MoneyGram International Reports Third Quarter 2015 Financial Results
"We continue to consistently execute on the strategic objectives we outlined at the beginning of the year," said
Money Transfer Highlights
- Money transfer transaction growth accelerated to 11% compared to 6% growth in the second quarter.
- Money transfer revenue in the quarter was
$326.6 million , representing 9% growth on a constant currency basis and 4% growth on a reported basis as compared to the prior year. - Money transfer transaction growth reflects the continued strength in the Company's U.S. Outbound and Non-U.S. sends.
- Non-U.S. send transactions grew 17% led by sends from emerging markets and
Europe . - U.S. Outbound transactions grew 10% year-over-year, led by sends to
Latin America andAfrica . - U.S.-to-U.S. transactions declined 2%, a significant improvement from the second quarter.
- Non-U.S. send transactions grew 17% led by sends from emerging markets and
- Money transfer revenue from U.S. Outbound and Non-U.S. sends grew 15% on a constant currency basis in the quarter and accounted for 87% of total money transfer revenue.
Self-Service Highlights
- Strong customer adoption of
MoneyGram's innovative kiosks, our new moneygram.com, mobile solutions and account deposit led to accelerated self-service money transfer results in the third quarter.- Self-service money transfer transactions increased 71%, and represented 15% of total money transfer transactions.
- Self-service money transfer revenue grew 67% over the prior year, and represented 12% of money transfer revenue. Annualizing the third quarter, self-service solutions generate over
$160 million of revenue.
- moneygram.com attracted more than 230,000 new active customers, a new quarterly record.
Financial Results
- Total revenue for the third quarter was
$368.6 million , an increase of 8% on a constant currency basis and 3% on a reported basis. - The Company reported EBITDA of
$49.6 million and pre-tax income of$5.4 million . - Adjusted EBITDA was
$65.6 million (See Table Four). Adjusted EBITDA margin was 17.8%, a 170 basis point increase from the second quarter. - Adjusted diluted earnings per share increased 9% to
$0.24 . Diluted earnings per share was$0.08 . - Adjusted free cash flow for the quarter was
$16.5 million .
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% 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, Adjusted Free Cash Flow (Adjusted EBITDA less cash interest, cash taxes, cash payments for capital expenditures and agent signing bonuses), constant currency measures (which assume that amounts denominated in foreign currencies are translated to the U.S. dollar at rates consistent with those in the prior year), adjusted diluted earnings per share and adjusted net income. In addition, we 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) | ||||||||||||||||||||||||
Three Months Ended |
2015 vs |
Nine Months Ended |
2015 vs | |||||||||||||||||||||
(Amounts in millions, except per share data) |
2015 |
2014 |
2014 |
2015 |
2014 |
2014 | ||||||||||||||||||
REVENUE |
||||||||||||||||||||||||
Fee and other revenue |
$ |
365.8 |
$ |
355.2 |
$ |
10.6 |
$ |
1,049.5 |
$ |
1,091.7 |
$ |
(42.2) |
||||||||||||
Investment revenue |
2.8 |
2.8 |
— |
8.5 |
13.6 |
(5.1) |
||||||||||||||||||
Total revenue |
368.6 |
358.0 |
10.6 |
1,058.0 |
1,105.3 |
(47.3) |
||||||||||||||||||
Total revenue growth, as reported |
3 |
% |
(7) |
% |
(4) |
% |
2 |
% |
||||||||||||||||
Total revenue growth, constant currency |
8 |
% |
(7) |
% |
0 |
% |
1 |
% |
||||||||||||||||
OPERATING EXPENSES |
||||||||||||||||||||||||
Fee and other commissions expense |
168.7 |
164.1 |
4.6 |
485.3 |
506.6 |
(21.3) |
||||||||||||||||||
Investment commissions expense |
0.2 |
0.1 |
0.1 |
0.5 |
0.3 |
0.2 |
||||||||||||||||||
Total commissions expense |
168.9 |
164.2 |
4.7 |
485.8 |
506.9 |
(21.1) |
||||||||||||||||||
Compensation and benefits |
73.1 |
68.9 |
4.2 |
235.6 |
213.6 |
22.0 |
||||||||||||||||||
Transaction and operations support |
78.2 |
81.7 |
(3.5) |
238.9 |
230.3 |
8.6 |
||||||||||||||||||
Occupancy, equipment and supplies |
15.0 |
13.4 |
1.6 |
46.3 |
39.9 |
6.4 |
||||||||||||||||||
Depreciation and amortization |
16.8 |
13.5 |
3.3 |
48.8 |
40.2 |
8.6 |
||||||||||||||||||
Total operating expenses |
352.0 |
341.7 |
10.3 |
1,055.4 |
1,030.9 |
24.5 |
||||||||||||||||||
OPERATING INCOME |
16.6 |
16.3 |
0.3 |
2.6 |
74.4 |
(71.8) |
||||||||||||||||||
OTHER (INCOME) EXPENSE |
||||||||||||||||||||||||
Net securities gains |
— |
— |
— |
— |
(22.4) |
22.4 |
||||||||||||||||||
Interest expense |
11.2 |
11.6 |
(0.4) |
33.7 |
32.7 |
1.0 |
||||||||||||||||||
Total other expense, net |
11.2 |
11.6 |
(0.4) |
33.7 |
10.3 |
23.4 |
||||||||||||||||||
Income (loss) before income taxes |
5.4 |
4.7 |
0.7 |
(31.1) |
64.1 |
(95.2) |
||||||||||||||||||
Income tax expense |
0.5 |
7.7 |
(7.2) |
48.4 |
2.5 |
45.9 |
||||||||||||||||||
NET INCOME (LOSS) |
$ |
4.9 |
$ |
(3.0) |
$ |
7.9 |
$ |
(79.5) |
$ |
61.6 |
$ |
(141.1) |
||||||||||||
EARNINGS (LOSS) PER COMMON SHARE |
||||||||||||||||||||||||
Basic |
$ |
0.08 |
$ |
(0.05) |
$ |
0.13 |
$ |
(1.28) |
$ |
0.94 |
$ |
(2.22) |
||||||||||||
Diluted |
$ |
0.08 |
$ |
(0.05) |
$ |
0.13 |
$ |
(1.28) |
$ |
0.93 |
$ |
(2.21) |
||||||||||||
Weighted-average outstanding common shares and equivalents used in computing earnings (loss) per share |
||||||||||||||||||||||||
Basic (1) |
62.1 |
63.3 |
(1.2) |
62.1 |
65.7 |
(3.6) |
||||||||||||||||||
Diluted (1) |
63.8 |
63.3 |
0.5 |
62.1 |
65.9 |
(3.8) |
||||||||||||||||||
(1) Includes common stock equivalents of 8.9 million for the three and nine months ended | ||||||||||||||||||||||||
Shares related to stock options |
3.3 |
4.4 |
3.5 |
4.2 |
||||||||||||||||||||
Shares related to restricted stock units |
2.6 |
1.8 |
3.7 |
1.6 |
TABLE TWO | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
SEGMENT RESULTS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Global Funds Transfer |
||||||||||||||||||||||||
Three Months Ended |
2015 vs |
Nine Months Ended |
2015 vs | |||||||||||||||||||||
(Amounts in millions) |
2015 |
2014 |
2014 |
2015 |
2014 |
2014 | ||||||||||||||||||
Money transfer revenue: |
||||||||||||||||||||||||
Fee and other revenue |
$ |
326.6 |
$ |
314.3 |
$ |
12.3 |
$ |
929.9 |
$ |
968.6 |
$ |
(38.7) |
||||||||||||
Investment revenue |
— |
0.1 |
(0.1) |
0.1 |
0.2 |
(0.1) |
||||||||||||||||||
Bill payment revenue: |
||||||||||||||||||||||||
Fee and other revenue |
24.4 |
25.1 |
(0.7) |
74.0 |
75.2 |
(1.2) |
||||||||||||||||||
Total revenue |
$ |
351.0 |
$ |
339.5 |
$ |
11.5 |
$ |
1,004.0 |
$ |
1,044.0 |
$ |
(40.0) |
||||||||||||
Total commissions expense |
$ |
168.5 |
$ |
163.9 |
$ |
4.6 |
$ |
485.0 |
$ |
506.1 |
$ |
(21.1) |
||||||||||||
Operating income |
$ |
18.9 |
$ |
15.4 |
$ |
3.5 |
$ |
19.5 |
$ |
66.4 |
$ |
(46.9) |
||||||||||||
Operating margin |
5.4 |
% |
4.5 |
% |
1.9 |
% |
6.4 |
% |
||||||||||||||||
Money transfer revenue growth, as reported |
4 |
% |
(6) |
% |
(4) |
% |
2 |
% |
||||||||||||||||
Money transfer revenue growth, constant currency |
9 |
% |
(6) |
% |
1 |
% |
1 |
% |
||||||||||||||||
Financial Paper Products |
||||||||||||||||||||||||
Three Months Ended |
2015 vs |
Nine Months Ended |
2015 vs | |||||||||||||||||||||
(Amounts in millions) |
2015 |
2014 |
2014 |
2015 |
2014 |
2014 | ||||||||||||||||||
Money order revenue: |
||||||||||||||||||||||||
Fee and other revenue |
$ |
11.7 |
$ |
12.3 |
$ |
(0.6) |
$ |
36.0 |
$ |
36.9 |
$ |
(0.9) |
||||||||||||
Investment revenue |
0.8 |
0.8 |
— |
2.4 |
3.9 |
(1.5) |
||||||||||||||||||
Official check revenue: |
||||||||||||||||||||||||
Fee and other revenue |
3.1 |
3.5 |
(0.4) |
9.6 |
11.0 |
(1.4) |
||||||||||||||||||
Investment revenue |
2.0 |
1.9 |
0.1 |
6.0 |
9.5 |
(3.5) |
||||||||||||||||||
Total revenue |
$ |
17.6 |
$ |
18.5 |
$ |
(0.9) |
$ |
54.0 |
$ |
61.3 |
$ |
(7.3) |
||||||||||||
Total commissions expense |
$ |
0.3 |
$ |
0.3 |
$ |
— |
$ |
0.8 |
$ |
0.8 |
$ |
— |
||||||||||||
Operating income |
$ |
3.4 |
$ |
5.8 |
$ |
(2.4) |
$ |
12.8 |
$ |
21.7 |
$ |
(8.9) |
||||||||||||
Operating margin |
19.3 |
% |
31.4 |
% |
23.7 |
% |
35.4 |
% |
TABLE THREE | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
SEGMENT RECONCILIATIONS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Global Funds Transfer |
||||||||||||||||||||||||
Three Months Ended |
2015 vs |
Nine Months Ended |
2015 vs | |||||||||||||||||||||
(Amounts in millions) |
2015 |
2014 |
2014 |
2015 |
2014 |
2014 | ||||||||||||||||||
Revenue (as reported) |
$ |
351.0 |
$ |
339.5 |
$ |
11.5 |
$ |
1,004.0 |
$ |
1,044.0 |
$ |
(40.0) |
||||||||||||
Adjusted operating income |
$ |
34.3 |
$ |
39.5 |
$ |
(5.2) |
$ |
74.8 |
$ |
120.5 |
$ |
(45.7) |
||||||||||||
Reorganization and restructuring costs |
(2.5) |
(6.5) |
4.0 |
(15.0) |
(14.9) |
(0.1) |
||||||||||||||||||
Compliance enhancement program |
(5.4) |
(6.6) |
1.2 |
(19.9) |
(20.3) |
0.4 |
||||||||||||||||||
Direct monitor costs |
(2.8) |
(3.7) |
0.9 |
(7.5) |
(4.6) |
(2.9) |
||||||||||||||||||
Stock-based compensation expense |
(4.7) |
(3.8) |
(0.9) |
(12.9) |
(10.8) |
(2.1) |
||||||||||||||||||
Losses related to agent closures |
— |
(3.5) |
3.5 |
— |
(3.5) |
3.5 |
||||||||||||||||||
Total adjustments |
(15.4) |
(24.1) |
8.7 |
(55.3) |
(54.1) |
(1.2) |
||||||||||||||||||
Operating income (as reported) |
$ |
18.9 |
$ |
15.4 |
$ |
3.5 |
$ |
19.5 |
$ |
66.4 |
$ |
(46.9) |
||||||||||||
Adjusted operating margin |
9.8 |
% |
11.6 |
% |
7.5 |
% |
11.5 |
% |
||||||||||||||||
Total adjustments |
(4.4) |
% |
(7.1) |
% |
(5.5) |
% |
(5.2) |
% |
||||||||||||||||
Operating margin (as reported) |
5.4 |
% |
4.5 |
% |
1.9 |
% |
6.4 |
% |
||||||||||||||||
Financial Paper Products |
||||||||||||||||||||||||
Three Months Ended |
2015 vs |
Nine Months Ended |
2015 vs | |||||||||||||||||||||
(Amounts in millions) |
2015 |
2014 |
2014 |
2015 |
2014 |
2014 | ||||||||||||||||||
Revenue (as reported) |
$ |
17.6 |
$ |
18.5 |
$ |
(0.9) |
$ |
54.0 |
$ |
61.3 |
$ |
(7.3) |
||||||||||||
Adjusted operating income |
$ |
4.5 |
$ |
7.6 |
$ |
(3.1) |
$ |
17.3 |
$ |
26.0 |
$ |
(8.7) |
||||||||||||
Reorganization and restructuring costs |
(0.2) |
(0.8) |
0.6 |
(1.7) |
(1.8) |
0.1 |
||||||||||||||||||
Compliance enhancement program |
(0.4) |
(0.6) |
0.2 |
(1.4) |
(1.3) |
(0.1) |
||||||||||||||||||
Stock-based compensation expense |
(0.5) |
(0.4) |
(0.1) |
(1.4) |
(1.2) |
(0.2) |
||||||||||||||||||
Total adjustments |
(1.1) |
(1.8) |
0.7 |
(4.5) |
(4.3) |
(0.2) |
||||||||||||||||||
Operating income (as reported) |
$ |
3.4 |
$ |
5.8 |
$ |
(2.4) |
$ |
12.8 |
$ |
21.7 |
$ |
(8.9) |
||||||||||||
Adjusted operating margin |
25.6 |
% |
41.1 |
% |
32.0 |
% |
42.4 |
% |
||||||||||||||||
Total adjustments |
(6.3) |
% |
(9.7) |
% |
(8.3) |
% |
(7.0) |
% |
||||||||||||||||
Operating margin (as reported) |
19.3 |
% |
31.4 |
% |
23.7 |
% |
35.4 |
% |
TABLE FOUR | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN AND ADJUSTED FREE CASH FLOW | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Three Months Ended |
2015 vs |
Nine Months Ended |
2015 vs | |||||||||||||||||||||
(Amounts in millions) |
2015 |
2014 |
2014 |
2015 |
2014 |
2014 | ||||||||||||||||||
Income (loss) before income taxes |
$ |
5.4 |
$ |
4.7 |
$ |
0.7 |
$ |
(31.1) |
$ |
64.1 |
$ |
(95.2) |
||||||||||||
Interest expense |
11.2 |
11.6 |
(0.4) |
33.7 |
32.7 |
1.0 |
||||||||||||||||||
Depreciation and amortization |
16.8 |
13.5 |
3.3 |
48.8 |
40.2 |
8.6 |
||||||||||||||||||
Amortization of agent signing bonuses |
16.2 |
14.7 |
1.5 |
45.3 |
39.2 |
6.1 |
||||||||||||||||||
EBITDA |
49.6 |
44.5 |
5.1 |
96.7 |
176.2 |
(79.5) |
||||||||||||||||||
Significant items impacting EBITDA: |
||||||||||||||||||||||||
Stock-based, contingent and incentive compensation (1) |
6.8 |
4.5 |
2.3 |
19.6 |
13.3 |
6.3 |
||||||||||||||||||
Compliance enhancement program |
5.8 |
7.1 |
(1.3) |
21.5 |
21.6 |
(0.1) |
||||||||||||||||||
Reorganization and restructuring costs |
2.9 |
7.8 |
(4.9) |
17.4 |
17.6 |
(0.2) |
||||||||||||||||||
Direct monitor costs |
2.8 |
3.7 |
(0.9) |
7.5 |
4.6 |
2.9 |
||||||||||||||||||
Legal and contingent matters (2) |
(2.3) |
0.9 |
(3.2) |
1.4 |
1.5 |
(0.1) |
||||||||||||||||||
Loss related to agent closure |
— |
3.5 |
(3.5) |
— |
3.5 |
(3.5) |
||||||||||||||||||
Pension settlement charge (3) |
— |
— |
— |
13.8 |
— |
13.8 |
||||||||||||||||||
Net securities gains |
— |
— |
— |
— |
(22.4) |
22.4 |
||||||||||||||||||
Capital transaction costs (4) |
— |
— |
— |
— |
2.1 |
(2.1) |
||||||||||||||||||
Adjusted EBITDA |
$ |
65.6 |
$ |
72.0 |
$ |
(6.4) |
$ |
177.9 |
$ |
218.0 |
$ |
(40.1) |
||||||||||||
Adjusted EBITDA margin (5) |
17.8 |
% |
20.1 |
% |
(2.3) |
% |
16.8 |
% |
19.7 |
% |
(2.9) |
% | ||||||||||||
Adjusted EBITDA growth, as reported |
(9) |
% |
(18) |
% |
||||||||||||||||||||
Adjusted EBITDA growth, constant currency adjusted |
(5) |
% |
(17) |
% |
||||||||||||||||||||
Adjusted EBITDA |
$ |
65.6 |
$ |
72.0 |
$ |
(6.4) |
$ |
177.9 |
$ |
218.0 |
$ |
(40.1) |
||||||||||||
Cash payments for interest |
(10.6) |
(10.7) |
0.1 |
(31.6) |
(30.4) |
(1.2) |
||||||||||||||||||
Cash payments for taxes |
(1.9) |
(4.5) |
2.6 |
(67.2) |
(4.9) |
(62.3) |
||||||||||||||||||
Payments related to |
— |
— |
— |
61.0 |
— |
61.0 |
||||||||||||||||||
Cash payments for capital expenditures |
(29.1) |
(25.2) |
(3.9) |
(88.8) |
(64.7) |
(24.1) |
||||||||||||||||||
Cash payments for agent signing bonuses |
(7.5) |
(23.4) |
15.9 |
(71.3) |
(32.9) |
(38.4) |
||||||||||||||||||
Adjusted Free Cash Flow |
$ |
16.5 |
$ |
8.2 |
$ |
8.3 |
$ |
(20.0) |
$ |
85.1 |
$ |
(105.1) |
||||||||||||
(1) Stock-based compensation, contingent performance awards payable after three years and certain incentive compensation. | ||||||||||||||||||||||||
(2) Fees and expenses related to certain legal and contingent matters. Includes reversal of a previously accrued contingent matter in third quarter 2015 due to favorable outcome. | ||||||||||||||||||||||||
(3) Non-cash charge resulting from the partial buyout of the defined benefit pension plan. | ||||||||||||||||||||||||
(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 |
$ |
151.6 |
$ |
250.6 |
||||
Settlement assets (1) |
3,508.1 |
3,533.6 |
||||||
Property and equipment, net |
198.1 |
165.6 |
||||||
|
442.1 |
442.5 |
||||||
Other assets |
211.5 |
249.9 |
||||||
Total assets |
$ |
4,511.4 |
$ |
4,642.2 |
||||
LIABILITIES |
||||||||
Payment service obligations |
$ |
3,508.1 |
$ |
3,533.6 |
||||
Debt |
956.1 |
963.5 |
||||||
Pension and other postretirement benefits |
112.7 |
125.7 |
||||||
Accounts payable and other liabilities |
178.7 |
202.1 |
||||||
Total liabilities |
4,755.6 |
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 |
996.7 |
982.8 |
||||||
Retained loss |
(1,229.0) |
(1,144.6) |
||||||
Accumulated other comprehensive loss |
(62.0) |
(67.1) |
||||||
|
(134.4) |
(138.3) |
||||||
Total stockholders' deficit |
(244.2) |
(182.7) |
||||||
Total liabilities and stockholders' deficit |
$ |
4,511.4 |
$ |
4,642.2 |
||||
(1) As of |
TABLE SIX | ||||||||||||||||
| ||||||||||||||||
ADJUSTED NET INCOME and ADJUSTED DILUTED EPS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended |
Nine Months Ended | |||||||||||||||
(Amounts in millions, except per share data) |
2015 |
2014 |
2015 |
2014 | ||||||||||||
Net income (loss) |
$ |
4.9 |
$ |
(3.0) |
$ |
(79.5) |
$ |
61.6 |
||||||||
Net securities gains |
— |
— |
— |
(22.4) |
||||||||||||
Other expenses (1) |
16.0 |
27.5 |
81.2 |
64.2 |
||||||||||||
Total adjustments (1) |
16.0 |
27.5 |
81.2 |
41.8 |
||||||||||||
Tax impacts of adjustments (2) |
(5.8) |
(10.0) |
(29.6) |
(21.9) |
||||||||||||
Tax adjustments (3) |
— |
— |
63.7 |
(22.9) |
||||||||||||
Adjusted net income |
$ |
15.1 |
$ |
14.5 |
$ |
35.8 |
$ |
58.6 |
||||||||
Diluted earnings (loss) per common share |
$ |
0.08 |
$ |
(0.05) |
$ |
(1.28) |
$ |
0.93 |
||||||||
Diluted adjustments per common share |
$ |
0.16 |
$ |
0.27 |
$ |
1.86 |
$ |
(0.05) |
||||||||
Diluted adjusted earnings per common share |
$ |
0.24 |
$ |
0.22 |
$ |
0.58 |
$ |
0.88 |
||||||||
Diluted weighted-average outstanding common shares and equivalents |
63.8 |
63.3 |
62.1 |
65.9 |
||||||||||||
(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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