Delaware | 1-31950 | 16-1690064 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||
2828 N. Harwood Street, 15th Floor Dallas, Texas | 75201 | |||
(Address of principal executive offices) | (Zip code) |
Not applicable |
(Former name or former address, if changed since last report) |
Exhibit No. | Description of Exhibit | |
99.1 |
MONEYGRAM INTERNATIONAL, INC. | ||
By: | /s/ Lawrence Angelilli | |
Name: | Lawrence Angelilli | |
Title: | Chief Financial Officer |
Exhibit No. | Description of Exhibit | |
99.1 |
• | Total revenue of $397.8 million declined 4% on a reported and 5% on a constant currency basis compared to third quarter 2016. |
◦ | Third quarter money transfer revenue was $356.8 million, representing a decrease of 3% on a reported basis and a decrease of 5% on a constant currency basis as compared to prior year. Money transfer revenue results were impacted by softness in the U.S. to U.S. market and macroeconomic issues in Africa, partially offset by the translation impact of the strengthened euro. |
◦ | Moneygram.com grew 23% fueled by new customer acquisitions. Total Digital money transfer revenue grew 6% over the prior year as strong moneygram.com growth was partially offset by additional compliance requirements and global economic trends. Digital represented 15% of total money transfer revenue. |
◦ | Investment revenue increased $3.1 million versus last year due to higher yields earned on investment balances. |
• | Operating income was $23.3 million, a decrease of 11%. |
• | Net income was $7.7 million, a decrease of $2.4 million as compared to third quarter 2016. EBITDA was $54.9 million, a decrease of 5% as compared to the year-ago period. Both Net income and EBITDA were impacted by $2.2 million of merger-related costs and an increase in direct monitor costs. |
• | Adjusted EBITDA was $67.9 million, a 1% decrease on a reported basis and a 2% decrease on a constant currency basis. Adjusted EBITDA margin was 17.1% as compared to 16.6% last year. |
• | Adjusted Free Cash Flow was $25.2 million for the quarter and $79.4 million year-to-date. |
• | Income tax expense was $4.0 million, representing a 34% tax rate. |
• | Diluted earnings per share was $0.12 compared to $0.15 last year. Adjusted diluted earnings per share was $0.24 compared to $0.25 last year. |
Table Four | – EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow |
Table Five | – Adjusted Net Income and Adjusted Diluted EPS |
TABLE ONE | ||||||||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(Amounts in millions, except percentages and per share data) | Three Months Ended September 30, | 2017 vs | Nine Months Ended September 30, | 2017 vs | ||||||||||||||||||||
2017 | 2016 | 2016 | 2017 | 2016 | 2016 | |||||||||||||||||||
REVENUE | ||||||||||||||||||||||||
Fee and other revenue | $ | 390.1 | $ | 408.2 | $ | (18.1 | ) | $ | 1,161.5 | $ | 1,201.5 | $ | (40.0 | ) | ||||||||||
Investment revenue | 7.7 | 4.6 | 3.1 | 32.4 | 12.7 | 19.7 | ||||||||||||||||||
Total revenue | 397.8 | 412.8 | (15.0 | ) | 1,193.9 | 1,214.2 | (20.3 | ) | ||||||||||||||||
Total revenue growth, as reported | (4 | )% | 4 | % | (2 | )% | 7 | % | ||||||||||||||||
Total revenue growth, constant currency | (5 | )% | 5 | % | (1 | )% | 8 | % | ||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||||||
Commissions expense | 192.7 | 200.5 | (7.8 | ) | 576.2 | 596.1 | (19.9 | ) | ||||||||||||||||
Compensation and benefits | 69.1 | 72.5 | (3.4 | ) | 207.5 | 218.9 | (11.4 | ) | ||||||||||||||||
Transaction and operations support | 78.3 | 79.5 | (1.2 | ) | 240.2 | 227.1 | 13.1 | |||||||||||||||||
Occupancy, equipment and supplies | 15.5 | 15.6 | (0.1 | ) | 49.0 | 46.8 | 2.2 | |||||||||||||||||
Depreciation and amortization | 18.9 | 18.6 | 0.3 | 55.8 | 60.2 | (4.4 | ) | |||||||||||||||||
Total operating expenses | 374.5 | 386.7 | (12.2 | ) | 1,128.7 | 1,149.1 | (20.4 | ) | ||||||||||||||||
OPERATING INCOME | 23.3 | 26.1 | (2.8 | ) | 65.2 | 65.1 | 0.1 | |||||||||||||||||
Other expense | ||||||||||||||||||||||||
Interest expense | 11.6 | 11.3 | 0.3 | 33.6 | 33.8 | (0.2 | ) | |||||||||||||||||
Total other expense | 11.6 | 11.3 | 0.3 | 33.6 | 33.8 | (0.2 | ) | |||||||||||||||||
Income before income taxes | 11.7 | 14.8 | (3.1 | ) | 31.6 | 31.3 | 0.3 | |||||||||||||||||
Income tax expense | 4.0 | 4.7 | (0.7 | ) | 8.9 | 22.4 | (13.5 | ) | ||||||||||||||||
NET INCOME | $ | 7.7 | $ | 10.1 | $ | (2.4 | ) | $ | 22.7 | $ | 8.9 | $ | 13.8 | |||||||||||
EARNINGS PER COMMON SHARE | ||||||||||||||||||||||||
Basic | $ | 0.12 | $ | 0.16 | $ | (0.04 | ) | $ | 0.36 | $ | 0.14 | $ | 0.22 | |||||||||||
Diluted | $ | 0.12 | $ | 0.15 | $ | (0.03 | ) | $ | 0.34 | $ | 0.13 | $ | 0.21 | |||||||||||
Weighted-average outstanding common shares and equivalents used in computing earnings per share | ||||||||||||||||||||||||
Basic (1) | 63.1 | 62.2 | 0.9 | 62.8 | 62.4 | 0.4 | ||||||||||||||||||
Diluted (1) | 66.2 | 66.4 | (0.2 | ) | 66.2 | 66.2 | — | |||||||||||||||||
(1) Includes common stock equivalents of 8.9 million for the three and nine months ended September 30, 2017 and 2016, respectively. The following weighted-average potential common shares are excluded from diluted earnings (loss) per common share as their effect is anti-dilutive. All potential common shares are anti-dilutive in periods of net loss available to common stockholders. | ||||||||||||||||||||||||
Shares related to stock options | 1.6 | 2.7 | 1.7 | 2.8 | ||||||||||||||||||||
Shares related to restricted stock units | 0.3 | 0.8 | 0.2 | 0.8 |
TABLE TWO | ||||||||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||||||
SEGMENT RESULTS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Global Funds Transfer | ||||||||||||||||||||||||
(Amounts in millions, except percentages) | Three Months Ended September 30, | 2017 vs | Nine Months Ended September 30, | 2017 vs | ||||||||||||||||||||
2017 | 2016 | 2016 | 2017 | 2016 | 2016 | |||||||||||||||||||
Money transfer revenue | $ | 356.8 | $ | 369.3 | $ | (12.5 | ) | $ | 1,055.4 | $ | 1,086.3 | $ | (30.9 | ) | ||||||||||
Bill payment revenue | 20.3 | 24.6 | (4.3 | ) | 66.1 | 71.9 | (5.8 | ) | ||||||||||||||||
Total revenue | $ | 377.1 | $ | 393.9 | $ | (16.8 | ) | $ | 1,121.5 | $ | 1,158.2 | $ | (36.7 | ) | ||||||||||
Total commissions expense | $ | 189.8 | $ | 199.5 | $ | (9.7 | ) | $ | 569.3 | $ | 593.6 | $ | (24.3 | ) | ||||||||||
Operating income | $ | 29.6 | $ | 26.6 | $ | 3.0 | $ | 70.4 | $ | 70.0 | $ | 0.4 | ||||||||||||
Operating margin | 7.8 | % | 6.8 | % | 6.3 | % | 6.0 | % | ||||||||||||||||
Money transfer revenue growth, as reported | (3 | )% | 4 | % | (3 | )% | 8 | % | ||||||||||||||||
Money transfer revenue growth, constant currency | (5 | )% | 6 | % | (2 | )% | 9 | % | ||||||||||||||||
Financial Paper Products | ||||||||||||||||||||||||
Three Months Ended September 30, | 2017 vs | Nine Months Ended September 30, | 2017 vs | |||||||||||||||||||||
(Amounts in millions, except percentages) | 2017 | 2016 | 2016 | 2017 | 2016 | 2016 | ||||||||||||||||||
Money order revenue | $ | 12.8 | $ | 12.6 | $ | 0.2 | $ | 42.0 | $ | 38.2 | $ | 3.8 | ||||||||||||
Official check revenue | 7.9 | 6.3 | 1.6 | 30.4 | 17.8 | 12.6 | ||||||||||||||||||
Total revenue | $ | 20.7 | $ | 18.9 | $ | 1.8 | $ | 72.4 | $ | 56.0 | $ | 16.4 | ||||||||||||
Total commissions expense | $ | 2.9 | $ | 1.0 | $ | 1.9 | $ | 6.9 | $ | 2.5 | $ | 4.4 | ||||||||||||
Operating income | $ | 4.6 | $ | 4.5 | $ | 0.1 | $ | 26.6 | $ | 13.6 | $ | 13.0 | ||||||||||||
Operating margin | 22.2 | % | 23.8 | % | 36.7 | % | 24.3 | % | ||||||||||||||||
TABLE THREE | ||||||||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||||||
SEGMENT RECONCILIATIONS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Global Funds Transfer | ||||||||||||||||||||||||
(Amounts in millions, except percentages) | Three Months Ended September 30, | 2017 vs | Nine Months Ended September 30, | 2017 vs | ||||||||||||||||||||
2017 | 2016 | 2016 | 2017 | 2016 | 2016 | |||||||||||||||||||
Revenue (as reported) | $ | 377.1 | $ | 393.9 | $ | (16.8 | ) | $ | 1,121.5 | $ | 1,158.2 | $ | (36.7 | ) | ||||||||||
Adjusted operating income | $ | 38.8 | $ | 35.6 | $ | 3.2 | $ | 99.7 | $ | 97.5 | $ | 2.2 | ||||||||||||
Compliance enhancement program | (1.6 | ) | (2.6 | ) | 1.0 | (6.7 | ) | (7.0 | ) | 0.3 | ||||||||||||||
Direct monitor costs | (4.4 | ) | (2.6 | ) | (1.8 | ) | (12.6 | ) | (7.3 | ) | (5.3 | ) | ||||||||||||
Stock-based compensation expense | (3.2 | ) | (3.8 | ) | 0.6 | (10.0 | ) | (12.3 | ) | 2.3 | ||||||||||||||
Severance and related costs | — | — | — | — | (0.9 | ) | 0.9 | |||||||||||||||||
Total adjustments | (9.2 | ) | (9.0 | ) | (0.2 | ) | (29.3 | ) | (27.5 | ) | (1.8 | ) | ||||||||||||
Operating income (as reported) | $ | 29.6 | $ | 26.6 | $ | 3.0 | $ | 70.4 | $ | 70.0 | $ | 0.4 | ||||||||||||
Adjusted operating margin | 10.3 | % | 9.0 | % | 8.9 | % | 8.4 | % | ||||||||||||||||
Total adjustments | (2.4 | )% | (2.3 | )% | (2.6 | )% | (2.4 | )% | ||||||||||||||||
Operating margin (as reported) | 7.8 | % | 6.8 | % | 6.3 | % | 6.0 | % | ||||||||||||||||
Financial Paper Products | ||||||||||||||||||||||||
(Amounts in millions, except percentages) | Three Months Ended September 30, | 2017 vs | Nine Months Ended September 30, | 2017 vs | ||||||||||||||||||||
2017 | 2016 | 2016 | 2017 | 2016 | 2016 | |||||||||||||||||||
Revenue (as reported) | $ | 20.7 | $ | 18.9 | $ | 1.8 | $ | 72.4 | $ | 56.0 | $ | 16.4 | ||||||||||||
Adjusted operating income | $ | 5.3 | $ | 5.2 | $ | 0.1 | $ | 28.7 | $ | 15.7 | $ | 13.0 | ||||||||||||
Compliance enhancement program | (0.4 | ) | (0.3 | ) | (0.1 | ) | (1.1 | ) | (0.8 | ) | (0.3 | ) | ||||||||||||
Stock-based compensation expense | (0.3 | ) | (0.4 | ) | 0.1 | (1.0 | ) | (1.3 | ) | 0.3 | ||||||||||||||
Total adjustments | (0.7 | ) | (0.7 | ) | — | (2.1 | ) | (2.1 | ) | — | ||||||||||||||
Operating income (as reported) | $ | 4.6 | $ | 4.5 | $ | 0.1 | $ | 26.6 | $ | 13.6 | $ | 13.0 | ||||||||||||
Adjusted operating margin | 25.6 | % | 27.5 | % | 39.6 | % | 28.0 | % | ||||||||||||||||
Total adjustments | (3.4 | )% | (3.7 | )% | (2.9 | )% | (3.8 | )% | ||||||||||||||||
Operating margin (as reported) | 22.2 | % | 23.8 | % | 36.7 | % | 24.3 | % | ||||||||||||||||
TABLE FOUR | ||||||||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||||||
EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN AND ADJUSTED FREE CASH FLOW | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(Amounts in millions, except percentages) | Three Months Ended September 30, | 2017 vs | Nine Months Ended September 30, | 2017 vs | ||||||||||||||||||||
2017 | 2016 | 2016 | 2017 | 2016 | 2016 | |||||||||||||||||||
Income before income taxes | $ | 11.7 | $ | 14.8 | $ | (3.1 | ) | $ | 31.6 | $ | 31.3 | $ | 0.3 | |||||||||||
Interest expense | 11.6 | 11.3 | 0.3 | 33.6 | 33.8 | (0.2 | ) | |||||||||||||||||
Depreciation and amortization | 18.9 | 18.6 | 0.3 | 55.8 | 60.2 | (4.4 | ) | |||||||||||||||||
Signing bonus amortization | 12.7 | 13.3 | (0.6 | ) | 39.0 | 41.0 | (2.0 | ) | ||||||||||||||||
EBITDA | 54.9 | 58.0 | (3.1 | ) | 160.0 | 166.3 | (6.3 | ) | ||||||||||||||||
Significant items impacting EBITDA: | ||||||||||||||||||||||||
Direct monitor costs | 4.4 | 2.6 | 1.8 | 12.6 | 7.3 | 5.3 | ||||||||||||||||||
Stock-based, contingent and incentive compensation | 3.5 | 4.2 | (0.7 | ) | 11.0 | 14.9 | (3.9 | ) | ||||||||||||||||
Compliance enhancement program | 2.4 | 3.1 | (0.7 | ) | 8.4 | 8.0 | 0.4 | |||||||||||||||||
Merger-related costs (1) | 2.2 | — | 2.2 | 10.7 | — | 10.7 | ||||||||||||||||||
Legal and contingent matters | 0.5 | 0.7 | (0.2 | ) | 1.9 | 1.4 | 0.5 | |||||||||||||||||
Severance and related costs | — | — | — | — | 1.4 | (1.4 | ) | |||||||||||||||||
Adjusted EBITDA | $ | 67.9 | $ | 68.6 | $ | (0.7 | ) | $ | 204.6 | $ | 199.3 | $ | 5.3 | |||||||||||
Adjusted EBITDA margin (2) | 17.1 | % | 16.6 | % | 0.5 | % | 17.1 | % | 16.4 | % | 0.7 | % | ||||||||||||
Adjusted EBITDA growth, as reported | (1 | )% | 3 | % | ||||||||||||||||||||
Adjusted EBITDA growth, constant currency adjusted | (2 | )% | 4 | % | ||||||||||||||||||||
Adjusted EBITDA | $ | 67.9 | $ | 68.6 | $ | (0.7 | ) | $ | 204.6 | $ | 199.3 | $ | 5.3 | |||||||||||
Cash payments for interest | (10.7 | ) | (10.5 | ) | (0.2 | ) | (31.1 | ) | (31.4 | ) | 0.3 | |||||||||||||
Cash taxes, net | (2.8 | ) | (2.5 | ) | (0.3 | ) | (6.4 | ) | (7.1 | ) | 0.7 | |||||||||||||
Cash payments for capital expenditures | (23.0 | ) | (22.3 | ) | (0.7 | ) | (63.1 | ) | (60.4 | ) | (2.7 | ) | ||||||||||||
Cash payments for agent signing bonuses | (6.2 | ) | (2.6 | ) | (3.6 | ) | (24.6 | ) | (17.2 | ) | (7.4 | ) | ||||||||||||
Adjusted Free Cash Flow | $ | 25.2 | $ | 30.7 | $ | (5.5 | ) | $ | 79.4 | $ | 83.2 | $ | (3.8 | ) | ||||||||||
(1) Merger-related costs include, but are not limited to, legal, investment banking and consultant fees and other one-time integration costs. | ||||||||||||||||||||||||
(2) 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 Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions, except per share data) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 7.7 | $ | 10.1 | $ | 22.7 | $ | 8.9 | ||||||||
Total adjustments (1) | 13.0 | 10.6 | 44.6 | 33.0 | ||||||||||||
Tax impacts of adjustments (2) | (4.8 | ) | (3.9 | ) | (16.3 | ) | (12.0 | ) | ||||||||
Tax adjustments (3) | — | — | — | 7.7 | ||||||||||||
Adjusted net income | $ | 15.9 | $ | 16.8 | $ | 51.0 | $ | 37.6 | ||||||||
Diluted earnings per common share | $ | 0.12 | $ | 0.15 | $ | 0.34 | $ | 0.13 | ||||||||
Diluted adjustments per common share | 0.12 | 0.10 | 0.43 | 0.44 | ||||||||||||
Diluted adjusted earnings per common share | $ | 0.24 | $ | 0.25 | $ | 0.77 | $ | 0.57 | ||||||||
Diluted weighted-average outstanding common shares and equivalents | 66.2 | 66.4 | 66.2 | 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. | ||||||||||||||||
(3) Represents adjustments to income tax expense for an IRS tax litigation matter and a change to an uncertain tax position. |
TABLE SIX | ||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited) | ||||||||
(Amounts in millions, except share data) | September 30, 2017 | December 31, 2016 | ||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 170.4 | $ | 157.2 | ||||
Settlement assets | 3,499.5 | 3,634.3 | ||||||
Property and equipment, net | 215.0 | 201.0 | ||||||
Goodwill | 442.2 | 442.2 | ||||||
Other assets | 219.0 | 162.7 | ||||||
Total assets | $ | 4,546.1 | $ | 4,597.4 | ||||
LIABILITIES | ||||||||
Payment service obligations | $ | 3,499.5 | $ | 3,634.3 | ||||
Debt, net | 909.9 | 915.2 | ||||||
Pension and other postretirement benefits | 84.2 | 99.0 | ||||||
Accounts payable and other liabilities | 236.5 | 164.5 | ||||||
Total liabilities | 4,730.1 | 4,813.0 | ||||||
STOCKHOLDERS’ DEFICIT | ||||||||
Participating convertible preferred stock - series D, $0.01 par value, 200,000 shares authorized, 71,282 issued at September 30, 2017 and December 31, 2016 | 183.9 | 183.9 | ||||||
Common stock, $0.01 par value, 162,500,000 shares authorized, 58,823,567 shares issued at September 30, 2017 and December 31, 2016 | 0.6 | 0.6 | ||||||
Additional paid-in capital | 1,031.3 | 1,020.3 | ||||||
Retained loss | (1,282.9 | ) | (1,252.6 | ) | ||||
Accumulated other comprehensive loss | (50.8 | ) | (56.1 | ) | ||||
Treasury stock: 4,605,928 and 6,058,856 shares at September 30, 2017 and December 31, 2016, respectively | (66.1 | ) | (111.7 | ) | ||||
Total stockholders’ deficit | (184.0 | ) | (215.6 | ) | ||||
Total liabilities and stockholders’ deficit | $ | 4,546.1 | $ | 4,597.4 | ||||
TABLE SEVEN | ||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
Nine Months Ended September 30, | ||||||||
(Amounts in millions) | 2017 | 2016 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income | $ | 22.7 | $ | 8.9 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | 67.1 | 78.2 | ||||||
Net cash provided by operating activities | 89.8 | 87.1 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchases of property and equipment | (63.1 | ) | (60.4 | ) | ||||
Net cash used in investing activities | (63.1 | ) | (60.4 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Principal payments on debt | (7.3 | ) | (7.3 | ) | ||||
Proceeds from exercise of stock options | 1.8 | — | ||||||
Stock repurchases | — | (7.5 | ) | |||||
Payments to tax authorities for stock-based compensation | (8.0 | ) | (2.6 | ) | ||||
Payment for contingent consideration | — | (0.7 | ) | |||||
Net cash used in financing activities | (13.5 | ) | (18.1 | ) | ||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 13.2 | 8.6 | ||||||
CASH AND CASH EQUIVALENTS—Beginning of period | 157.2 | 164.5 | ||||||
CASH AND CASH EQUIVALENTS—End of period | $ | 170.4 | $ | 173.1 | ||||
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