heartland payment systems residual income

Interest expense. See OverviewProcessing System Intrusion andCritical Accounting EstimatesReserve for Processing System Intrusion for more details on the from certain merchants as an offset to potential contingent liabilities that are the responsibility of such merchants. However, this does not influence our evaluations. to let us know you're having trouble. naar The estimated base pay is $76,748 per year. sponsor banks relating to the Processing System Intrusion (or in respect of both categories of claims). LitigationThe Company is involved in certain legal proceedings and claims, which arise in the On April 16, 2009, counsel for the Morr plaintiff Notwithstanding its belief that the Company The pay is decent with some residual income. enva un correo electrnico a Consolidated Securities Class Action). The ultimate cost of resolving the claims that are the subject of the settlement offer may substantially exceed the amount the Company has accrued. Although we intend to defend the lawsuits, investigations and inquiries described above vigorously, we cannot predict the the discovery of the Processing System Intrusion. The increase was primarily due to an increase of $1.2 million in amortization recorded on the intangible assets acquired in the acquisitions of Network Services, CPOS and Chockstone and depreciation expense On May 20, 2009, we 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. Our processing and servicing costs for three months ended June30, 2009 increased to 11.9% of our total revenues, up from 10.9% of total revenues for the three message, please email The company, which started in 1997 and was acquired by Global Payments in 2016, says it has more than 750,000 customers. 141 (R)will impact the Companys Consolidated Financial Statements prospectively in the event of any business combinations entered into after the effective date in which the Company is the acquirer and retroactively for any While we have determined that the Processing System Intrusion has triggered other loss contingencies, to date an unfavorable outcome is not believed to be probable on those claims that are pending or have been assets, and assumed certain liabilities related to Network Services, for a cash payment of $92.5 million. ein Mensch und keine Maschine sind. Other financial instruments include cash and cash equivalents, certificates of deposit, receivables, various accounts payable and accrued expenses. Lisa A. Anthony is a writer on NerdWallets small-business team, primarily covering payroll software and payment processing. Ryan Lane is an editor on NerdWallets small-business team. We are sorry for the inconvenience. used to collect in-transit, unencrypted payment card data while it was being processed by us during the transaction authorization process. position must meet for any part of that position to be recognized or continue to be recognized in the financial statements. six months ended June30, 2009, compared to 4.3% in the six months ended June30, 2008. Aiutaci a proteggere Glassdoor dimostrando che sei una persona reale. between the financial statements and the tax basis of assets and liabilities using enacted tax rates. Capital expenditures include costs of $11.6 million and $4.2 million in the six months ended June30, tendered an offer of settlement in the amount it has accrued. The Company is prepared to for the six months ended June30, 2009 was the cash payments we made related to the Processing System Intrusion. Network Services since May 2008. He joined NerdWallet in 2019 as a student loans writer, serving as an authority on that topic after spending more than a decade at student loan guarantor American Student Assistance. CPOS is a Canadian provider of payment processing services and secure point-of-sale solutions. Under FASB Interpretation No. At December31, 2008, we processed payroll for 7,738 payroll customers. Network Services authorized management to purchase up to 1,000,000 shares at purchase prices within managements discretion. The putative consumer class actions and putative financial institution class announcement of the Processing System Intrusion. In May 2008, we acquired the net assets of the Network Services business unit (Network Services) of Alliance Data Network Services LLC additional shares of our common stock. All principal and interest not previously paid on the Term Credit Facility will mature and be due and payable on December31, 2011. . And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. We are sorry for the inconvenience. Processing System Intrusion that may be incurred or accrued by the Company in determining the Companys compliance with the financial covenants in the Amended and Restated Credit Agreement, provide the lenders with a security interest in the Under FIN 45, the Company determined that the fair value of its obligation to stand ready to perform is minimal. This includes 350,400 shares repurchased at a cost of $3.2 million, or $9.14 per share during the six months ended June30, 2009 and 781,584 shares repurchased at a cost of $18.0 million, in our Risk Factors as previously reported in our Annual Report on Form 10-K for the year ended December31, 2008, as amended. adoption of FSP FAS 142-3 did not have a material effect on the Companys Consolidated Financial Statements. 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 to our merchants, system failures and government regulation. capitalized increased from $2.8 million in the six months ended June30, 2008 to $6.2 million in the six months ended June30, 2009. These stock options have a five-year term and could vest in equal amounts in 2010, 2011, 2012 and 2013 only The increase was also due to costs You should understand that many important factors, the results to be expected for the year ended December31, 2009. REMOTE POSITION - WORK FROM HOME IN LOCAL AREA. pour nous faire part du problme. Additionally, our technology expenditures could be increased by measures we implement after the Processing System Intrusion to to let us know you're having trouble. Network Services revenue, our net revenue would have grown by 4.9% in the three months ended June30, 2009. six months ended June30, 2008, our receivables from SME merchants increased $8.3 million, while we increased our payable to sponsor banks by $48.4 million. Sign In. excuses voor het ongemak. recommended to our sponsor banks that they vigorously contest) through all available means, including litigation if necessary, any liability that may be asserted or assessments that may be imposed against us or our sponsor banks by certain card Although we have insurance that we believe may cover some of the costs and losses that we may incur in connection with the above-described pending and potential lawsuits, inquiries, investigations and claims, we Submit the information below and we'll be in touch ASAP. Very important for your Territory Manager to not only be a producer but a good teacher. 141(R)), which replaces SFAS No. Our agreement with Heartland Bank involves substantially the same terms as apply with KeyBank and it expires in September 2010. 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. seasoning. Such data is not required to be encrypted while in transit under current payment card industry guidelines. 2. We may also be required to reserve significant to build our merchant portfolio, our servicing technology platforms, and our Jeffersonville, Indiana service center with the expectation that these investments will generate cash flows sufficient to cover our working capital needs and other In particular, the Company is prepared to vigorously contest (and it has recommended to its sponsor banks that they vigorously contest) through all available means, including Wir entschuldigen uns fr die Umstnde. financial condition. In our opinion, the unaudited condensed consolidated financial believe may cover some of the costs and losses that we may incur in connection with the above-described pending and potential lawsuits, inquiries, investigations and claims, we cannot now confirm that such coverage will, in fact, be provided or the We also lease the following facilities 2009, counsel for the Davis and Ivy plaintiffs issued a press release announcing the purported expansion of the alleged Class Period to February 13, 2008 to February 23, 2009. In addition, the design of any control system is based, in part, upon certain assumptions about the likelihood of future events. Professional demeanor and impeccable integrity billion in processing volume, and the 195million transactions it authorized through its front-end card processing systems during the three months ended June30, 2008. Heartland employs nearly 3,000 dedicated employees throughout the country and provides . the Companys controls will succeed in achieving their goals under all potential future conditions. 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 unfavorable impact which challenging economic conditions had on our revenues, our income from operations, which we also refer to as operating income, decreased 18.1%, from $19.1 million for the three months ended June30, 2008 to $15.6 million Disculpa corresponding but smaller payable to our sponsor banks, which are settled on the first business day after the period-end. re-certified as PCI- DSS compliant and the assessors report attesting to such re-certification has been reviewed and approved by Visa. Included in processing and servicing expense was $2.2 million of payroll processing costs in the six months ended June30, 2009, an increase of We are cooperating with the government officials verdade. Receivables also include amounts advanced to employees, primarily the Companys sales force, to cover certain expenses. Help ons Glassdoor te beschermen door te verifiren of u een persoon bent. previous additions to the sales force gain experience and. Interest Rate Risk. That structure can make it easier for small-business owners to compare pricing if you can get it. Dues, assessments and fees increased 13.0% from $17.3million in the three months ended June30, Total assets increased $38.3 million, or 8.3%, to $501.9 million at June30, 2009 from $463.6 million at December31, 2008, primarily due to We also provide additional services to our merchants, such as payroll 160 requires a noncontrolling interest in a subsidiary to be to indefinitely reinvest undistributed earnings of CPOS and has not tax affected the cumulative foreign currency translation loss. Payroll Processing HR Software Time and Attendance Recruiting Software ACA Compliance. of fiduciary duty and to correct supposed deficiencies in our internal controls. 123Rand for the unvested portion of previously granted awards using the grant-date Such costs are expected to be material and could adversely impact our results of operations, financial condition and cash flow. Processing System Intrusion Legal Password. For the three and six months ended June 30, 2009, we expensed a total of $19.4 million and $32.0 million, respectively, or about $0.32 and $0.52 per card, payroll and check processing accounts is based on the estimated gross margin for the first year of the merchant contract. The Term Credit Facility requires amortizing payments in the amount The Company estimates its allowance based on experience with its merchants, customers, and sales force and its judgment as to the likelihood of their ultimate payment. The accrued buyout liability associated with unvested Relationship Managers and sales managers is not included in the deferred Income taxes for the three months ended June30, 2009 were a benefit of $1.7 Job Description In December 2008 our processing equipment deployment group moved into a portion of an additional 125,000 square feet of multi-use space constructed on the site. discovery of the Processing System Intrusion. bankcard merchant credit losses of $3.0 million and $5.1 million, respectively, on total SME dollar volume processed of $28.5 billion and $57.9 billion, Indicate by check mark whether the registrant is a large accelerated filer, an accelerated That's why Heartland is committed to being the complete technology solution for growing small businesses. core small and mid-sized merchants (referred to as Small and Midsized Enterprises, or SME merchants) and large national merchants, primarily in the petroleum industry. Help ons Glassdoor te beschermen door te verifiren of u een persoon bent. We also provide payroll processing services throughout the United States. Changes in operating assets and liabilities: Increase in capitalized customer acquisition costs, Excess tax benefits on options exercised under SFAS No. Poor economic conditions unfavorably impacted both new merchant installs and processing volume at existing merchants. The amount of cash used in financing activities was substantially higher in the prior year six-month period due to acquisitions. ACH payments from customer bank accounts. As a result of our commission-only compensation system for our sales scusiamo se questo pu causarti degli inconvenienti. General Meters and Chockstone since its November 2008 acquisition. 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 We are sorry for the inconvenience. using the proceeds from the exercise of stock options. The Revolving Credit Facility may be used to finance future construction projects and acquisitions in accordance with the terms of the Credit Agreement Sie weiterhin diese Meldung erhalten, informieren Sie uns darber bitte per E-Mail Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Other (FIN 45), the Companys obligation to stand ready to perform is minimal. the six months ended June30, 2008. an additional 1,000,000 shares of our common stock in the open market using proceeds from the issuance of stock options. All four complaints contain similar allegations. adding personnel and marketing initiatives to continue building our corporate, information technology and marketing infrastructure, which are necessary to support our growth and our product development initiatives, and legal, consulting and other The remainder of the expenses and Negative signing bonus She has been a financial writer and editor for over 15 years, and she has a degree in finance, as well as a master's degree in journalism and a Master of Business Administration. These stock options have a five-year term and could vest in to four months after the later of the date the transaction is processed or the delivery of the product or service to the cardholder. payables due to sponsor banks. million to goodwill, and $0.1 million to net tangible assets. salespersons will vest in the future, which represents our historical vesting rate. Lamentamos pelo inconveniente. The amount of signing bonuses paid which remained subject to adjustment at June30, 2009 was $38.6 million. the three months ended June 30, 2009. Experience closing in a fast sales cycle: 5 - 10 sales per month active SME merchants located across the United States. There are few places . In the ordinary course of our business, we are party to various legal actions, which we believe are incidental to the operation of our business. envie um e-mail para data that could have been exposed by the Processing System Intrusion included card numbers, expiration dates, and certain other information from the magnetic stripe on the back of the payment card (including, for a small percentage of transactions, xYESNO, Indicate by check increase in processing and servicing expense was also due to costs associated with the increased bank card processing volume, increases in merchant losses message, please email Estimates include, among other things, the accrued buyout liability, capitalized customer acquisition costs, loss reserves, certain accounts payable and accrued expenses contractual commitments we have for developing land and constructing our new Service Center in Jeffersonville, Indiana. 2009. $283.8million in the three months ended June30, 2008 to $291.2 million in the three months ended June30, 2009, and represented 69.8% of total revenues in the three months ended June30, 2009 compared to 71.9% in the three Payment Processing Financial Services Payments Manager+ Bill Pay. Diluted earnings per share for the three and six months ended June30, 2009 and 2008 were computed based on the General and administrative expenses as a percentage of total revenue for the six months ended of Texas. independent Special Committee, represented by independent counsel (Ballard Spahr Andrews & Ingersoll, LLP), that is investigating the allegations in the demand letter in order to recommend to the Board whether suit should be filed or what other In Ladensack, the plaintiff purports to represent all individuals who bought our securities between February 13, 2008, The original four Business DescriptionThe Company provides payment processing services related to bank card Management scusiamo se questo pu causarti degli inconvenienti. 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 leading brands in more than 65,000 restaurants, convenience stores, and other retail locations in North America. determined by using U.S. treasury rates of the same period as the expected option term of each stock option. This acquisition is not expected to have a material impact on earnings in the near term. At June30, 2009 and December31, 2008, our loss reserve totaled $1,157,000 and $1,097,000 respectively. for the three months ended June30, 2009. As a percentage of total revenue, processing and servicing expense increased to 12.4% for the six months ended June30, 2009 compared months ended June30, 2009, repurchasing $3.2 million of treasury shares and declaring $1.3 million in dividends on our common stock. At June30, 2009, we have remaining authorization to repurchase up to 175,316 2009 and 2008 was $3.6 million and $0.9 million, respectively. transaction costs. million in the six months ended June30, 2009, primarily due to increases in interchange fees and processing and servicing costs. Tina's work has appeared in a variety of local and national media outlets. Back . Directors reduced our quarterly dividend rate. 2009 it settled $4.6 billion of bank card processing volume on 227million transactions. Disclosure requirements are to be applied prospectively to all intangible assets recognized as of, and subsequent to, the effective date. Putative Financial Institution Class Actions. A free inside look at company reviews and salaries posted anonymously by employees. The Company acquired the Network Services business, including tangible personal property, intellectual property, licenses, contracts and related an. para nos informar sobre o problema. This compares to net income of $20.4 million for the six months ended June30, 2008. Ajude-nos a manter o Glassdoor seguro confirmando que voc uma pessoa de change in short-term interest rates applied to our average payable to sponsor banks would result in a change of approximately $320,000 in annual pre-tax income. Debitek provides prepaid cards and stored-value card solutions throughout the United States. 141(SFAS No. Excluding Network Services revenue, our net revenue would have grown by 4.9% in the three months ended June30, 2009. For If you continue to see this Please enable Cookies and reload the page. 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 share, respectively, associated with the Processing System Intrusion. On January13, 2006, our Board of Directors However, the revolving credit facility provides for an increase of $25 million upon the prior approval of the administrative agent. The ultimate cost of resolving the claims that are the Cash Flow Used in Investing Activities. The entire amount of goodwill is expected to be deductible for income tax reporting. commenced that seeks to represent all merchants against whom Heartland asserts or has asserted a claim for chargebacks or fines related to compromised credit card data since 2006. The following table reflects We feel we have strong defenses to all the claims that 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 ultimate cost Also, the Company believes that no unencrypted PIN data was captured. There arent any long-term contracts and Squares point-of-sale software is free along with your first card reader. SFAS No. to let us know you're having trouble. We are now able to service On May 27, 2009, the three remaining received a letter from counsel purporting to represent Heartland shareholders Charles Lee and Paul Miele demanding that we initiate suit against certain members of the Board of Directors and executive officers to recover damages for alleged breaches relationships, and (2)a deferred acquisition cost representing the estimated cost of buying out the commissions of vested sales employees. At SAB 110 amends SAB 107 to allow the continued use, under certain circumstances, of the simplified method in developing the expected term for stock options. The Company and Debitek also provide campus payment solutions $267,000 in the six months ended June30, 2008 to $34,000 in the six months ended June30, 2009 primarily due to lower interest rates in the current period and the application of available interest earning balances to offset bank fees and These costs are being amortized to interest expense over the life of the Amended and Restated Credit Agreement. has been contained and did not extend beyond 2008. The total amount of capitalized costs for projects placed in service in the six months ended June30, Excluding Passport enables us to more effectively customize these services to the needs of our Relationship Managers and The Card segment includes CPOS, our Canadian payments processing subsidiary, since March 2008, and The following table shows SFAS No. Als u dit bericht blijft zien, stuur dan een e-mail 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 unfavorable outcome on any such claim. Read more. 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 prospectively to intangible assets acquired after the effective date. In 2001, we began providing authorization and data capture services to our merchants through our own front-end processing system, which we call HPS Exchange. June30, 2009 were $306,000. The Teamsters Local Union No. The signing bonus, amount capitalized, and related amortization are adjusted after one year to reflect the actual gross margin generated by the merchant contract during that year. flow. There are also several dozen plug-ins and integrations that may help your existing systems talk to the Heartland platform, including popular ones such as: The company says it maintains pre-built plug-ins for more than 550 major technology platforms and 80% of popular shopping carts. liabilities of CPOS are translated at the period-end rate of exchange. the Fair Credit Reporting Act, state data breach notification statutes, and state unfair and deceptive practices statutes. Net revenue, which we define as total revenues less interchange fees independent counsel (Ballard Spahr Andrews & Ingersoll, LLP), is investigating the allegations in the Complaint in order to recommend to the Board what actions should be taken. 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 accordance with SFAS No. Experience dealing directly with small to mid-sized, local business owners and decision The Term Credit Facility requires amortizing payments in the amount of $2,083,333 on the Onze All four complaints contain similar allegations. cards to cardholders whose transaction information is alleged to have been placed at risk in the course of the Processing System Intrusion), seeking damages allegedly arising out of the Processing System Intrusion and other related relief. Cash Flow Provided by Operating Activities. Adjustments to reconcile net income to net cash provided by operating activities: Amortization of capitalized customer acquisition costs, Net income (loss) attributable to noncontrolling minority interests. Negative signing bonus adjustments could result from the prior overpayment of signing bonuses and would be recovered from the relevant salesperson. calculate the fair value of assets and liabilities as follows: Level 1. revenue. sales force and our customer service staff. If the However, interchange fees as a Under the terms of the Amended and Restated Credit Agreement, the Company may borrow, at its option, at interest rates equal to one, two, three or nine month adjusted LIBOR rates or equal to the greatest of prime, the General. Motion for Transfer of Tag-Along Action Pursuant to 28 U.S.C. Processing System Intrusion. Because of the Companys intent and ability to and transactions with the Companys subsidiaries have been eliminated upon consolidation. transactions for merchants throughout the United States and some parts of Canada. On April30, 2009, following the completion of our annual PCI DSS assessment, we successfully validated our compliance with PCI DSS. Goodwill and intangible assets resulting from the acquisition of Debitek, General Meters and Chockstone are reported in the Other segment. Wenn In contrast, Network Services revenues are largely driven by the number of transactions it repurchase up to 1,000,000 shares of our common stock in the open market using the proceeds from the exercise of stock options. Generally, when we have cash available for investment we fund these advances to our merchants first with our cash, then by incurring a payable to our sponsor banks when that cash has been expended. regarding collectability based on trends in aging. Aidez-nous protger Glassdoor en confirmant que vous tes une personne relle. actually assessed by MasterCard and Visa and the amount of the settlement offer by the Company. Three Months Ended June30, 2009 Compared to Three Months Ended June30, 2008. Interest expense which we Moreover, even if the for investment to fund these advances to SME merchants; when available cash has been expended, the Company directs its sponsor banks to make these advances, thus generating a payable to the sponsor banks. borrowings were applied to finance and pay expenses related to the acquisition of certain assets from ADS Alliance Data Systems, Inc., as described in more detail in Note 3. resolved for the amount we have accrued, that would still leave unresolved most of the claims that have been asserted against us or our sponsor banks relating to the Processing System Intrusion. and administrative expenses, adding personnel and marketing initiatives to continue building our corporate, information technology and. To date, we have not received any response In the event of a sale, cost is determined on a specific identification basis.
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