S1 Corporation Reports Fourth Quarter and Full Year 2009
Results
GlobeNewswire
2010-03-04
Revenue Increased 1% in the Fourth Quarter and 5% for the Full Year
Compared to 2008
Adjusted EBITDA Increased 19% in the Fourth Quarter and 8% for the Full
Year Compared to 2008
Company Completes the Acquisition of PM Systems Corporation
NORCROSS, Ga., March 4, 2010 (GLOBE NEWSWIRE) -- S1 Corporation
(Nasdaq:SONE), a leading global provider of payments and financial
services software solutions, today announced financial results for the
fourth quarter and the full year ended December 31, 2009:
-- Total revenue in the fourth quarter of 2009 increased one percent to
$59.5 million from $58.6 million in the fourth quarter of 2008. Total
revenue for the year ended December 31, 2009 increased five percent to
$238.9 million from $228.4 million in 2008.
-- GAAP earnings were $9.9 million or $0.18 per share (diluted) in the
fourth quarter of 2009 compared to GAAP earnings of $5.3 million or
$0.10 per share (diluted) in the fourth quarter of 2008. GAAP earnings
were $30.4 million or $0.55 per share (diluted) for the year ended
December 31, 2009, a $0.17 increase over GAAP earnings of $21.9 million
or $0.38 per share (diluted) in 2008. These figures include stock-based
compensation expense of $1.2 million and $3.5 million in the fourth
quarters of 2009 and 2008, respectively, and $1.6 million and $8.1
million for the years ended December 31, 2009 and 2008, respectively.
-- Adjusted EBITDA in the fourth quarter of 2009 was $12.5 million compared
to $10.5 million in the fourth quarter of 2008. Adjusted EBITDA for the
year ended December 31, 2009 was $46.4 million compared to $43.0 million
in 2008. Adjusted EBITDA does not include stock-based compensation
expense and is described below and reconciled to U.S. GAAP Net income in
Tables 4, 5 and 6.
-- Total revenue from international operations in the fourth quarter of
2009 increased eight percent to $16.8 million from $15.5 million in the
fourth quarter of 2008. Total revenue from international operations for
the year ended December 31, 2009 increased seven percent to $68.1
million from $63.8 million in 2008.
-- Excluding the State Farm relationship, the Company's revenue and
Adjusted EBITDA grew 8% and 21%, respectively, in 2009.
-- Under a previously announced stock repurchase program, the Company
repurchased 752 thousand shares of its common stock for $4.6 million
during the fourth quarter of 2009, and 1.5 million shares for $9.6
million during the year ended December 31, 2009. As of December 31,
2009, the Company had $61.8 million in cash and cash equivalents.
-- On March 4, 2010, the Company completed the acquisition of PM Systems
Corporation (PMSC), a provider of internet banking, bill pay and
security solutions for credit unions in the United States, for
approximately $28.9 million in cash, net of cash acquired. PMSC
currently serves approximately 900,000 Internet banking subscribers
through its credit union clients representing approximately 4.4 million
members. The acquisition was funded from the Company's available cash.
-- The Company expects PMSC to generate revenue and Adjusted EBITDA of
approximately $11.8 million and $3.5 million, respectively, during
calendar year 2010. Net of transaction costs and other adjustments, the
Company expects PMSC to generate revenue and Adjusted EBITDA of
approximately $9.6 million and $2.4 million, respectively, for the
Company during the remainder of 2010.
-- In 2010, after giving effect to the PMSC acquisition, the Company
expects to generate revenue of $248 to $254 million, Adjusted EBITDA of
$43 to $47 million, and Cash earnings per share of $0.51 to $0.57.
Excluding the State Farm relationship and excluding the acquisition of
PMSC, at the mid-point of the Company's guidance, the Company expects
revenue and Adjusted EBITDA to increase approximately 7% and 14%,
respectively, in 2010 as compared to 2009.
"The Company performed well in 2009 in a difficult marketplace,"
commented Johann Dreyer, Chief Executive Officer of S1. "As we look
ahead, we expect that market conditions will remain challenging in
2010. However, we continue to see excellent sales opportunities
globally, particularly with our payments and cash management offerings.
As our relationship with State Farm winds-down through the end of 2011,
we will be focusing on replacing the professional services revenue
generated from that engagement with software license, subscription and
other recurring revenue. We will also continue to focus on making
investments in product development and customer satisfaction
initiatives to further position the Company for sustained growth and
success."
"We are excited to welcome PMSC to the S1 family," Dreyer added. "PMSC
has built an extremely impressive reputation for providing the highest
quality products, services and customer support to credit unions in the
U.S. With affordable, best-of-breed technology and a deep understanding
of the opportunities and challenges credit unions are facing, PMSC will
help S1 more effectively serve the unique needs of this marketplace. In
addition, PMSC's recurring revenue model will be a nice addition to our
financial profile."
Raymond James & Associates, Inc. served as the Company's financial
advisor in connection with the rendering of a fairness opinion as to
the acquisition of PMSC.
Non-GAAP Measures and Reconciliation to U.S. GAAP
Our results of operations are based upon our consolidated financial
statements, which have been prepared in accordance with accounting
principles generally accepted in the United States of America ("U.S.
GAAP"). In addition to U.S. GAAP financial measures, we use non-GAAP
measures to evaluate our financial performance, assist management
decisions, and in communications with our Board of Directors,
stockholders, analysts and investors concerning our financial
performance. Although we believe that our presentation of non-GAAP
financial measures provide useful supplemental information to investors
regarding our results of operations, our non-GAAP financial measures
should only be considered in addition to, and not as a substitute for
or superior to, our financial measures prepared in accordance with U.S.
GAAP. The use of non-GAAP financial measures is subject to inherent
limitations because they do not include all the expenses that must be
included under U.S. GAAP and because they involve the exercise of
judgment of which charges should properly be excluded from the non-GAAP
financial measure. Management accounts for these limitations by not
relying exclusively on non-GAAP financial measures, but only using such
information to supplement U.S. GAAP financial results. Our non-GAAP
financial measures may be different from such measures used by other
companies.
We are presenting Adjusted EBITDA, a non-GAAP financial measure, below
and reconciling to the most directly comparable U.S. GAAP equivalent of
which is Net income. We define Adjusted EBITDA as Net income plus
interest and other expense (income), plus income taxes, depreciation,
amortization of intangibles, and stock-based compensation expense. We
believe that excluding depreciation, amortization, stock-based
compensation expense, net interest income and income tax expense
provides supplemental information and an alternative presentation
useful to investors understanding our core operating results and
trends. Not only are depreciation and amortization expenses based on
historical costs of assets that may have little bearing on present or
future replacement costs, but they are also based on management
estimates of remaining useful lives. Additionally, while stock-based
compensation is an important part of overall compensation expense, a
portion of our stock-based compensation expense is the result of
cash-settled stock appreciation rights that are revalued each quarter
for U.S. GAAP earnings based in part on the closing price of our stock
on the last day of the quarter. Consequently, fluctuations in our stock
price can have a significant impact on our reported U.S. GAAP earnings.
See Tables 4, 5 and 6 for reconciliations of non-GAAP Adjusted EBITDA
to U.S. GAAP Net income.
We are presenting Cash earnings per share, a non-GAAP financial
measure, below and reconciling to the most directly comparable U.S.
GAAP equivalent of which is Net income and earnings per share. We
define Cash earnings as Net income minus amortization of intangibles,
stock-based compensation and deferred income taxes. We calculate Cash
earnings per share by adding back the per share impact of adjustments
from diluted earnings per share. We believe Cash earnings per share is
a useful financial measure which provides supplemental information and
an alternative presentation useful to investors understanding trends of
our income. Amortization of intangibles are generally expensed over
several periods and may not be indicative of current cash expenditures.
We believe the exclusion of stock-based compensation provides useful
supplemental information to help understand the changes in our earnings
per share due to the fluctuations of our cash-settled stock
appreciation rights included in stock compensation. We exclude the
impact of deferred income taxes on earnings as the temporary
differences and the changes in valuation allowances may be misleading
for trend analysis. See Table 1 for reconciliation of non-GAAP Cash
earnings per share to U.S. GAAP Diluted earnings per share.
Conference Call Information
Company management will host a conference call for interested parties
to discuss its fourth quarter and full year 2009 results on Friday,
March 5, 2010, at 8:30 a.m. ET. A webcast of the call will be available
through the Company's website, www.s1.com. The conference call will
contain forward-looking statements and other material information. A
replay of the call will be available for two weeks following the call
on the Company's website.
About S1 Corporation
Leading banks, credit unions, retailers, and processors need technology
that adapts to the complex and challenging needs of their businesses.
These organizations want solutions that can respond quickly to changes
in the marketplace and help grow their businesses. For more than 20
years, S1 Corporation (Nasdaq:SONE) has been a leader in developing
software products that offer flexibility and reliability. Over 3,000
organizations worldwide depend on S1 for payments, online banking,
mobile banking, voice banking, branch banking and lending solutions
that deliver a competitive advantage. www.s1.com
Forward Looking Statements
This press release contains forward-looking statements within the safe
harbor provisions of the Private Securities Litigation Reform Act.
These statements include statements with respect to our financial
condition, results of operations and business. The words "believes,"
"expects," "may," "will," "should," "projects," "contemplates,"
"anticipates," "forecasts," "intends" or similar terminology identify
forward-looking statements. Forward-looking statements may include
projections of our revenue, expenses, Adjusted EBITDA, capital
expenditures, earnings per share, product development projects, future
economic performance or management objectives. These statements,
including without limitation statements regarding expected revenue and
Adjusted EBITDA from PMSC, are based on our beliefs as well as
assumptions made using information currently available to us. Because
these statements reflect our current views concerning future events,
they involve risks, uncertainties and assumptions. Therefore, actual
results may differ significantly from the results discussed in the
forward-looking statements. The risk factors included in our reports
filed with the Securities and Exchange Commission (and available on our
web site at www.s1.com or the SEC's web site at www.sec.gov) provide
examples of risks, uncertainties and events that may cause our actual
results to differ materially from the expectations we describe in our
forward-looking statements. Except as provided by law, we undertake no
obligation to update any forward-looking statement for any reason, even
if new information becomes available.
S1 Corporation
Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
TABLE 1
Three Months Ended Twelve Months Ended
12/31/2009 12/31/2008 12/31/2009 12/31/2008
----------- ----------- ----------- -----------
Revenue:
Software licenses $ 8,978 $ 9,211 $ 35,196 $ 30,230
Support and maintenance 15,905 13,906 59,602 53,779
Professional services 22,013 22,673 94,965 92,470
Data center 12,564 12,835 49,164 51,956
----------- ----------- ----------- -----------
Total revenue 59,460 58,625 238,927 228,435
----------- ----------- ----------- -----------
Operating expenses:
Cost of software licenses
(1) 453 911 3,188 3,986
Cost of professional
services, support and
maintenance (1) 18,189 19,148 74,186 74,095
Cost of data center (1) 6,978 6,707 28,147 26,408
Selling and marketing 7,582 10,513 30,725 36,432
Product development 8,478 7,831 34,619 29,271
General and administrative 6,675 6,914 24,864 25,826
Depreciation and
amortization of intangible
assets 2,295 2,381 9,593 9,066
----------- ----------- ----------- -----------
Total operating expenses 50,650 54,405 205,322 205,084
----------- ----------- ----------- -----------
Operating income 8,810 4,220 33,605 23,351
----------- ----------- ----------- -----------
Interest income 99 288 433 2,052
Interest expense (200) (182) (721) (855)
Other non-operating
expenses (83) (67) (930) (444)
----------- ----------- ----------- -----------
Interest and other (expense)
income, net (184) 39 (1,218) 753
Income before income tax
benefit (expense) 8,626 4,259 32,387 24,104
Income tax benefit
(expense) 1,312 1,074 (1,964) (2,254)
----------- ----------- ----------- -----------
Net income $ 9,938 $ 5,333 $ 30,423 $ 21,850
=========== =========== =========== ===========
Earnings per share:
Basic $ 0.18 $ 0.10 $ 0.56 $ 0.38
Diluted $ 0.18 $ 0.10 $ 0.55 $ 0.38
Weighted average common
shares outstanding - basic 52,040,660 53,220,794 52,583,832 55,734,103
Weighted average common
shares outstanding - diluted 52,692,876 53,856,269 53,290,836 56,449,371
Reconciliation to Cash
earnings per share:
Diluted earnings per share $ 0.18 $ 0.10 $ 0.55 $ 0.38
Amortization of intangibles 0.01 0.01 0.05 0.06
Stock based compensation
expense 0.02 0.06 0.03 0.14
Deferred income taxes (0.05) (0.03) (0.05) (0.03)
----------- ----------- ----------- -----------
Non-GAAP Cash earnings per
share $ 0.16 $ 0.14 $ 0.58 $ 0.55
=========== =========== =========== ===========
(1) Excludes charges for depreciation. Cost of software licenses
includes amortization of acquired technology.
S1 Corporation
Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
TABLE 2
December 31, December 31,
2009 2008
------------ ------------
Assets
Current assets:
Cash and cash equivalents $ 61,784 $ 63,840
Accounts receivable, net 64,470 42,561
Prepaid expenses 4,729 5,123
Other current assets 4,931 3,575
------------ ------------
Total current assets 135,914 115,099
Property and equipment, net 23,018 23,015
Intangible assets, net 4,895 7,585
Goodwill, net 126,605 124,362
Other assets 9,634 8,625
------------ ------------
Total assets $ 300,066 $ 278,686
============ ============
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable and accrued
expenses $ 7,707 $ 7,902
Accrued compensation and
benefits 11,569 16,147
Current portion of debt
obligation 1,170 3,917
Accrued restructuring 2,096 2,323
Income taxes payable 1,586 2,617
Deferred revenues 26,837 25,271
Other current liabilities 2,007 1,118
------------ ------------
Total current liabilities 52,972 59,295
Debt obligation, excluding
current portion 5,026 6,196
Accrued restructuring,
excluding current portion 1,381 3,443
Other liabilities 2,046 1,012
------------ ------------
Total liabilities $ 61,425 $ 69,946
------------ ------------
Stockholders' equity:
Preferred stock 10,000 10,000
Common stock 517 528
Additional paid-in capital 1,787,772 1,791,924
Accumulated deficit (1,557,534) (1,587,957)
Accumulated other
comprehensive loss (2,114) (5,755)
------------ ------------
Total stockholders' equity 238,641 208,740
------------ ------------
Total liabilities and
stockholders' equity $ 300,066 $ 278,686
============ ============
Preferred shares issued and
outstanding 749,064 749,064
Common shares issued and
outstanding 51,712,710 52,799,310
S1 Corporation
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
TABLE 3
Three Months Ended Twelve Months Ended
12/31/2009 12/31/2008 12/31/2009 12/31/2008
---------- ---------- ---------- ----------
Cash flows from operating activities:
Net income $ 9,938 $ 5,333 $ 30,423 $ 21,850
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 2,520 2,839 11,170 11,591
Provision for doubtful accounts receivable and
billing adjustments 461 (183) 995 159
Deferred income taxes (3,052) (1,895) (2,812) (1,895)
Other than temporary impairments of investments -- 468 -- 663
Stock based compensation expense 1,181 3,487 1,602 8,092
Changes in assets and liabilities
(Increase) decrease in accounts receivable (8,470) 1,199 (22,396) (3,095)
Decrease (increase) in prepaid expenses and
other assets 498 (1,299) 792 (231)
Decrease in accounts payable and other
liabilities (8) (4,524) (920) (6,250)
(Decrease) increase in accrued compensation
and benefits (1,584) 536 (2,711) 2,106
(Decrease) increase in income taxes payable (499) 335 (1,437) 2,434
(Decrease) increase in deferred revenues (4,100) (3,330) 1,329 (1,277)
---------- ---------- ---------- ----------
Net cash (used in) provided by operating
activities (3,115) 2,966 16,035 34,147
Cash flows from investing activities:
Maturities of investment securities 3,224 3,591 5,728 24,244
Purchases of investment securities -- -- (3,224) (3,447)
Purchases of restricted investment securities -- -- (2,000) --
Amounts released from escrow related to sale of
business -- -- -- 3,712
Purchases of property, equipment and technology (1,828) (1,471) (8,192) (8,744)
---------- ---------- ---------- ----------
Net cash provided by (used in) investing
activities 1,396 2,120 (7,688) 15,765
Cash flows from financing activities:
Proceeds from exercise of employee stock awards 1,149 447 1,341 1,305
Payments on capital leases and debt obligations (996) (933) (3,917) (3,718)
Repurchase and retirement of common stock (4,625) (14,908) (9,596) (25,075)
---------- ---------- ---------- ----------
Net cash used in financing activities (4,472) (15,394) (12,172) (27,488)
Effect of exchange rate changes on cash and cash
equivalents 568 (1,238) 1,769 (3,595)
---------- ---------- ---------- ----------
Net (decrease) increase in cash and cash
equivalents (5,623) (11,546) (2,056) 18,829
Cash and cash equivalents at beginning of period 67,407 75,386 63,840 45,011
---------- ---------- ---------- ----------
Cash and cash equivalents at end of period $ 61,784 $ 63,840 $ 61,784 $ 63,840
========== ========== ========== ==========
S1 Corporation
Consolidated Statements of Operations
(In thousands)
(Unaudited)
TABLE 4
Three Months Ended Twelve Months Ended
12/31/2009 12/31/2008 12/31/2009 12/31/2008
---------- ---------- ---------- ----------
Revenue:
Software licenses $ 8,978 $ 9,211 $ 35,196 $ 30,230
Support and maintenance 15,905 13,906 59,602 53,779
Professional services 22,013 22,673 94,965 92,470
Data center 12,564 12,835 49,164 51,956
---------- ---------- ---------- ----------
Total revenue 59,460 58,625 238,927 228,435
---------- ---------- ---------- ----------
Operating expenses:
Cost of software licenses 453 911 3,188 3,986
Cost of professional
services, support and
maintenance 18,189 19,148 74,186 74,095
Cost of data center 6,978 6,707 28,147 26,408
Selling and marketing 7,582 10,513 30,725 36,432
Product development 8,478 7,831 34,619 29,271
General and administrative 6,675 6,914 24,864 25,826
Depreciation and
amortization of
intangible assets 2,295 2,381 9,593 9,066
---------- ---------- ---------- ----------
Total operating expenses
(1) 50,650 54,405 205,322 205,084
---------- ---------- ---------- ----------
Operating income 8,810 4,220 33,605 23,351
---------- ---------- ---------- ----------
Interest income 99 288 433 2,052
Interest expense (200) (182) (721) (855)
Other non-operating
expenses (83) (67) (930) (444)
---------- ---------- ---------- ----------
Interest and other
(expense) income, net (184) 39 (1,218) 753
Income before income tax
benefit (expense) 8,626 4,259 32,387 24,104
Income tax benefit
(expense) 1,312 1,074 (1,964) (2,254)
---------- ---------- ---------- ----------
Net income $ 9,938 $ 5,333 $ 30,423 $ 21,850
========== ========== ========== ==========
Reconciliation to Adjusted
EBITDA:
Net income $ 9,938 $ 5,333 $ 30,423 $ 21,850
Interest and other
(expense) income, net 184 (39) 1,218 (753)
Income tax (benefit)
expense (1,312) (1,074) 1,964 2,254
Depreciation 2,023 2,099 8,480 7,936
Amortization 497 740 2,690 3,655
Stock based compensation
expense 1,181 3,487 1,602 8,092
---------- ---------- ---------- ----------
Non-GAAP Adjusted EBITDA $ 12,511 $ 10,546 $ 46,377 $ 43,034
========== ========== ========== ==========
(1) Includes stock based
compensation expense of:
Cost of professional
services, support and
maintenance $ 94 $ 240 $ 161 $ 344
Cost of data center 37 24 115 100
Selling and marketing 191 1,348 (246) 2,949
Product development 112 435 254 1,034
General and administrative 747 1,440 1,318 3,665
---------- ---------- ---------- ----------
Stock based compensation
expense $ 1,181 $ 3,487 $ 1,602 $ 8,092
========== ========== ========== ==========
S1 Corporation
Enterprise Segment
Statements of Operations
(In thousands)
(Unaudited)
TABLE 5
Three Months Ended Twelve Months Ended
12/31/2009 12/31/2008 12/31/2009 12/31/2008
---------- ---------- ---------- ----------
Revenue:
Software licenses $ 3,150 $ 3,072 $ 9,003 $ 7,848
Support and maintenance 5,745 4,845 21,299 18,196
Professional services 15,605 16,590 70,770 71,525
Data center 7,106 7,376 28,289 28,780
---------- ---------- ---------- ----------
Total revenue 31,606 31,883 129,361 126,349
---------- ---------- ---------- ----------
Operating expenses:
Cost of software licenses 135 351 798 1,339
Cost of professional
services, support and
maintenance 9,533 11,545 42,300 44,890
Cost of data center 3,762 3,911 15,814 15,606
Selling and marketing 3,027 4,238 12,272 15,852
Product development 5,180 5,075 21,071 18,229
General and
administrative 3,412 3,849 12,579 13,990
Depreciation and
amortization of
intangible assets 1,128 1,222 4,833 4,614
---------- ---------- ---------- ----------
Total operating expenses
(1) 26,177 30,191 109,667 114,520
---------- ---------- ---------- ----------
Operating income $ 5,429 $ 1,692 $ 19,694 $ 11,829
========== ========== ========== ==========
Reconciliation to Adjusted
EBITDA:
Operating income $ 5,429 $ 1,692 $ 19,694 $ 11,829
Depreciation 1,128 1,222 4,833 4,614
Amortization 62 61 246 330
Stock based compensation
expense 618 2,094 746 5,028
---------- ---------- ---------- ----------
Non-GAAP Adjusted EBITDA $ 7,237 $ 5,069 $ 25,519 $ 21,801
========== ========== ========== ==========
(1) Includes stock based
compensation expense of:
Cost of professional
services, support and
maintenance $ 39 $ 37 $ 156 $ 126
Cost of data center 11 6 30 36
Selling and marketing 102 932 (416) 2,024
Product development 75 377 80 855
General and
administrative 391 742 896 1,987
---------- ---------- ---------- ----------
Stock based compensation
expense $ 618 $ 2,094 $ 746 $ 5,028
========== ========== ========== ==========
S1 Corporation
Postilion Segment
Statements of Operations
(In thousands)
(Unaudited)
TABLE 6
Three Months Ended Twelve Months Ended
12/31/2009 12/31/2008 12/31/2009 12/31/2008
---------- ---------- ---------- ----------
Revenue:
Software licenses $ 5,828 $ 6,139 $ 26,193 $ 22,382
Support and maintenance 10,160 9,061 38,303 35,583
Professional services 6,408 6,083 24,195 20,945
Data center 5,458 5,459 20,875 23,176
---------- ---------- ---------- ----------
Total revenue 27,854 26,742 109,566 102,086
---------- ---------- ---------- ----------
Operating expenses:
Cost of software licenses 318 560 2,390 2,647
Cost of professional
services, support and
maintenance 8,656 7,603 31,886 29,205
Cost of data center 3,216 2,796 12,333 10,802
Selling and marketing 4,555 6,275 18,453 20,580
Product development 3,298 2,756 13,548 11,042
General and
administrative 3,263 3,065 12,285 11,836
Depreciation and
amortization of
intangible assets 1,167 1,159 4,760 4,452
---------- ---------- ---------- ----------
Total operating expenses
(1) 24,473 24,214 95,655 90,564
---------- ---------- ---------- ----------
Operating income $ 3,381 $ 2,528 $ 13,911 $ 11,522
========== ========== ========== ==========
Reconciliation to Adjusted
EBITDA:
Operating income $ 3,381 $ 2,528 $ 13,911 $ 11,522
Depreciation 895 877 3,647 3,322
Amortization 435 679 2,444 3,325
Stock based compensation
expense 563 1,393 856 3,064
---------- ---------- ---------- ----------
Non-GAAP Adjusted EBITDA $ 5,274 $ 5,477 $ 20,858 $ 21,233
========== ========== ========== ==========
(1) Includes stock based
compensation expense of:
Cost of professional
services, support and
maintenance $ 55 $ 203 $ 5 $ 218
Cost of data center 26 18 85 64
Selling and marketing 89 416 170 925
Product development 37 58 174 179
General and
administrative 356 698 422 1,678
---------- ---------- ---------- ----------
Stock based compensation
expense $ 563 $ 1,393 $ 856 $ 3,064
========== ========== ========== ==========
CONTACT: S1 Corporation
Investor Contact:
Paul M. Parrish, Chief Financial Officer
404.923.3500
paul.parrish@s1.com
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