SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2019

SEGMENT INFORMATION

Schedule of segment information

					Corporate/
Year Ended December 31, 2019	LoyaltyOne		Card Services		Other		Total
	(in millions)
Revenues	$	1,033.1	$	4,547.8	$	0.4	$	5,581.3
Income (loss) before income taxes	$	103.1	$	991.7	$	(356.4)	$	738.4
Interest expense, net		2.3		439.0		127.7		569.0
Operating income (loss)		105.4		1,430.7		(228.7)		1,307.4
Depreciation and amortization		80.1		89.3		6.7		176.1
Stock compensation expense		7.2		9.3		8.6		25.1
Strategic transaction costs		1.0		—		10.7		11.7
Restructuring and other charges		50.8		29.4		37.9		118.1
Loss on extinguishment of debt		—		—		71.9		71.9
Adjusted EBITDA (1)		244.5		1,558.7		(92.9)		1,710.3
Less: Securitization funding costs		—		213.4		—		213.4
Less: Interest expense on deposits		—		225.6		—		225.6
Adjusted EBITDA, net (1)	$	244.5	$	1,119.7	$	(92.9)	$	1,271.3
Capital expenditures	$	41.5	$	44.2	$	0.8	$	86.5

					Corporate/
Year Ended December 31, 2018	LoyaltyOne		Card Services		Other		Total
	(in millions)
Revenues	$	1,068.4	$	4,597.6	$	0.6	$	5,666.6
Income (loss) before income taxes	$	153.8	$	1,381.6	$	(320.4)	$	1,215.0
Interest expense, net		5.6		385.9		150.8		542.3
Operating income (loss)		159.4		1,767.5		(169.6)		1,757.3
Depreciation and amortization		84.8		101.1		7.7		193.6
Stock compensation expense		10.0		13.3		21.1		44.4
Adjusted EBITDA (1)		254.2		1,881.9		(140.8)		1,995.3
Less: Securitization funding costs		—		220.2		—		220.2
Less: Interest expense on deposits		—		165.7		—		165.7
Adjusted EBITDA, net (1)	$	254.2	$	1,496.0	$	(140.8)	$	1,609.4
Capital expenditures	$	34.0	$	53.8	$	5.5	$	93.3

					Corporate/
Year Ended December 31, 2017	LoyaltyOne		Card Services		Other		Total
	(in millions)
Revenues	$	1,303.5	$	4,170.6	$	0.6	$	5,474.7
Income (loss) before income taxes	$	161.6	$	1,235.7	$	(334.8)	$	1,062.5
Interest expense, net		5.4		281.7		168.3		455.4
Operating income (loss)		167.0		1,517.4		(166.5)		1,517.9
Depreciation and amortization		81.7		98.4		7.8		187.9
Stock compensation expense		8.0		10.8		22.5		41.3
Adjusted EBITDA (1)		256.7		1,626.6		(136.2)		1,747.1
Less: Securitization funding costs		—		156.6		—		156.6
Less: Interest expense on deposits		—		125.1		—		125.1
Adjusted EBITDA, net (1)	$	256.7	$	1,344.9	$	(136.2)	$	1,465.4
Capital expenditures	$	55.2	$	54.2	$	8.8	$	118.2

(1) Adjusted EBITDA is a non-GAAP financial measure equal to income from continuing operations, the most directly comparable financial measure based on GAAP plus stock compensation expense, provision for income taxes, interest expense, net, depreciation and other amortization, and amortization of purchased intangibles. In 2019, adjusted EBITDA also excluded costs for professional services associated with strategic initiatives, restructuring and other charges as detailed in Note 14, “Restructuring and Other Charges,” and loss related to the Company’s extinguishment of debt in July 2019.

Adjusted EBITDA, net is also a non-GAAP financial measure equal to adjusted EBITDA less securitization funding costs and interest expense on deposits. Adjusted EBITDA and adjusted EBITDA, net are presented in accordance with ASC 280 as they are the primary performance metrics utilized to assess performance of the segments.

The table below reconciles the reportable segments’ total assets to consolidated total assets:

		LoyaltyOne		Card Services		Corporate/ Other		Discontinued Operations		Total
		(in millions)
Total Assets
December 31, 2019	$	2,338.0	$	23,931.1	$	225.7	$	—	$	26,494.8
December 31, 2018	$	2,200.2	$	23,904.2	$	125.9	$	4,157.4	$	30,387.7

Schedule of information concerning principal geographic areas

					Europe,
	United				Middle East
	States		Canada		and Africa		Asia Pacific		Other		Total
	(in millions)
Revenues
Year Ended December 31, 2019	$	4,588.3	$	352.2	$	449.1	$	121.7	$	70.0	$	5,581.3
Year Ended December 31, 2018	$	4,621.3	$	411.3	$	463.2	$	122.0	$	48.8	$	5,666.6
Year Ended December 31, 2017	$	4,192.5	$	726.6	$	411.4	$	129.2	$	15.0	$	5,474.7
Long Lived Assets
December 31, 2019	$	1,361.1	$	311.1	$	696.2	$	12.8	$	0.9	$	2,382.1
December 31, 2018	$	4,693.1	$	261.0	$	698.6	$	22.5	$	0.8	$	5,676.0