MoneyGram International Reports Third Quarter 2019 Financial Results
Business Update
- Business transformation continues to accelerate, demonstrated by both the expansion of digital capabilities to over 60 countries, including 25 countries with MoneyGram Online capabilities. Total digital transactions represented 20% of money transfer transactions.
- Outside the US, money transfer transactions improved to a 7% year-over-year growth rate while returning to positive revenue growth. 60% of our total money transfer revenue now comes from business generated outside
the United States . - First money transfer company to launch Visa Direct.
- First money transfer company to utilize blockchain capabilities at scale through our Ripple strategic partnership.
"Our third quarter results reflect the continued transformation of our business as we increasingly focus on customer experience improvements, cross-border digital growth and industry-leading innovation through our strategic partnership with Ripple," said
Third Quarter 2019 Financial Results
- Total revenue was
$324.6 million and$347.2 million for the three months endedSeptember 30, 2019 and 2018, respectively. - Money transfer revenue was
$284.9 million for the quarter compared to$304.2 million for the three months endedSeptember 30, 2018 . - Investment revenue was
$13.4 million for the quarter. - Net loss was
$7.7 million compared to$20.9 million for the third quarter of 2018. EBITDA was$44.6 million , an increase of$24.2 million as compared to the year-ago period. The prior year period included a$30.0 million accrual related to the resolution of the deferred prosecution agreement (the "DPA"). - Adjusted EBITDA was
$51.7 million and$59.5 million for the three months endedSeptember 30, 2019 and 2018, respectively. Adjusted EBITDA margin was 15.9% for the three months endedSeptember 30, 2019 . - For the quarter, diluted loss per share was
$0.10 and adjusted diluted loss per share was$0.03 . - Adjusted Free Cash Flow was
$9.3 million for the quarter.
Balance Sheet Highlights and Capital Structure Highlights
The Company ended the third quarter of 2019 with a cash and cash equivalents balance of
Fourth Quarter 2019 Outlook
The Company is revising its guidance to reflect the forecast for its fourth quarter results. For the fourth quarter of 2019, the Company anticipates total revenue of approximately
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 |
- |
Reconciliation of Certain Non-GAAP Measures to Relevant GAAP Measures - EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow |
Table Five |
- |
Reconciliation of Certain Non-GAAP Measures to Relevant GAAP Measures - Adjusted Net Income and Adjusted Diluted EPS |
Table Six |
- |
Condensed Consolidated Balance Sheets |
Table Seven |
- |
Condensed Consolidated Statements of Cash Flows |
Conference Call
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About
CONTACT
Investor Relations:
214-979-1400
InvestorRelations@moneygram.com
Media Relations:
214-979-1402
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 |
Nine Months |
||||||||||||||||||||||
2019 |
2018 |
2019 vs |
2019 |
2018 |
2019 vs |
|||||||||||||||||||
REVENUE |
||||||||||||||||||||||||
Fee and other revenue |
$ |
311.2 |
$ |
333.7 |
$ |
(22.5) |
$ |
921.5 |
$ |
1,066.3 |
$ |
(144.8) |
||||||||||||
Investment revenue |
13.4 |
13.5 |
(0.1) |
42.3 |
35.5 |
6.8 |
||||||||||||||||||
Total revenue |
324.6 |
347.2 |
(22.6) |
963.8 |
1,101.8 |
(138.0) |
||||||||||||||||||
Total revenue change, as reported |
(7) |
% |
(13) |
% |
(13) |
% |
(8) |
% |
||||||||||||||||
Total revenue change, constant currency |
(5) |
% |
(12) |
% |
(11) |
% |
(9) |
% |
||||||||||||||||
OPERATING EXPENSES |
||||||||||||||||||||||||
Total commissions and direct transaction expenses |
165.8 |
179.7 |
(13.9) |
494.5 |
555.6 |
(61.1) |
||||||||||||||||||
Compensation and benefits |
50.5 |
56.7 |
(6.2) |
163.4 |
201.1 |
(37.7) |
||||||||||||||||||
Transaction and operations support (1) |
58.2 |
88.4 |
(30.2) |
164.8 |
235.2 |
(70.4) |
||||||||||||||||||
Occupancy, equipment and supplies |
15.5 |
13.8 |
1.7 |
46.4 |
47.4 |
(1.0) |
||||||||||||||||||
Depreciation and amortization |
18.2 |
19.5 |
(1.3) |
55.4 |
57.7 |
(2.3) |
||||||||||||||||||
Total operating expenses |
308.2 |
358.1 |
(49.9) |
924.5 |
1,097.0 |
(172.5) |
||||||||||||||||||
OPERATING INCOME (LOSS) |
16.4 |
(10.9) |
27.3 |
39.3 |
4.8 |
34.5 |
||||||||||||||||||
Other expenses |
||||||||||||||||||||||||
Interest expense |
24.8 |
13.8 |
11.0 |
52.7 |
39.8 |
12.9 |
||||||||||||||||||
Other non-operating expense (income) (2) |
1.2 |
1.5 |
(0.3) |
38.1 |
(25.6) |
63.7 |
||||||||||||||||||
Total other expenses |
26.0 |
15.3 |
10.7 |
90.8 |
14.2 |
76.6 |
||||||||||||||||||
Loss before income taxes |
(9.6) |
(26.2) |
16.6 |
(51.5) |
(9.4) |
(42.1) |
||||||||||||||||||
Income tax (benefit) expense |
(1.9) |
(5.3) |
3.4 |
(3.1) |
2.1 |
(5.2) |
||||||||||||||||||
NET LOSS |
$ |
(7.7) |
$ |
(20.9) |
$ |
13.2 |
$ |
(48.4) |
$ |
(11.5) |
$ |
(36.9) |
||||||||||||
LOSS PER COMMON SHARE |
||||||||||||||||||||||||
Basic |
$ |
(0.10) |
$ |
(0.32) |
$ |
0.22 |
$ |
(0.70) |
$ |
(0.18) |
$ |
(0.52) |
||||||||||||
Diluted |
$ |
(0.10) |
$ |
(0.32) |
$ |
0.22 |
$ |
(0.70) |
$ |
(0.18) |
$ |
(0.52) |
||||||||||||
Weighted-average outstanding common shares and equivalents used in computing loss per share |
||||||||||||||||||||||||
Basic |
76.4 |
64.5 |
11.9 |
69.2 |
64.2 |
5.0 |
||||||||||||||||||
Diluted |
76.4 |
64.5 |
11.9 |
69.2 |
64.2 |
5.0 |
||||||||||||||||||
(1) Three and nine months ended September 30, 2018 include an accrual of $30.0 million and $40.0 million, respectively, related to the resolution of the DPA matter. |
||||||||||||||||||||||||
(2) Nine months ended September 30, 2019 includes non-cash pension settlement charge of $31.3 million and debt extinguishment cost of $2.4 million. |
TABLE TWO |
||||||||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. |
||||||||||||||||||||||||
SEGMENT RESULTS |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
Global Funds Transfer |
||||||||||||||||||||||||
(Amounts in millions, except percentages) |
Three Months |
Nine Months |
||||||||||||||||||||||
2019 |
2018 |
2019 vs |
2019 |
2018 |
2019 vs |
|||||||||||||||||||
Money transfer revenue |
$ |
284.9 |
$ |
304.2 |
$ |
(19.3) |
$ |
840.4 |
$ |
970.5 |
$ |
(130.1) |
||||||||||||
Bill payment revenue |
14.7 |
17.4 |
(2.7) |
45.6 |
57.7 |
(12.1) |
||||||||||||||||||
Total revenue |
$ |
299.6 |
$ |
321.6 |
$ |
(22.0) |
$ |
886.0 |
$ |
1,028.2 |
$ |
(142.2) |
||||||||||||
Commissions and direct transaction expenses |
$ |
159.3 |
$ |
174.3 |
$ |
(15.0) |
$ |
475.0 |
$ |
541.5 |
$ |
(66.5) |
||||||||||||
Operating income (loss) |
$ |
9.8 |
$ |
(19.7) |
$ |
29.5 |
$ |
16.5 |
$ |
(12.6) |
$ |
29.1 |
||||||||||||
Operating margin |
3.3 |
% |
(6.1) |
% |
1.9 |
% |
(1.2) |
% |
||||||||||||||||
Money transfer revenue change, as reported |
(6) |
% |
(15) |
% |
(13) |
% |
(8) |
% |
||||||||||||||||
Money transfer revenue change, constant currency |
(5) |
% |
(14) |
% |
(11) |
% |
(10) |
% |
||||||||||||||||
Financial Paper Products |
||||||||||||||||||||||||
(Amounts in millions, except percentages) |
Three Months |
Nine Months |
||||||||||||||||||||||
2019 |
2018 |
2019 vs |
2019 |
2018 |
2019 vs |
|||||||||||||||||||
Money order revenue |
$ |
13.1 |
$ |
14.0 |
$ |
(0.9) |
$ |
40.6 |
$ |
41.6 |
$ |
(1.0) |
||||||||||||
Official check revenue |
11.9 |
11.6 |
0.3 |
37.2 |
32.0 |
5.2 |
||||||||||||||||||
Total revenue |
$ |
25.0 |
$ |
25.6 |
$ |
(0.6) |
$ |
77.8 |
$ |
73.6 |
$ |
4.2 |
||||||||||||
Total commissions expense |
$ |
6.5 |
$ |
5.4 |
$ |
1.1 |
$ |
19.5 |
$ |
14.1 |
$ |
5.4 |
||||||||||||
Operating income |
$ |
7.6 |
$ |
9.6 |
$ |
(2.0) |
$ |
25.8 |
$ |
22.3 |
$ |
3.5 |
||||||||||||
Operating margin |
30.4 |
% |
37.5 |
% |
33.2 |
% |
30.3 |
% |
||||||||||||||||
TABLE THREE |
||||||||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. |
||||||||||||||||||||||||
SEGMENT RECONCILIATIONS |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
Global Funds Transfer |
||||||||||||||||||||||||
(Amounts in millions, except percentages) |
Three Months |
Nine Months |
||||||||||||||||||||||
2019 |
2018 |
2019 vs |
2019 |
2018 |
2019 vs |
|||||||||||||||||||
Revenue (as reported) |
$ |
299.6 |
$ |
321.6 |
$ |
(22.0) |
$ |
886.0 |
$ |
1,028.2 |
$ |
(142.2) |
||||||||||||
Adjusted operating income |
$ |
15.8 |
$ |
18.3 |
$ |
(2.5) |
$ |
44.0 |
$ |
68.3 |
$ |
(24.3) |
||||||||||||
Legal and contingent matters |
— |
(29.7) |
29.7 |
— |
(42.1) |
42.1 |
||||||||||||||||||
Restructuring and reorganization costs |
(0.1) |
(1.2) |
1.1 |
(4.2) |
(13.7) |
9.5 |
||||||||||||||||||
Compliance enhancement program |
(2.4) |
(3.2) |
0.8 |
(5.4) |
(8.7) |
3.3 |
||||||||||||||||||
Direct monitor costs |
(2.1) |
(1.7) |
(0.4) |
(12.4) |
(7.4) |
(5.0) |
||||||||||||||||||
Stock-based compensation expense |
(1.4) |
(2.2) |
0.8 |
(5.5) |
(9.0) |
3.5 |
||||||||||||||||||
Total adjustments |
(6.0) |
(38.0) |
32.0 |
(27.5) |
(80.9) |
53.4 |
||||||||||||||||||
Operating income (loss) (as reported) |
$ |
9.8 |
$ |
(19.7) |
$ |
29.5 |
$ |
16.5 |
$ |
(12.6) |
$ |
29.1 |
||||||||||||
Adjusted operating margin |
5.3 |
% |
5.7 |
% |
5.0 |
% |
6.6 |
% |
||||||||||||||||
Total adjustments |
(2.0) |
% |
(11.8) |
% |
(3.1) |
% |
(7.9) |
% |
||||||||||||||||
Operating margin (as reported) |
3.3 |
% |
(6.1) |
% |
1.9 |
% |
(1.2) |
% |
||||||||||||||||
Financial Paper Products |
||||||||||||||||||||||||
(Amounts in millions, except percentages) |
Three Months |
Nine Months |
||||||||||||||||||||||
2019 |
2018 |
2019 vs |
2019 |
2018 |
2019 vs |
|||||||||||||||||||
Revenue (as reported) |
$ |
25.0 |
$ |
25.6 |
$ |
(0.6) |
$ |
77.8 |
$ |
73.6 |
$ |
4.2 |
||||||||||||
Adjusted operating income |
$ |
8.0 |
$ |
10.5 |
$ |
(2.5) |
$ |
27.4 |
$ |
25.5 |
$ |
1.9 |
||||||||||||
Compliance enhancement program |
(0.2) |
(0.6) |
0.4 |
(1.0) |
(2.2) |
1.2 |
||||||||||||||||||
Stock-based compensation expense |
(0.2) |
(0.3) |
0.1 |
(0.6) |
(1.0) |
0.4 |
||||||||||||||||||
Total adjustments |
(0.4) |
(0.9) |
0.5 |
(1.6) |
(3.2) |
1.6 |
||||||||||||||||||
Operating income (as reported) |
$ |
7.6 |
$ |
9.6 |
$ |
(2.0) |
$ |
25.8 |
$ |
22.3 |
$ |
3.5 |
||||||||||||
Adjusted operating margin |
32.0 |
% |
41.0 |
% |
35.2 |
% |
34.6 |
% |
||||||||||||||||
Total adjustments |
(1.6) |
% |
(3.5) |
% |
(2.1) |
% |
(4.3) |
% |
||||||||||||||||
Operating margin (as reported) |
30.4 |
% |
37.5 |
% |
33.2 |
% |
30.3 |
% |
||||||||||||||||
TABLE FOUR |
||||||||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. |
||||||||||||||||||||||||
RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO RELEVANT GAAP MEASURES |
||||||||||||||||||||||||
EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN AND ADJUSTED FREE CASH FLOW |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
(Amounts in millions, except percentages) |
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||||||||
2019 |
2018 |
2019 vs |
2019 |
2018 |
2019 vs |
|||||||||||||||||||
Loss before income taxes |
$ |
(9.6) |
$ |
(26.2) |
$ |
16.6 |
$ |
(51.5) |
$ |
(9.4) |
$ |
(42.1) |
||||||||||||
Interest expense |
24.8 |
13.8 |
11.0 |
52.7 |
39.8 |
12.9 |
||||||||||||||||||
Depreciation and amortization |
18.2 |
19.5 |
(1.3) |
55.4 |
57.7 |
(2.3) |
||||||||||||||||||
Signing bonus amortization |
11.2 |
13.3 |
(2.1) |
34.6 |
42.0 |
(7.4) |
||||||||||||||||||
EBITDA |
44.6 |
20.4 |
24.2 |
91.2 |
130.1 |
(38.9) |
||||||||||||||||||
Significant items impacting EBITDA: |
||||||||||||||||||||||||
Compliance enhancement program |
2.6 |
3.7 |
(1.1) |
6.4 |
10.9 |
(4.5) |
||||||||||||||||||
Direct monitor costs |
2.1 |
1.7 |
0.4 |
12.4 |
7.4 |
5.0 |
||||||||||||||||||
Stock-based, contingent and incentive compensation |
1.6 |
2.5 |
(0.9) |
6.1 |
10.0 |
(3.9) |
||||||||||||||||||
Legal and contingent matters (1) |
0.6 |
30.0 |
(29.4) |
1.9 |
42.7 |
(40.8) |
||||||||||||||||||
Restructuring and reorganization costs |
0.1 |
1.2 |
(1.1) |
4.1 |
13.7 |
(9.6) |
||||||||||||||||||
Non-cash pension settlement charge (2) |
— |
— |
— |
31.3 |
— |
31.3 |
||||||||||||||||||
Debt extinguishment costs (3) |
— |
— |
— |
2.4 |
— |
2.4 |
||||||||||||||||||
Severance and related costs |
0.1 |
— |
0.1 |
0.3 |
0.4 |
(0.1) |
||||||||||||||||||
Income related to the terminated merger with Ant Financial (4) |
— |
— |
— |
— |
(29.3) |
29.3 |
||||||||||||||||||
Adjusted EBITDA |
$ |
51.7 |
$ |
59.5 |
$ |
(7.8) |
$ |
156.1 |
$ |
185.9 |
$ |
(29.8) |
||||||||||||
Adjusted EBITDA margin (5) |
15.9 |
% |
17.1 |
% |
(1.2) |
% |
16.2 |
% |
16.9 |
% |
(0.7) |
% |
||||||||||||
Adjusted EBITDA change, as reported |
(13) |
% |
(16) |
% |
||||||||||||||||||||
Adjusted EBITDA change, constant currency adjusted |
(10) |
% |
(13) |
% |
||||||||||||||||||||
Adjusted EBITDA |
$ |
51.7 |
$ |
59.5 |
$ |
(7.8) |
$ |
156.1 |
$ |
185.9 |
$ |
(29.8) |
||||||||||||
Cash payments for interest |
(19.2) |
(13.0) |
(6.2) |
(45.2) |
(37.4) |
(7.8) |
||||||||||||||||||
Cash payments for taxes, net of refunds |
(1.1) |
(1.0) |
(0.1) |
(1.6) |
(3.9) |
2.3 |
||||||||||||||||||
Cash payments for capital expenditures |
(13.3) |
(16.0) |
2.7 |
(42.5) |
(44.5) |
2.0 |
||||||||||||||||||
Cash payments for agent signing bonuses |
(8.8) |
(0.6) |
(8.2) |
(24.2) |
(20.2) |
(4.0) |
||||||||||||||||||
Adjusted Free Cash Flow |
$ |
9.3 |
$ |
28.9 |
$ |
(19.6) |
$ |
42.6 |
$ |
79.9 |
$ |
(37.3) |
||||||||||||
(1) Three and nine months ended September 30, 2018 include an accrual of $30.0 million and $40.0 million, respectively, related to the resolution of the DPA matter. |
||||||||||||||||||||||||
(2) Nine months ended September 30, 2019 includes a non-cash charge of $31.3 million from the sale of pension liability. |
||||||||||||||||||||||||
(3) Nine months ended September 30, 2019 includes debt extinguishment costs related to the amended and new debt agreements. |
||||||||||||||||||||||||
(4) Costs include, but are not limited to, legal, bank and consultant fees and income includes the $30.0 million merger termination fee. |
||||||||||||||||||||||||
(5) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total revenue. |
TABLE FIVE |
||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. |
||||||||||||||||
RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO RELEVANT GAAP MEASURES |
||||||||||||||||
ADJUSTED NET INCOME AND ADJUSTED DILUTED EPS |
||||||||||||||||
(Unaudited) |
||||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
(Amounts in millions, except per share data) |
2019 |
2018 |
2019 |
2018 |
||||||||||||
Net loss |
$ |
(7.7) |
$ |
(20.9) |
$ |
(48.4) |
$ |
(11.5) |
||||||||
Total adjustments (1) |
7.1 |
39.1 |
64.9 |
55.8 |
||||||||||||
Tax impacts of adjustments (2) |
(1.6) |
(2.5) |
(14.9) |
(4.4) |
||||||||||||
Adjusted net (loss) income |
$ |
(2.2) |
$ |
15.7 |
$ |
1.6 |
$ |
39.9 |
||||||||
Diluted loss per common share |
$ |
(0.10) |
$ |
(0.32) |
$ |
(0.70) |
$ |
(0.18) |
||||||||
Diluted adjustments per common share |
0.07 |
0.56 |
0.72 |
0.80 |
||||||||||||
Diluted adjusted (loss) income per common share |
$ |
(0.03) |
$ |
0.24 |
$ |
0.02 |
$ |
0.62 |
||||||||
Diluted weighted-average outstanding common shares and equivalents |
76.4 |
64.5 |
69.2 |
64.2 |
||||||||||||
(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 and jurisdiction of each adjustment. |
TABLE SIX |
||||||||
MONEYGRAM INTERNATIONAL, INC. |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(Unaudited) |
||||||||
(Amounts in millions, except share data) |
September 30, 2019 |
December 31, 2018 |
||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ |
119.1 |
$ |
145.5 |
||||
Settlement assets |
3,325.7 |
3,373.8 |
||||||
Property and equipment, net |
178.6 |
193.9 |
||||||
Goodwill |
442.2 |
442.2 |
||||||
Other assets (1) |
172.4 |
140.7 |
||||||
Total assets |
$ |
4,238.0 |
$ |
4,296.1 |
||||
LIABILITIES |
||||||||
Payment service obligations |
$ |
3,325.7 |
$ |
3,373.8 |
||||
Debt, net (2) |
846.4 |
901.0 |
||||||
Pension and other postretirement benefits |
71.7 |
76.6 |
||||||
Accounts payable and other liabilities (1) |
243.2 |
213.5 |
||||||
Total liabilities |
4,487.0 |
4,564.9 |
||||||
STOCKHOLDERS' DEFICIT |
||||||||
Participating convertible preferred stock - series D, $0.01 par value, 200,000 shares authorized, 71,282 issued at September 30, 2019 and December 31, 2018 |
183.9 |
183.9 |
||||||
Common stock, $0.01 par value, 162,500,000 shares authorized, 64,434,490 and 58,823,567 shares issued at September 30, 2019 and December 31, 2018, respectively |
0.6 |
0.6 |
||||||
Additional paid-in capital |
1,095.2 |
1,046.8 |
||||||
Retained loss |
(1,447.7) |
(1,403.6) |
||||||
Accumulated other comprehensive loss |
(62.2) |
(67.5) |
||||||
Treasury stock: 2,384,065 and 3,207,118 shares at September 30, 2019 and December 31, 2018, respectively |
(18.8) |
(29.0) |
||||||
Total stockholders' deficit |
(249.0) |
(268.8) |
||||||
Total liabilities and stockholders' deficit |
$ |
4,238.0 |
$ |
4,296.1 |
||||
(1) 2019 financial information reflects the adoption of ASC 842 - Leases. Other Assets includes $42.7 million of right-of-use assets related to the Company's operating leases and Accounts payable and other liabilities includes $45.6 million of lease liabilities. |
||||||||
(2) On June 26, 2019, MoneyGram entered into an amended first lien credit agreement and a new second lien credit agreement, each with Bank of America, N.A. acting as administrative agent. These agreements extended and/or repaid in full all outstanding indebtedness under the Company's existing credit facility. |
TABLE SEVEN |
||||||||
MONEYGRAM INTERNATIONAL, INC. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Unaudited) |
||||||||
Nine Months Ended September 30, |
||||||||
(Amounts in millions) |
2019 |
2018 |
||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
Net loss |
$ |
(48.4) |
$ |
(11.5) |
||||
Adjustments to reconcile net loss to net cash provided by operating activities |
87.4 |
88.4 |
||||||
Net cash provided by operating activities |
39.0 |
76.9 |
||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||
Purchases of property and equipment |
(42.5) |
(44.5) |
||||||
Net cash used in investing activities |
(42.5) |
(44.5) |
||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
Transaction costs for issuance and amendment of debt |
(21.7) |
— |
||||||
Principal payments on debt |
(30.0) |
(7.4) |
||||||
Net proceeds from issuing equity instruments |
29.5 |
— |
||||||
Payments to tax authorities for stock-based compensation |
(0.7) |
(6.2) |
||||||
Net cash used in financing activities |
(22.9) |
(13.6) |
||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS |
(26.4) |
18.8 |
||||||
CASH AND CASH EQUIVALENTS—Beginning of period |
145.5 |
190.0 |
||||||
CASH AND CASH EQUIVALENTS—End of period |
$ |
119.1 |
$ |
208.8 |
||||
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