MoneyGram International Reports Third Quarter 2016 Financial Results
Third Quarter Financial Results
- Total revenue for the quarter was
$383.1 million , an increase of 4% on a reported basis and 5% on a constant currency basis. - Net income for the quarter was
$10.2 million , an increase of$5.3 million , and EBITDA was$58.1 million , an increase of 17%. - Operating income for the quarter was
$26.2 million , an increase of 58%. - Adjusted EBITDA for the quarter was
$68.7 million , an increase of 5% on a reported basis and 8% on a constant currency basis. Adjusted EBITDA margin was 18%. - Income tax expense for the quarter was
$4.7 million , representing a 32% tax rate. The lower tax rate, which benefited earnings per share by$0.01 , resulted primarily from certain tax credits realized in the quarter. - Diluted earnings per share for the quarter was
$0.15 . Adjusted diluted earnings per share was$0.25 . - Year-to-date Adjusted Free Cash Flow was
$83.6 million , an increase of$103.6 million from the prior year period.
"Our focus on driving profitability yielded solid improvements to key financial metrics in the third quarter including gross margin, operating profit, EBITDA, net income and cash flow, resulting in a strengthened balance sheet," said
Third Quarter Money Transfer Highlights
- Money transfer revenue for the quarter was
$339.6 million , representing a 4% increase on a reported basis and 5% on a constant currency basis. - Money transfer revenue reflects continued growth in the Company's Non-
U.S. andU.S. Outbound sends in the third quarter:- Non-
U.S. revenue grew 4% on a reported basis and 6% on a constant currency basis led primarily byEurope offset by headwinds in theMiddle East and parts ofAfrica . U.S. Outbound revenue grew 8% on a reported and constant currency basis led by sends toLatin America , parts ofAsia andAfrica .U.S. toU.S. revenue declined 7% on a reported and constant currency basis primarily due to lower volume of transactions under$200 .
- Non-
- Money transfer revenue from
U.S. Outbound and Non-U.S. sends grew 6% in the quarter on a reported basis and 7% on a constant currency basis and accounted for 88% of total money transfer revenue. - Digital money transfer revenue grew 12% over the prior year, and represented 13% of total money transfer revenue.
- Digital money transfer transactions increased 4%, and represented 15% of total money transfer transactions. These results reflect the Company's grow-over of the successful launch of its new moneygram.com in the prior year and softness in
Saudi Arabia where a large portion of the business is driven by digital assets. - moneygram.com attracted more than 225,000 new active customers.
Full Year 2016 Outlook
For the full year 2016, the Company's outlook for 7%-9% constant currency revenue growth and constant currency adjusted EBITDA growth of 9%-11% is unchanged.
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
Non-GAAP Measures
In addition to results presented in accordance with GAAP, this news release and related tables include certain non-GAAP financial measures, including a presentation of EBITDA (earnings before interest, taxes, depreciation and amortization, including agent signing bonus amortization), Adjusted EBITDA (EBITDA adjusted for certain significant items), Adjusted EBITDA margin, Adjusted Free Cash Flow (Adjusted EBITDA less cash interest, cash taxes, cash payments related to an
We believe that these non-GAAP financial measures provide useful information to investors because they are an indicator of the strength and performance of ongoing business operations. These calculations are commonly used as a basis for investors, analysts and other interested parties to evaluate and compare the operating performance and value of companies within our industry. Finally, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Free Cash Flow, constant currency, adjusted diluted earnings per share and adjusted net income figures are financial and performance measures used by management in reviewing results of operations, forecasting, allocating resources or establishing employee incentive programs. Although
Description of Tables
Table One |
- Condensed Consolidated Statements of Operations |
Table Two |
- Segment Results |
Table Three |
- Segment Reconciliations |
Table Four |
- EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow |
Table Five |
- Adjusted Net Income and Adjusted Diluted EPS |
Table Six |
- Condensed Consolidated Balance Sheets |
Table Seven |
- Condensed Consolidated Statements of Cash Flows |
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TABLE ONE | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Three Months Ended |
2016 vs |
Nine Months Ended |
2016 vs | |||||||||||||||||||||
(Amounts in millions, except per share data) |
2016 |
2015 |
2015 |
2016 |
2015 |
2015 | ||||||||||||||||||
REVENUE |
||||||||||||||||||||||||
Fee and other revenue |
$ |
378.5 |
$ |
365.8 |
$ |
12.7 |
$ |
1,112.5 |
$ |
1,049.5 |
$ |
63.0 |
||||||||||||
Investment revenue |
4.6 |
2.8 |
1.8 |
12.7 |
8.5 |
4.2 |
||||||||||||||||||
Total revenue |
383.1 |
368.6 |
14.5 |
1,125.2 |
1,058.0 |
67.2 |
||||||||||||||||||
Total revenue growth, as reported |
4 |
% |
3 |
% |
6 |
% |
(4) |
% |
||||||||||||||||
Total revenue growth, constant currency |
5 |
% |
8 |
% |
7 |
% |
0 |
% |
||||||||||||||||
OPERATING EXPENSES |
||||||||||||||||||||||||
Commissions expense |
170.8 |
168.9 |
1.9 |
507.1 |
485.8 |
21.3 |
||||||||||||||||||
Compensation and benefits |
72.4 |
73.1 |
(0.7) |
218.5 |
235.6 |
(17.1) |
||||||||||||||||||
Transaction and operations support |
79.5 |
78.2 |
1.3 |
227.1 |
238.9 |
(11.8) |
||||||||||||||||||
Occupancy, equipment and supplies |
15.6 |
15.0 |
0.6 |
46.8 |
46.3 |
0.5 |
||||||||||||||||||
Depreciation and amortization |
18.6 |
16.8 |
1.8 |
60.2 |
48.8 |
11.4 |
||||||||||||||||||
Total operating expenses |
356.9 |
352.0 |
4.9 |
1,059.7 |
1,055.4 |
4.3 |
||||||||||||||||||
OPERATING INCOME |
26.2 |
16.6 |
9.6 |
65.5 |
2.6 |
62.9 |
||||||||||||||||||
Other expense |
||||||||||||||||||||||||
Interest expense |
11.3 |
11.2 |
0.1 |
33.8 |
33.7 |
0.1 |
||||||||||||||||||
Total other expense |
11.3 |
11.2 |
0.1 |
33.8 |
33.7 |
0.1 |
||||||||||||||||||
Income (loss) before income taxes |
14.9 |
5.4 |
9.5 |
31.7 |
(31.1) |
62.8 |
||||||||||||||||||
Income tax expense |
4.7 |
0.5 |
4.2 |
22.6 |
48.4 |
(25.8) |
||||||||||||||||||
NET INCOME (LOSS) |
$ |
10.2 |
$ |
4.9 |
$ |
5.3 |
$ |
9.1 |
$ |
(79.5) |
$ |
88.6 |
||||||||||||
INCOME (LOSS) PER COMMON SHARE |
||||||||||||||||||||||||
Basic |
$ |
0.16 |
$ |
0.08 |
$ |
0.08 |
$ |
0.15 |
$ |
(1.28) |
$ |
1.43 |
||||||||||||
Diluted |
$ |
0.15 |
$ |
0.08 |
$ |
0.07 |
$ |
0.14 |
$ |
(1.28) |
$ |
1.42 |
||||||||||||
Weighted-average outstanding common shares and equivalents used in computing income (loss) per share |
||||||||||||||||||||||||
Basic (1) |
62.2 |
62.1 |
0.1 |
62.4 |
62.1 |
0.3 |
||||||||||||||||||
Diluted (1) |
66.4 |
63.8 |
2.6 |
66.2 |
62.1 |
4.1 |
||||||||||||||||||
(1) Includes common stock equivalents of 8.9 million for the three and nine months ended | ||||||||||||||||||||||||
Shares related to stock options |
2.7 |
3.3 |
2.8 |
3.5 |
||||||||||||||||||||
Shares related to restricted stock units |
0.8 |
2.6 |
0.8 |
3.7 |
TABLE TWO | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
SEGMENT RESULTS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Global Funds Transfer |
||||||||||||||||||||||||
Three Months Ended |
2016 vs |
Nine Months Ended |
2016 vs | |||||||||||||||||||||
(Amounts in millions) |
2016 |
2015 |
2015 |
2016 |
2015 |
2015 | ||||||||||||||||||
Money transfer revenue |
$ |
339.6 |
$ |
326.6 |
$ |
13.0 |
$ |
997.3 |
$ |
930.0 |
$ |
67.3 |
||||||||||||
Bill payment revenue |
24.6 |
24.4 |
0.2 |
71.9 |
74.0 |
(2.1) |
||||||||||||||||||
Total revenue |
$ |
364.2 |
$ |
351.0 |
$ |
13.2 |
$ |
1,069.2 |
$ |
1,004.0 |
$ |
65.2 |
||||||||||||
Total commissions expense |
$ |
169.8 |
$ |
168.5 |
$ |
1.3 |
$ |
504.6 |
$ |
485.0 |
$ |
19.6 |
||||||||||||
Operating income |
$ |
26.6 |
$ |
18.9 |
$ |
7.7 |
$ |
70.0 |
$ |
19.5 |
$ |
50.5 |
||||||||||||
Operating margin |
7.3 |
% |
5.4 |
% |
6.5 |
% |
1.9 |
% |
||||||||||||||||
Money transfer revenue growth, as reported |
4 |
% |
4 |
% |
7 |
% |
(4) |
% |
||||||||||||||||
Money transfer revenue growth, constant currency |
5 |
% |
9 |
% |
8 |
% |
1 |
% |
||||||||||||||||
Financial Paper Products |
||||||||||||||||||||||||
Three Months Ended |
2016 vs |
Nine Months Ended |
2016 vs | |||||||||||||||||||||
(Amounts in millions) |
2016 |
2015 |
2015 |
2016 |
2015 |
2015 | ||||||||||||||||||
Money order revenue |
$ |
12.6 |
$ |
12.5 |
$ |
0.1 |
$ |
38.2 |
$ |
38.4 |
$ |
(0.2) |
||||||||||||
Official check revenue |
6.3 |
5.1 |
1.2 |
17.8 |
15.6 |
2.2 |
||||||||||||||||||
Total revenue |
$ |
18.9 |
$ |
17.6 |
$ |
1.3 |
$ |
56.0 |
$ |
54.0 |
$ |
2.0 |
||||||||||||
Total commissions expense |
$ |
1.0 |
$ |
0.3 |
$ |
0.7 |
$ |
2.5 |
$ |
0.8 |
$ |
1.7 |
||||||||||||
Operating income |
$ |
4.5 |
$ |
3.4 |
$ |
1.1 |
$ |
13.6 |
$ |
12.8 |
$ |
0.8 |
||||||||||||
Operating margin |
23.8 |
% |
19.3 |
% |
24.3 |
% |
23.7 |
% |
TABLE THREE | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
SEGMENT RECONCILIATIONS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Global Funds Transfer |
||||||||||||||||||||||||
Three Months Ended |
2016 vs |
Nine Months Ended |
2016 vs | |||||||||||||||||||||
(Amounts in millions) |
2016 |
2015 |
2015 |
2016 |
2015 |
2015 | ||||||||||||||||||
Revenue (as reported) |
$ |
364.2 |
$ |
351.0 |
$ |
13.2 |
$ |
1,069.2 |
$ |
1,004.0 |
$ |
65.2 |
||||||||||||
Adjusted operating income |
$ |
35.6 |
$ |
34.3 |
$ |
1.3 |
$ |
97.5 |
$ |
74.8 |
$ |
22.7 |
||||||||||||
Reorganization and restructuring costs (1) |
— |
(2.5) |
2.5 |
— |
(15.0) |
15.0 |
||||||||||||||||||
Compliance enhancement program |
(2.6) |
(5.4) |
2.8 |
(7.0) |
(19.9) |
12.9 |
||||||||||||||||||
Direct monitor costs |
(2.6) |
(2.8) |
0.2 |
(7.3) |
(7.5) |
0.2 |
||||||||||||||||||
Stock-based compensation expense |
(3.8) |
(4.7) |
0.9 |
(12.3) |
(12.9) |
0.6 |
||||||||||||||||||
Severance and related costs |
— |
— |
— |
(0.9) |
— |
(0.9) |
||||||||||||||||||
Total adjustments |
(9.0) |
(15.4) |
6.4 |
(27.5) |
(55.3) |
27.8 |
||||||||||||||||||
Operating income (as reported) |
$ |
26.6 |
$ |
18.9 |
$ |
7.7 |
$ |
70.0 |
$ |
19.5 |
$ |
50.5 |
||||||||||||
Adjusted operating margin |
9.8 |
% |
9.8 |
% |
9.1 |
% |
7.5 |
% |
||||||||||||||||
Total adjustments |
(2.5) |
% |
(4.4) |
% |
(2.6) |
% |
(5.5) |
% |
||||||||||||||||
Operating margin (as reported) |
7.3 |
% |
5.4 |
% |
6.5 |
% |
1.9 |
% |
||||||||||||||||
Financial Paper Products |
||||||||||||||||||||||||
Three Months Ended |
2016 vs |
Nine Months Ended |
2016 vs | |||||||||||||||||||||
(Amounts in millions) |
2016 |
2015 |
2015 |
2016 |
2015 |
2015 | ||||||||||||||||||
Revenue (as reported) |
$ |
18.9 |
$ |
17.6 |
$ |
1.3 |
$ |
56.0 |
$ |
54.0 |
$ |
2.0 |
||||||||||||
Adjusted operating income |
$ |
5.2 |
$ |
4.5 |
$ |
0.7 |
$ |
15.7 |
$ |
17.3 |
$ |
(1.6) |
||||||||||||
Reorganization and restructuring costs (1) |
— |
(0.2) |
0.2 |
— |
(1.7) |
1.7 |
||||||||||||||||||
Compliance enhancement program |
(0.3) |
(0.4) |
0.1 |
(0.8) |
(1.4) |
0.6 |
||||||||||||||||||
Stock-based compensation expense |
(0.4) |
(0.5) |
0.1 |
(1.3) |
(1.4) |
0.1 |
||||||||||||||||||
Total adjustments |
(0.7) |
(1.1) |
0.4 |
(2.1) |
(4.5) |
2.4 |
||||||||||||||||||
Operating income (as reported) |
$ |
4.5 |
$ |
3.4 |
$ |
1.1 |
$ |
13.6 |
$ |
12.8 |
$ |
0.8 |
||||||||||||
Adjusted operating margin |
27.5 |
% |
25.6 |
% |
28.0 |
% |
32.0 |
% |
||||||||||||||||
Total adjustments |
(3.7) |
% |
(6.3) |
% |
(3.8) |
% |
(8.3) |
% |
||||||||||||||||
Operating margin (as reported) |
23.8 |
% |
19.3 |
% |
24.3 |
% |
23.7 |
% |
||||||||||||||||
(1) Reorganization and restructuring costs are no longer being adjusted effective |
TABLE FOUR | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN AND ADJUSTED FREE CASH FLOW | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Three Months Ended |
2016 vs |
Nine Months Ended |
2016 vs | |||||||||||||||||||||
(Amounts in millions) |
2016 |
2015 |
2015 |
2016 |
2015 |
2015 | ||||||||||||||||||
Income (loss) before income taxes |
$ |
14.9 |
$ |
5.4 |
$ |
9.5 |
$ |
31.7 |
$ |
(31.1) |
$ |
62.8 |
||||||||||||
Interest expense |
11.3 |
11.2 |
0.1 |
33.8 |
33.7 |
0.1 |
||||||||||||||||||
Depreciation and amortization |
18.6 |
16.8 |
1.8 |
60.2 |
48.8 |
11.4 |
||||||||||||||||||
Amortization of agent signing bonuses |
13.3 |
16.2 |
(2.9) |
41.0 |
45.3 |
(4.3) |
||||||||||||||||||
EBITDA |
58.1 |
49.6 |
8.5 |
166.7 |
96.7 |
70.0 |
||||||||||||||||||
Significant items impacting EBITDA: |
||||||||||||||||||||||||
Stock-based, contingent and incentive compensation |
4.2 |
6.8 |
(2.6) |
14.9 |
19.6 |
(4.7) |
||||||||||||||||||
Compliance enhancement program |
3.1 |
5.8 |
(2.7) |
8.0 |
21.5 |
(13.5) |
||||||||||||||||||
Direct monitor costs |
2.6 |
2.8 |
(0.2) |
7.3 |
7.5 |
(0.2) |
||||||||||||||||||
Legal and contingent matters (1) |
0.7 |
(2.3) |
3.0 |
1.4 |
1.4 |
— |
||||||||||||||||||
Severance and related costs (2) |
— |
— |
— |
1.4 |
— |
1.4 |
||||||||||||||||||
Reorganization and restructuring costs (3) |
— |
2.9 |
(2.9) |
— |
17.4 |
(17.4) |
||||||||||||||||||
Pension settlement charge |
— |
— |
— |
— |
13.8 |
(13.8) |
||||||||||||||||||
Adjusted EBITDA |
$ |
68.7 |
$ |
65.6 |
$ |
3.1 |
$ |
199.7 |
$ |
177.9 |
$ |
21.8 |
||||||||||||
Adjusted EBITDA margin (4) |
17.9 |
% |
17.8 |
% |
0.1 |
% |
17.7 |
% |
16.8 |
% |
0.9 |
% | ||||||||||||
Adjusted EBITDA growth, as reported |
5 |
% |
12 |
% |
||||||||||||||||||||
Adjusted EBITDA growth, constant currency adjusted |
8 |
% |
14 |
% |
||||||||||||||||||||
Adjusted EBITDA |
$ |
68.7 |
$ |
65.6 |
$ |
3.1 |
$ |
199.7 |
$ |
177.9 |
$ |
21.8 |
||||||||||||
Cash payments for interest |
(10.5) |
(10.6) |
0.1 |
(31.4) |
(31.6) |
0.2 |
||||||||||||||||||
Cash taxes, net |
(2.5) |
(1.9) |
(0.6) |
(7.1) |
(67.2) |
60.1 |
||||||||||||||||||
Payments related to |
— |
— |
— |
— |
61.0 |
(61.0) |
||||||||||||||||||
Cash payments for capital expenditures |
(22.3) |
(29.1) |
6.8 |
(60.4) |
(88.8) |
28.4 |
||||||||||||||||||
Cash payments for agent signing bonuses |
(2.6) |
(7.5) |
4.9 |
(17.2) |
(71.3) |
54.1 |
||||||||||||||||||
Adjusted Free Cash Flow |
$ |
30.8 |
$ |
16.5 |
$ |
14.3 |
$ |
83.6 |
$ |
(20.0) |
$ |
103.6 |
||||||||||||
(1) Third quarter of 2015 includes reversal of a previously accrued contingent matter. | ||||||||||||||||||||||||
(2) Severance and related costs from organizational alignment. | ||||||||||||||||||||||||
(3) Reorganization and restructuring costs are no longer being adjusted effective | ||||||||||||||||||||||||
(4) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total revenue. |
TABLE FIVE | ||||||||||||||||
| ||||||||||||||||
ADJUSTED NET INCOME and ADJUSTED DILUTED EPS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended |
Nine Months Ended | |||||||||||||||
(Amounts in millions, except per share data) |
2016 |
2015 |
2016 |
2015 | ||||||||||||
Net income (loss) |
$ |
10.2 |
$ |
4.9 |
$ |
9.1 |
$ |
(79.5) |
||||||||
Total adjustments (1) |
10.6 |
16.0 |
33.0 |
81.2 |
||||||||||||
Tax impacts of adjustments (2) |
(3.9) |
(5.8) |
(12.0) |
(29.6) |
||||||||||||
Tax adjustments (3) |
— |
— |
7.7 |
63.7 |
||||||||||||
Adjusted net income |
$ |
16.9 |
$ |
15.1 |
$ |
37.8 |
$ |
35.8 |
||||||||
Diluted earnings (loss) per common share |
$ |
0.15 |
$ |
0.08 |
$ |
0.14 |
$ |
(1.28) |
||||||||
Diluted adjustments per common share |
0.10 |
0.16 |
0.43 |
1.86 |
||||||||||||
Diluted adjusted earnings per common share |
$ |
0.25 |
$ |
0.24 |
$ |
0.57 |
$ |
0.58 |
||||||||
Diluted weighted-average outstanding common shares and equivalents |
66.4 |
63.8 |
66.2 |
62.1 |
||||||||||||
(1) See summary of adjustments in Table Four - EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow. | ||||||||||||||||
(2) Tax rates used to calculate the tax expense impact are based on the nature of each adjustment. | ||||||||||||||||
(3) Represents adjustments to income tax expense for an |
TABLE SIX | ||||||||
| ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited) | ||||||||
(Amounts in millions, except share data) |
|
| ||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ |
173.1 |
$ |
164.5 |
||||
Settlement assets |
3,440.4 |
3,505.6 |
||||||
Property and equipment, net |
201.3 |
199.7 |
||||||
|
442.2 |
442.2 |
||||||
Other assets |
169.1 |
193.2 |
||||||
Total assets |
$ |
4,426.1 |
$ |
4,505.2 |
||||
LIABILITIES |
||||||||
Payment service obligations |
$ |
3,440.4 |
$ |
3,505.6 |
||||
Debt |
937.3 |
942.6 |
||||||
Pension and other postretirement benefits |
86.5 |
96.3 |
||||||
Accounts payable and other liabilities |
170.4 |
183.5 |
||||||
Total liabilities |
4,634.6 |
4,728.0 |
||||||
STOCKHOLDERS' DEFICIT |
||||||||
Participating convertible preferred stock - series D, |
183.9 |
183.9 |
||||||
Common stock, |
0.6 |
0.6 |
||||||
Additional paid-in capital |
1,016.1 |
1,002.4 |
||||||
Retained loss |
(1,251.7) |
(1,226.8) |
||||||
Accumulated other comprehensive loss |
(47.1) |
(48.7) |
||||||
|
(110.3) |
(134.2) |
||||||
Total stockholders' deficit |
(208.5) |
(222.8) |
||||||
Total liabilities and stockholders' deficit |
$ |
4,426.1 |
$ |
4,505.2 |
||||
TABLE SEVEN | ||||||||
| ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
Nine Months Ended | ||||||||
(Amounts in millions) |
2016 |
2015 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
Net income (loss) |
$ |
9.1 |
$ |
(79.5) |
||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
75.4 |
77.0 |
||||||
Net cash provided by (used in) operating activities |
84.5 |
(2.5) |
||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||
Purchases of property and equipment |
(60.4) |
(88.8) |
||||||
Proceeds from disposal of assets |
— |
0.1 |
||||||
Net cash used in investing activities |
(60.4) |
(88.7) |
||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
Principal payments on debt |
(7.3) |
(7.4) |
||||||
Stock repurchases |
(7.5) |
(0.4) |
||||||
Payment for contingent consideration |
(0.7) |
— |
||||||
Net cash used in financing activities |
(15.5) |
(7.8) |
||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS |
8.6 |
(99.0) |
||||||
CASH AND CASH EQUIVALENTS—Beginning of period |
164.5 |
250.6 |
||||||
CASH AND CASH EQUIVALENTS—End of period |
$ |
173.1 |
$ |
151.6 |
||||
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