MoneyGram International Reports Third Quarter 2018 Financial Results
Third Quarter Financial Results
- Total revenue of
$347.2 million declined 13% on a reported basis and 12% on a constant currency basis compared to third quarter 2017. - Money transfer revenue was
$304.2 million , representing a decrease of 15% on a reported basis and a decrease of 14% on a constant currency basis as compared to third quarter 2017. Revenue results include the impact of higher compliance standards and newly implemented corridor specific controls. - MoneyGram.com revenue grew 3% as enhanced compliance controls and introductory pricing reduced top-line growth in the quarter. Total digital solutions, which includes MoneyGram.com, represented 16% of total money transfer revenue.
- Investment revenue was
$13.5 million which was an increase of$5.8 million on a year over year basis due to higher yields and investment balances in 2018. - Net loss was
$20.9 million compared to net income of$7.7 million for third quarter 2017. EBITDA was$20.4 million , a decrease of$34.5 million as compared to the year-ago period. The company accrued an additional$30.0 million related to the resolution of the deferred prosecution agreement (the "DPA"). As ofSeptember 30, 2018 , the company has accrued$125.0 million related to this matter. The quarter also includes: $1.2 million of restructuring and reorganization costs.- A
$5.3 million income tax benefit compared to a$4.0 million income tax expense in the year-ago period. - Adjusted EBITDA was
$59.5 million and decreased by$8.4 million compared to third quarter 2017. Adjusted EBITDA margin was 17.1% and remained flat when compared to third quarter 2017. - Diluted loss per share was
$0.32 compared to diluted earnings per share of$0.12 in the third quarter 2017. Adjusted diluted earnings per share was$0.24 . - Adjusted Free Cash Flow was
$28.9 million for the quarter, an increase of$3.7 million .
"Earlier today, we entered into an agreement with the
Holmes added, "Importantly, in the third quarter, we marked a milestone in our digital transformation. We expanded our award-winning online service to several more countries and we introduced the new
Restructuring and Reorganization
In the first quarter of 2018, the company initiated a restructuring and reorganization program as part of its Digital Transformation initiative. The company incurred
Full Year 2018 Outlook
The company is revising its full year estimates for 2018. Revenue is expected to decline approximately 10 percent on a constant currency basis. Adjusted EBITDA is expected to decline approximately 15 percent on a constant currency basis.
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 |
- |
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 |
Table Eight |
- |
2018 Versus 2017 Excluding Asset-Backed Security Redemption |
Conference Call
Participant Dial-In Numbers: |
|
U.S.: |
1-888-394-8218 |
International: |
+1-323-701-0225 |
Replay: |
1-844-512-2921 or 1-412-317-6671 |
Replay ID: |
3322067 |
Replay is available through November 16, 2018 |
About
MoneyGram is a global provider of innovative money transfer services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at moneygram.com.
CONTACT:
Media Relations:
214-979-1418
media@moneygram.com
TABLE ONE |
||||||||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. |
||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
(Amounts in millions, except percentages and per share data) |
Three Months |
2018 vs |
Nine Months |
2018 |
||||||||||||||||||||
2018 |
2017 |
2017 |
2018 |
2017 |
2017 |
|||||||||||||||||||
REVENUE |
||||||||||||||||||||||||
Fee and other revenue |
$ |
333.7 |
$ |
390.1 |
$ |
(56.4) |
$ |
1,066.3 |
$ |
1,161.5 |
$ |
(95.2) |
||||||||||||
Investment revenue |
13.5 |
7.7 |
5.8 |
35.5 |
32.4 |
3.1 |
||||||||||||||||||
Total revenue |
347.2 |
397.8 |
(50.6) |
1,101.8 |
1,193.9 |
(92.1) |
||||||||||||||||||
Total revenue change, as reported |
(13) |
% |
(4) |
% |
(8) |
% |
(2) |
% |
||||||||||||||||
Total revenue change, constant currency |
(12) |
% |
(5) |
% |
(9) |
% |
(1) |
% |
||||||||||||||||
OPERATING EXPENSES |
||||||||||||||||||||||||
Total commissions and direct transaction expenses (1) |
179.7 |
198.5 |
(18.8) |
555.6 |
591.9 |
(36.3) |
||||||||||||||||||
Compensation and benefits (2) |
56.7 |
67.4 |
(10.7) |
201.1 |
203.1 |
(2.0) |
||||||||||||||||||
Transaction and operations support (1) (3) |
88.4 |
72.5 |
15.9 |
235.2 |
224.5 |
10.7 |
||||||||||||||||||
Occupancy, equipment and supplies |
13.8 |
15.5 |
(1.7) |
47.4 |
49.0 |
(1.6) |
||||||||||||||||||
Depreciation and amortization |
19.5 |
18.9 |
0.6 |
57.7 |
55.8 |
1.9 |
||||||||||||||||||
Total operating expenses (2) |
358.1 |
372.8 |
(14.7) |
1,097.0 |
1,124.3 |
(27.3) |
||||||||||||||||||
OPERATING (LOSS) INCOME (2) |
(10.9) |
25.0 |
(35.9) |
4.8 |
69.6 |
(64.8) |
||||||||||||||||||
Other expenses |
||||||||||||||||||||||||
Interest expense |
13.8 |
11.6 |
2.2 |
39.8 |
33.6 |
6.2 |
||||||||||||||||||
Other non-operating expense (income) (2) |
1.5 |
1.7 |
(0.2) |
(25.6) |
4.4 |
(30.0) |
||||||||||||||||||
Total other expenses (2) |
15.3 |
13.3 |
2.0 |
14.2 |
38.0 |
(23.8) |
||||||||||||||||||
(Loss) income before income taxes |
(26.2) |
11.7 |
(37.9) |
(9.4) |
31.6 |
(41.0) |
||||||||||||||||||
Income tax (benefit) expense |
(5.3) |
4.0 |
(9.3) |
2.1 |
8.9 |
(6.8) |
||||||||||||||||||
NET (LOSS) INCOME |
$ |
(20.9) |
$ |
7.7 |
$ |
(28.6) |
$ |
(11.5) |
$ |
22.7 |
$ |
(34.2) |
||||||||||||
(LOSS) EARNINGS PER COMMON SHARE |
||||||||||||||||||||||||
Basic |
$ |
(0.32) |
$ |
0.12 |
$ |
(0.44) |
$ |
(0.18) |
$ |
0.36 |
$ |
(0.54) |
||||||||||||
Diluted |
$ |
(0.32) |
$ |
0.12 |
$ |
(0.44) |
$ |
(0.18) |
$ |
0.34 |
$ |
(0.52) |
||||||||||||
Weighted-average outstanding common shares and equivalents used in computing (loss) earnings per share |
||||||||||||||||||||||||
Basic |
64.5 |
63.1 |
1.4 |
64.2 |
62.8 |
1.4 |
||||||||||||||||||
Diluted |
64.5 |
66.2 |
(1.7) |
64.2 |
66.2 |
(2.0) |
(1) 2017 financial information reflects the income statement presentation change outlined in Table 8 of Exhibit 99.1 that was furnished as part of the Company's Form 8-K dated May 7, 2018. |
||||||||||||||||||||||||
(2) 2017 financial information reflects the adoption of ASU 2017-07. |
||||||||||||||||||||||||
(3) Quarter-to-date and year-to-date 2018 include an additional accrual of $30.0 million and $40.0 million, respectively, related to the resolution of the DPA. |
TABLE TWO |
||||||||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. |
||||||||||||||||||||||||
SEGMENT RESULTS |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
Global Funds Transfer |
||||||||||||||||||||||||
(Amounts in millions, except percentages) |
Three Months |
2018 |
Nine Months |
2018 |
||||||||||||||||||||
2018 |
2017 |
2017 |
2018 |
2017 |
2017 |
|||||||||||||||||||
Money transfer revenue |
$ |
304.2 |
$ |
356.8 |
$ |
(52.6) |
$ |
970.5 |
$ |
1,055.4 |
$ |
(84.9) |
||||||||||||
Bill payment revenue |
17.4 |
20.3 |
(2.9) |
57.7 |
66.1 |
(8.4) |
||||||||||||||||||
Total revenue |
$ |
321.6 |
$ |
377.1 |
$ |
(55.5) |
$ |
1,028.2 |
$ |
1,121.5 |
$ |
(93.3) |
||||||||||||
Commissions and direct transaction expenses (1) |
$ |
174.3 |
$ |
195.6 |
$ |
(21.3) |
$ |
541.5 |
$ |
585.0 |
$ |
(43.5) |
||||||||||||
Operating (loss) income (2) |
$ |
(19.7) |
$ |
23.5 |
$ |
(43.2) |
$ |
(12.6) |
$ |
61.0 |
$ |
(73.6) |
||||||||||||
Operating margin (2) |
(6.1) |
% |
6.2 |
% |
(1.2) |
% |
5.4 |
% |
||||||||||||||||
Money transfer revenue change, as reported |
(15) |
% |
(3) |
% |
(8) |
% |
(3) |
% |
||||||||||||||||
Money transfer revenue change, constant currency |
(14) |
% |
(5) |
% |
(10) |
% |
(2) |
% |
||||||||||||||||
Financial Paper Products |
||||||||||||||||||||||||
(Amounts in millions, except percentages) |
Three Months |
2018 vs |
Nine Months |
2018 |
||||||||||||||||||||
2018 |
2017 |
2017 |
2018 |
2017 |
2017 |
|||||||||||||||||||
Money order revenue |
$ |
14.0 |
$ |
12.8 |
$ |
1.2 |
$ |
41.6 |
$ |
42.0 |
$ |
(0.4) |
||||||||||||
Official check revenue |
11.6 |
7.9 |
3.7 |
32.0 |
30.4 |
1.6 |
||||||||||||||||||
Total revenue |
$ |
25.6 |
$ |
20.7 |
$ |
4.9 |
$ |
73.6 |
$ |
72.4 |
$ |
1.2 |
||||||||||||
Total commissions expense |
$ |
5.4 |
$ |
2.9 |
$ |
2.5 |
$ |
14.1 |
$ |
6.9 |
$ |
7.2 |
||||||||||||
Operating income (2) |
$ |
9.6 |
$ |
4.7 |
$ |
4.9 |
$ |
22.3 |
$ |
26.8 |
$ |
(4.5) |
||||||||||||
Operating margin (2) |
37.5 |
% |
22.7 |
% |
30.3 |
% |
37.0 |
% |
(1) 2017 financial information reflects the income statement presentation change outlined in Table 8 of Exhibit 99.1 that was furnished as part of the Company's Form 8-K dated May 7, 2018. |
||||||||||||||||||||||||
(2) 2017 financial information reflects the immaterial correction outlined in Table 8 of Exhibit 99.1 that was furnished as part of the Company's Form 8-K dated May 7, 2018. |
TABLE THREE |
||||||||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. |
||||||||||||||||||||||||
SEGMENT RECONCILIATIONS |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
Global Funds Transfer |
||||||||||||||||||||||||
(Amounts in millions, except percentages) |
Three Months |
2018 |
Nine Months |
2018 |
||||||||||||||||||||
2018 |
2017 |
2017 |
2018 |
2017 |
2017 |
|||||||||||||||||||
Revenue (as reported) |
$ |
321.6 |
$ |
377.1 |
$ |
(55.5) |
$ |
1,028.2 |
$ |
1,121.5 |
$ |
(93.3) |
||||||||||||
Adjusted operating income (1) |
$ |
18.3 |
$ |
32.7 |
$ |
(14.4) |
$ |
68.3 |
$ |
90.3 |
$ |
(22.0) |
||||||||||||
Legal and contingent matters |
(29.7) |
— |
(29.7) |
(42.1) |
— |
(42.1) |
||||||||||||||||||
Restructuring and reorganization costs |
(1.2) |
— |
(1.2) |
(13.7) |
— |
(13.7) |
||||||||||||||||||
Compliance enhancement program |
(3.2) |
(1.6) |
(1.6) |
(8.7) |
(6.7) |
(2.0) |
||||||||||||||||||
Direct monitor costs |
(1.7) |
(4.4) |
2.7 |
(7.4) |
(12.6) |
5.2 |
||||||||||||||||||
Stock-based compensation expense |
(2.2) |
(3.2) |
1.0 |
(9.0) |
(10.0) |
1.0 |
||||||||||||||||||
Total adjustments |
(38.0) |
(9.2) |
(28.8) |
(80.9) |
(29.3) |
(51.6) |
||||||||||||||||||
Operating (loss) income (as reported) (1) |
$ |
(19.7) |
$ |
23.5 |
$ |
(43.2) |
$ |
(12.6) |
$ |
61.0 |
$ |
(73.6) |
||||||||||||
Adjusted operating margin (1) |
5.7 |
% |
8.7 |
% |
6.6 |
% |
8.1 |
% |
||||||||||||||||
Total adjustments |
(11.8) |
% |
(2.4) |
% |
(7.9) |
% |
(2.6) |
% |
||||||||||||||||
Operating margin (as reported) (1) |
(6.1) |
% |
6.2 |
% |
(1.2) |
% |
5.4 |
% |
||||||||||||||||
Financial Paper Products |
||||||||||||||||||||||||
(Amounts in millions, except percentages) |
Three Months |
2018 |
Nine Months |
2018 |
||||||||||||||||||||
2018 |
2017 |
2017 |
2018 |
2017 |
2017 |
|||||||||||||||||||
Revenue (as reported) |
$ |
25.6 |
$ |
20.7 |
$ |
4.9 |
$ |
73.6 |
$ |
72.4 |
$ |
1.2 |
||||||||||||
Adjusted operating income (1) |
$ |
10.5 |
$ |
5.4 |
$ |
5.1 |
$ |
25.5 |
$ |
28.9 |
$ |
(3.4) |
||||||||||||
Compliance enhancement program |
(0.6) |
(0.4) |
(0.2) |
(2.2) |
(1.1) |
(1.1) |
||||||||||||||||||
Stock-based compensation expense |
(0.3) |
(0.3) |
— |
(1.0) |
(1.0) |
— |
||||||||||||||||||
Total adjustments |
(0.9) |
(0.7) |
(0.2) |
(3.2) |
(2.1) |
(1.1) |
||||||||||||||||||
Operating income (as reported) (1) |
$ |
9.6 |
$ |
4.7 |
$ |
4.9 |
$ |
22.3 |
$ |
26.8 |
$ |
(4.5) |
||||||||||||
Adjusted operating margin (1) |
41.0 |
% |
26.1 |
% |
34.6 |
% |
39.9 |
% |
||||||||||||||||
Total adjustments |
(3.5) |
% |
(3.4) |
% |
(4.3) |
% |
(2.9) |
% |
||||||||||||||||
Operating margin (as reported) (1) |
37.5 |
% |
22.7 |
% |
30.3 |
% |
37.0 |
% |
(1) 2017 financial information reflects the immaterial correction outlined in Table 8 of Exhibit 99.1 that was furnished as part of the Company's Form 8-K dated May 7, 2018. |
TABLE FOUR |
||||||||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. |
||||||||||||||||||||||||
EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN AND ADJUSTED FREE CASH FLOW |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
(Amounts in millions, except percentages) |
Three Months |
2018 |
Nine Months |
2018 |
||||||||||||||||||||
2018 |
2017 |
2017 |
2018 |
2017 |
2017 |
|||||||||||||||||||
(Loss) income before income taxes |
$ |
(26.2) |
$ |
11.7 |
$ |
(37.9) |
$ |
(9.4) |
$ |
31.6 |
$ |
(41.0) |
||||||||||||
Interest expense |
13.8 |
11.6 |
2.2 |
39.8 |
33.6 |
6.2 |
||||||||||||||||||
Depreciation and amortization |
19.5 |
18.9 |
0.6 |
57.7 |
55.8 |
1.9 |
||||||||||||||||||
Signing bonus amortization |
13.3 |
12.7 |
0.6 |
42.0 |
39.0 |
3.0 |
||||||||||||||||||
EBITDA |
20.4 |
54.9 |
(34.5) |
130.1 |
160.0 |
(29.9) |
||||||||||||||||||
Significant items impacting EBITDA: |
||||||||||||||||||||||||
Legal and contingent matters (1) |
30.0 |
0.5 |
29.5 |
42.7 |
1.9 |
40.8 |
||||||||||||||||||
Compliance enhancement program |
3.7 |
2.4 |
1.3 |
10.9 |
8.4 |
2.5 |
||||||||||||||||||
Stock-based, contingent and incentive compensation |
2.5 |
3.5 |
(1.0) |
10.0 |
11.0 |
(1.0) |
||||||||||||||||||
Direct monitor costs |
1.7 |
4.4 |
(2.7) |
7.4 |
12.6 |
(5.2) |
||||||||||||||||||
Restructuring and reorganization costs |
1.2 |
— |
1.2 |
13.7 |
— |
13.7 |
||||||||||||||||||
Costs (income) related to the terminated merger with Ant Financial (2) |
— |
2.2 |
(2.2) |
(29.3) |
10.7 |
(40.0) |
||||||||||||||||||
Severance and related costs |
— |
— |
— |
0.4 |
— |
0.4 |
||||||||||||||||||
Adjusted EBITDA |
$ |
59.5 |
$ |
67.9 |
$ |
(8.4) |
$ |
185.9 |
$ |
204.6 |
$ |
(18.7) |
||||||||||||
Adjusted EBITDA margin (3) |
17.1 |
% |
17.1 |
% |
— |
% |
16.9 |
% |
17.1 |
% |
(0.2) |
% |
||||||||||||
Adjusted EBITDA change, as reported |
(12) |
% |
(9) |
% |
||||||||||||||||||||
Adjusted EBITDA change, constant currency adjusted |
(13) |
% |
(12) |
% |
||||||||||||||||||||
Adjusted EBITDA |
$ |
59.5 |
$ |
67.9 |
$ |
(8.4) |
$ |
185.9 |
$ |
204.6 |
$ |
(18.7) |
||||||||||||
Cash payments for interest |
(13.0) |
(10.7) |
(2.3) |
(37.4) |
(31.1) |
(6.3) |
||||||||||||||||||
Cash payments for taxes, net of refunds |
(1.0) |
(2.8) |
1.8 |
(3.9) |
(6.4) |
2.5 |
||||||||||||||||||
Cash payments for capital expenditures |
(16.0) |
(23.0) |
7.0 |
(44.5) |
(63.1) |
18.6 |
||||||||||||||||||
Cash payments for agent signing bonuses |
(0.6) |
(6.2) |
5.6 |
(20.2) |
(24.6) |
4.4 |
||||||||||||||||||
Adjusted Free Cash Flow |
$ |
28.9 |
$ |
25.2 |
$ |
3.7 |
$ |
79.9 |
$ |
79.4 |
$ |
0.5 |
(1) Quarter-to-date and year-to-date 2018 include an additional accrual of $30.0 million and $40.0 million, respectively, related to the resolution of the DPA. |
||||||||||||||||||||||||
(2) Costs include, but are not limited to, legal, bank and consultant fees and income includes the $30.0 million merger termination fee. |
||||||||||||||||||||||||
(3) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total revenue. |
TABLE FIVE |
||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. |
||||||||||||||||
ADJUSTED NET INCOME AND ADJUSTED DILUTED EPS |
||||||||||||||||
(Unaudited) |
||||||||||||||||
Three Months |
Nine Months |
|||||||||||||||
(Amounts in millions, except per share data) |
2018 |
2017 |
2018 |
2017 |
||||||||||||
Net (loss) income |
$ |
(20.9) |
$ |
7.7 |
$ |
(11.5) |
$ |
22.7 |
||||||||
Total adjustments (1) |
39.1 |
13.0 |
55.8 |
44.6 |
||||||||||||
Tax impacts of adjustments (2) |
(2.5) |
(4.8) |
(4.4) |
(16.3) |
||||||||||||
Adjusted net income |
$ |
15.7 |
$ |
15.9 |
$ |
39.9 |
$ |
51.0 |
||||||||
Diluted (loss) earnings per common share |
$ |
(0.32) |
$ |
0.12 |
$ |
(0.18) |
$ |
0.34 |
||||||||
Diluted adjustments per common share |
0.56 |
0.12 |
0.80 |
0.43 |
||||||||||||
Diluted adjusted earnings per common share |
$ |
0.24 |
$ |
0.24 |
$ |
0.62 |
$ |
0.77 |
||||||||
Diluted weighted-average outstanding common shares and equivalents |
64.5 |
66.2 |
64.2 |
66.2 |
||||||||||||
(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. |
TABLE SIX |
||||||||
MONEYGRAM INTERNATIONAL, INC. |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(Unaudited) |
||||||||
(Amounts in millions, except share data) |
September 30, 2018 |
December 31, 2017 |
||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ |
208.8 |
$ |
190.0 |
||||
Settlement assets |
3,522.2 |
3,756.9 |
||||||
Property and equipment, net |
201.1 |
214.9 |
||||||
Goodwill |
442.2 |
442.2 |
||||||
Other assets |
149.4 |
168.5 |
||||||
Total assets |
$ |
4,523.7 |
$ |
4,772.5 |
||||
LIABILITIES |
||||||||
Payment service obligations |
$ |
3,522.2 |
$ |
3,756.9 |
||||
Debt, net |
902.8 |
908.1 |
||||||
Pension and other postretirement benefits |
86.5 |
97.3 |
||||||
Accounts payable and other liabilities |
268.4 |
255.5 |
||||||
Total liabilities |
4,779.9 |
5,017.8 |
||||||
STOCKHOLDERS' DEFICIT |
||||||||
Participating convertible preferred stock - series D, $0.01 par value, 200,000 shares authorized, 71,282 issued at September 30, 2018 and December 31, 2017 |
183.9 |
183.9 |
||||||
Common stock, $0.01 par value, 162,500,000 shares authorized, 58,823,567 shares issued at September 30, 2018 and December 31, 2017 |
0.6 |
0.6 |
||||||
Additional paid-in capital |
1,044.4 |
1,034.8 |
||||||
Retained loss |
(1,386.9) |
(1,336.1) |
||||||
Accumulated other comprehensive loss |
(69.3) |
(63.0) |
||||||
Treasury stock: 3,215,358 and 4,585,223 shares at September 30, 2018 and December 31, 2017, respectively |
(28.9) |
(65.5) |
||||||
Total stockholders' deficit |
(256.2) |
(245.3) |
||||||
Total liabilities and stockholders' deficit |
$ |
4,523.7 |
$ |
4,772.5 |
||||
TABLE SEVEN |
||||||||
MONEYGRAM INTERNATIONAL, INC. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Unaudited) |
||||||||
Nine Months Ended September 30, |
||||||||
(Amounts in millions) |
2018 |
2017 |
||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
Net (loss) income |
$ |
(11.5) |
$ |
22.7 |
||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities |
88.4 |
67.1 |
||||||
Net cash provided by operating activities |
76.9 |
89.8 |
||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||
Purchases of property and equipment |
(44.5) |
(63.1) |
||||||
Net cash used in investing activities |
(44.5) |
(63.1) |
||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
Principal payments on debt |
(7.4) |
(7.3) |
||||||
Proceeds from exercise of stock options and other |
— |
1.8 |
||||||
Payments to tax authorities for stock-based compensation |
(6.2) |
(8.0) |
||||||
Net cash used in financing activities |
(13.6) |
(13.5) |
||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS |
18.8 |
13.2 |
||||||
CASH AND CASH EQUIVALENTS—Beginning of period |
190.0 |
157.2 |
||||||
CASH AND CASH EQUIVALENTS—End of period |
$ |
208.8 |
$ |
170.4 |
||||
TABLE EIGHT |
||||||||||||
MONEYGRAM INTERNATIONAL, INC. |
||||||||||||
2018 VERSUS 2017 EXCLUDING ASSET-BACKED SECURITY REDEMPTION |
||||||||||||
(Unaudited) |
||||||||||||
(Amounts in millions) |
Nine Months Ended September 30, 2017 |
|||||||||||
Reported |
Security |
As Excluded |
||||||||||
Investment revenue |
$ |
32.4 |
$ |
(12.2) |
$ |
20.2 |
||||||
Total revenue |
1,193.9 |
(12.2) |
1,181.7 |
|||||||||
Net income |
22.7 |
(12.2) |
10.5 |
|||||||||
EBITDA |
160.0 |
(12.2) |
147.8 |
|||||||||
Adjusted EBITDA |
204.6 |
(12.2) |
192.4 |
|||||||||
Adjusted Free Cash Flow |
$ |
79.4 |
$ |
(12.2) |
$ |
67.2 |
(1) Represents the $12.2 million gain from the one-time redemption of an asset-backed security in the second quarter of 2017. There was no net tax expense impact from the gain. |
||||||||||||
(Amounts in millions, except percentages) |
Nine Months |
2018 vs 2017 |
|||||||||||||
2018 |
2017 |
$ |
% |
||||||||||||
As |
|||||||||||||||
Investment revenue |
$ |
35.5 |
$ |
20.2 |
$ |
15.3 |
76 |
% |
|||||||
Total revenue |
1,101.8 |
1,181.7 |
(79.9) |
(7) |
|||||||||||
Net (loss) income |
(11.5) |
10.5 |
(22.0) |
NM |
|||||||||||
EBITDA |
130.1 |
147.8 |
(17.7) |
(12) |
|||||||||||
Adjusted EBITDA |
185.9 |
192.4 |
(6.5) |
(3) |
|||||||||||
Adjusted Free Cash Flow |
$ |
79.9 |
$ |
67.2 |
$ |
12.7 |
19 |
% |
|||||||
Adjusted EBITDA Margin |
16.9 |
% |
16.3 |
% |
NM = Not meaningful
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