MoneyGram International Reports Fourth Quarter and Full Year 2016 Financial Results
Fourth Quarter Financial Results
- Total revenue was
$416.2 million , an increase of 3% on a reported basis and 4% on a constant currency basis as compared to fourth quarter 2015.- Money transfer revenue was
$369.9 million , representing an increase of 3% on a reported basis and 4% on a constant currency basis as compared to fourth quarter 2015. - Digital money transfer revenue grew 16% over the prior year, and represented 14% of total money transfer revenue.
- Money transfer revenue was
- Net income was
$7.2 million , an increase of$4.6 million as compared to fourth quarter 2015. EBITDA was$55.3 million , an increase of 20% as compared to the year-ago period. Net income and EBITDA included a deduction of$4.6 million of severance expense that was not added back to adjusted fourth quarter 2016 results. - Operating income was
$22.9 million , an increase of 68%. - Income tax expense was
$4.2 million , representing a 37% tax rate. - Diluted earnings per share was
$0.11 . Adjusted diluted earnings per share was$0.20 .
"The fourth quarter capped a solid year of progress, in-line with our strategic plan. We executed well in the quarter as demonstrated by accelerated digital revenue growth, improved profitability and lower debt," said
Full Year 2016 Financial Results
- Total revenue of
$1,630.4 million compared to$1,539.1 million in 2015; resulting in reported growth of 6% and constant currency growth of 7%. - Net income was
$16.3 million . EBITDA was$222.0 million compared to$142.7 million in 2015. Net income and EBITDA included a deduction of$6.7 million of severance expense that was not added back to adjusted full year 2016 results. - Adjusted EBITDA was
$264.6 million , an 11% increase on a constant currency basis. - Adjusted Free Cash Flow was
$96.7 million , an increase of$96.3 million from the prior year. - Ending cash and cash equivalent balance of
$157.2 million at end of 2016 compared to$164.5 million at end of 2015. - Principal payments on debt and a debt repurchase made in 2016 were
$30.3 million which included additional principal payments of$20.0 million in the fourth quarter.
Forward-Looking Statements
This communication contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect
Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in
Non-GAAP Measures
In addition to results presented in accordance with GAAP, this news release and related tables include certain non-GAAP financial measures, including a presentation of EBITDA (earnings before interest, taxes, depreciation and amortization, including agent signing bonus amortization), Adjusted EBITDA (EBITDA adjusted for certain significant items), Adjusted EBITDA margin, Adjusted Free Cash Flow (Adjusted EBITDA less cash interest, cash taxes, cash payments related to an
We believe that these non-GAAP financial measures provide useful information to investors because they are an indicator of the strength and performance of ongoing business operations. These calculations are commonly used as a basis for investors, analysts and other interested parties to evaluate and compare the operating performance and value of companies within our industry. Finally, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Free Cash Flow, constant currency, adjusted diluted earnings per share and adjusted net income figures are financial and performance measures used by management in reviewing results of operations, forecasting, allocating resources or establishing employee incentive programs. Although
Description of Tables
Table One |
- |
Condensed Consolidated Statements of Operations |
Table Two |
- |
Segment Results |
Table Three |
- |
Segment Reconciliations |
Table Four |
- |
EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow |
Table Five |
- |
Adjusted Net Income and Adjusted Diluted EPS |
Table Six |
- |
Condensed Consolidated Balance Sheets |
Table Seven |
- |
Condensed Consolidated Statements of Cash Flows |
Table Eight |
- |
Correction of Prior Period Results |
About
MoneyGram is a global provider of innovative money transfer services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at moneygram.com.
TABLE ONE | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(Amounts in millions, except percentages and per share data) |
Three Months Ended |
2016 vs |
Twelve Months Ended |
2016 vs | ||||||||||||||||||||
2016 |
2015 (1) |
2015 |
2016 |
2015 (1) |
2015 | |||||||||||||||||||
REVENUE |
||||||||||||||||||||||||
Fee and other revenue |
$ |
410.9 |
$ |
401.0 |
$ |
9.9 |
$ |
1,612.4 |
$ |
1,527.0 |
$ |
85.4 |
||||||||||||
Investment revenue |
5.3 |
3.6 |
1.7 |
18.0 |
12.1 |
5.9 |
||||||||||||||||||
Total revenue |
416.2 |
404.6 |
11.6 |
1,630.4 |
1,539.1 |
91.3 |
||||||||||||||||||
Total revenue growth, as reported |
3 |
% |
8 |
% |
6 |
% |
(1) |
% |
||||||||||||||||
Total revenue growth, constant currency |
4 |
% |
12 |
% |
7 |
% |
4 |
% |
||||||||||||||||
OPERATING EXPENSES |
||||||||||||||||||||||||
Commissions expense |
199.5 |
198.3 |
1.2 |
795.6 |
760.6 |
35.0 |
||||||||||||||||||
Compensation and benefits |
76.6 |
73.5 |
3.1 |
295.1 |
309.1 |
(14.0) |
||||||||||||||||||
Transaction and operations support |
82.4 |
85.9 |
(3.5) |
309.5 |
324.8 |
(15.3) |
||||||||||||||||||
Occupancy, equipment and supplies |
15.1 |
16.0 |
(0.9) |
61.9 |
62.3 |
(0.4) |
||||||||||||||||||
Depreciation and amortization |
19.7 |
17.3 |
2.4 |
79.9 |
66.1 |
13.8 |
||||||||||||||||||
Total operating expenses |
393.3 |
391.0 |
2.3 |
1,542.0 |
1,522.9 |
19.1 |
||||||||||||||||||
OPERATING INCOME |
22.9 |
13.6 |
9.3 |
88.4 |
16.2 |
72.2 |
||||||||||||||||||
Other expense |
||||||||||||||||||||||||
Interest expense |
11.2 |
11.6 |
(0.4) |
45.0 |
45.3 |
(0.3) |
||||||||||||||||||
Debt extinguishment costs |
0.3 |
— |
0.3 |
0.3 |
— |
0.3 |
||||||||||||||||||
Total other expense |
11.5 |
11.6 |
(0.1) |
45.3 |
45.3 |
— |
||||||||||||||||||
Income (loss) before income taxes |
11.4 |
2.0 |
9.4 |
43.1 |
(29.1) |
72.2 |
||||||||||||||||||
Income tax expense (benefit) |
4.2 |
(0.6) |
4.8 |
26.8 |
47.8 |
(21.0) |
||||||||||||||||||
NET INCOME (LOSS) |
$ |
7.2 |
$ |
2.6 |
$ |
4.6 |
$ |
16.3 |
$ |
(76.9) |
$ |
93.2 |
||||||||||||
INCOME (LOSS) PER COMMON SHARE |
||||||||||||||||||||||||
Basic |
$ |
0.12 |
$ |
0.04 |
$ |
0.08 |
$ |
0.26 |
$ |
(1.24) |
$ |
1.50 |
||||||||||||
Diluted |
$ |
0.11 |
$ |
0.04 |
$ |
0.07 |
$ |
0.25 |
$ |
(1.24) |
$ |
1.49 |
||||||||||||
Weighted-average outstanding common shares and equivalents used in computing income (loss) per share |
||||||||||||||||||||||||
Basic (2) |
61.9 |
62.1 |
(0.2) |
62.3 |
62.1 |
0.2 |
||||||||||||||||||
Diluted (2) |
66.4 |
64.1 |
2.3 |
65.9 |
62.1 |
3.8 |
||||||||||||||||||
(1) 2015 financial information includes the corrections outlined in Table 8. | ||||||||||||||||||||||||
(2) Includes common stock equivalents of 8.9 million for the three and twelve months ended | ||||||||||||||||||||||||
Shares related to stock options |
2.5 |
3.1 |
2.7 |
3.4 |
||||||||||||||||||||
Shares related to restricted stock units |
— |
2.2 |
— |
3.8 |
TABLE TWO | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
SEGMENT RESULTS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Global Funds Transfer |
||||||||||||||||||||||||
(Amounts in millions, except percentages) |
Three Months Ended |
2016 vs |
Twelve Months Ended |
2016 vs | ||||||||||||||||||||
2016 |
2015 (1) |
2015 |
2016 |
2015 (1) |
2015 | |||||||||||||||||||
Money transfer revenue |
$ |
369.9 |
$ |
360.6 |
$ |
9.3 |
$ |
1,456.2 |
$ |
1,367.1 |
$ |
89.1 |
||||||||||||
Bill payment revenue |
25.6 |
24.7 |
0.9 |
97.5 |
98.7 |
(1.2) |
||||||||||||||||||
Total revenue |
$ |
395.5 |
$ |
385.3 |
$ |
10.2 |
$ |
1,553.7 |
$ |
1,465.8 |
$ |
87.9 |
||||||||||||
Total commissions expense |
$ |
198.3 |
$ |
198.0 |
$ |
0.3 |
$ |
791.9 |
$ |
759.5 |
$ |
32.4 |
||||||||||||
Operating income |
$ |
25.8 |
$ |
12.2 |
$ |
13.6 |
$ |
95.8 |
$ |
31.7 |
$ |
64.1 |
||||||||||||
Operating margin |
6.5 |
% |
3.2 |
% |
6.2 |
% |
2.2 |
% |
||||||||||||||||
Money transfer revenue growth, as reported |
3 |
% |
9 |
% |
7 |
% |
0 |
% |
||||||||||||||||
Money transfer revenue growth, constant currency |
4 |
% |
13 |
% |
8 |
% |
5 |
% |
||||||||||||||||
Financial Paper Products |
||||||||||||||||||||||||
Three Months Ended |
2016 vs |
Twelve Months Ended |
2016 vs | |||||||||||||||||||||
(Amounts in millions) |
2016 |
2015 |
2015 |
2016 |
2015 |
2015 | ||||||||||||||||||
Money order revenue |
$ |
12.6 |
$ |
12.6 |
$ |
— |
$ |
50.8 |
$ |
51.0 |
$ |
(0.2) |
||||||||||||
Official check revenue |
7.0 |
6.7 |
0.3 |
24.8 |
22.3 |
2.5 |
||||||||||||||||||
Total revenue |
$ |
19.6 |
$ |
19.3 |
$ |
0.3 |
$ |
75.6 |
$ |
73.3 |
$ |
2.3 |
||||||||||||
Total commissions expense |
$ |
1.2 |
$ |
0.3 |
$ |
0.9 |
$ |
3.7 |
$ |
1.1 |
$ |
2.6 |
||||||||||||
Operating income |
$ |
4.9 |
$ |
5.1 |
$ |
(0.2) |
$ |
18.5 |
$ |
17.9 |
$ |
0.6 |
||||||||||||
Operating margin |
25.0 |
% |
26.4 |
% |
24.5 |
% |
24.4 |
% |
(1) 2015 financial information includes the corrections outlined in Table 8. |
TABLE THREE | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
SEGMENT RECONCILIATIONS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Global Funds Transfer |
||||||||||||||||||||||||
(Amounts in millions, except percentages) |
Three Months Ended |
2016 vs |
Twelve Months Ended |
2016 vs | ||||||||||||||||||||
2016 |
2015 (1) |
2015 |
2016 |
2015 (1) |
2015 | |||||||||||||||||||
Revenue (as reported) |
$ |
395.5 |
$ |
385.3 |
$ |
10.2 |
$ |
1,553.7 |
$ |
1,465.8 |
$ |
87.9 |
||||||||||||
Adjusted operating income |
$ |
33.8 |
$ |
27.9 |
$ |
5.9 |
$ |
131.3 |
$ |
102.7 |
$ |
28.6 |
||||||||||||
Compliance enhancement program |
(1.9) |
(4.5) |
2.6 |
(8.9) |
(24.4) |
15.5 |
||||||||||||||||||
Direct monitor costs |
(1.8) |
(4.0) |
2.2 |
(9.1) |
(11.5) |
2.4 |
||||||||||||||||||
Stock-based compensation expense |
(3.8) |
(4.8) |
1.0 |
(16.1) |
(17.7) |
1.6 |
||||||||||||||||||
Severance and related costs |
(0.5) |
— |
(0.5) |
(1.4) |
— |
(1.4) |
||||||||||||||||||
Reorganization and restructuring costs (1) |
— |
(2.4) |
2.4 |
— |
(17.4) |
17.4 |
||||||||||||||||||
Total adjustments |
(8.0) |
(15.7) |
7.7 |
(35.5) |
(71.0) |
35.5 |
||||||||||||||||||
Operating income (as reported) |
$ |
25.8 |
$ |
12.2 |
$ |
13.6 |
$ |
95.8 |
$ |
31.7 |
$ |
64.1 |
||||||||||||
Adjusted operating margin |
8.5 |
% |
7.2 |
% |
8.5 |
% |
7.0 |
% |
||||||||||||||||
Total adjustments |
(2.0) |
% |
(4.1) |
% |
(2.3) |
% |
(4.8) |
% |
||||||||||||||||
Operating margin (as reported) |
6.5 |
% |
3.2 |
% |
6.2 |
% |
2.2 |
% |
||||||||||||||||
Financial Paper Products |
||||||||||||||||||||||||
(Amounts in millions, except percentages) |
Three Months Ended |
2016 vs |
Twelve Months Ended |
2016 vs | ||||||||||||||||||||
2016 |
2015 |
2015 |
2016 |
2015 |
2015 | |||||||||||||||||||
Revenue (as reported) |
$ |
19.6 |
$ |
19.3 |
$ |
0.3 |
$ |
75.6 |
$ |
73.3 |
$ |
2.3 |
||||||||||||
Adjusted operating income |
$ |
5.6 |
$ |
6.4 |
$ |
(0.8) |
$ |
21.3 |
$ |
23.7 |
$ |
(2.4) |
||||||||||||
Compliance enhancement program |
(0.3) |
(0.5) |
0.2 |
(1.1) |
(1.9) |
0.8 |
||||||||||||||||||
Stock-based compensation expense |
(0.4) |
(0.5) |
0.1 |
(1.7) |
(1.9) |
0.2 |
||||||||||||||||||
Reorganization and restructuring costs (2) |
— |
(0.3) |
0.3 |
— |
(2.0) |
2.0 |
||||||||||||||||||
Total adjustments |
(0.7) |
(1.3) |
0.6 |
(2.8) |
(5.8) |
3.0 |
||||||||||||||||||
Operating income (as reported) |
$ |
4.9 |
$ |
5.1 |
$ |
(0.2) |
$ |
18.5 |
$ |
17.9 |
$ |
0.6 |
||||||||||||
Adjusted operating margin |
28.6 |
% |
33.2 |
% |
28.2 |
% |
32.3 |
% |
||||||||||||||||
Total adjustments |
(3.6) |
% |
(6.7) |
% |
(3.7) |
% |
(7.9) |
% |
||||||||||||||||
Operating margin (as reported) |
25.0 |
% |
26.4 |
% |
24.5 |
% |
24.4 |
% |
(1) 2015 financial information includes the corrections outlined in Table 8. | ||||||||||||||||||||||||
(2) Reorganization and restructuring costs are no longer being adjusted effective |
TABLE FOUR | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN AND ADJUSTED FREE CASH FLOW | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(Amounts in millions, except percentages) |
Three Months Ended |
2016 vs |
Twelve Months Ended |
2016 vs | ||||||||||||||||||||
2016 |
2015 (1) |
2015 |
2016 |
2015 (1) |
2015 | |||||||||||||||||||
Income (loss) before income taxes |
$ |
11.4 |
$ |
2.0 |
$ |
9.4 |
$ |
43.1 |
$ |
(29.1) |
$ |
72.2 |
||||||||||||
Interest expense |
11.2 |
11.6 |
(0.4) |
45.0 |
45.3 |
(0.3) |
||||||||||||||||||
Depreciation and amortization |
19.7 |
17.3 |
2.4 |
79.9 |
66.1 |
13.8 |
||||||||||||||||||
Amortization of agent signing bonuses |
13.0 |
15.1 |
(2.1) |
54.0 |
60.4 |
(6.4) |
||||||||||||||||||
EBITDA |
55.3 |
46.0 |
9.3 |
222.0 |
142.7 |
79.3 |
||||||||||||||||||
Significant items impacting EBITDA: |
||||||||||||||||||||||||
Stock-based, contingent and incentive compensation |
4.1 |
7.3 |
(3.2) |
19.0 |
26.9 |
(7.9) |
||||||||||||||||||
Compliance enhancement program |
2.3 |
5.0 |
(2.7) |
10.3 |
26.5 |
(16.2) |
||||||||||||||||||
Direct monitor costs |
1.8 |
4.0 |
(2.2) |
9.1 |
11.5 |
(2.4) |
||||||||||||||||||
Legal and contingent matters |
0.9 |
0.3 |
0.6 |
2.3 |
1.7 |
0.6 |
||||||||||||||||||
Executive severance and related costs |
0.5 |
— |
0.5 |
1.9 |
— |
1.9 |
||||||||||||||||||
Reorganization and restructuring costs (2) |
— |
2.6 |
(2.6) |
— |
20.0 |
(20.0) |
||||||||||||||||||
Pension settlement charge |
— |
— |
— |
— |
13.8 |
(13.8) |
||||||||||||||||||
Adjusted EBITDA |
$ |
64.9 |
$ |
65.2 |
$ |
(0.3) |
$ |
264.6 |
$ |
243.1 |
$ |
21.5 |
||||||||||||
Adjusted EBITDA margin (3) |
15.6 |
% |
16.1 |
% |
(0.5) |
% |
16.2 |
% |
15.8 |
% |
0.4 |
% | ||||||||||||
Adjusted EBITDA growth, as reported |
0 |
% |
9 |
% |
||||||||||||||||||||
Adjusted EBITDA growth, constant currency adjusted |
4 |
% |
11 |
% |
||||||||||||||||||||
Adjusted EBITDA |
$ |
64.9 |
$ |
65.2 |
$ |
(0.3) |
$ |
264.6 |
$ |
243.1 |
$ |
21.5 |
||||||||||||
Cash payments for interest |
(10.2) |
(10.5) |
0.3 |
(41.6) |
(42.1) |
0.5 |
||||||||||||||||||
Cash taxes, net |
(2.4) |
2.8 |
(5.2) |
(9.5) |
(64.4) |
54.9 |
||||||||||||||||||
Payments related to |
— |
— |
— |
— |
61.0 |
(61.0) |
||||||||||||||||||
Cash payments for capital expenditures |
(22.4) |
(21.1) |
(1.3) |
(82.8) |
(109.9) |
27.1 |
||||||||||||||||||
Cash payments for agent signing bonuses |
(16.8) |
(16.0) |
(0.8) |
(34.0) |
(87.3) |
53.3 |
||||||||||||||||||
Adjusted Free Cash Flow |
$ |
13.1 |
$ |
20.4 |
$ |
(7.3) |
$ |
96.7 |
$ |
0.4 |
$ |
96.3 |
(1) 2015 financial information includes the corrections outlined in Table 8. | ||||||||||||||||||||||||
(2) Reorganization and restructuring costs are no longer being adjusted effective | ||||||||||||||||||||||||
(3) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total revenue. |
TABLE FIVE | ||||||||||||||||
| ||||||||||||||||
ADJUSTED NET INCOME and ADJUSTED DILUTED EPS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended |
Twelve Months Ended | |||||||||||||||
(Amounts in millions, except per share data) |
2016 |
2015 |
2016 |
2015 | ||||||||||||
Net income (loss) |
$ |
7.2 |
$ |
2.6 |
$ |
16.3 |
$ |
(76.9) |
||||||||
Total adjustments (1) |
9.6 |
19.2 |
42.6 |
100.4 |
||||||||||||
Tax impacts of adjustments (2) |
(3.6) |
(7.0) |
(15.5) |
(36.6) |
||||||||||||
Tax adjustments (3) |
— |
— |
7.7 |
63.7 |
||||||||||||
Adjusted net income |
$ |
13.2 |
$ |
14.8 |
$ |
51.1 |
$ |
50.6 |
||||||||
Diluted earnings (loss) per common share |
$ |
0.11 |
$ |
0.04 |
$ |
0.25 |
$ |
(1.24) |
||||||||
Diluted adjustments per common share |
0.09 |
0.19 |
0.53 |
2.05 |
||||||||||||
Diluted adjusted earnings per common share |
$ |
0.20 |
$ |
0.23 |
$ |
0.78 |
$ |
0.81 |
||||||||
Diluted weighted-average outstanding common shares and equivalents |
66.4 |
64.1 |
65.9 |
62.1 |
(1) See summary of adjustments in Table Four - EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow. | ||||||||||||||||
(2) Tax rates used to calculate the tax expense impact are based on the nature of each adjustment. | ||||||||||||||||
(3) Represents adjustments to income tax expense for an |
TABLE SIX | ||||||||
| ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited) | ||||||||
(Amounts in millions, except share data) |
|
| ||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ |
157.2 |
$ |
164.5 |
||||
Settlement assets |
3,634.3 |
3,505.6 |
||||||
Property and equipment, net |
201.0 |
199.7 |
||||||
|
442.2 |
442.2 |
||||||
Other assets |
162.7 |
193.2 |
||||||
Total assets |
$ |
4,597.4 |
$ |
4,505.2 |
||||
LIABILITIES |
||||||||
Payment service obligations |
$ |
3,634.3 |
$ |
3,505.6 |
||||
Debt, net |
915.2 |
942.6 |
||||||
Pension and other postretirement benefits |
87.6 |
96.3 |
||||||
Accounts payable and other liabilities |
168.7 |
183.5 |
||||||
Total liabilities |
4,805.8 |
4,728.0 |
||||||
STOCKHOLDERS' DEFICIT |
||||||||
Participating convertible preferred stock - series D, |
183.9 |
183.9 |
||||||
Common stock, |
0.6 |
0.6 |
||||||
Additional paid-in capital |
1,020.3 |
1,002.4 |
||||||
Retained loss |
(1,247.6) |
(1,226.8) |
||||||
Accumulated other comprehensive loss |
(53.9) |
(48.7) |
||||||
|
(111.7) |
(134.2) |
||||||
Total stockholders' deficit |
(208.4) |
(222.8) |
||||||
Total liabilities and stockholders' deficit |
$ |
4,597.4 |
$ |
4,505.2 |
TABLE SEVEN | ||||||||
| ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
Twelve Months Ended | ||||||||
(Amounts in millions) |
2016 |
2015 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
Net income (loss) |
$ |
16.3 |
$ |
(76.9) |
||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
101.9 |
110.5 |
||||||
Net cash provided by operating activities |
118.2 |
33.6 |
||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||
Purchases of property and equipment |
(82.8) |
(109.9) |
||||||
Proceeds from disposal of assets |
— |
0.4 |
||||||
Net cash used in investing activities |
(82.8) |
(109.5) |
||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
Principal payments on debt and debt repurchase |
(30.3) |
(9.8) |
||||||
Stock repurchases |
(11.7) |
(0.4) |
||||||
Payment for contingent consideration |
(0.7) |
— |
||||||
Net cash used in financing activities |
(42.7) |
(10.2) |
||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS |
(7.3) |
(86.1) |
||||||
CASH AND CASH EQUIVALENTS—Beginning of period |
164.5 |
250.6 |
||||||
CASH AND CASH EQUIVALENTS—End of period |
$ |
157.2 |
$ |
164.5 |
TABLE EIGHT | ||||||||||||||||
| ||||||||||||||||
CORRECTION OF PRIOR PERIOD RESULTS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(Amounts in millions, except percentages) |
Three Months Ended |
Twelve Months Ended | ||||||||||||||
2015 |
2015 |
2015 |
2015 | |||||||||||||
Previously |
Corrected (1) |
Previously |
Corrected (1) | |||||||||||||
Consolidated Results |
||||||||||||||||
Fee and other revenue |
$ |
373.1 |
$ |
401.0 |
$ |
1,422.6 |
$ |
1,527.0 |
||||||||
Total revenue |
$ |
376.7 |
$ |
404.6 |
$ |
1,434.7 |
$ |
1,539.1 |
||||||||
Total revenue growth, as reported |
8 |
% |
8 |
% |
(1) |
% |
(1) |
% | ||||||||
Total revenue growth, constant currency |
11 |
% |
12 |
% |
3 |
% |
4 |
% | ||||||||
Commissions expense |
$ |
170.4 |
$ |
198.3 |
$ |
656.2 |
$ |
760.6 |
||||||||
Total operating expenses |
$ |
363.1 |
$ |
391.0 |
$ |
1,418.5 |
$ |
1,522.9 |
||||||||
Adjusted EBITDA margin (2) |
17.3 |
% |
16.1 |
% |
16.9 |
% |
15.8 |
% | ||||||||
Global Funds Transfer Results |
||||||||||||||||
Money transfer revenue |
$ |
332.7 |
$ |
360.6 |
$ |
1,262.7 |
$ |
1,367.1 |
||||||||
Total revenue |
$ |
357.4 |
$ |
385.3 |
$ |
1,361.4 |
$ |
1,465.8 |
||||||||
Money transfer revenue growth, as reported |
9 |
% |
9 |
% |
(1) |
% |
0 |
% | ||||||||
Money transfer revenue growth, constant currency |
13 |
% |
13 |
% |
4 |
% |
5 |
% | ||||||||
Total commissions expense |
$ |
170.1 |
$ |
198.0 |
$ |
655.1 |
$ |
759.5 |
||||||||
Adjusted operating margin |
7.8 |
% |
7.2 |
% |
7.5 |
% |
7.0 |
% | ||||||||
Total adjustments margin |
(4.4) |
% |
(4.1) |
% |
(5.2) |
% |
(4.8) |
% | ||||||||
Operating margin (as reported) |
3.4 |
% |
3.2 |
% |
2.3 |
% |
2.2 |
% |
(1) Results presented in the column under the heading "Corrected" are corrected from previously reported results. In certain consumer money transfer transactions involving different send and receive currencies, the Company generates revenue based on the difference between the exchange rate set by | ||||||||||||||||
(2) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total revenue. |
CONTACT:
214-979-1400
ir@moneygram.com
Media Relations:
214-979-1418
media@moneygram.com
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