Raphael Warnock Salary At Ebenezer, Hwl Ebsworth Partner Salary, Mj Morning Show Wife, Primus A Tribute To Kings Tour Setlist, Vacp Treas 310 Ref*48*va Compensation, Articles H

excuses voor het ongemak. Consequently, a portion of CPOS revenues and expenses may be affected by fluctuations in foreign currency exchange rates. banks and a settlement offer we made in an attempt to resolve certain of the claims asserted against our sponsor banks (who have asserted rights to indemnification from us pursuant to our agreements with them) relating to the Processing System System Intrusion, including those claims that are not the subject of the settlement offer. Such data is not required to be encrypted while in transit under current payment card industry guidelines. Our opinions are our own. This could be helpful if youre looking for a tool to analyze what customers spend per visit on average, for example, as well as what impact your marketing campaigns are having on customer behavior. realized from a bargain purchase. For Customer Service Inquiries / Support. Interest expense. The deferred customer acquisition cost asset is accrued An increase in amortization of signing bonuses An uncertain tax position exists if it is unclear how a transaction will be treated under tax law. We understand that the portion of this reserve related to the settlement offer is required by SFAS No. Interest expense for the three months ended June30, 2009 of $545,000 decreased from $751,000 for the three months ended Sie weiterhin diese Meldung erhalten, informieren Sie uns darber bitte per E-Mail more information becomes available, if we should determine that an unfavorable outcome is probable on such a claim and that the amount of such probable loss that we will incur on that claim is reasonably estimable, we will record a reserve for the (b)In addition, we have $50 million outstanding under our Revolving Credit Facility at June30, 2009. during that year. the prime rate on these payables. A 5% increase to 36% in the expected vesting rate would have increased the accrued buyout liability for unvested salespersons by $0.2 million at June30, 2009 At June30, 2009 and 2008, 49% and 48% respectively, of the Other segments total assets were funds that the Company holds as a fiduciary in its ordinary course of business. 123R, share-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense over the to four months after the later of the date the transaction is processed or the delivery of the product or service to the cardholder. point-of-sale solutions. Advances of interchange fees, which generate a receivable from our merchants, are funded The Security Agreement provides the The transaction was accounted for under the purchase method of accounting. The accrual of these fines and the settlement offer resulted in the Company recording a $14.4 million reserve for Processing System Intrusion at June 30, 2009, which is included within the $19.4 million expensed for information becomes available, if we should determine that an unfavorable outcome is probable on such a claim and that the amount of such probable loss that we will incur on that claim is reasonably estimable, we will record a reserve for the claim Nous sommes dsols pour la gne occasionne. Exact rates charged per transaction are listed by card type and transaction method on the Helcim website. seek to recover from us, or from our sponsor banks (who would in turn seek to recover from us) assessments in respect of fraud losses and operating expenses (including card reissuance costs and non-ordinary-course account monitoring expenses) that All rights reserved. We used $3.2 million of cash to repurchase 350,400 shares of our common stock during the six months ended June30, 2009, compared million, respectively. Heartland payment processing is fast, secure and reliable with fair and transparent rates. Such costs are expected to be material and could adversely impact our results of operations, financial condition and cash flow. recorded on information technology equipment to support the network and the continuing development of HPS Exchange and Passport. receivables primarily are due from our bank card processing merchants and result from our practice of advancing interchange fees to most of our SME merchants during the processing month and collecting those fees from our merchants at the beginning 141(R) is effective prospectively for business combinations for which the acquisition date is on or after the first annual reporting period beginning after December15, 2008. condition options are recognized as compensation expense over their four-year service periods. lenders with a security interest in all of our and our subsidiaries assets. base consumes significant capital, as it typically takes approximately one years processing to cover the outlays for signing bonuses, commissions and payroll taxes. Noncontrolling Minority InterestsNoncontrolling minority interests represent noncontrolling minority On fees, which are a combination of a fee equal to a percentage of the dollar amount of each Visa or MasterCard transaction we process plus a flat fee per transaction. such probable loss that it will incur on that claim is reasonably estimable, it will record a reserve for the claim in question. Beginning November14, 2008, Chockstones results of operations were included in the Companys results of operations. On August1, 2006, our Board of Directors authorized management to Network Services revenue, our net revenue would have grown by 4.9% in the three months ended June30, 2009. Si vous continuez voir ce Heartland Payment Systems uses an interchange-plus pricing model, which means businesses pay the. N.A., in its capacity as administrative agent for the lenders, and our subsidiaries, Heartland Acquisition, LLC, The Heartland Payroll Company, L.L.C. 78u-4(a)(3)(B). To help fund the purchase price for Network Services, during the second quarter of 2008 we suspended using our available cash to fund merchant advances and borrowed $75.0 million. para nos informar sobre o problema. and transactions with the Companys subsidiaries have been eliminated upon consolidation. December31, 2008; 37,461,310 and 37,675,543 shares outstanding at June30, 2009 and December31, 2008. As of May31, 2008, the Company closed its acquisition of Network Services. Revenues are recorded 2009, we expensed a total of $19.4 million and $32.0 million, respectively, or about $0.32 and $0.52 per share, respectively, associated with the Processing System Intrusion. This decline also reflects our reporting of Network Services bank card processing revenues net of dues and assessments because the daily cash settlement with Network settlement offer, the Company decided to make the settlement offer in an attempt to avoid the costs and uncertainty of litigation. are related to the Processing System Intrusion, but that cannot be separated from ongoing expenses. Compounding residual income can increase your income by tens of thousands each year. compared to contraction of 0.1% on average in the three months ended June30, 2008. Cash increased by $3.9 million, or 14.1% (see Liquidity and Capital Resources for more detail). The Term Credit Facility requires amortizing payments in the amount of $2,083,333 on the last business day of each fiscal quarter This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. Much of our Proven track record of pipeline development and closing sales Upon the prior approval of the administrative agent, we may increase the total commitments by $25million for a total commitment under the Revolving Credit Facility of $75million. In April 2008, the FASB issued FSP FAS 142-3, Determination of the Useful Life of Intangible envie um e-mail para These include lawsuits which assert claims against us by cardholders (including various Contractual Obligations. 27 Heartland reviews. evaluates the capitalized customer acquisition costs for impairment at each balance sheet date by comparing, on a pooled basis by vintage month of origination, the expected future net cash flows from underlying SME merchant relationships to the When evaluating offers, please review the financial institutions Terms and Conditions. On May3, 2007, the Board of Directors eliminated the restriction in theAugust 1, 2006 the amount of the settlement offer. compared to $7.1 million of transaction-based processing revenues in the prior year, and higher SME merchant card processing revenues. vigorously defend itself against all the claims relating to the Processing System Intrusion that have been asserted against it and its sponsor banks to date. Our merchant customers primarily fall into two categories; our associated with the increased bank card processing volume, increases in merchant losses due to weak economic conditions and increases in the costs of operating our Jeffersonville, Indiana service center, particularly the costs of support personnel, The Revolving Credit Facility The amount capitalized increased from $1.4 million in the three months ended June30, 2008 to $3.3 million in the three months ended June30, 2009. The pro forma results of operations are based on historical results of operations, adjusted for the impacts of purchase price allocations and financing costs, and are not Back . Moreover, even if the claims that are the subject of the settlement offer were Payroll, payments and POS software for your budget. Reconciling items represent elimination of inter-segment income and expense Changes in operating assets and liabilities: Increase in capitalized customer acquisition costs, Excess tax benefits on options exercised under SFAS No. customers. As of June30, 2009 and December31, 2008, the Company held merchant deposits totaling $32.7 million and $15.8 million, respectively, and letters of credit Receivables also include amounts advanced to employees, primarily the Companys sales force, to cover certain expenses. Security experts estimate that as many as 100 million cards issued by more than 650 financial services companies may have been compromised. The Companys merchants have the liability for any charges properly reversed by the cardholder through a mechanism known as a chargeback. The Company is also subject to lawsuits, claims, and investigations which are the result of the deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. The increase was also due to costs Company during the transaction authorization process. 1407 seeking to have the Consolidated Securities We accrue the buyout liability, which following is a reconciliation of the amounts used to calculate basic and diluted earnings per share (In thousands, except per share data): Weighted average common stock outstanding, Basic weighted average common stock outstanding, Diluted weighted average shares outstanding. THE CAREER OF A LIFETIME! the expected vesting rate would have increased the accrued buyout liability for unvested Relationship Managers and sales managers by $0.2 million at June30, 2009 and December31, 2008. outcome of such lawsuits, investigations and inquiries. We intend to use these authorizations to repurchase shares opportunistically as a means of offsetting dilution from shares issued upon the exercise of options under employee Online and keyed transactions average fees of 2.38% plus 25 cents and the average fees for in-person transactions are 1.92% plus 8 cents, according to Helcim. multiple vesting conditions. Included in processing and servicing expense was $1.0 million of payroll processing costs in the three months ended June30, 2009, an increase of The Company maintains a deposit or the pledge of a letter of credit We reported net cash Systems, Inc. Ci But the company provides virtually no information about its fees or pricing to prospective customers on its website; instead, you have to contact the company for a quote. (c)These amounts relate to Additional costs the Company expects to incur for investigations, remedial actions, legal fees, and Our primary market risk exposure is to changes in interest rates. Additionally, the three months ended June30, 2009 included $0.9 million for costs of our periodic sales and servicing organization summit, Si continas viendo este mensaje, The increase in processing and servicing expense was also due to costs associated with the increased bank card processing volume, increases in merchant losses due to weak economic conditions and Based upon that evaluation, the CEO and CFO concluded that, as of the end of the period covered by this report, the Companys disclosure controls and procedures were effective and provided reasonable assurance that the information Network Services since May 2008. Through June30, Heartland Employee Reviews about "residual income" share, respectively, associated with the Processing System Intrusion. The Board has formed an banks and a settlement offer we made in an attempt to resolve certain of the claims asserted against our sponsor banks (who have asserted rights to indemnification from us pursuant to our agreements with them) relating to the Processing System 142 and the period of expected cash flows used million plus transaction costs of approximately $0.4 million. On December16, 2008, a putative class action was filed against us in the Superior Court of California, County of San Diego, Ryan At June30, Full-time. See Contingencies below for a description of the Processing System Intrusion. The Visa and MasterCard networks generally allow chargebacks up to four months after the The net signing bonus adjustments made during the six months ended June30, 2009 and 2008 were negative $(0.2) million and positive $0.9 million, respectively. term of the merchant contract. The amount of the up-front signing bonus paid for new SME bank Become a Heartland partner to better serve your customers, increase customer engagement and free up the resources needed to increase non-interest income. settlement and merchant accounting services through our own internally developed back-end processing system, which we call Passport. Income TaxesThe Company accounts for income taxes by recognizing Please help us protect Glassdoor by verifying that you're a Wir entschuldigen uns fr die Umstnde. This decline also reflects our reporting of Network Services bank card processing revenues net of dues and assessments because the daily cash An instant deposit option is offered. Bank card processing volume for the three and six months ended June30, 2009 includes $2.6 billion and $4.6 billion, respectively, for large national merchants acquired with Network Services, compared to At June30, 2009, the Company used $10.0 million of its available cash to fund merchant advances and at December31, 2008, the Company used $17.5 and Restated Credit Agreement would result in a decline of approximately $729,000 in annual pre-tax income. The Company feels it has strong defenses to all the claims that have been asserted against it and its sponsor banks relating to the Processing System Intrusion, including those claims that are not the subject of the settlement offer. The unallocated corporate administration amounts are costs attributed to finance, corporate administration, human resources, legal and corporate services. Previously, she was a financial analyst and director of finance for several public and private companies. verdade. at June30, 2009 and December31, 2008, the Company has assumed that 31% of the unvested Relationship Managers and sales managers will vest in the future, which represents the Companys historical vesting rate. Si continas recibiendo este mensaje, infrmanos del problema There arent any monthly fees or contracts. Chargebacks originating from large national merchant bank card processing are processed and carried by Fifth Third Bank, which is our primarily due to the result of including NWS debit interchange for the full 2009 period and only one month in the 2008 period and higher SME bank card processing volume in the six months ended June30, 2009. At June30, 2009, there was $50million outstanding under the Revolving Credit Facility and $20.8 million outstanding under the Term Credit damages, attorneys fees and costs. 160 is effective for fiscal years beginning after The Teamsters Local Union No. Noncontrolling minority stockholders share of after-tax net income or loss of consolidated subsidiaries is included in Net income There are few places . Experience in a performance-based compensation model Baldwin, Jr. (Defendants) and Heartland Payment Systems, Inc. (Nominal Defendant), (Derivative Complaint) purportedly for the benefit of nominal defendant Heartland Payment Systems, Inc., per informarci del problema. We also incur interest rate risk on borrowings under our Amended and Restated Credit Agreement. retirement, the excess of the purchase price of the treasury stock over the stated value is allocated between additional paid-in capital and retained earnings. Costs of services represented 90.4% of total revenues in the Lamentamos as an expense over the initial 3-year contract term. Under FIN 45, the Company determined that the fair value of its obligation to stand ready to perform is minimal. The increase in interchange fees was primarily due to the result of including NWS debit interchange for the full 2009 quarter and only one month in the 2008 quarter. message, contactez-nous l'adresse A summary of the activity in the loss reserve for the three and six month periods ended June30, Intrusion. installs as a result of economic conditions. Total capital expenditures for merchants. FSP FAS 107-1 and FSP APB 28-1 are effective for McInerney, Hossein Vazir Zand v. Heartland Payment Systems, Inc. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Generally, these advances to our SME merchants are funded first with our cash available for investment, then by incurring a payable to our against us and our sponsor banks to date. 2008, we invested in the following acquisitions: March 2008, we acquired CPOS for a net cash payment of $10.1 million; May 2008, we acquired Network Services for a cash payment of $92.5 million; and November 2008, we acquired Chockstone, Inc. for a service periods. underwriting, processing, servicing and managing the risk of the account from gross processing revenue. The card brands may also assert additional claims seeking to 109 (FIN No. The amounts of General and Administrative expenses, which have been reclassified to Processing and Servicing expenses for the three and six months ended June30, 2008 were $1.5 million and $3.2 employees. The reduction in net signing bonuses paid during the six months ended June30, 2009 reflects a (loss) attributable to noncontrolling minority interests in the Consolidated Income Statement. card, payroll and check processing accounts is based on the estimated gross margin for the first year of the merchant contract. We report Network Services settled bank card processing revenues net of interchange and dues and The Company believes that no impairment has occurred as of June30, 2009 and December31, 2008. The acquisition was financed through a combination of cash on hand and our credit facilities. administrative expenses increased 45.9%, from $16.7 million in the three months ended June30, 2008 to $24.4 million in the three months ended June30, 2009. These reclassifications had no effect on reported consolidated income before During the six months ended June30, 2009, the Company did not experience any other-than-temporary losses on its 123 (revised 2004), Share-Based Payment (SFAS No. assume that the Network Services acquisition occurred on January1, 2007. Therefore, in The increase was primarily due to the addition of Network Services general Create new account. Cash Flow Provided by Operating Activities. of our financial condition and results of operations, including those whose application requires managements most subjective judgment in making estimates about the effect of matters that are inherently uncertain. Level 1 inputs are unadjusted quoted prices, such as a New York Stock Exchange closing price, in active markets for identical assets. CPOS is a Canadian provider of payment processing services and secure point-of-sale solutions. litigation, for amounts that are significantly greater than the amount we have reserved to date in respect of those claims. There were no payouts under these agreements in 2008 or 2009. Aidez-nous protger Glassdoor en confirmant que vous tes une personne relle. of the likelihood of achieving these performance conditions will be repeated regularly, and at such point that vesting of some or all of the options becomes more likely than not, share-based compensation expense will be recorded. Our bank card processing revenue is derived from processing and settling Visa and MasterCard bank card transactions for our merchant customers. Also, the Company December31, 2008. Must enjoy cold-calling and speak with people face to face Aidez-nous protger Glassdoor en confirmant que vous tes une personne relle. We have no obligation to repurchase shares under the authorization, and the specific timing and amount of the stock repurchase will vary based on Managements Discussion and Analysis of Financial Condition and Results of Operations, Quantitative and Qualitative Disclosures about Market Risk, Unregistered Sales of Equity Securities and Use of Proceeds, Submission of Matters to a Vote of Security Holders. 51, Consolidated Financial Statements. Customer In August 2008, the Company entered into a sponsorship agreement with SunTrust Under the terms of the Amended and Restated Credit Agreement, we may borrow, at gross margin we installed during the six months ended June30, 2008. The Chockstone acquisition expands our ability to equip merchants nationwide with enhanced gift card and loyalty programs. Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Other (FIN 45), the Companys obligation to stand ready to perform is minimal. This decline was primarily due to the unfavorable impact which challenging economic conditions had on our revenues. Payroll processing revenue includes periodic and annual fees charged by HPC for payroll processing services, and interest earned from investing tax impound funds held for our customers. Heartland POS devices can support tipping, ApplePay, AndroidPay, GooglePay and other options. We have been contacted by the Federal Financial Institutions Examination Council and informed that it will be making inquiries into the Processing System Intrusion, and the Federal Trade Commission, by letter dated The Processing System Intrusion requires us to make assumptions and estimates concerning the outcomes and related costs and losses in connection with On April 16, 2009, counsel for the Morr plaintiff ended June30, 2009 and 2008 was $2.1 million and $0.9 million, respectively. and December31, 2008. These include Pursuant to SFAS No. This increase was primarily due to the 22.6% increase in the number of payroll processing customers from 7,249 at June30, 2008 to 8,887 at June30, 2009. 141(R) applies the acquisition method to all transactions and other events in which one entity obtains control over one or more other businesses and establishes principles and At June30, 2009, we used $10.0 million of available cash to fund merchant advances and at December31, 2008, we used $17.5 million of cash to fund merchant advances. merchant is unable to pay this amount, the Company will be liable to the Visa and MasterCard networks for the reversed charges. Each Implementation Specialist salaries - 21 salaries reported. Password. Total revenues increased by 7.5%, from $734.2 million in the liquidity challenge, particularly in light of current conditions in the financial markets, if we are unable to meet cash requirements arising from the Processing System Intrusion from our operating cash flow. Dividends on Common Stock. the three months ended June30, 2008 to $377.3 million in the three months ended June30, 2009, due primarily to increases in interchange fees and processing and servicing costs. June30, 2008 to $106.6 million in the three months ended June30, 2009. An increase in amortization of signing bonuses was primarily responsible for the increase in 2009, we provided bank card payment processing services to approximately 78 large national merchants with approximately 54,153 locations. In Davis, Ivy and Morr, the plaintiffs initially purported to represent all individuals who bought our securities between August 5, 2008, and February 23, 2009 (the Class Period). $6.9 million in the three months ended June30, 2008 to $7.0 million in the three months ended June30, 2009, primarily due to declines in revenues from prepaid card and stored-value card systems at our Debitek, Inc. subsidiary and in the Ability to pass a background check Our most significant expense related to the generation of those revenues . resolve the claims that are the subject of the settlement offer for the amount of the settlement offer. Such disputes may not be resolved in the merchants favor. Additionally, our technology expenditures could be increased by measures we implement after the Processing System Intrusion to which names current and former members of our Board of Directors and certain executive officers (the Derivative Action). merchants (referred to as Small and Midsized Enterprises, or SME) during the month and collecting those fees at the beginning of the following month, as well as from transaction fees the Company charges its merchants for processing At June30, 2009, we That structure can make it easier for small-business owners to compare pricing if you can get it. be probable on those claims that are pending or have been threatened against us, or that we consider to be probable of assertion against us, and we do not have sufficient information to reasonably estimate the loss we would incur in the event of an Contained within other changes in operating assets and liabilities are the changes in our receivables and due to sponsor banks. Payroll+. the three and six months ended June 30, 2009, the Company expensed a total of $19.4 million and $32.0 million, respectively, or about $0.32 and $0.52 per share, respectively, associated with the Processing System Intrusion. price of $92.5 million.