effect of
discontinued operations on revenue and expense, resulting from a
divestiture in the third quarter of fiscal 2006, net of related
income tax benefits. A reconciliation of CheckFree's quarterly and
annual underlying results to its GAAP results is included in
Attachment A. Fourth Quarter and Fiscal Year 2007 Highlights During
the fourth quarter of fiscal 2007, CheckFree closed three
acquisitions. On April 2, CheckFree acquired Carreker Corporation,
a financial services software provider that is being integrated
into CheckFree's Software and Electronic Commerce businesses; and
on May 15, CheckFree completed the acquisition of Corillian
Corporation, a leading provider of electronic banking solutions
that is being integrated into the Company's Electronic Commerce
business. On May 31, CheckFree acquired Upstream Technologies, a
provider of investment management solutions that is being
integrated into CheckFree Investment Services. On a combined basis,
our three acquisitions exceeded expectations, helping fuel our over
performance for the quarter. For the fourth quarter, the Company
reported that the Electronic Commerce Division processed 343.6
million transactions, a 1 percent sequential increase over the
third quarter of fiscal 2007. For fiscal 2007, 1.3 billion
transactions were processed, compared to 1.1 billion transactions
processed in the previous fiscal year, representing 16 percent
annual growth. The Company delivered 60.5 million electronic bills
during the fourth quarter, which reflects a 3 percent sequential
quarterly increase. For fiscal 2007, CheckFree reported 225.8
million electronic bills, a 22 percent year-over-year increase.
CheckFree Investment Services reported nearly 2.7 million
portfolios under management, compared to nearly 2.3 million at the
end of fiscal 2006, representing a 17 percent increase over the
previous fiscal year. Refer to Attachment B for details on the
financial performance of CheckFree's divisions in the fourth
quarter of fiscal 2007, and Attachment C for electronic billing and
payment metrics. Financial Outlook for Fiscal 2008 and the First
Quarter of Fiscal 2008 Given the merger with Fiserv, the Company
announced that it will not provide forward-looking financial
expectations and will not be hosting an earnings conference call.
About CheckFree (http://www.checkfreecorp.com/) Founded in 1981,
CheckFree Corporation (NASDAQ:CKFR) provides financial electronic
commerce services and products to organizations around the world.
CheckFree Electronic Commerce solutions enable financial services
providers to offer the convenience of online banking, and along
with billers, to offer the convenience of receiving and paying
household bills online, via phone or in person through retail
outlets. CheckFree Investment Services provides a broad range of
investment management solutions and outsourced services to hundreds
of financial services organizations, which manage about $1.8
trillion in assets. CheckFree Software develops, markets and
supports software applications that are used by financial
institutions to process more than two- thirds of the nearly 14
billion Automated Clearing House transactions in the United States.
The division also provides financial institutions and other
organizations with payment processing and consulting,
reconciliation and exception management, fraud and risk management,
cash and logistics management, and compliance software and
services. Certain of the Company's statements in this press release
are not purely historical, and as such are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These include statements regarding management's
intentions, plans, beliefs, expectations or projections of the
future, and include statements regarding forecasts and expectations
of ability to extend market share in each business category.
Forward-looking statements involve risks and uncertainties,
including without limitation, the various risks inherent in the
Company's business, and other risks and uncertainties detailed from
time to time in the Company's periodic reports filed with the
Securities and Exchange Commission, including the Company's Annual
Report on Form 10-K for the year ended June 30, 2006 (filed
September 8, 2006); Quarterly Report on Form 10-Q for the quarter
ended September 30, 2006 (filed November 8, 2006); Quarterly Report
on Form 10-Q for the quarter ended December 31, 2006 (filed
February 8, 2007); and Quarterly Report on Form 10-Q for the
quarter ended March 31, 2007 (filed May 10, 2007). One or more of
these factors have affected, and could in the future affect the
Company's business and financial results in future periods, and
could cause actual results to differ materially from plans and
projections. There can be no assurance that the forward-looking
statements made in this press release will prove to be accurate,
and issuance of such forward-looking statements should not be
regarded as a representation by the Company, or any other person,
that the objectives and plans of the Company will be achieved. All
forward-looking statements made in this press release are based on
information presently available to management, and the Company
assumes no obligation to update any forward-looking statements.
CHECKFREE CORPORATION AND SUBSIDIARIES Consolidated Condensed
Statements of Operations (Unaudited) (In thousands, except per
share data) Three Months Ended Year Ended June 30, June 30, 2007
2006 2007 2006 Revenues: Processing and servicing $214,246 $190,933
$809,814 $754,076 License fees 15,738 10,337 46,209 35,196
Maintenance fees 19,906 11,511 55,217 42,218 Professional fees
26,767 12,157 61,404 47,912 ` Total revenues 276,657 224,938
972,644 879,402 Expenses: Cost of processing, servicing and support
116,220 89,509 401,176 342,535 Research and development 33,146
28,989 112,077 101,854 Sales and marketing 31,829 26,146 98,459
87,418 General and administrative 24,899 13,171 79,057 61,948
Depreciation and amortization 26,308 21,781 90,937 99,530 Total
expenses 232,402 179,596 781,706 693,285 Income from continuing
operations 44,255 45,342 190,938 186,117 Equity in net income
(loss) of joint venture 108 (653) (1,078) (3,100) Interest income,
net 366 4,072 9,594 12,455 Income from continuing operations before
income taxes 44,729 48,761 199,454 195,472 Income tax expense
16,805 19,275 75,016 74,455 Income from continuing operations
27,924 29,486 124,438 121,017 Income from discontinued operations
before income taxes - - - 14,310 Income tax expense on discontinued
operations - - - 8,064 Income from discontinued operations - - -
6,246 Net income $27,924 $29,486 $124,438 $127,263 Basic income per
share: Income per share from continuing operations $0.32 $0.32
$1.41 $1.33 Income per share from discontinued operations $- $- $-
$0.07 Total basic income per share $0.32 $0.32 $1.41 $1.40 Weighted
average number of shares 87,855 91,287 88,313 90,984 Diluted income
per share: Income per share from continuing operations $0.31 $0.31
$1.37 $1.29 Income per share from discontinued operations $- $- $-
$0.07 Total diluted income per share $0.31 $0.31 $1.37 $1.36
Weighted average number of shares 90,481 94,232 90,896 93,708
CHECKFREE CORPORATION AND SUBSIDIARIES Consolidated Condensed
Balance Sheets (Unaudited) (In thousands) June 30, June 30, 2007
2006 Current assets: Cash, cash equivalents and investments
$195,127 $317,613 Settlement assets 127,661 107,128 Accounts
receivable, net 221,320 146,605 Prepaid expenses and other assets
42,759 39,810 Deferred income taxes 10,189 7,311 Total current
assets 597,056 618,467 Property and equipment, net 156,113 100,217
Capitalized software and intangible assets, net 1,253,047 906,767
Investments 47,390 78,559 Other noncurrent assets 11,426 8,779
Deferred income taxes 66,246 45,240 Total assets $2,131,278
$1,758,029 Current liabilities: Accounts payable, accrued
liabilities and other $136,812 $91,333 Settlement obligations
123,302 103,732 Current portion of long-term obligations 206,022
767 Deferred revenue 79,391 40,301 Total current liabilities
545,527 236,133 Accrued rent and other 4,663 3,844 Deferred income
taxes 2,284 2,964 Deferred revenue 3,281 3,021 Capital leases and
long-term obligations, less current portion 68,021 28,432 Total
stockholders' equity 1,507,502 1,483,635 Total liabilities and
stockholders' equity $2,131,278 $1,758,029 Attachment A Calculation
of Free Cash Flow (Unaudited) (In thousands) Three Months Ended
Year Ended June 30, June 30, 2007 2006 2007 2006 Net cash provided
by operating activities $67,547 $40,801 238,737 $213,602 Excluding:
Net change in settlement accounts (2) 1,236 963 3,430 Less: Capital
expenditures (35,257) (14,279) (76,140) (48,096) Impact of
operating account conversion (9,443) - (9,443) - Plus: Data center
reimbursements 18,444 2,046 29,739 2,046 Free cash flow $41,289
$29,804 $183,856 $170,982 Additional Information: Cash (used
in)/provided by investing activities $(463,762) $(50,589)
$(451,658) $(138,076) Cash (used in)/provided by financing
activities $225,886 $(21,562) $95,184 $(3,971) Use of Non-GAAP
Financial Information We supplement our reporting of cash flow
information determined in accordance with Generally Accepted
Accounting Principles in the United States of America ("GAAP") by
using "free cash flow" in this earnings release as a measure to
evaluate our liquidity. We define free cash flow as net cash
provided by operating activities, exclusive of the net change in
settlement accounts and less capital expenditures, plus data center
reimbursements. We believe free cash flow provides useful
information to management and investors in understanding our
financial results and assessing our prospects for future
performance. We also use free cash flow as a factor in determining
long-term incentive compensation for senior management. We exclude
the net change in settlement accounts from free cash flow because
we believe this facilitates management's and investors' ability to
analyze operating cash flow trends. In connection with our walk-in
payment business, our consolidated balance sheet reflects
settlement assets and settlement obligations. The settlement assets
represent payment receipts in transit to us from agents, and the
settlement obligations represent scheduled but unpaid payments due
to billers. Balances in settlement accounts fluctuate daily based
on deposit timing and payment transaction volume. These timing
differences are not reflective of our liquidity, and thus, we
exclude the net change in settlement accounts from free cash flow.
As a technology company, we make significant capital expenditures
in order to update our technology and to remain competitive. Our
free cash flow reflects the amount of cash we generated that
remains, after we have met those operational needs, for the
evaluation and execution of strategic initiatives such as
acquisitions, stock and/or debt repurchases and other investing and
financing activities, including servicing additional debt
obligations. During the fourth quarter of fiscal 2006, we entered
into a credit facility to finance the construction of data centers.
Amounts we spend to construct these data centers are included in
our capital expenditures, but will be fully reimbursed by the
credit facility. The reimbursements from the credit facility are
added to our free cash flow measure because these expenditures do
not impact our overall liquidity. The data center reimbursements
line represents a change to our definition of free cash flow as of
the quarter ended June 30, 2006. We deducted the impact of an
ongoing conversion of an operating bank account because we do not
believe it should be included in the determination of free cash
flow for the periods presented. This adjustment represents
outstanding checks against the account that we are in the process
of closing. We are funding these checks as they clear from other
sources of operating cash. We expect these outstanding checks to
clear the account over the next 90 to 180 days at which time the
account will be closed. Free cash flow does not solely represent
residual cash flow available for discretionary expenditures, as
certain of our non-discretionary obligations are also funded out of
free cash flow. These consist primarily of payments on capital
leases and other long-term commitments, if any, as reflected in the
table entitled "Contractual Obligations" in the "Liquidity and
Capital Resources" section of "Management's Discussion and Analysis
of Financial Condition and Results of Operations" contained in our
Annual Report on Form 10-K for the fiscal year ended June 30, 2006,
which we filed with the Securities and Exchange Commission on
September 8, 2006. The Company's free cash flow should be
considered in addition to, and not as a substitute for, net cash
provided by operating activities or any other amount determined in
accordance with GAAP. Further, CheckFree's measure of free cash
flow may not be comparable to similarly titled measures reported by
other companies. Attachment A (continued) Reconciliation of GAAP
Net Income to Underlying Net Income and Earnings Per Share
(Unaudited) (In thousands, except per share data) Three Months
Ended Year Ended June 30, June 30, 2007 2006 2007 2006 Total
revenues per GAAP $276,657 $224,938 $972,644 $879,402 Impact of
warrants issued to a customer (1) - - 10,950 - Deferred revenue
adjustment(2) 12,387 - 12,387 - Impact of discontinued operations
(3) - - - 4,957 Total underlying revenues $289,044 $224,938
$995,981 $884,359 Net income per GAAP $27,924 $29,486 $124,438
$127,263 Impact of discontinued operations (3) - - - (6,246) Net
income from continuing operations per GAAP 27,924 29,486 124,438
121,017 Amortization of acquisition- related intangible assets
13,435 10,586 44,691 57,037 SFAS 123(R) - Stock options issued
before July 1, 2004 277 758 1,619 4,133 Impact of warrants issued
to a customer (1) - - 10,950 - Deferred revenue adjustment(2)
12,387 - 12,387 - Integration costs associated with acquisitions
5,179 - 6,116 - Income from discontinued operations - - - 1,490 Tax
benefit of underlying adjustments (11,123) (4,250) (27,914)
(22,795) Underlying net income $48,079 $36,580 $172,287 $160,882
GAAP and underlying basic weighted average shares outstanding
87,855 91,287 88,313 90,984 GAAP and underlying impact of dilutive
options and warrants 2,626 2,945 2,583 2,724 GAAP and underlying
diluted weighted average shares outstanding 90,481 94,232 90,896
93,708 GAAP basic earnings per share $0.32 $0.32 $1.41 $1.40 GAAP
diluted earnings per share $0.31 $0.31 $1.37 $1.36 Underlying basic
earnings per share $0.55 $0.40 $1.95 $1.77 Underlying diluted
earnings per share $0.53 $0.39 $1.90 $1.72 Use of Non-GAAP
Financial Information We supplement our reporting of total
revenues, income from operations, net income and earnings per share
information determined in accordance with GAAP by using "underlying
revenue," "underlying income from operations," "underlying net
income " and "underlying earnings per share" in this earnings
release. Management believes that certain non-cash adjustments to
revenues or expenses enhance our evaluation of our performance, and
are not pertinent to day-to-day operational decision making in the
business. Therefore, we exclude these items from GAAP revenue,
income from operations, net income and earnings per share in
calculating underlying revenue, underlying income from operations,
underlying net income and underlying earnings per share. Examples
of such non-cash charges may include, but not be limited to,
intangible asset amortization expense and in-process research and
development costs associated with acquisitions, integration costs
associated with acquisitions, charges associated with the
impairment of intangible assets, the impact of discontinued
operations, charges resulting from warrants issued to third
parties, and charges associated with reorganization activities, all
offset by the cumulative tax impact of these charges. We exclude
these items in order to more clearly focus on the factors we
believe are pertinent to the daily management of our operations,
and our management uses underlying results to evaluate the impact
of operational business decisions. We regularly report underlying
results to our Chairman and Chief Executive Officer, our chief
operating decision maker, who uses this information in allocating
resources to our various business units. Additionally, as we reward
our management for their decisions that increase revenues
underlying revenues, underlying net income and underlying earnings
per share as factors in determining long-term incentive
compensation for management. Because we utilize underlying
financial results in the management of our business and to
determine incentive compensation for management, we believe this
supplemental information is useful to investors for their
independent evaluation and understanding of the performance of our
management and our core business performance. Our underlying
revenues, underlying income from operations, underlying net income
and underlying earnings per share should be considered in addition
to, and not as a substitute for, revenues, income from operations,
net income or earnings per share or any other amount determined in
accordance with GAAP. Our measures of underlying revenues,
underlying income from operations, underlying net income and
underlying earnings per share reflect management's judgment of
particular items, and may not be comparable to similarly titled
measures reported by other companies. (1) See Page 10, footnote 4.
(2) See Page 10, footnote 2. (3) See Page 10, footnote 3.
Attachment A (continued) CHECKFREE CORPORATION AND SUBSIDIARIES
Supplemental Underlying Consolidated Condensed Statements of
Operations (Unaudited) (In thousands, except per share data) Three
Months Ended Year Ended June 30, June 30, 2007 2006 2007 2006
Revenues: Processing and servicing $214,246 $190,933 $820,764
$758,796 License fees 17,822 10,337 48,293 35,196 Maintenance fees
24,797 11,511 60,108 42,244 Other 32,179 12,157 66,816 48,123 Total
revenues 289,044 224,938 995,981 884,359 Expenses: Cost of
processing, servicing and support 115,318 89,325 399,947 341,713
Research and development 31,842 28,766 110,378 102,002 Sales and
marketing 30,407 26,016 96,806 87,177 General and administrative
23,071 12,950 75,903 61,708 Depreciation and amortization 12,873
11,195 46,246 42,982 Total expenses 213,511 168,252 729,280 635,582
Income from operations 75,533 56,686 266,701 248,777 Equity in net
loss of joint venture 108 (653) (1,078) (3,100) Interest income,
net 366 4,071 9,594 12,455 Income before income taxes 76,007 60,104
275,217 258,132 Income tax expense 27,928 23,524 102,930 97,250 Net
income $48,079 $36,580 $172,287 $160,882 Basic income per share:
Net income $0.55 $0.40 $1.95 $1.77 Weighted average number of
shares 87,855 91,287 88,313 90,984 Diluted income per share: Net
income $0.53 $0.39 $1.90 $1.72 Weighted average number of shares
90,481 94,232 90,896 93,708 Attachment B Reconciliation of GAAP
Results to Underlying Results by Segment (Unaudited) (In thousands)
Three Months Ended Year Ended June 30, June 30, 2007 2006 2007 2006
Electronic Commerce: Total revenues - GAAP $201,929 $166,541
$723,131 $662,728 Deferred revenue adjustment(2) 2,664 - $2,664 -
Impact of warrants to a customer (4) - - 10,950 - Total revenues -
underlying $204,593 $166,541 $736,745 $662,728 Operating income -
GAAP $55,651 $46,051 $203,447 $195,847 Amortization of acquisition-
related intangible assets 10,467 9,035 37,826 49,072 Impact of
warrants to a customer (4) - - 10,950 - Deferred revenue
adjustment(2) 2,664 - 2,664 - Integration costs related to
acquisitions 2,522 - 2,557 - SFAS 123(R) - Stock options issued
before July 1, 2004 (1) 201 550 1,177 2,999 Underlying operating
income $71,505 $55,636 $258,621 $247,918 Investment Services: Total
revenues - GAAP $34,027 $28,746 $124,029 $107,288 Impact of
discontinued operations (3) - - - 4,957 Total revenues - underlying
$34,027 $28,746 $124,029 $112,245 Operating income - GAAP $5,198
$3,652 $21,589 $13,939 Amortization of acquisition- related
intangible assets 484 484 1,936 1,992 SFAS 123(R) - Stock options
issued before July 1, 2004 (1) 29 78 167 425 Integration costs
related to acquisitions 954 - 954 - Impact of discontinued
operations (3) - - - 1,490 Underlying operating income $6,665
$4,214 $24,646 $17,846 Software: Total revenues - GAAP and
underlying $40,701 $29,651 $125,484 $109,386 Deferred revenue
adjustment(2) 9,723 - 9,723 - Total revenues - underlying $50,424
$29,651 $135,207 $109,386 Operating income - GAAP $(6,293) $3,788
$7,543 $14,701 Amortization of acquisition- related intangible
assets 2,484 1,067 4,929 5,973 Deferred revenue adjustment(2) 9,723
- 9,723 - Integration costs related to acquisitions 1,703 - 2,605 -
SFAS 123(R) - Stock options issued before July 1, 2004 (1) 12 34 71
184 Underlying operating income $7,629 $4,889 $24,871 $20,858
Corporate: Operating loss - GAAP $(10,301) $(8,146) $(41,641)
$(38,370) SFAS 123(R) - Stock options issued before July 1, 2004
(1) 35 96 204 525 Underlying operating loss $(10,266) $(8,050)
$(41,437) $(37,845) (1) At the beginning of fiscal 2005, we
implemented a new long-term incentive compensation philosophy,
which significantly reduced overall participation and focused on
restricted stock with limited stock options. As a result, we
recorded the cost of restricted stock throughout fiscal 2005 in
both underlying and GAAP results. In fiscal 2006, we have adopted
SFAS 123(R), and are consequently recording all long-term incentive
grants, both restricted stock and options, as an expense to both
underlying and GAAP results. The adjustment from GAAP to underlying
operating results in the table above reflects the SFAS 123(R)
charge associated with options granted prior to July 1, 2004 under
our previous compensation philosophy, which were originally
accounted for utilizing APB 25. (2) In connection with our
preliminary purchase price allocations, we estimated the fair value
of certain deferred revenue from license fees, support obligations
and other customer payments assumed in connection with business
acquisitions made during the three months ended June 30, 2007.
Software licenses, license updates and product support revenue
related to installations and support contracts assumed in business
acquisitions in the amount of $12,387, that would have been
otherwise recorded by the acquired entities, was not recognized as
revenue by CheckFree during the three months ended June 30, 2007.
As customers renew support contracts over the next year, we will
recognize revenue for the full contract value over the support
period. (3) In the third quarter ended March 31, 2006, the
divestiture of our M- Solutions business, a component of our
Investment Services segment, created a unique situation for our
presentation of underlying results versus GAAP results. SFAS 144,
"Accounting for the Impairment or Disposal of Long-Lived Assets,"
requires us to report the results of operations from the disposed
business, including any gain or loss on the sale, as an income
statement item separately captioned "earnings from discontinued
operations" on our GAAP basis unaudited condensed Statements of
Operations. This treatment is required for all periods presented,
not just the period in which the sale took place. In contrast, for
purposes of our underlying results, we have excluded the gain on
disposition in the current periods, and included the results of the
M-Solutions business for the periods of time that we owned the
business and for all of the prior periods presented. (4) In the
third quarter ended March 31, 2007, a bank customer vested in
1,000,000 warrants as a result of achieving certain milestones.
These warrants provide the customer the opportunity to purchase
shares of CheckFree Corporation at an exercise price of $32.50, and
were valued at $10.95 per warrant based on a Black-Scholes
valuation. Attachment C Electronic Billing and Payment Metrics (in
millions, except revenue/transaction and percentages) Quarter Ended
06/30/2007 03/31/2007 12/31/2006 09/30/2006 06/30/2006 Transactions
CSP: Revenue(1) $123.8 $122.5 $116.8 $114.2 $111.8 Revenue /
Transaction $0.45 $0.45 $0.46 $0.48 $0.49 Transactions 275.3 269.6
251.5 235.7 227.5 Sequential Quarterly Growth 2% 7% 7% 4% 5%
Non-CSP: Revenue $38.6 $39.6 $38.3 $36.2 $34.4 Revenue /
Transaction $0.57 $0.56 $0.54 $0.48 $0.46 Transactions 68.3 71.2
70.5 76.0 74.7 Sequential Quarterly Growth -4% 1% -7% 2% -2% Total:
Revenue $162.4 $162.1 $155.1 $150.4 $146.2 Transactions 343.6 340.9
322.0 311.7 302.2 Sequential Quarterly Growth 1% 6% 3% 3% 3% e-Bill
Delivery Revenue $10.4 $9.8 $8.7 $8.5 $8.0 Revenue / e-Bill $0.17
$0.17 $0.16 $0.16 $0.16 e-Bills Delivered 60.5 58.6 54.9 51.8 50.0
Sequential Quarterly Growth 3% 7% 6% 3% 7% Other EC Revenue(2) $
31.8 $ 12.8 $12.6 $12.1 $12.3 Other Performance Metrics Active Full
Service Subscribers(3) 12.0 11.6 11.1 10.5 10.0 (1) CSP Revenue
excludes the impact of warrants issued to a customer. (2) Other
revenue includes Health and Fitness, Professional Services, Stored
Value Products and Electronic Banking Software and Professional
Services, excluding any purchase accounting deferred revenue
adjustments. (3) "Active" refers to subscribers who have viewed or
paid a bill in the last 90 days at a Consumer Service Provider that
outsources essentially all of its electronic billing and payment
(EBP) functions to CheckFree. DATASOURCE: CheckFree Corporation
CONTACT: Media relations, Judy DeRango Wicks, +1-678-375-1595, , or
Investor relations, Tina Moore, +1-678-375-1278, , both of
CheckFree Corporation Web site: http://www.checkfreecorp.com/
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