MoneyGram International Reports Fourth Quarter and Full-Year 2020 Financial Results
Fourth Quarter 2020 Business Highlights
"We delivered strong financial results in the fourth quarter led by record digital growth and significant outperformance on expenses. Despite a year filled with unprecedented challenges, our dedicated employees rallied together to deliver the industry's best customer experience, rapidly accelerate digital growth, and expand key partnerships," said
Holmes continued: "The combination of these efforts generated tremendous value for customers and shareholders alike. This past year, MoneyGram Online, our direct-to-consumer digital channel, became one of the fastest growing fintechs in the industry, and the channel's profitable growth contributed meaningfully to both our top and bottom-line results."
• Digital performance in the fourth quarter was led by |
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◦ MGO delivered 100% year-over-year transaction growth and 103% revenue growth driven by strong consumer demand for the |
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◦ Cross-border online transactions and revenue each grew an impressive 143%, respectively, year-over-year for the fourth quarter |
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◦ MGO, the Company's largest generator of money transfer transactions, maintains 3 of its individual country sites on the Company's top 10 list of money transfer transaction generating sources |
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▪ US MGO became the largest generator of money transfer transactions in December surpassing Walmart |
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• Total digital, which includes MGO, had year-over-year transaction growth of 94%in the fourth quarter |
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◦ Digital revenue reached a new record of$57.4 million for the fourth quarterrepresenting a 79%year-over-year revenue growth rate |
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◦ Digital partnerships delivered transaction growth of 77% year-over-year |
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◦ Account deposit and mobile wallet transactions increased 140% year-over-year |
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• Digital transactions accounted for 28% of all money transfer transactions in the fourth quarter |
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• During the quarter, the Company reported a number of strategic achievements: |
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◦ As part of the Company's focus to invest in major receive markets, |
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▪ Visa Direct posted record transactions on 650% growth for the 4th quarter. |
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◦ The Company accelerated longer-term, customer-centric partnerships in major markets by strengthening positions in |
Fourth Quarter Financial Results, Year-Over-Year
• Total revenue of$323.3 million was flat on a reported basis or down 2% on a constant currency basis |
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◦ Money transfer revenuewas |
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◦ Investment revenue was |
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• Total operating expenses of |
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◦ Transaction and Operations Support expenses decreased |
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▪ $8.5 million net benefit from Ripple market development fees of |
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• Operating Income was$31.3 million,an increase of 146% |
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◦ Operating Income margin expanded from 3.9% to 9.7% |
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• Net Income was |
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• Diluted earnings per sharewas |
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• Adjusted EBITDA increased 12% to$64.6 million, or 8% on a constant currency basis |
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◦ Adjusted EBITDA margin improved 220 basis points to 20% |
Full-Year 2020 Financial Results, Year-Over-Year
• Total revenue of |
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◦ Money Transfer revenue was |
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▪ The decline was largely due to the COVID-19 pandemic which mostly impacted our first half 2020 operating results |
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◦ Investment revenue totaled |
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• Total operating expenses were |
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• Income before taxes of |
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• Adjusted EBITDA was |
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• Diluted loss per share was |
"Looking ahead, we are excited to leverage the strong momentum in our fast growing digital channel in 2021 as we work to overcome continued uncertainty driven by the global pandemic and changing market dynamics in the retail channel. As our transformational journey continues, our modern, mobile, API-driven platform puts
Balance Sheet and Liquidity
• Cash and cash equivalents on hand at year end was |
• Fourth quarter interest expense was |
• Capital expenditures in 2020were |
First Quarter 2021 Outlook
Assuming the global economic environment were to remain consistent with the fourth quarter the Company is providing the following outlook:
For the first quarter of 2021, the Company anticipates reporting total revenue of approximately
In addition, the Company is not planning for any benefit from Ripple market development fees in the first quarter. Due to the uncertainty concerning their ongoing litigation with the
Based on the combination of these factors, the Company anticipates reporting Adjusted EBITDA of approximately
Conference Call
Participant Dial-In Numbers: |
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1-800-263-0877 |
International: |
1-646-828-8143 |
Webcast: |
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Replay: |
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Replay ID: |
3866751 |
Replay is available through |
About
With a strong culture of innovation and a relentless focus on utilizing technology to deliver the world's best customer experience,
For more information, please visit MoneyGram.com and follow @MoneyGram.
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
These risks and uncertainties include, but are not limited to:
• the impact of the COVID-19 pandemic or future pandemics on our business, including the potential for work stoppages, lockdowns, shelter-in-place, or restricted movement guidelines, service delays, lower consumer and commercial activity; |
• our ability to compete effectively; |
• our ability to maintain key agent or biller relationships, or a reduction in business or transaction volume from these relationships, including our largest agent, Walmart, whether through the introduction by Walmart of additional competing "white label" branded money transfer products or otherwise; |
• our ability to manage fraud risks from consumers or agents; |
• the ability of us and our agents and other commercial relationships to comply with |
• litigation or investigations involving us or our agents and other commercial relationships, which could result in material settlements, fines or penalties, termination of contracts, other administrative actions or lawsuits and negative publicity; |
• uncertainties relating to compliance with the Deferred Prosecution Agreement, as amended on |
• regulations addressing consumer privacy, data use and security; |
• our ability to successfully develop and timely introduce new and enhanced products and services and our investments in new products, services or infrastructure changes; |
• our ability to manage risks associated with our international sales and operations; |
• our offering of money transfer services through agents in regions that are politically volatile; |
• changes in tax laws or an unfavorable outcome with respect to the audit of our tax returns or tax positions, or a failure by us to establish adequate reserves for tax events; |
• our substantial debt service obligations, significant debt covenant requirements and credit ratings; |
• major bank failure or sustained financial market illiquidity, or illiquidity at our clearing, cash management and custodial financial institutions; |
• the ability of us and our agents to maintain adequate banking relationships; |
• a security or privacy breach in systems, networks or databases on which we rely and disruptions to our computer network systems and data centers; |
• weakness in economic conditions, in both the |
• a significant change, material slow down or complete disruption of international migration patterns; |
• the financial health of certain European countries or the secession of a country from the |
• our ability to manage credit risks from our agents and official check financial institution consumers; |
• our ability to adequately protect our brand and intellectual property rights and to avoid infringing on the rights of others; |
• our ability to manage risks related to the operation of retail locations and the acquisition or start-up of businesses; |
• any restructuring actions and cost reduction initiatives that we undertake may not deliver the expected results and these actions may adversely affect our business; |
• our capital structure; |
• and uncertainties described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of |
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, diluted adjusted income (loss) 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 |
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Segment Results |
Table Three |
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Segment Reconciliations |
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 |
Table Five |
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Reconciliation of Certain Non-GAAP Measures to Relevant GAAP Measures - Adjusted Net Income and Adjusted Diluted EPS |
Table Six |
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Condensed Consolidated Balance Sheets |
Table Seven |
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Condensed Consolidated Statements of Cash Flows |
CONTACTS |
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Investor Relations: |
Media Relations: |
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214-979-1400 |
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TABLE ONE |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Unaudited) |
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(Amounts in millions, except percentages and |
Three Months Ended |
2020 vs |
Year Ended December |
2020 vs |
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2020 |
2019 |
2019 |
2020 |
2019 |
2019 |
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REVENUE |
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Fee and other revenue |
$ |
320.7 |
$ |
311.3 |
$ |
9.4 |
$ |
1,197.2 |
$ |
1,230.4 |
$ |
(33.2) |
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Investment revenue |
2.6 |
12.4 |
(9.8) |
20.0 |
54.7 |
(34.7) |
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Total revenue |
323.3 |
323.7 |
(0.4) |
1,217.2 |
1,285.1 |
(67.9) |
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Total revenue change, as reported |
— |
% |
(6) |
% |
(5) |
% |
(11) |
% |
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Total revenue change, constant currency |
(2) |
% |
(6) |
% |
(6) |
% |
(10) |
% |
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OPERATING EXPENSES |
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Total commissions and direct transaction expenses |
171.2 |
167.7 |
3.5 |
653.0 |
662.2 |
(9.2) |
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Compensation and benefits |
60.9 |
65.0 |
(4.1) |
223.8 |
228.4 |
(4.6) |
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Transaction and operations support (1) |
28.0 |
45.4 |
(17.4) |
111.6 |
207.8 |
(96.2) |
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Occupancy, equipment and supplies |
16.7 |
14.5 |
2.2 |
61.4 |
60.9 |
0.5 |
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Depreciation and amortization |
15.2 |
18.4 |
(3.2) |
64.4 |
73.8 |
(9.4) |
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Total operating expenses |
292.0 |
311.0 |
(19.0) |
1,114.2 |
1,233.1 |
(118.9) |
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OPERATING INCOME |
31.3 |
12.7 |
18.6 |
103.0 |
52.0 |
51.0 |
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Other expenses |
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Interest expense |
22.9 |
24.3 |
(1.4) |
92.4 |
77.0 |
15.4 |
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Other non-operating expense (2) |
1.1 |
1.2 |
(0.1) |
4.5 |
39.3 |
(34.8) |
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Total other expenses |
24.0 |
25.5 |
(1.5) |
96.9 |
116.3 |
(19.4) |
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Income (loss) before income taxes |
7.3 |
(12.8) |
20.1 |
6.1 |
(64.3) |
70.4 |
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Income tax (benefit) expense |
— |
(0.9) |
0.9 |
14.0 |
(4.0) |
18.0 |
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NET INCOME (LOSS) |
$ |
7.3 |
$ |
(11.9) |
$ |
19.2 |
$ |
(7.9) |
$ |
(60.3) |
$ |
52.4 |
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EARNINGS (LOSS) PER COMMON SHARE |
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Basic |
$ |
0.09 |
$ |
(0.16) |
$ |
0.25 |
$ |
(0.10) |
$ |
(0.85) |
$ |
0.75 |
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Diluted |
$ |
0.08 |
$ |
(0.16) |
$ |
0.24 |
$ |
(0.10) |
$ |
(0.85) |
$ |
0.75 |
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Weighted-average outstanding common shares and equivalents used in computing earnings (loss) per share
|
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Basic |
77.9 |
76.7 |
1.2 |
77.8 |
71.1 |
6.7 |
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Diluted |
88.8 |
76.7 |
12.1 |
77.8 |
71.1 |
6.7 |
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(1) Twelve months ended |
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(2) Twelve months ended |
TABLE TWO |
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SEGMENT RESULTS |
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(Unaudited) |
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Global Funds Transfer |
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(Amounts in millions, except percentages) |
Three Months Ended |
2020 vs |
Year Ended December |
2020 vs |
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2020 |
2019 |
2019 |
2020 |
2019 |
2019 |
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Money transfer revenue |
$ |
298.1 |
$ |
285.9 |
$ |
12.2 |
$ |
1,104.7 |
$ |
1,123.9 |
$ |
(19.2) |
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Bill payment revenue |
11.0 |
13.8 |
(2.8) |
46.2 |
59.4 |
(13.2) |
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Total revenue |
$ |
309.1 |
$ |
299.7 |
$ |
9.4 |
$ |
1,150.9 |
$ |
1,183.3 |
$ |
(32.4) |
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Commissions and direct transaction expenses |
$ |
170.9 |
$ |
162.9 |
$ |
8.0 |
$ |
649.3 |
$ |
637.9 |
$ |
11.4 |
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Operating income |
$ |
27.6 |
$ |
5.5 |
$ |
22.1 |
$ |
84.4 |
$ |
22.0 |
$ |
62.4 |
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Operating margin |
8.9 |
% |
1.8 |
% |
7.3 |
% |
1.9 |
% |
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Money transfer revenue change, as |
4 |
% |
(6) |
% |
(2) |
% |
(12) |
% |
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Money transfer revenue change, constant |
2 |
% |
(5) |
% |
(2) |
% |
(10) |
% |
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Financial Paper Products |
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(Amounts in millions, except percentages) |
Three Months Ended |
2020 vs |
Year Ended December |
2020 vs |
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2020 |
2019 |
2019 |
2020 |
2019 |
2019 |
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Money order revenue |
$ |
10.1 |
$ |
12.4 |
$ |
(2.3) |
$ |
43.4 |
$ |
53.0 |
$ |
(9.6) |
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Official check revenue |
4.1 |
11.6 |
(7.5) |
22.9 |
48.8 |
(25.9) |
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Total revenue |
$ |
14.2 |
$ |
24.0 |
$ |
(9.8) |
$ |
66.3 |
$ |
101.8 |
$ |
(35.5) |
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Total commissions expense |
$ |
0.3 |
$ |
4.8 |
$ |
(4.5) |
$ |
3.7 |
$ |
24.3 |
$ |
(20.6) |
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Operating income |
$ |
3.7 |
$ |
8.0 |
$ |
(4.3) |
$ |
20.5 |
$ |
33.8 |
$ |
(13.3) |
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Operating margin |
26.1 |
% |
33.3 |
% |
30.9 |
% |
33.2 |
% |
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TABLE THREE |
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SEGMENT RECONCILIATIONS |
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(Unaudited) |
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Global Funds Transfer |
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(Amounts in millions, except percentages) |
Three Months Ended |
2020 vs |
Year Ended December |
2020 vs |
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2020 |
2019 |
2019 |
2020 |
2019 |
2019 |
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Revenue (as reported) |
$ |
309.1 |
$ |
299.7 |
$ |
9.4 |
$ |
1,150.9 |
$ |
1,183.3 |
$ |
(32.4) |
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Adjusted operating income |
$ |
31.7 |
$ |
20.4 |
$ |
11.3 |
$ |
105.8 |
$ |
64.4 |
$ |
41.4 |
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Legal and contingent matters |
— |
(2.4) |
2.4 |
0.1 |
(2.4) |
2.5 |
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Restructuring and reorganization costs |
— |
(7.1) |
7.1 |
(1.0) |
(11.3) |
10.3 |
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Compliance enhancement program |
(0.6) |
(2.3) |
1.7 |
(3.5) |
(7.7) |
4.2 |
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Direct monitor costs |
(2.1) |
(1.5) |
(0.6) |
(11.0) |
(13.9) |
2.9 |
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Stock-based compensation expense |
(1.4) |
(1.6) |
0.2 |
(6.0) |
(7.1) |
1.1 |
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Total adjustments |
(4.1) |
(14.9) |
10.8 |
(21.4) |
(42.4) |
21.0 |
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Operating income (as reported) |
$ |
27.6 |
$ |
5.5 |
$ |
22.1 |
$ |
84.4 |
$ |
22.0 |
$ |
62.4 |
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Adjusted operating margin |
10.3 |
% |
6.8 |
% |
9.2 |
% |
5.4 |
% |
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Total adjustments |
(1.3) |
% |
(5.0) |
% |
(1.9) |
% |
(3.6) |
% |
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Operating margin (as reported) |
8.9 |
% |
1.8 |
% |
7.3 |
% |
1.9 |
% |
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Financial Paper Products |
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(Amounts in millions, except percentages) |
Three Months Ended |
2020 vs |
Year Ended December |
2020 vs |
||||||||||||||||||||
2020 |
2019 |
2019 |
2020 |
2019 |
2019 |
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Revenue (as reported) |
$ |
14.2 |
$ |
24.0 |
$ |
(9.8) |
$ |
66.3 |
$ |
101.8 |
$ |
(35.5) |
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Adjusted operating income |
$ |
3.9 |
$ |
8.4 |
$ |
(4.5) |
$ |
22.0 |
$ |
35.8 |
$ |
(13.8) |
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Compliance enhancement program |
(0.1) |
(0.2) |
0.1 |
(0.9) |
(1.2) |
0.3 |
||||||||||||||||||
Stock-based compensation expense |
(0.1) |
(0.2) |
0.1 |
(0.6) |
(0.8) |
0.2 |
||||||||||||||||||
Total adjustments |
(0.2) |
(0.4) |
0.2 |
(1.5) |
(2.0) |
0.5 |
||||||||||||||||||
Operating income (as reported) |
$ |
3.7 |
$ |
8.0 |
$ |
(4.3) |
$ |
20.5 |
$ |
33.8 |
$ |
(13.3) |
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Adjusted operating margin |
27.5 |
% |
35.0 |
% |
33.2 |
% |
35.2 |
% |
||||||||||||||||
Total adjustments |
(1.4) |
% |
(1.7) |
% |
(2.3) |
% |
(2.0) |
% |
||||||||||||||||
Operating margin (as reported) |
26.1 |
% |
33.3 |
% |
30.9 |
% |
33.2 |
% |
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TABLE FOUR |
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RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO RELEVANT GAAP MEASURES |
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EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN AND ADJUSTED FREE CASH FLOW |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
(Amounts in millions, except percentages) |
Three Months Ended |
2020 vs |
Year Ended December |
2020 vs |
||||||||||||||||||||
2020 |
2019 |
2019 |
2020 |
2019 |
2019 |
|||||||||||||||||||
Income (loss) before income taxes |
$ |
7.3 |
$ |
(12.8) |
$ |
20.1 |
$ |
6.1 |
$ |
(64.3) |
$ |
70.4 |
||||||||||||
Interest expense |
22.9 |
24.3 |
(1.4) |
92.4 |
77.0 |
15.4 |
||||||||||||||||||
Depreciation and amortization |
15.2 |
18.4 |
(3.2) |
64.4 |
73.8 |
(9.4) |
||||||||||||||||||
Signing bonus amortization |
14.8 |
11.8 |
3.0 |
54.5 |
46.4 |
8.1 |
||||||||||||||||||
EBITDA |
60.2 |
41.7 |
18.5 |
217.4 |
132.9 |
84.5 |
||||||||||||||||||
Significant items impacting EBITDA: |
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Direct monitor costs |
2.1 |
1.5 |
0.6 |
11.0 |
13.9 |
(2.9) |
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Stock-based, contingent and incentive |
1.5 |
1.8 |
(0.3) |
6.6 |
7.9 |
(1.3) |
||||||||||||||||||
Compliance enhancement program |
0.7 |
2.5 |
(1.8) |
4.4 |
8.9 |
(4.5) |
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Severance and related costs |
0.1 |
0.4 |
(0.3) |
0.3 |
0.7 |
(0.4) |
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Non-cash pension settlement charge (1) |
— |
— |
— |
— |
31.3 |
(31.3) |
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Legal and contingent matters |
— |
2.6 |
(2.6) |
0.6 |
4.5 |
(3.9) |
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Debt extinguishment costs (2) |
— |
— |
— |
— |
2.4 |
(2.4) |
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Restructuring and reorganization costs |
— |
7.1 |
(7.1) |
1.0 |
11.2 |
(10.2) |
||||||||||||||||||
Adjusted EBITDA |
$ |
64.6 |
$ |
57.6 |
$ |
7.0 |
$ |
241.3 |
$ |
213.7 |
$ |
27.6 |
||||||||||||
Adjusted EBITDA margin (3) |
20.0 |
% |
17.8 |
% |
2.2 |
% |
19.8 |
% |
16.6 |
% |
3.2 |
% |
||||||||||||
Adjusted EBITDA change, as reported |
12 |
% |
13 |
% |
||||||||||||||||||||
Adjusted EBITDA change, constant |
8 |
% |
11 |
% |
||||||||||||||||||||
Adjusted EBITDA |
$ |
64.6 |
$ |
57.6 |
$ |
7.0 |
$ |
241.3 |
$ |
213.7 |
$ |
27.6 |
||||||||||||
Cash payments for interest |
(19.9) |
(18.1) |
(1.8) |
(77.5) |
(63.3) |
(14.2) |
||||||||||||||||||
Cash payments for taxes, net of refunds |
(1.5) |
(2.8) |
1.3 |
1.8 |
(4.4) |
6.2 |
||||||||||||||||||
Cash payments for capital expenditures |
(10.2) |
(12.0) |
1.8 |
(40.8) |
(54.5) |
13.7 |
||||||||||||||||||
Cash payments for agent signing bonuses |
(13.7) |
(4.9) |
(8.8) |
(58.7) |
(29.1) |
(29.6) |
||||||||||||||||||
Adjusted Free Cash Flow |
$ |
19.3 |
$ |
19.8 |
$ |
(0.5) |
$ |
66.1 |
$ |
62.4 |
$ |
3.7 |
||||||||||||
(1) 2019 includes a non-cash charge from the sale of pension liability. |
||||||||||||||||||||||||
(2) 2019 includes debt extinguishment costs related to the amended and new debt agreements. |
||||||||||||||||||||||||
(3) 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 Ended |
Year Ended |
|||||||||||||||
(Amounts in millions, except per share data) |
2020 |
2019 |
2020 |
2019 |
||||||||||||
Net income (loss) |
$ |
7.3 |
$ |
(11.9) |
$ |
(7.9) |
$ |
(60.3) |
||||||||
Total adjustments (1) |
4.4 |
15.9 |
23.9 |
80.8 |
||||||||||||
Tax impacts of adjustments (2) |
(1.0) |
(3.6) |
(5.5) |
(18.5) |
||||||||||||
Valuation allowance (3) |
— |
— |
11.3 |
— |
||||||||||||
Adjusted net income |
$ |
10.7 |
$ |
0.4 |
$ |
21.8 |
$ |
2.0 |
||||||||
Diluted earnings (loss) per common share |
$ |
0.08 |
$ |
(0.16) |
$ |
(0.10) |
$ |
(0.85) |
||||||||
Diluted adjustments per common share |
0.04 |
0.17 |
0.38 |
0.88 |
||||||||||||
Diluted adjusted earnings (loss) per common share |
$ |
0.12 |
$ |
0.01 |
$ |
0.28 |
$ |
0.03 |
||||||||
Diluted weighted-average outstanding common shares and equivalents |
88.8 |
76.7 |
77.8 |
71.1 |
||||||||||||
(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 and jurisdiction of each adjustment. |
||||||||||||||||
(3) The Company recorded a |
TABLE SIX |
||||||||
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(Unaudited) |
||||||||
(Amounts in millions, except share data) |
|
|
||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ |
196.1 |
$ |
146.8 |
||||
Settlement assets |
3,702.9 |
3,237.0 |
||||||
Property and equipment, net |
148.1 |
176.1 |
||||||
|
442.2 |
442.2 |
||||||
Right-of-use assets |
55.1 |
50.0 |
||||||
Other assets |
129.7 |
132.9 |
||||||
Total assets |
$ |
4,674.1 |
$ |
4,185.0 |
||||
LIABILITIES |
||||||||
Payment service obligations |
$ |
3,702.9 |
$ |
3,237.0 |
||||
Debt, net |
857.8 |
850.3 |
||||||
Pension and other postretirement benefits |
74.5 |
77.5 |
||||||
Lease liabilities |
59.1 |
54.2 |
||||||
Accounts payable and other liabilities |
216.8 |
206.4 |
||||||
Total liabilities |
4,911.1 |
4,425.4 |
||||||
STOCKHOLDERS' DEFICIT |
||||||||
Participating convertible preferred stock - series D, |
— |
183.9 |
||||||
Common stock, |
0.7 |
0.7 |
||||||
Additional paid-in capital |
1,296.0 |
1,116.9 |
||||||
Retained loss |
(1,475.3) |
(1,460.1) |
||||||
Accumulated other comprehensive loss |
(58.4) |
(63.5) |
||||||
|
— |
(18.3) |
||||||
Total stockholders' deficit |
(237.0) |
(240.4) |
||||||
Total liabilities and stockholders' deficit |
$ |
4,674.1 |
$ |
4,185.0 |
||||
TABLE SEVEN |
||||||||
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Unaudited) |
||||||||
Year Ended |
||||||||
(Amounts in millions) |
2020 |
2019 |
||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
Net loss |
$ |
(7.9) |
$ |
(60.3) |
||||
Adjustments to reconcile net loss to net cash provided by operating activities: |
105.2 |
123.3 |
||||||
Net cash provided by operating activities |
97.3 |
63.0 |
||||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||
Payments for capital expenditures |
(40.8) |
(54.5) |
||||||
Net cash used in investing activities |
(40.8) |
(54.5) |
||||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||
Transaction costs for issuance and amendment of debt |
— |
(24.3) |
||||||
Principal payments on debt |
(6.5) |
(31.6) |
||||||
Proceeds from revolving credit facility |
23.0 |
— |
||||||
Payments on revolving credit facility |
(23.0) |
— |
||||||
Net proceeds from issuing equity instruments |
— |
49.5 |
||||||
Payments to tax authorities for stock-based compensation |
(0.7) |
(0.8) |
||||||
Net cash used in financing activities |
(7.2) |
(7.2) |
||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS |
49.3 |
1.3 |
||||||
CASH AND CASH EQUIVALENTS—Beginning of year |
146.8 |
145.5 |
||||||
CASH AND CASH EQUIVALENTS—End of year |
$ |
196.1 |
$ |
146.8 |
||||
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