MoneyGram International Reports Second Quarter 2015 Financial Results
"Our second quarter results reflect the significant progress
Money Transfer Highlights
- Money transfer transaction growth accelerated to 6 percent, and represented the highest number of quarterly transactions in
MoneyGram's history. - Money transfer revenue in the quarter was
$316.6 million , representing 2 percent growth on a constant currency basis and a decline of 4 percent on a reported basis as compared to the prior year. - Money transfer results reflect the continued strength in the Company's U.S. Outbound and Non-U.S. send transaction growth, offset by the impact of our U.S.-to-U.S. pricing initiative implemented in the fourth quarter of 2014.
- U.S. Outbound transactions grew 13 percent year-over-year, led by sends to
Latin America andAfrica . - Non-U.S. send transactions grew 16 percent led by sends from the
Middle East ,Africa andUK , and accelerated from 14 percent year-over-year growth in the first quarter. - U.S.-to-U.S. transactions declined 22 percent, an improvement from a decline of 37 percent in the first quarter. Total transactions increased sequentially driven by
MoneyGram's innovative self-service product solutions.
- U.S. Outbound transactions grew 13 percent year-over-year, led by sends to
- U.S. Outbound and Non-U.S. sends now represent 87 percent of money transfer revenue and grew 14 percent on a constant currency basis in the quarter, up from 10 percent growth in the first quarter.
Self-Service Highlights
- Strong customer adoption of
MoneyGram's innovative kiosks and the launch of the new moneygram.com led to accelerated self-service money transfer results in the second quarter.- Self-service money transfer transactions increased 67 percent, and now represent 14 percent of money transfer transactions.
- Self-service money transfer revenue grew 58 percent over the prior year, and represents 12 percent of money transfer revenue. Annualizing the second quarter, these channels generate almost
$150 million of revenue. - New kiosks were activated in
Europe andChina expanding self-service into new markets.
- moneygram.com transactions increased 19 percent and revenue was up 10 percent over the prior year. Our sleek, reimagined moneygram.com and mobile app for Apple and Android devices launched in June. The platform is the first service which enables customers to send money around the world without needing to create an account. The ease of the new service produced nearly 190,000 new active customers, a record quarterly high.
Financial Results
- Total revenue for the second quarter was
$358.8 million , an increase of 1 percent on a constant currency basis and a decrease of 4 percent on a reported basis due to the stronger dollar. Investment revenue was$2.8 million . - In June, the Company completed a partial buyout of pension obligations and recorded a non-cash charge of
$13.8 million . The effect of the buyout was a reduction in the Company's pension liability and a permanent reduction in future expenses of the plan. - The Company reported EBITDA of
$16.0 million and a pre-tax loss of$27.1 million . - Adjusted EBITDA was
$57.7 million (Table Four). Adjusted EBITDA margin was 16.1 percent, a 40 basis point decline from the first quarter due to increased marketing spend to launch new products and for seasonal campaigns. - Adjusted diluted earnings per share was
$0.23 . Diluted loss per share was$0.20 due to the pension buyout and expenses related to the Global Transformation Program. - Adjusted free cash flow was negative
$7.4 million primarily due to the repositioning of the U.S.-to-U.S. business, investments in the Global Transformation Program and agent signing bonus payments. The Company also made a one-time$55.8 million payment related to theIRS tax litigation during the quarter, which is not included in the adjusted free cash flow. The Company has since filed an appeal of the U.S. tax court decision.
"The critical need to send money and the push for global financial inclusion continues to drive growth in the industry," Patsley said. "The investments we are making into the expansion of our innovative self-service money transfer and payment service products are providing consumers with more choices and greater convenience, prompting a growing number of customers to choose
Full Year 2015 Outlook
The Company's outlook for 2015 is unchanged. For the full-year 2015, the Company estimates approximately flat constant currency revenue growth.
For Adjusted EBITDA, the Company estimates a decline of approximately 8 to 12 percent on a constant currency basis for the full-year 2015. The Company anticipates improving to year-over-year double-digit constant currency revenue and Adjusted EBITDA growth in the fourth quarter.
Non-GAAP Measures
In addition to results presented in accordance with GAAP, this press 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 significant items), Adjusted EBITDA margin and Adjusted Free Cash Flow (Adjusted EBITDA less cash interest, cash taxes, cash payments for capital expenditures and agent signing bonuses), constant currency measures, adjusted diluted earnings per share and adjusted net income. In addition, we also present adjusted operating income and adjusted operating margin for our two reporting segments. The following tables include a full reconciliation of non-GAAP financial measures to the related GAAP financial measures. The equivalent GAAP financial measures for projected results are not provided as we are not able to predict results inclusive of currency changes.
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 |
- |
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 |
- |
Consolidated Balance Sheets |
Table Six |
- |
Adjusted Net Income and Adjusted Diluted EPS |
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About
Forward Looking Statements
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to, among other things, the financial condition, results of operations, plans, objectives, future performance and business of
TABLE ONE | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(Amounts in millions, except per share data) |
||||||||||||||||||||||||
Three Months Ended |
2015 vs |
Six Months Ended |
2015 vs | |||||||||||||||||||||
2015 |
2014 |
2014 |
2015 |
2014 |
2014 | |||||||||||||||||||
REVENUE |
||||||||||||||||||||||||
Fee and other revenue |
$ |
356.0 |
$ |
368.8 |
$ |
(12.8) |
$ |
683.7 |
$ |
736.5 |
$ |
(52.8) |
||||||||||||
Investment revenue |
2.8 |
3.6 |
(0.8) |
5.7 |
10.8 |
(5.1) |
||||||||||||||||||
Total revenue |
358.8 |
372.4 |
(13.6) |
689.4 |
747.3 |
(57.9) |
||||||||||||||||||
Total revenue growth, as reported |
(4) |
% |
2 |
% |
(8) |
% |
6 |
% |
||||||||||||||||
Total revenue growth, constant currency |
1 |
% |
1 |
% |
(3) |
% |
5 |
% |
||||||||||||||||
OPERATING EXPENSES |
||||||||||||||||||||||||
Fee and other commissions expense |
163.2 |
171.6 |
(8.4) |
316.6 |
342.5 |
(25.9) |
||||||||||||||||||
Investment commissions expense |
0.2 |
0.1 |
0.1 |
0.3 |
0.2 |
0.1 |
||||||||||||||||||
Total commissions expense |
163.4 |
171.7 |
(8.3) |
316.9 |
342.7 |
(25.8) |
||||||||||||||||||
Compensation and benefits |
87.8 |
75.0 |
12.8 |
162.5 |
144.7 |
17.8 |
||||||||||||||||||
Transaction and operations support |
90.3 |
77.3 |
13.0 |
160.7 |
148.6 |
12.1 |
||||||||||||||||||
Occupancy, equipment and supplies |
15.8 |
13.7 |
2.1 |
31.3 |
26.5 |
4.8 |
||||||||||||||||||
Depreciation and amortization |
17.2 |
13.6 |
3.6 |
32.0 |
26.7 |
5.3 |
||||||||||||||||||
Total operating expenses |
374.5 |
351.3 |
23.2 |
703.4 |
689.2 |
14.2 |
||||||||||||||||||
OPERATING (LOSS) INCOME |
(15.7) |
21.1 |
(36.8) |
(14.0) |
58.1 |
(72.1) |
||||||||||||||||||
OTHER EXPENSE |
||||||||||||||||||||||||
Net securities gains |
— |
(22.4) |
22.4 |
— |
(22.4) |
22.4 |
||||||||||||||||||
Interest expense |
11.4 |
11.4 |
— |
22.5 |
21.1 |
1.4 |
||||||||||||||||||
Total other expense (income) |
11.4 |
(11.0) |
22.4 |
22.5 |
(1.3) |
23.8 |
||||||||||||||||||
(Loss) income before income taxes |
(27.1) |
32.1 |
(59.2) |
(36.5) |
59.4 |
(95.9) |
||||||||||||||||||
Income tax (benefit) expense |
(14.7) |
6.5 |
(21.2) |
47.9 |
(5.2) |
53.1 |
||||||||||||||||||
NET (LOSS) INCOME |
$ |
(12.4) |
$ |
25.6 |
$ |
(38.0) |
$ |
(84.4) |
$ |
64.6 |
$ |
(149.0) |
||||||||||||
(LOSS) EARNINGS PER COMMON SHARE |
||||||||||||||||||||||||
Basic |
$ |
(0.20) |
$ |
0.40 |
$ |
(0.60) |
$ |
(1.36) |
$ |
0.96 |
$ |
(2.32) |
||||||||||||
Diluted |
$ |
(0.20) |
$ |
0.40 |
$ |
(0.60) |
$ |
(1.36) |
$ |
0.95 |
$ |
(2.31) |
||||||||||||
Weighted-average outstanding common shares and equivalents used in computing (loss) earnings per share |
||||||||||||||||||||||||
Basic (1) |
62.1 |
63.6 |
(1.5) |
62.1 |
67.6 |
(5.5) |
||||||||||||||||||
Diluted (1) |
62.1 |
63.8 |
(1.7) |
62.1 |
67.8 |
(5.7) |
||||||||||||||||||
(1) Includes common stock equivalents of 8.9 million for the three and six months ended | ||||||||||||||||||||||||
Shares related to stock options |
3.5 |
4.3 |
3.6 |
4.3 |
||||||||||||||||||||
Shares related to restricted stock units |
4.3 |
1.8 |
3.5 |
1.5 |
TABLE TWO | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
SEGMENT RESULTS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Global Funds Transfer |
||||||||||||||||||||||||
Three Months Ended |
2015 vs |
Six Months Ended |
2015 vs | |||||||||||||||||||||
(Amounts in millions) |
2015 |
2014 |
2014 |
2015 |
2014 |
2014 | ||||||||||||||||||
Money transfer revenue: |
||||||||||||||||||||||||
Fee and other revenue |
$ |
316.5 |
$ |
328.2 |
$ |
(11.7) |
$ |
603.3 |
$ |
654.3 |
$ |
(51.0) |
||||||||||||
Investment revenue |
0.1 |
0.1 |
— |
0.1 |
0.1 |
— |
||||||||||||||||||
Bill payment revenue: |
||||||||||||||||||||||||
Fee and other revenue |
24.1 |
24.5 |
(0.4) |
49.6 |
50.1 |
(0.5) |
||||||||||||||||||
Total revenue |
$ |
340.7 |
$ |
352.8 |
$ |
(12.1) |
$ |
653.0 |
$ |
704.5 |
$ |
(51.5) |
||||||||||||
Total commissions expense |
$ |
163.2 |
$ |
171.5 |
$ |
(8.3) |
$ |
316.5 |
$ |
342.2 |
$ |
(25.7) |
||||||||||||
Operating income |
$ |
0.4 |
$ |
19.5 |
$ |
(19.1) |
$ |
0.6 |
$ |
51.0 |
$ |
(50.4) |
||||||||||||
Operating margin |
0.1 |
% |
5.5 |
% |
0.1 |
% |
7.2 |
% |
||||||||||||||||
Money transfer revenue growth, as reported |
(4) |
% |
3 |
% |
(8) |
% |
7 |
% |
||||||||||||||||
Money transfer revenue growth, constant currency |
2 |
% |
1 |
% |
(3) |
% |
6 |
% |
||||||||||||||||
Financial Paper Products |
||||||||||||||||||||||||
Three Months Ended |
2015 vs |
Six Months Ended |
2015 vs | |||||||||||||||||||||
(Amounts in millions) |
2015 |
2014 |
2014 |
2015 |
2014 |
2014 | ||||||||||||||||||
Money order revenue: |
||||||||||||||||||||||||
Fee and other revenue |
$ |
12.1 |
$ |
12.3 |
$ |
(0.2) |
$ |
24.3 |
$ |
24.6 |
$ |
(0.3) |
||||||||||||
Investment revenue |
0.7 |
1.0 |
(0.3) |
1.6 |
3.1 |
(1.5) |
||||||||||||||||||
Official check revenue: |
||||||||||||||||||||||||
Fee and other revenue |
3.3 |
3.8 |
(0.5) |
6.5 |
7.5 |
(1.0) |
||||||||||||||||||
Investment revenue |
2.0 |
2.5 |
(0.5) |
4.0 |
7.6 |
(3.6) |
||||||||||||||||||
Total revenue |
$ |
18.1 |
$ |
19.6 |
$ |
(1.5) |
$ |
36.4 |
$ |
42.8 |
$ |
(6.4) |
||||||||||||
Total commissions expense |
$ |
0.3 |
$ |
0.2 |
$ |
0.1 |
$ |
0.5 |
$ |
0.5 |
$ |
— |
||||||||||||
Operating income |
$ |
4.0 |
$ |
6.1 |
$ |
(2.1) |
$ |
9.4 |
$ |
15.9 |
$ |
(6.5) |
||||||||||||
Operating margin |
22.1 |
% |
31.1 |
% |
25.8 |
% |
37.1 |
% |
TABLE THREE | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
SEGMENT RECONCILIATIONS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Global Funds Transfer |
||||||||||||||||||||||||
Three Months Ended |
2015 vs |
Six Months Ended |
2015 vs | |||||||||||||||||||||
(Amounts in millions) |
2015 |
2014 |
2014 |
2015 |
2014 |
2014 | ||||||||||||||||||
Revenue (as reported) |
$ |
340.7 |
$ |
352.8 |
$ |
(12.1) |
$ |
653.0 |
$ |
704.5 |
$ |
(51.5) |
||||||||||||
Adjusted operating income |
$ |
21.2 |
$ |
36.6 |
$ |
(15.4) |
$ |
40.5 |
$ |
81.0 |
$ |
(40.5) |
||||||||||||
Reorganization and restructuring costs |
(4.1) |
(5.7) |
1.6 |
(12.5) |
(8.4) |
(4.1) |
||||||||||||||||||
Compliance enhancement program |
(9.4) |
(7.1) |
(2.3) |
(14.5) |
(13.7) |
(0.8) |
||||||||||||||||||
Direct monitor costs |
(2.8) |
(0.1) |
(2.7) |
(4.7) |
(0.9) |
(3.8) |
||||||||||||||||||
Stock-based compensation expense |
(4.5) |
(4.2) |
(0.3) |
(8.2) |
(7.0) |
(1.2) |
||||||||||||||||||
Total adjustments |
(20.8) |
(17.1) |
(3.7) |
(39.9) |
(30.0) |
(9.9) |
||||||||||||||||||
Operating income (as reported) |
$ |
0.4 |
$ |
19.5 |
$ |
(19.1) |
$ |
0.6 |
$ |
51.0 |
$ |
(50.4) |
||||||||||||
Adjusted operating margin |
6.2 |
% |
10.4 |
% |
6.2 |
% |
11.5 |
% |
||||||||||||||||
Total adjustments |
(6.1) |
% |
(4.8) |
% |
(6.1) |
% |
(4.3) |
% |
||||||||||||||||
Operating margin (as reported) |
0.1 |
% |
5.5 |
% |
0.1 |
% |
7.2 |
% |
||||||||||||||||
Financial Paper Products |
||||||||||||||||||||||||
Three Months Ended |
2015 vs |
Six Months Ended |
2015 vs | |||||||||||||||||||||
(Amounts in millions) |
2015 |
2014 |
2014 |
2015 |
2014 |
2014 | ||||||||||||||||||
Revenue (as reported) |
$ |
18.1 |
$ |
19.6 |
$ |
(1.5) |
$ |
36.4 |
$ |
42.8 |
$ |
(6.4) |
||||||||||||
Adjusted operating income |
$ |
5.6 |
$ |
7.6 |
$ |
(2.0) |
$ |
12.8 |
$ |
18.4 |
$ |
(5.6) |
||||||||||||
Reorganization and restructuring costs |
(0.5) |
(0.7) |
0.2 |
(1.5) |
(1.0) |
(0.5) |
||||||||||||||||||
Compliance enhancement program |
(0.6) |
(0.3) |
(0.3) |
(1.0) |
(0.7) |
(0.3) |
||||||||||||||||||
Stock-based compensation expense |
(0.5) |
(0.5) |
— |
(0.9) |
(0.8) |
(0.1) |
||||||||||||||||||
Total adjustments |
(1.6) |
(1.5) |
(0.1) |
(3.4) |
(2.5) |
(0.9) |
||||||||||||||||||
Operating income (as reported) |
$ |
4.0 |
$ |
6.1 |
$ |
(2.1) |
$ |
9.4 |
$ |
15.9 |
$ |
(6.5) |
||||||||||||
Adjusted operating margin |
30.9 |
% |
38.8 |
% |
35.2 |
% |
43.0 |
% |
||||||||||||||||
Total adjustments |
(8.8) |
% |
(7.7) |
% |
(9.3) |
% |
(5.8) |
% |
||||||||||||||||
Operating margin (as reported) |
22.1 |
% |
31.1 |
% |
25.8 |
% |
37.1 |
% |
TABLE FOUR | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN AND ADJUSTED FREE CASH FLOW | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(Amounts in millions) |
Three Months Ended |
2015 vs |
Six Months Ended |
2015 vs | ||||||||||||||||||||
2015 |
2014 |
2014 |
2015 |
2014 |
2014 | |||||||||||||||||||
(Loss) income before income taxes |
$ |
(27.1) |
$ |
32.1 |
$ |
(59.2) |
$ |
(36.5) |
$ |
59.4 |
$ |
(95.9) |
||||||||||||
Interest expense |
11.4 |
11.4 |
— |
22.5 |
21.1 |
1.4 |
||||||||||||||||||
Depreciation and amortization |
17.2 |
13.6 |
3.6 |
32.0 |
26.7 |
5.3 |
||||||||||||||||||
Amortization of agent signing bonuses |
14.5 |
12.7 |
1.8 |
29.1 |
24.5 |
4.6 |
||||||||||||||||||
EBITDA |
16.0 |
69.8 |
(53.8) |
47.1 |
131.7 |
(84.6) |
||||||||||||||||||
Significant items impacting EBITDA: |
||||||||||||||||||||||||
Pension settlement charge (1) |
13.8 |
— |
13.8 |
13.8 |
— |
13.8 |
||||||||||||||||||
Compliance enhancement program |
10.2 |
7.4 |
2.8 |
15.7 |
14.5 |
1.2 |
||||||||||||||||||
Stock-based, contingent and incentive compensation (2) |
6.7 |
5.3 |
1.4 |
12.8 |
8.8 |
4.0 |
||||||||||||||||||
Reorganization and restructuring costs |
4.6 |
6.7 |
(2.1) |
14.5 |
9.8 |
4.7 |
||||||||||||||||||
Legal and contingent matters (3) |
3.6 |
0.2 |
3.4 |
3.7 |
0.6 |
3.1 |
||||||||||||||||||
Direct monitor costs |
2.8 |
0.1 |
2.7 |
4.7 |
0.9 |
3.8 |
||||||||||||||||||
Net securities gains |
— |
(22.4) |
22.4 |
— |
(22.4) |
22.4 |
||||||||||||||||||
Capital transaction costs (4) |
— |
1.0 |
(1.0) |
— |
2.1 |
(2.1) |
||||||||||||||||||
Adjusted EBITDA |
$ |
57.7 |
$ |
68.1 |
$ |
(10.4) |
$ |
112.3 |
$ |
146.0 |
$ |
(33.7) |
||||||||||||
Adjusted EBITDA margin (5) |
16.1 |
% |
18.3 |
% |
(2.2) |
% |
16.3 |
% |
19.5 |
% |
(3.2) |
% | ||||||||||||
Adjusted EBITDA growth, as reported |
(15) |
% |
(23) |
% |
||||||||||||||||||||
Adjusted EBITDA growth, constant currency adjusted |
(13) |
% |
(22) |
% |
||||||||||||||||||||
Adjusted EBITDA |
$ |
57.7 |
$ |
68.1 |
$ |
(10.4) |
$ |
112.3 |
$ |
146.0 |
$ |
(33.7) |
||||||||||||
Cash payments for interest |
(10.6) |
(10.6) |
— |
(21.0) |
(19.7) |
(1.3) |
||||||||||||||||||
Cash payments for taxes |
(57.7) |
(0.3) |
(57.4) |
(65.3) |
(0.4) |
(64.9) |
||||||||||||||||||
Payments related to |
55.8 |
— |
55.8 |
61.0 |
— |
61.0 |
||||||||||||||||||
Cash payments for capital expenditures |
(32.8) |
(22.4) |
(10.4) |
(59.7) |
(39.5) |
(20.2) |
||||||||||||||||||
Cash payments for agent signing bonuses |
(19.8) |
(4.6) |
(15.2) |
(63.8) |
(9.5) |
(54.3) |
||||||||||||||||||
Adjusted Free Cash Flow |
$ |
(7.4) |
$ |
30.2 |
$ |
(37.6) |
$ |
(36.5) |
$ |
76.9 |
$ |
(113.4) |
||||||||||||
(1) |
Non-cash charge resulting from the partial buyout of the defined benefit pension plan. | ||||||||||||||||||||||||
(2) |
Stock-based compensation, contingent performance awards payable after three years and certain incentive compensation. | ||||||||||||||||||||||||
(3) |
Fees and expenses related to certain legal and contingent matters. | ||||||||||||||||||||||||
(4) |
Professional and legal fees incurred for the | ||||||||||||||||||||||||
(5) |
Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total revenue. | ||||||||||||||||||||||||
TABLE FIVE | ||||||||
| ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited) | ||||||||
(Amounts in millions, except share data) |
|
| ||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ |
128.6 |
$ |
250.6 |
||||
Settlement assets (1) |
3,474.4 |
3,533.6 |
||||||
Property and equipment, net |
192.0 |
165.6 |
||||||
Goodwill |
442.5 |
442.5 |
||||||
Other assets |
227.1 |
249.9 |
||||||
Total assets |
$ |
4,464.6 |
$ |
4,642.2 |
||||
LIABILITIES |
||||||||
Payment service obligations |
$ |
3,474.4 |
$ |
3,533.6 |
||||
Debt |
958.5 |
963.5 |
||||||
Pension and other postretirement benefits |
111.4 |
125.7 |
||||||
Accounts payable and other liabilities |
169.0 |
202.1 |
||||||
Total liabilities |
4,713.3 |
4,824.9 |
||||||
STOCKHOLDERS' DEFICIT |
||||||||
Participating convertible preferred stock - series D, |
183.9 |
183.9 |
||||||
Common stock, |
0.6 |
0.6 |
||||||
Additional paid-in capital |
991.8 |
982.8 |
||||||
Retained loss |
(1,233.8) |
(1,144.6) |
||||||
Accumulated other comprehensive loss |
(57.0) |
(67.1) |
||||||
Treasury stock: 5,580,147 and 5,734,338 shares at |
(134.2) |
(138.3) |
||||||
Total stockholders' deficit |
(248.7) |
(182.7) |
||||||
Total liabilities and stockholders' deficit |
$ |
4,464.6 |
$ |
4,642.2 |
||||
(1) |
As of |
TABLE SIX | |||||||||||||||||
| |||||||||||||||||
ADJUSTED NET INCOME and ADJUSTED DILUTED EPS | |||||||||||||||||
(Unaudited) | |||||||||||||||||
(Amounts in millions, except per share data) |
Three Months Ended |
Six Months Ended | |||||||||||||||
2015 |
2014 |
2015 |
2014 | ||||||||||||||
Net (loss) income |
$ |
(12.4) |
$ |
25.6 |
$ |
(84.4) |
$ |
64.6 |
|||||||||
Net securities gains |
— |
(22.4) |
— |
(22.4) |
|||||||||||||
Other expenses (1) |
41.7 |
20.7 |
65.2 |
36.7 |
|||||||||||||
Total adjustments (1) |
41.7 |
(1.7) |
65.2 |
14.3 |
|||||||||||||
Tax impacts of adjustments (2) |
(15.2) |
(6.0) |
(23.8) |
(11.8) |
|||||||||||||
Tax adjustments (3) |
— |
— |
63.7 |
(22.9) |
|||||||||||||
Adjusted net income |
$ |
14.1 |
$ |
17.9 |
$ |
20.7 |
$ |
44.2 |
|||||||||
Diluted (loss) earnings per common share |
$ |
(0.20) |
$ |
0.40 |
$ |
(1.36) |
$ |
0.95 |
|||||||||
Diluted adjustments per common share |
$ |
0.43 |
$ |
(0.12) |
$ |
1.69 |
$ |
(0.30) |
|||||||||
Diluted adjusted earnings per common share |
$ |
0.23 |
$ |
0.28 |
$ |
0.33 |
$ |
0.65 |
|||||||||
Diluted weighted-average outstanding common shares and equivalents |
62.1 |
63.8 |
62.1 |
67.8 |
|||||||||||||
(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 the | |||||||||||||||||
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