MoneyGram International Reports Fourth Quarter and Full Year 2019 Financial Results
Fourth Quarter Business Update
MoneyGram's business transformation continued to accelerate, demonstrated by the success ofMoneyGram's direct-to-consumer digital business in addition to continued better-than-expected expense reductions as a result of modernizing and digitizing global operations.- MoneyGram Online achieved 39% year-over-year transaction growth in the fourth quarter, led by strong international performance, with transaction and revenue growth of 113% and 53%, respectively.
- International markets, which represent 62% of total money transfer revenue, strengthened both sequentially and year-over-year, posting 7% transaction growth and 3% revenue growth from the same quarter in 2018.
MoneyGram continued to launch innovative solutions to improve the customer experience and to lead the evolution of digital P2P payments. Exciting recent launches include the innovative FastSend™ service enabling customers to send money directly to a phone number. Additionally,MoneyGram continued to expand its strategic partnership with Ripple as the first money transfer company to scale the use of blockchain capabilities.
Commenting on the progress made in 2019,
Fourth Quarter 2019 Financial Results
- Revenue was
$323.7 million , a decline of 6% from the fourth quarter 2018. Revenue excludes$8.9 million of benefit from Ripple, which will be accounted for as a contra expense rather than revenue based on a recent consultation with theSecurities and Exchange Commission . - At the time the Company issued fourth quarter guidance, it assumed Ripple market development fees would be accounted for as revenue, consistent with the third quarter treatment. As a result of the change, the Ripple financial benefit of
$8.9 million in the fourth quarter and$2.4 million in the third quarter is now accounted for as offset to operating expenses, in Transaction and Operations Support and is no longer included in revenue. - Global Funds Transfer segment revenue was
$299.7 million , down 6% from the fourth quarter of the prior year. Within the segment, money transfer revenue was$285.9 million , a decline of 6%, and bill payment revenue was$13.8 million . - Investment revenue was
$12.4 million , a decline of$1.6 million from the fourth quarter in 2018. - Total operating expenses were
$311.0 million , an improvement of$21.1 million over the fourth quarter of 2018. This is an improvement of 6% from 2018's fourth quarter. - Net loss was
$11.9 million compared with$12.5 million for the fourth quarter of 2018. - Adjusted EBITDA was
$57.6 million compared with$60.0 million in the previous year's fourth quarter. Adjusted EBITDA margin improved to 17.8% from 17.4% in the fourth quarter of 2018. - Diluted loss per share was
$0.16 and adjusted diluted income per share was$0.01 . - Adjusted Free Cash Flow was
$19.8 million .
Full Year 2019 Financial Results
- Total revenue of
$1,285.1 million declined 11% on a reported basis and 10% on a constant currency basis compared to 2018. Revenue excludes$11.3 million of Ripple benefit, which is now recorded as a contra expense. - Global Funds Transfer segment revenue was
$1,183.3 million . The segment revenue is comprised of money transfer revenue of$1,123.9 million and bill pay revenue of$59.4 million . - Total operating expenses were
$1,233.1 million for the full year, which includes$11.3 million benefit from Ripple. - Net loss was
$60.3 million compared with$24.0 million in 2018. The year-over-year change was primarily due to a$31.3 million non-cash pension settlement charge related to the sale of the pension liabilities, a$2.4 million of debt extinguishment costs, as well as a$30.0 million merger termination payment received in 2018. - Adjusted EBITDA was
$213.7 million , a 13% decrease on a reported basis and an 11% decrease on a constant currency basis compared to 2018. The decrease is primarily related to the decrease in revenue. - For the year, diluted loss per share was
$0.85 and adjusted diluted income per share was$0.03 . - Adjusted Free Cash Flow was
$62.4 million . The$38.6 million decrease from 2018 is composed of lower Adjusted EBITDA and higher cash payments for interest.
Balance Sheet Highlights and Capital Structure Highlights
Cash and cash equivalents on hand at
First Quarter 2020 Outlook
For the first quarter 2020, the Company anticipates total revenue of approximately
"We have invested proactively during the past several years to re-position
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 accounting principles generally accepted in
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 |
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Condensed Consolidated Statements of Operations |
Table Two |
- |
Segment Results |
Table Three |
- |
Segment Reconciliations |
Table Four |
- |
Reconciliation of Certain Non-GAAP Measures to Relevant GAAP Measures - EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow |
Table Five |
- |
Reconciliation of Certain Non-GAAP Measures to Relevant GAAP Measures - Adjusted Net Income and Adjusted Diluted EPS |
Table Six |
- |
Condensed Consolidated Balance Sheets |
Table Seven |
- |
Condensed Consolidated Statements of Cash Flows |
Conference Call
Participant Dial-In Numbers: |
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1-888-220-8474 |
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International: |
1-646-828-8193 |
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Replay: |
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About
CONTACT
Investor Relations:
214-979-1400
ir@moneygram.com
Media Relations:
214-979-1402
media@moneygram.com
TABLE ONE |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Unaudited) |
||||||||||||||||||||||||
(Amounts in millions, except percentages and per share data) |
Three Months |
2019 vs |
Twelve Months |
2019 vs |
||||||||||||||||||||
2019 |
2018 |
2018 |
2019 |
2018 |
2018 |
|||||||||||||||||||
REVENUE |
||||||||||||||||||||||||
Fee and other revenue |
$ |
311.3 |
$ |
331.8 |
$ |
(20.5) |
$ |
1,230.4 |
$ |
1,398.1 |
$ |
(167.7) |
||||||||||||
Investment revenue |
12.4 |
14.0 |
(1.6) |
54.7 |
49.5 |
5.2 |
||||||||||||||||||
Total revenue |
323.7 |
345.8 |
(22.1) |
1,285.1 |
1,447.6 |
(162.5) |
||||||||||||||||||
Total revenue change, as reported |
(6) |
% |
(15) |
% |
(11) |
% |
(10) |
% |
||||||||||||||||
Total revenue change, constant currency |
(6) |
% |
(14) |
% |
(10) |
% |
(11) |
% |
||||||||||||||||
OPERATING EXPENSES |
||||||||||||||||||||||||
Total commissions and direct transaction expenses |
167.7 |
176.6 |
(8.9) |
662.2 |
732.2 |
(70.0) |
||||||||||||||||||
Compensation and benefits |
65.0 |
58.7 |
6.3 |
228.4 |
259.8 |
(31.4) |
||||||||||||||||||
Transaction and operations support (1) |
45.4 |
63.6 |
(18.2) |
207.8 |
298.8 |
(91.0) |
||||||||||||||||||
Occupancy, equipment and supplies |
14.5 |
14.6 |
(0.1) |
60.9 |
62.0 |
(1.1) |
||||||||||||||||||
Depreciation and amortization |
18.4 |
18.6 |
(0.2) |
73.8 |
76.3 |
(2.5) |
||||||||||||||||||
Total operating expenses |
311.0 |
332.1 |
(21.1) |
1,233.1 |
1,429.1 |
(196.0) |
||||||||||||||||||
OPERATING INCOME |
12.7 |
13.7 |
(1.0) |
52.0 |
18.5 |
33.5 |
||||||||||||||||||
Other expenses |
||||||||||||||||||||||||
Interest expense |
24.3 |
13.8 |
10.5 |
77.0 |
53.6 |
23.4 |
||||||||||||||||||
Other non-operating expense (income) (2) |
1.2 |
1.4 |
(0.2) |
39.3 |
(24.2) |
63.5 |
||||||||||||||||||
Total other expenses |
25.5 |
15.2 |
10.3 |
116.3 |
29.4 |
86.9 |
||||||||||||||||||
Loss before income taxes |
(12.8) |
(1.5) |
(11.3) |
(64.3) |
(10.9) |
(53.4) |
||||||||||||||||||
Income tax (benefit) expense |
(0.9) |
11.0 |
(11.9) |
(4.0) |
13.1 |
(17.1) |
||||||||||||||||||
NET LOSS |
$ |
(11.9) |
$ |
(12.5) |
$ |
0.6 |
$ |
(60.3) |
$ |
(24.0) |
$ |
(36.3) |
||||||||||||
Basic and diluted loss per common share |
$ |
(0.16) |
$ |
(0.19) |
$ |
0.03 |
$ |
(0.85) |
$ |
(0.37) |
$ |
(0.48) |
||||||||||||
Basic and diluted weighted-average outstanding common shares and equivalents used in computing loss per share |
76.7 |
64.5 |
12.2 |
71.1 |
64.3 |
6.8 |
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(1) Twelve months ended |
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(2) Twelve months ended |
TABLE TWO |
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SEGMENT RESULTS |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
Global Funds Transfer |
||||||||||||||||||||||||
(Amounts in millions, except percentages) |
Three Months |
2019 vs |
Twelve Months |
2019 vs |
||||||||||||||||||||
2019 |
2018 |
2018 |
2019 |
2018 |
2018 |
|||||||||||||||||||
Money transfer revenue |
$ |
285.9 |
$ |
302.9 |
$ |
(17.0) |
$ |
1,123.9 |
$ |
1,273.4 |
$ |
(149.5) |
||||||||||||
Bill payment revenue |
13.8 |
16.8 |
(3.0) |
59.4 |
74.5 |
(15.1) |
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Total revenue |
$ |
299.7 |
$ |
319.7 |
$ |
(20.0) |
$ |
1,183.3 |
$ |
1,347.9 |
$ |
(164.6) |
||||||||||||
Commissions and direct transaction expenses |
$ |
162.9 |
$ |
170.1 |
$ |
(7.2) |
$ |
637.9 |
$ |
711.6 |
$ |
(73.7) |
||||||||||||
Operating income (loss) |
$ |
5.5 |
$ |
6.7 |
$ |
(1.2) |
$ |
22.0 |
$ |
(5.9) |
$ |
27.9 |
||||||||||||
Operating margin |
1.8 |
% |
2.1 |
% |
1.9 |
% |
(0.4) |
% |
||||||||||||||||
Money transfer revenue change, as reported |
(6) |
% |
(17) |
% |
(12) |
% |
(10) |
% |
||||||||||||||||
Money transfer revenue change, constant currency |
(5) |
% |
(16) |
% |
(10) |
% |
(12) |
% |
||||||||||||||||
Financial Paper Products |
||||||||||||||||||||||||
(Amounts in millions, except percentages) |
Three Months |
2019 vs |
Twelve Months |
2019 vs |
||||||||||||||||||||
2019 |
2018 |
2018 |
2019 |
2018 |
2018 |
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Money order revenue |
$ |
12.4 |
$ |
13.7 |
$ |
(1.3) |
$ |
53.0 |
$ |
55.3 |
$ |
(2.3) |
||||||||||||
Official check revenue |
11.6 |
12.4 |
(0.8) |
48.8 |
44.4 |
4.4 |
||||||||||||||||||
Total revenue |
$ |
24.0 |
$ |
26.1 |
$ |
(2.1) |
$ |
101.8 |
$ |
99.7 |
$ |
2.1 |
||||||||||||
Total commissions expense |
$ |
4.8 |
$ |
6.5 |
$ |
(1.7) |
$ |
24.3 |
$ |
20.6 |
$ |
3.7 |
||||||||||||
Operating income |
$ |
8.0 |
$ |
8.3 |
$ |
(0.3) |
$ |
33.8 |
$ |
30.6 |
$ |
3.2 |
||||||||||||
Operating margin |
33.3 |
% |
31.8 |
% |
33.2 |
% |
30.7 |
% |
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TABLE THREE |
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SEGMENT RECONCILIATIONS |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
Global Funds Transfer |
||||||||||||||||||||||||
(Amounts in millions, except percentages) |
Three Months |
2019 vs |
Twelve Months |
2019 vs |
||||||||||||||||||||
2019 |
2018 |
2018 |
2019 |
2018 |
2018 |
|||||||||||||||||||
Revenue (as reported) |
$ |
299.7 |
$ |
319.7 |
$ |
(20.0) |
$ |
1,183.3 |
$ |
1,347.9 |
$ |
(164.6) |
||||||||||||
Adjusted operating income |
$ |
20.4 |
$ |
22.6 |
$ |
(2.2) |
$ |
64.4 |
$ |
90.9 |
$ |
(26.5) |
||||||||||||
Legal and contingent matters |
(2.4) |
(2.2) |
(0.2) |
(2.4) |
(44.3) |
41.9 |
||||||||||||||||||
Restructuring and reorganization costs |
(7.1) |
(6.2) |
(0.9) |
(11.3) |
(19.9) |
8.6 |
||||||||||||||||||
Compliance enhancement program |
(2.3) |
(1.4) |
(0.9) |
(7.7) |
(10.1) |
2.4 |
||||||||||||||||||
Direct monitor costs |
(1.5) |
(3.9) |
2.4 |
(13.9) |
(11.3) |
(2.6) |
||||||||||||||||||
Stock-based compensation expense |
(1.6) |
(2.2) |
0.6 |
(7.1) |
(11.2) |
4.1 |
||||||||||||||||||
Total adjustments |
(14.9) |
(15.9) |
1.0 |
(42.4) |
(96.8) |
54.4 |
||||||||||||||||||
Operating income (loss) (as reported) |
$ |
5.5 |
$ |
6.7 |
$ |
(1.2) |
$ |
22.0 |
$ |
(5.9) |
$ |
27.9 |
||||||||||||
Adjusted operating margin |
6.8 |
% |
7.1 |
% |
5.4 |
% |
6.7 |
% |
||||||||||||||||
Total adjustments |
(5.0) |
% |
(5.0) |
% |
(3.6) |
% |
(7.2) |
% |
||||||||||||||||
Operating margin (as reported) |
1.8 |
% |
2.1 |
% |
1.9 |
% |
(0.4) |
% |
||||||||||||||||
Financial Paper Products |
||||||||||||||||||||||||
(Amounts in millions, except percentages) |
Three Months |
2019 vs |
Twelve Months |
2019 vs |
||||||||||||||||||||
2019 |
2018 |
2018 |
2019 |
2018 |
2018 |
|||||||||||||||||||
Revenue (as reported) |
$ |
24.0 |
$ |
26.1 |
$ |
(2.1) |
$ |
101.8 |
$ |
99.7 |
$ |
2.1 |
||||||||||||
Adjusted operating income |
$ |
8.4 |
$ |
9.1 |
$ |
(0.7) |
$ |
35.8 |
$ |
34.6 |
$ |
1.2 |
||||||||||||
Compliance enhancement program |
(0.2) |
(0.6) |
0.4 |
(1.2) |
(2.8) |
1.6 |
||||||||||||||||||
Stock-based compensation expense |
(0.2) |
(0.2) |
— |
(0.8) |
(1.2) |
0.4 |
||||||||||||||||||
Total adjustments |
(0.4) |
(0.8) |
0.4 |
(2.0) |
(4.0) |
2.0 |
||||||||||||||||||
Operating income (as reported) |
$ |
8.0 |
$ |
8.3 |
$ |
(0.3) |
$ |
33.8 |
$ |
30.6 |
$ |
3.2 |
||||||||||||
Adjusted operating margin |
35.0 |
% |
34.9 |
% |
35.2 |
% |
34.7 |
% |
||||||||||||||||
Total adjustments |
(1.7) |
% |
(3.1) |
% |
(2.0) |
% |
(4.0) |
% |
||||||||||||||||
Operating margin (as reported) |
33.3 |
% |
31.8 |
% |
33.2 |
% |
30.7 |
% |
||||||||||||||||
TABLE FOUR |
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RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO RELEVANT GAAP MEASURES |
||||||||||||||||||||||||
EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN AND ADJUSTED FREE CASH FLOW |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
(Amounts in millions, except percentages) |
Three Months |
2019 vs |
Twelve Months |
2019 vs |
||||||||||||||||||||
2019 |
2018 |
2018 |
2019 |
2018 |
2018 |
|||||||||||||||||||
Loss before income taxes |
$ |
(12.8) |
$ |
(1.5) |
$ |
(11.3) |
$ |
(64.3) |
$ |
(10.9) |
$ |
(53.4) |
||||||||||||
Interest expense |
24.3 |
13.8 |
10.5 |
77.0 |
53.6 |
23.4 |
||||||||||||||||||
Depreciation and amortization |
18.4 |
18.6 |
(0.2) |
73.8 |
76.3 |
(2.5) |
||||||||||||||||||
Signing bonus amortization |
11.8 |
11.9 |
(0.1) |
46.4 |
53.9 |
(7.5) |
||||||||||||||||||
EBITDA |
41.7 |
42.8 |
(1.1) |
132.9 |
172.9 |
(40.0) |
||||||||||||||||||
Significant items impacting EBITDA: |
||||||||||||||||||||||||
Restructuring and reorganization costs |
7.1 |
6.4 |
0.7 |
11.2 |
20.1 |
(8.9) |
||||||||||||||||||
Legal and contingent matters (1) |
2.6 |
2.3 |
0.3 |
4.5 |
45.0 |
(40.5) |
||||||||||||||||||
Compliance enhancement program |
2.5 |
2.0 |
0.5 |
8.9 |
12.9 |
(4.0) |
||||||||||||||||||
Stock-based, contingent and incentive compensation |
1.8 |
2.4 |
(0.6) |
7.9 |
12.4 |
(4.5) |
||||||||||||||||||
Direct monitor costs |
1.5 |
3.9 |
(2.4) |
13.9 |
11.3 |
2.6 |
||||||||||||||||||
Severance and related costs |
0.4 |
0.2 |
0.2 |
0.7 |
0.6 |
0.1 |
||||||||||||||||||
Non-cash pension settlement charge (2) |
— |
— |
— |
31.3 |
— |
31.3 |
||||||||||||||||||
Debt extinguishment costs (3) |
— |
— |
— |
2.4 |
— |
2.4 |
||||||||||||||||||
Income related to the terminated merger with Ant Financial (4) |
— |
— |
— |
— |
(29.3) |
29.3 |
||||||||||||||||||
Adjusted EBITDA |
$ |
57.6 |
$ |
60.0 |
$ |
(2.4) |
$ |
213.7 |
$ |
245.9 |
$ |
(32.2) |
||||||||||||
Adjusted EBITDA margin (5) |
17.8 |
% |
17.4 |
% |
0.4 |
% |
16.6 |
% |
17.0 |
% |
(0.4) |
% |
||||||||||||
Adjusted EBITDA change, as reported |
(4) |
% |
(13) |
% |
||||||||||||||||||||
Adjusted EBITDA change, constant currency adjusted |
(3) |
% |
(11) |
% |
||||||||||||||||||||
Adjusted EBITDA |
$ |
57.6 |
$ |
60.0 |
$ |
(2.4) |
$ |
213.7 |
$ |
245.9 |
$ |
(32.2) |
||||||||||||
Cash payments for interest |
(18.1) |
(13.3) |
(4.8) |
(63.3) |
(50.7) |
(12.6) |
||||||||||||||||||
Cash payments for taxes, net of refunds |
(2.8) |
(0.9) |
(1.9) |
(4.4) |
(4.8) |
0.4 |
||||||||||||||||||
Cash payments for capital expenditures |
(12.0) |
(13.3) |
1.3 |
(54.5) |
(57.8) |
3.3 |
||||||||||||||||||
Cash payments for agent signing bonuses |
(4.9) |
(11.4) |
6.5 |
(29.1) |
(31.6) |
2.5 |
||||||||||||||||||
Adjusted Free Cash Flow |
$ |
19.8 |
$ |
21.1 |
$ |
(1.3) |
$ |
62.4 |
$ |
101.0 |
$ |
(38.6) |
||||||||||||
(1) Twelve months ended |
||||||||||||||||||||||||
(2) Twelve months ended |
||||||||||||||||||||||||
(3) Twelve months ended |
||||||||||||||||||||||||
(4) Income includes the |
||||||||||||||||||||||||
(5) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total revenue. |
TABLE FIVE |
||||||||||||||||
|
||||||||||||||||
RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO RELEVANT GAAP MEASURES |
||||||||||||||||
ADJUSTED NET INCOME AND ADJUSTED DILUTED EPS |
||||||||||||||||
(Unaudited) |
||||||||||||||||
Three Months |
Twelve Months |
|||||||||||||||
(Amounts in millions, except per share data) |
2019 |
2018 |
2019 |
2018 |
||||||||||||
Net loss |
$ |
(11.9) |
$ |
(12.5) |
$ |
(60.3) |
$ |
(24.0) |
||||||||
Total adjustments (1) |
15.9 |
17.2 |
80.8 |
73.0 |
||||||||||||
Tax impacts of adjustments (2) |
(3.6) |
(4.1) |
(18.5) |
(8.5) |
||||||||||||
Adjusted net income |
$ |
0.4 |
$ |
0.6 |
$ |
2.0 |
$ |
40.5 |
||||||||
Diluted loss per common share |
$ |
(0.16) |
$ |
(0.19) |
$ |
(0.85) |
$ |
(0.37) |
||||||||
Diluted adjustments per common share |
0.17 |
0.20 |
0.88 |
1.00 |
||||||||||||
Diluted adjusted income per common share |
$ |
0.01 |
$ |
0.01 |
$ |
0.03 |
$ |
0.63 |
||||||||
Diluted weighted-average outstanding common shares and equivalents |
76.7 |
64.5 |
71.1 |
64.3 |
||||||||||||
(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 and jurisdiction of each adjustment. |
TABLE SIX |
||||||||
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(Unaudited) |
||||||||
(Amounts in millions, except share data) |
|
|
||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ |
146.8 |
$ |
145.5 |
||||
Settlement assets |
3,237.0 |
3,373.8 |
||||||
Property and equipment, net |
176.1 |
193.9 |
||||||
|
442.2 |
442.2 |
||||||
Other assets (1) |
182.9 |
140.7 |
||||||
Total assets |
$ |
4,185.0 |
$ |
4,296.1 |
||||
LIABILITIES |
||||||||
Payment service obligations |
$ |
3,237.0 |
$ |
3,373.8 |
||||
Debt, net (2) |
850.3 |
901.0 |
||||||
Pension and other postretirement benefits |
77.5 |
76.6 |
||||||
Accounts payable and other liabilities (1) |
260.6 |
213.5 |
||||||
Total liabilities |
4,425.4 |
4,564.9 |
||||||
STOCKHOLDERS' DEFICIT |
||||||||
Participating convertible preferred stock - series D, |
183.9 |
183.9 |
||||||
Common stock, |
0.7 |
0.6 |
||||||
Additional paid-in capital |
1,116.9 |
1,046.8 |
||||||
Retained loss |
(1,460.1) |
(1,403.6) |
||||||
Accumulated other comprehensive loss |
(63.5) |
(67.5) |
||||||
|
(18.3) |
(29.0) |
||||||
Total stockholders' deficit |
(240.4) |
(268.8) |
||||||
Total liabilities and stockholders' deficit |
$ |
4,185.0 |
$ |
4,296.1 |
||||
(1) 2019 financial information reflects the adoption of ASC 842 - Leases. Other Assets includes |
||||||||
(2) On June 26, 2019, |
TABLE SEVEN |
||||||||
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Unaudited) |
||||||||
Twelve Months Ended December 31, |
||||||||
(Amounts in millions) |
2019 |
2018 |
||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
Net loss |
$ |
(60.3) |
$ |
(24.0) |
||||
Adjustments to reconcile net loss to net cash provided by operating activities |
123.3 |
53.3 |
||||||
Net cash provided by operating activities |
63.0 |
29.3 |
||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||
Purchases of property and equipment |
(54.5) |
(57.8) |
||||||
Net cash used in investing activities |
(54.5) |
(57.8) |
||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
Transaction costs for issuance and amendment of debt |
(24.3) |
— |
||||||
Principal payments on debt |
(31.6) |
(9.8) |
||||||
Net proceeds from issuing equity instruments |
49.5 |
— |
||||||
Payments to tax authorities for stock-based compensation |
(0.8) |
(6.2) |
||||||
Net cash used in financing activities |
(7.2) |
(16.0) |
||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS |
1.3 |
(44.5) |
||||||
CASH AND CASH EQUIVALENTS—Beginning of period |
145.5 |
190.0 |
||||||
CASH AND CASH EQUIVALENTS—End of period |
$ |
146.8 |
$ |
145.5 |
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