MoneyGram International Reports Third Quarter 2021 Results
Third Quarter 2021 Business Highlights
"Consumers continue to value our digital-first strategy, as we delivered another strong quarter of digital growth and cross-border payment innovation. Our direct-to-consumer channel, MGO, reached a record high in volume and delivered incredibly strong revenue growth of 34% compared to last year, and 229% growth compared to 2019. Digital now represents 34% of money transfer transactions and we're on track to reach our goal of digital transactions representing 50% of all transactions by 2024." said
Money Transfer highlights for the quarter include the following:
• Total Money Transfer revenue was |
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ο Total Money Transfer transactions grew 4% and increased 15% compared to the third quarter of 2019 |
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• MGO continued its strong financial performance in the third quarter recording a record quarter for volume |
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ο Total MGO Money Transfer revenue increased to |
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ο Year-over-year, MGO cross-border online revenue continued to grow at an accelerated pace increasing 35% with transactions growing 37% |
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ο Active cross-border customer growth continued its strong momentum increasing 31% year-over-year |
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ο US MGO continued to represent the Company's largest money transfer source of both revenue and transactions in the world |
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ο Five MGO country sites now account for over 50% of their respective country's total money transfer transactions |
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• Total digital, which includes MGO, digital partners and digital receives, continued its robust performance reporting year-over-year transaction growth of 29% in the third quarter |
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ο Digital revenue reached a new all-time high of |
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ο Digital partnership transactions delivered a solid 17% year-over-year growth rate |
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ο Transactions received into accounts, cards and mobile wallets increased 63% year-over-year |
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• Digital transactions accounted for 34% of all money transfer transactions at the end of the third quarter |
Third Quarter 2021 Financial Results, Year-Over-Year
• Total revenue of $319.6 million decreased 1% on a reported basis or a decrease of 2% on a constant currency basis |
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ο Money transfer revenue was |
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ο Investment revenue was |
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• Gross Profit was |
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• Total operating expenses were |
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ο Transaction and Operations Support expenses increased |
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♦ The absence of the |
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♦ The absence of the |
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ο Compensation and Benefits was |
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• Operating Income was |
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• Net loss of |
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• Diluted loss per share was |
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• Diluted adjusted earnings per share was |
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• Adjusted EBITDA decreased 18% to |
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ο Adjusted EBITDA, excluding the |
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• Adjusted Free Cash Flow was |
Balance Sheet and Liquidity
• Cash and cash equivalents were |
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• Third quarter interest expense was |
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ο Interest expense does not reflect the full benefit of the Company's recent debt refinancing as it was completed mid-quarter on |
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• Capital expenditures were |
Fourth Quarter 2021 Outlook
The Company is providing the following outlook for the quarter ending
Revenue: Approximately
- Considers normal seasonality, ongoing digital growth, and the uncertainties concerning COVID-19
- Embedded in this projection is an assumed revenue growth rate of 30%+ for MGO
Adjusted EBITDA: Approximately
- Considers revenue trends and no benefit from Ripple incentives
- Implies an Adjusted EBITDA margin of 18.5%, a sequential quarter improvement from 17.7% in Q3
Adjusted Free Cash Flow: Approximately
- Delivering growth of approximately 24% year-over-year
Conference Call
Participant Dial-In Numbers: |
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1-866-288-0540 |
International: |
1-646-828-8144 |
Webcast: |
https://viavid.webcasts.com/starthere.jsp?ei=1507507&tp_key=53b0a905ac |
Replay: |
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Replay ID: |
3522682 |
Replay is available through |
About
The Company leverages its modern, mobile, and API-driven platform and collaborates with the world's leading brands to serve consumers through MoneyGram Online (MGO), its direct-to-consumer digital business, its global retail network and its emerging embedded finance business for enterprise customers,
For more information, please visit ir.moneygram.com and follow @MoneyGram.
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
These risks and uncertainties include, but are not limited to:
- the impact of the COVID-19 pandemic or future pandemics on our business, including the potential for work stoppages, lockdowns, shelter-in-place, or restricted movement guidelines, service delays, lower consumer and commercial activity;
- our ability to compete effectively;
- our ability to maintain key agent or biller relationships, or a reduction in business or transaction volume from these relationships, including with our largest agent, Walmart, through its introduction of additional competing white label money transfer products or otherwise;
- our ability to manage fraud risks from consumers or agents;
- the ability of us and our agents to comply with
U.S. and international law and regulations; - litigation and regulatory proceedings involving us or our agents and other commercial relationships, which could result in material settlements, fines or penalties, revocation of required licenses or registrations, termination of contracts, other administrative actions or lawsuits and negative publicity;
- current and proposed regulations addressing consumer privacy and data use and security;
- our ability to successfully develop and timely introduce new and enhanced products and services and our investments in new products, services or infrastructure changes;
- our ability to manage risks associated with our international sales and operations, including exchange rates among currencies;
- our offering of money transfer services through agents in regions that are politically volatile or, in a limited number of cases, that may be subject to certain OFAC restrictions;
- changes in tax laws or unfavorable outcomes of tax positions we take, or a failure by us to establish adequate reserves for tax events;
- our high degree of leverage and substantial debt service obligations, and our ability to comply with the requirements under our debt agreements;
- major bank failure or sustained financial market illiquidity, or illiquidity at our clearing, cash management and custodial financial institutions;
- the ability of us and our agents to maintain adequate banking relationships;
- a security or privacy breach in systems, networks or databases on which we rely;
- weakness in economic conditions, in both the
U.S. and global markets; - a significant change, material slow down or complete disruption of international migration patterns;
- the financial health of certain European countries or the secession of a country from the
European Union ; - our ability to manage credit risks from our agents and official check financial institution consumers;
- our ability to adequately protect our brand and intellectual property rights and to avoid infringing on the rights of others;
- our ability to manage risks related to the operation of retail locations and the acquisition or start-up of businesses;
- any restructuring actions and cost reduction initiatives that we undertake may not deliver the expected results and these actions may adversely affect our business;
- our capital structure; and
- the risks and uncertainties described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of
MoneyGram's public period reports filed with theU.S. Securities and Exchange Commission (theSEC ), includingMoneyGram's annual report on Form 10-K for the year endedDecember 31, 2020 , and subsequent quarterly reports on Form 10-Q.
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, diluted adjusted income (loss) per share and adjusted net income (loss) 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 |
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Condensed Consolidated Statements of Operations |
Table Two |
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Segment Results |
Table Three |
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Reconciliation of Certain Non-GAAP Measures to Relevant GAAP Measures - EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow |
Table Four |
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Reconciliation of Certain Non-GAAP Measures to Relevant GAAP Measures - Adjusted Net Income and Adjusted Diluted EPS |
Table Five |
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Condensed Consolidated Balance Sheets |
Table Six |
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Condensed Consolidated Statements of Cash Flows |
CONTACTS |
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Investor Relations: |
Media Relations: |
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214-979-1400 |
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TABLE ONE |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Unaudited) |
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(Amounts in millions, except percentages and per share data) |
Three Months Ended |
2021 vs |
Nine Months Ended |
2021 vs |
|||||||||||||||||||||||||||||||||||||||||
2021 |
2020 |
2020 |
2021 |
2020 |
2020 |
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REVENUE |
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Fee and other revenue |
$ |
317.7 |
$ |
320.2 |
$ |
(2.5) |
$ |
953.1 |
$ |
876.5 |
$ |
76.6 |
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Investment revenue |
1.9 |
3.0 |
(1.1) |
5.9 |
17.4 |
(11.5) |
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Total revenue |
319.6 |
323.2 |
(3.6) |
959.0 |
893.9 |
65.1 |
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Total revenue change, as reported |
(1) |
% |
— |
% |
7 |
% |
(7) |
% |
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Total revenue change, constant currency |
(2) |
% |
(1) |
% |
4 |
% |
(7) |
% |
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COST OF REVENUE |
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Commissions and other fee expense |
154.6 |
161.3 |
(6.7) |
465.8 |
445.9 |
19.9 |
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Investment commissions expense |
0.3 |
0.2 |
0.1 |
0.7 |
3.4 |
(2.7) |
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Direct transaction expense |
15.6 |
13.0 |
2.6 |
47.0 |
32.5 |
14.5 |
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Total cost of revenue |
170.5 |
174.5 |
(4.0) |
513.5 |
481.8 |
31.7 |
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GROSS PROFIT |
149.1 |
148.7 |
0.4 |
445.5 |
412.1 |
33.4 |
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OPERATING EXPENSES |
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Compensation and benefits |
53.8 |
56.3 |
(2.5) |
175.0 |
162.9 |
12.1 |
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Transaction and operations support (1) |
39.1 |
24.3 |
14.8 |
122.8 |
83.6 |
39.2 |
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Occupancy, equipment and supplies |
15.3 |
15.6 |
(0.3) |
47.1 |
44.7 |
2.4 |
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Depreciation and amortization |
14.1 |
15.9 |
(1.8) |
43.5 |
49.2 |
(5.7) |
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Total operating expenses |
122.3 |
112.1 |
10.2 |
388.4 |
340.4 |
48.0 |
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OPERATING INCOME |
26.8 |
36.6 |
(9.8) |
57.1 |
71.7 |
(14.6) |
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Other expenses |
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Interest expense |
13.0 |
23.0 |
(10.0) |
57.8 |
69.5 |
(11.7) |
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Loss on early extinguishment of debt |
33.6 |
— |
33.6 |
43.9 |
— |
43.9 |
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Other non-operating expense |
1.0 |
1.1 |
(0.1) |
2.8 |
3.4 |
(0.6) |
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Total other expenses |
47.6 |
24.1 |
23.5 |
104.5 |
72.9 |
31.6 |
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(Loss) income before income taxes |
(20.8) |
12.5 |
(33.3) |
(47.4) |
(1.2) |
(46.2) |
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Income tax (benefit) expense |
(5.2) |
1.6 |
(6.8) |
(5.3) |
14.0 |
(19.3) |
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NET (LOSS) INCOME |
$ |
(15.6) |
$ |
10.9 |
$ |
(26.5) |
$ |
(42.1) |
$ |
(15.2) |
$ |
(26.9) |
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(LOSS) EARNINGS PER COMMON SHARE |
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Basic |
$ |
(0.16) |
$ |
0.14 |
$ |
(0.30) |
$ |
(0.48) |
$ |
(0.20) |
$ |
(0.28) |
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Diluted |
$ |
(0.16) |
$ |
0.12 |
$ |
(0.28) |
$ |
(0.48) |
$ |
(0.20) |
$ |
(0.28) |
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Weighted-average outstanding common shares and equivalents used in computing (loss) earnings per share |
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Basic |
96.0 |
77.9 |
18.1 |
87.7 |
77.7 |
10.0 |
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Diluted |
96.0 |
88.7 |
7.3 |
87.7 |
77.7 |
10.0 |
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(1) The three and nine months ended |
TABLE TWO |
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SEGMENT RESULTS |
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(Unaudited) |
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Global Funds Transfer |
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(Amounts in millions, except percentages) |
Three Months Ended |
2021 vs |
Nine Months Ended |
2021 vs |
|||||||||||||||||||||||||||||||||||||||||
2021 |
2020 |
2020 |
2021 |
2020 |
2020 |
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Money transfer revenue |
$ |
296.1 |
$ |
297.6 |
$ |
(1.5) |
$ |
886.4 |
$ |
806.6 |
$ |
79.8 |
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Bill payment revenue |
9.9 |
11.0 |
(1.1) |
31.1 |
35.2 |
(4.1) |
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Total revenue |
$ |
306.0 |
$ |
308.6 |
$ |
(2.6) |
$ |
917.5 |
$ |
841.8 |
$ |
75.7 |
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Cost of revenue |
$ |
170.2 |
$ |
174.4 |
$ |
(4.2) |
$ |
512.8 |
$ |
478.4 |
$ |
34.4 |
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Gross profit |
$ |
135.8 |
$ |
134.2 |
$ |
1.6 |
$ |
404.7 |
$ |
363.4 |
$ |
41.3 |
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Money transfer revenue change, |
(1) |
% |
5 |
% |
10 |
% |
(4) |
% |
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Money transfer revenue change, |
(2) |
% |
4 |
% |
7 |
% |
(4) |
% |
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Financial Paper Products |
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(Amounts in millions, except percentages) |
Three Months Ended |
2021 vs |
Nine Months Ended |
2021 vs |
|||||||||||||||||||||||||||||||||||||||||
2021 |
2020 |
2020 |
2021 |
2020 |
2020 |
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Money order revenue |
$ |
10.0 |
$ |
10.4 |
$ |
(0.4) |
$ |
31.0 |
$ |
33.3 |
$ |
(2.3) |
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Official check revenue |
3.6 |
4.2 |
(0.6) |
10.5 |
18.8 |
(8.3) |
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Total revenue |
$ |
13.6 |
$ |
14.6 |
$ |
(1.0) |
$ |
41.5 |
$ |
52.1 |
$ |
(10.6) |
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Investment commissions expense |
$ |
0.3 |
$ |
0.1 |
$ |
0.2 |
$ |
0.7 |
$ |
3.4 |
$ |
(2.7) |
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Gross profit (1) |
$ |
13.3 |
$ |
14.5 |
$ |
(1.2) |
$ |
40.8 |
$ |
48.7 |
$ |
(7.9) |
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(1) In periods of extremely low interest rates, it is possible for commissions to be close to zero, resulting in abnormally high gross margin. |
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TABLE THREE |
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RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO RELEVANT GAAP MEASURES |
||||||||||||||||||||||||
EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN AND ADJUSTED FREE CASH FLOW |
||||||||||||||||||||||||
(Unaudited) |
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(Amounts in millions, except percentages) |
Three Months Ended |
2021 vs |
Nine Months Ended |
2021 vs |
||||||||||||||||||||
2021 |
2020 |
2020 |
2021 |
2020 |
2020 |
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(Loss) income before income taxes |
$ |
(20.8) |
$ |
12.5 |
$ |
(33.3) |
$ |
(47.4) |
$ |
(1.2) |
$ |
(46.2) |
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Interest expense |
13.0 |
23.0 |
(10.0) |
57.8 |
69.5 |
(11.7) |
||||||||||||||||||
Depreciation and amortization |
14.1 |
15.9 |
(1.8) |
43.5 |
49.2 |
(5.7) |
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Signing bonus amortization |
13.8 |
14.6 |
(0.8) |
42.8 |
39.7 |
3.1 |
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EBITDA |
20.1 |
66.0 |
(45.9) |
96.7 |
157.2 |
(60.5) |
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Significant items impacting EBITDA: |
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Loss on early extinguishment of debt |
33.6 |
— |
33.6 |
43.9 |
— |
43.9 |
||||||||||||||||||
Stock-based, contingent and incentive |
1.6 |
1.5 |
0.1 |
4.9 |
5.1 |
(0.2) |
||||||||||||||||||
Compliance enhancement program |
0.9 |
0.5 |
0.4 |
2.2 |
3.7 |
(1.5) |
||||||||||||||||||
Restructuring and reorganization |
0.2 |
(0.2) |
0.4 |
8.3 |
1.0 |
7.3 |
||||||||||||||||||
Legal and contingent matters |
0.1 |
— |
0.1 |
0.1 |
0.6 |
(0.5) |
||||||||||||||||||
Direct monitor costs |
— |
1.0 |
(1.0) |
4.9 |
8.9 |
(4.0) |
||||||||||||||||||
Severance and related costs |
— |
— |
— |
0.2 |
0.2 |
— |
||||||||||||||||||
Adjusted EBITDA |
$ |
56.5 |
$ |
68.8 |
$ |
(12.3) |
$ |
161.2 |
$ |
176.7 |
$ |
(15.5) |
||||||||||||
Adjusted EBITDA margin (1) |
17.7 |
% |
21.3 |
% |
(3.6) |
% |
16.8 |
% |
19.8 |
% |
(3.0) |
% |
||||||||||||
Adjusted EBITDA change, as |
(18) |
% |
(9) |
% |
||||||||||||||||||||
Adjusted EBITDA change, constant |
(21) |
% |
(15) |
% |
||||||||||||||||||||
Adjusted EBITDA |
$ |
56.5 |
$ |
68.8 |
$ |
(12.3) |
$ |
161.2 |
$ |
176.7 |
$ |
(15.5) |
||||||||||||
Cash payments for interest |
(7.6) |
(23.2) |
15.6 |
(46.6) |
(57.6) |
11.0 |
||||||||||||||||||
Cash payments for taxes, net of |
(1.7) |
5.8 |
(7.5) |
(0.5) |
3.3 |
(3.8) |
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Cash payments for capital |
(10.2) |
(10.7) |
0.5 |
(31.4) |
(30.6) |
(0.8) |
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Cash payments for agent signing |
(3.5) |
(15.3) |
11.8 |
(26.2) |
(45.0) |
18.8 |
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Adjusted Free Cash Flow |
$ |
33.5 |
$ |
25.4 |
$ |
8.1 |
$ |
56.5 |
$ |
46.8 |
$ |
9.7 |
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(1) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total revenue. |
TABLE FOUR |
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RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO RELEVANT GAAP MEASURES |
||||||||||||||||
ADJUSTED NET INCOME AND ADJUSTED DILUTED EPS |
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(Unaudited) |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
(Amounts in millions, except per share data) |
2021 |
2020 |
2021 |
2020 |
||||||||||||
Net loss |
$ |
(15.6) |
$ |
10.9 |
$ |
(42.1) |
$ |
(15.2) |
||||||||
Total adjustments (1) |
36.4 |
2.8 |
64.5 |
19.5 |
||||||||||||
Tax impacts of adjustments (2) |
(8.4) |
(0.9) |
(14.9) |
(4.5) |
||||||||||||
Valuation allowance (3) |
— |
1.2 |
1.0 |
11.3 |
||||||||||||
Adjusted net income (loss) |
$ |
12.4 |
$ |
14.0 |
$ |
8.5 |
$ |
11.1 |
||||||||
Diluted (loss) earnings per common share |
$ |
(0.16) |
$ |
0.12 |
$ |
(0.48) |
$ |
(0.20) |
||||||||
Diluted adjustments per common share |
0.29 |
0.04 |
0.58 |
0.34 |
||||||||||||
Diluted adjusted earnings per common share |
$ |
0.13 |
$ |
0.16 |
$ |
0.10 |
$ |
0.14 |
||||||||
Diluted weighted-average outstanding common shares and equivalents |
96.0 |
88.7 |
87.7 |
77.7 |
||||||||||||
(1) See summary of adjustments in Table Three - 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. |
||||||||||||||||
(3) Valuation allowance recorded for deferred tax assets existing at the beginning of the year. |
TABLE FIVE |
||||||||
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(Unaudited) |
||||||||
(Amounts in millions, except share data) |
|
|
||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ |
152.6 |
$ |
196.1 |
||||
Settlement assets |
3,606.0 |
3,702.9 |
||||||
Property and equipment, net |
134.8 |
148.1 |
||||||
|
442.2 |
442.2 |
||||||
Right-of-use assets |
52.7 |
55.1 |
||||||
Other assets |
95.6 |
129.7 |
||||||
Total assets |
$ |
4,483.9 |
$ |
4,674.1 |
||||
LIABILITIES |
||||||||
Payment service obligations |
$ |
3,606.0 |
$ |
3,702.9 |
||||
Debt, net |
801.9 |
857.8 |
||||||
Pension and other postretirement benefits |
71.0 |
74.5 |
||||||
Lease liabilities |
56.6 |
59.1 |
||||||
Accounts payable and other liabilities |
134.3 |
216.8 |
||||||
Total liabilities |
4,669.8 |
4,911.1 |
||||||
STOCKHOLDERS' DEFICIT |
||||||||
Common stock, |
0.9 |
0.7 |
||||||
Additional paid-in capital |
1,398.0 |
1,296.0 |
||||||
Retained loss |
(1,517.5) |
(1,475.3) |
||||||
Accumulated other comprehensive loss |
(63.6) |
(58.4) |
||||||
|
(3.7) |
— |
||||||
Total stockholders' deficit |
(185.9) |
(237.0) |
||||||
Total liabilities and stockholders' deficit |
$ |
4,483.9 |
$ |
4,674.1 |
TABLE SIX |
||||||||
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Unaudited) |
||||||||
Nine Months Ended |
||||||||
(Amounts in millions) |
2021 |
2020 |
||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
Net loss |
$ |
(42.1) |
$ |
(15.2) |
||||
Adjustments to reconcile net loss to net cash (used in) provided by operating |
41.5 |
67.4 |
||||||
Net cash (used in) provided by operating activities |
(0.6) |
52.2 |
||||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||
Payments for capital expenditures |
(31.4) |
(30.6) |
||||||
Net cash used in investing activities |
(31.4) |
(30.6) |
||||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||
Transaction costs for issuance and amendment of debt |
(6.5) |
— |
||||||
Proceeds from issuance of debt |
807.8 |
— |
||||||
Principal payments on debt |
(889.9) |
(4.8) |
||||||
Prepayment call premium |
(16.5) |
— |
||||||
Proceeds from revolving credit facility |
— |
23.0 |
||||||
Payments on revolving credit facility |
— |
(23.0) |
||||||
Net proceeds from stock issuance |
97.3 |
— |
||||||
Payments to tax authorities for stock-based compensation |
(3.7) |
(0.7) |
||||||
Net cash used in financing activities |
(11.5) |
(5.5) |
||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS |
(43.5) |
16.1 |
||||||
CASH AND CASH EQUIVALENTS—Beginning of year |
196.1 |
146.8 |
||||||
CASH AND CASH EQUIVALENTS—End of period |
$ |
152.6 |
$ |
162.9 |
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