• Total revenue in the second quarter of 2009 increased 8 percent to $60.8 million from $56.5 million in the second quarter of 2008. Total revenue in the six months ended June 30, 2009 increased 7 percent to $119.1 million from $111.2 million in the six months ended June 30, 2008.
• GAAP earnings were $4.6 million or $0.08 per share (diluted) in the second quarter of 2009 compared to GAAP earnings of $5.1 million or $0.09 per share (diluted) in the second quarter of 2008. GAAP earnings were $13.6 million or $0.25 per share (diluted) in the six months ended June 30, 2009, a $0.07 increase over GAAP earnings of $10.3 million or $0.18 per share (diluted) in the six months ended June 30, 2008. These figures include stock based compensation expense of $3.1 million or $0.06 per share and $2.3 million or $0.04 per share in the second quarter of 2009 and 2008, respectively, and $560 thousand or $0.01 per share and $4.2 million or $0.07 per share in the six months ended June 30, 2009 and 2008, respectively.
• Adjusted EBITDA in the second quarter of 2009 was $11.6 million compared to $11.1 million in the second quarter of 2008. Adjusted EBITDA in the six months ended June 30, 2009 was $22.2 million compared to $22.0 million in the six months ended June 30, 2008. Adjusted EBITDA does not include stock based compensation expense, and is described below(1) and reconciled to GAAP Net income in Tables 4, 5 and 6.
• Total revenue from international operations in the second quarter of 2009 increased 12 percent to $17.6 million from $15.8 million in the second quarter of 2008. Total revenue from international operations in the six months ended June 30, 2009 increased 9 percent to $33.4 million from $30.6 million in the six months ended June 30, 2008.
• Net cash provided by operating activities was $16.5 million and $16.3 million in the six months ended June 30, 2009 and 2008, respectively. The Company ended the second quarter of 2009 with $75.2 million in cash and cash equivalents.

"We had another solid quarter of revenue growth and I am pleased with the progress we have made executing on our 2009 business plan," said Johann Dreyer, Chief Executive Officer of S1. "Despite the challenging economic environment, our sales momentum and pipeline remain strong and we are reaffirming our full year guidance of $240 to $245 million in revenue and $47 to $50 million in Adjusted EBITDA."

S1 will announce third quarter 2009 financial results on November 5, 2009.

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