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) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common stock, $0.01 par value | MGI | The NASDAQ Stock Market LLC |
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 |
• | MoneyGram's business transformation continued to accelerate, demonstrated by the success of MoneyGram’s direct-to-consumer digital business in addition to continued better-than-expected expense reductions as a result of modernizing and digitizing global operations. |
• | MoneyGram Online achieved 39% year-over-year transaction growth in the fourth quarter, led by strong international performance, with transaction and revenue growth of 113% and 53%, respectively. |
• | International markets, which represent 62% of total money transfer revenue, strengthened both sequentially and year-over-year, posting 7% transaction growth and 3% revenue growth from the same quarter in 2018. |
• | MoneyGram continued to launch innovative solutions to improve the customer experience and to lead the evolution of digital P2P payments. Exciting recent launches include the innovative FastSend™ service enabling customers to send money directly to a phone number. Additionally, MoneyGram continued to expand its strategic partnership with Ripple as the first money transfer company to scale the use of blockchain capabilities. |
• | Revenue was $323.7 million, a decline of 6% from the fourth quarter 2018. Revenue excludes $8.9 million of benefit from Ripple, which will be accounted for as a contra expense rather than revenue based on a recent consultation with the Securities and Exchange Commission. |
◦ | At the time the Company issued fourth quarter guidance, it assumed Ripple market development fees would be accounted for as revenue, consistent with the third quarter treatment. As a result of the change, the Ripple financial benefit of $8.9 million in the fourth quarter and $2.4 million in the third quarter is now accounted for as offset to operating expenses, in Transaction and Operations Support and is no longer included in revenue. |
◦ | Global Funds Transfer segment revenue was $299.7 million, down 6% from the fourth quarter of the prior year. Within the segment, money transfer revenue was $285.9 million, a decline of 6%, and bill payment revenue was $13.8 million. |
◦ | Investment revenue was $12.4 million, a decline of $1.6 million from the fourth quarter in 2018. |
• | Total operating expenses were $311.0 million, an improvement of $21.1 million over the fourth quarter of 2018. This is an improvement of 6% from 2018’s fourth quarter. |
• | Net loss was $11.9 million compared with $12.5 million for the fourth quarter of 2018. |
• | Adjusted EBITDA was $57.6 million compared with $60.0 million in the previous year’s fourth quarter. Adjusted EBITDA margin improved to 17.8% from 17.4% in the fourth quarter of 2018. |
• | Diluted loss per share was $0.16 and adjusted diluted income per share was $0.01. |
• | Adjusted Free Cash Flow was $19.8 million. |
• | Total revenue of $1,285.1 million declined 11% on a reported basis and 10% on a constant currency basis compared to 2018. Revenue excludes $11.3 million of Ripple benefit, which is now recorded as a contra expense. |
◦ | Global Funds Transfer segment revenue was $1,183.3 million. The segment revenue is comprised of money transfer revenue of $1,123.9 million and bill pay revenue of $59.4 million. |
• | Total operating expenses were $1,233.1 million for the full year, which includes $11.3 million benefit from Ripple. |
• | Net loss was $60.3 million compared with $24.0 million in 2018. The year-over-year change was primarily due to a $31.3 million non-cash pension settlement charge related to the sale of the pension liabilities, a $2.4 million of debt extinguishment costs, as well as a $30.0 million merger termination payment received in 2018. |
• | Adjusted EBITDA was $213.7 million, a 13% decrease on a reported basis and an 11% decrease on a constant currency basis compared to 2018. The decrease is primarily related to the decrease in revenue. |
• | For the year, diluted loss per share was $0.85 and adjusted diluted income per share was $0.03. |
• | Adjusted Free Cash Flow was $62.4 million. The $38.6 million decrease from 2018 is composed of lower Adjusted EBITDA and higher cash payments for interest. |
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 |
Participant Dial-In Numbers: | |||
U.S.: | 1-888-220-8474 | ||
International: | 1-646-828-8193 | ||
Webcast: | http://public.viavid.com/index.php?id=138132 | ||
Replay: | 1-844-512-2921 or 1-412-317-6671 | ||
Replay ID: | 7513339 | ||
Replay is available through March 3, 2020, 11:59pm ET |
TABLE ONE | ||||||||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(Amounts in millions, except percentages and per share data) | Three Months Ended December 31, | 2019 vs | Twelve Months Ended December 31, | 2019 vs | ||||||||||||||||||||
2019 | 2018 | 2018 | 2019 | 2018 | 2018 | |||||||||||||||||||
REVENUE | ||||||||||||||||||||||||
Fee and other revenue | $ | 311.3 | $ | 331.8 | $ | (20.5 | ) | $ | 1,230.4 | $ | 1,398.1 | $ | (167.7 | ) | ||||||||||
Investment revenue | 12.4 | 14.0 | (1.6 | ) | 54.7 | 49.5 | 5.2 | |||||||||||||||||
Total revenue | 323.7 | 345.8 | (22.1 | ) | 1,285.1 | 1,447.6 | (162.5 | ) | ||||||||||||||||
Total revenue change, as reported | (6 | )% | (15 | )% | (11 | )% | (10 | )% | ||||||||||||||||
Total revenue change, constant currency | (6 | )% | (14 | )% | (10 | )% | (11 | )% | ||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||||||
Total commissions and direct transaction expenses | 167.7 | 176.6 | (8.9 | ) | 662.2 | 732.2 | (70.0 | ) | ||||||||||||||||
Compensation and benefits | 65.0 | 58.7 | 6.3 | 228.4 | 259.8 | (31.4 | ) | |||||||||||||||||
Transaction and operations support (1) | 45.4 | 63.6 | (18.2 | ) | 207.8 | 298.8 | (91.0 | ) | ||||||||||||||||
Occupancy, equipment and supplies | 14.5 | 14.6 | (0.1 | ) | 60.9 | 62.0 | (1.1 | ) | ||||||||||||||||
Depreciation and amortization | 18.4 | 18.6 | (0.2 | ) | 73.8 | 76.3 | (2.5 | ) | ||||||||||||||||
Total operating expenses | 311.0 | 332.1 | (21.1 | ) | 1,233.1 | 1,429.1 | (196.0 | ) | ||||||||||||||||
OPERATING INCOME | 12.7 | 13.7 | (1.0 | ) | 52.0 | 18.5 | 33.5 | |||||||||||||||||
Other expenses | ||||||||||||||||||||||||
Interest expense | 24.3 | 13.8 | 10.5 | 77.0 | 53.6 | 23.4 | ||||||||||||||||||
Other non-operating expense (income) (2) | 1.2 | 1.4 | (0.2 | ) | 39.3 | (24.2 | ) | 63.5 | ||||||||||||||||
Total other expenses | 25.5 | 15.2 | 10.3 | 116.3 | 29.4 | 86.9 | ||||||||||||||||||
Loss before income taxes | (12.8 | ) | (1.5 | ) | (11.3 | ) | (64.3 | ) | (10.9 | ) | (53.4 | ) | ||||||||||||
Income tax (benefit) expense | (0.9 | ) | 11.0 | (11.9 | ) | (4.0 | ) | 13.1 | (17.1 | ) | ||||||||||||||
NET LOSS | $ | (11.9 | ) | $ | (12.5 | ) | $ | 0.6 | $ | (60.3 | ) | $ | (24.0 | ) | $ | (36.3 | ) | |||||||
Basic and diluted loss per common share | $ | (0.16 | ) | $ | (0.19 | ) | $ | 0.03 | $ | (0.85 | ) | $ | (0.37 | ) | $ | (0.48 | ) | |||||||
Basic and diluted weighted-average outstanding common shares and equivalents used in computing loss per share | 76.7 | 64.5 | 12.2 | 71.1 | 64.3 | 6.8 | ||||||||||||||||||
(1) Twelve months ended December 31, 2018 includes an accrual of $40.0 million related to the resolution of the DPA matter. | ||||||||||||||||||||||||
(2) Twelve months ended December 31, 2019 includes a non-cash pension settlement charge of $31.3 million and debt extinguishment costs of $2.4 million. |
TABLE TWO | ||||||||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||||||
SEGMENT RESULTS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Global Funds Transfer | ||||||||||||||||||||||||
(Amounts in millions, except percentages) | Three Months Ended December 31, | 2019 vs | Twelve Months Ended December 31, | 2019 vs | ||||||||||||||||||||
2019 | 2018 | 2018 | 2019 | 2018 | 2018 | |||||||||||||||||||
Money transfer revenue | $ | 285.9 | $ | 302.9 | $ | (17.0 | ) | $ | 1,123.9 | $ | 1,273.4 | $ | (149.5 | ) | ||||||||||
Bill payment revenue | 13.8 | 16.8 | (3.0 | ) | 59.4 | 74.5 | (15.1 | ) | ||||||||||||||||
Total revenue | $ | 299.7 | $ | 319.7 | $ | (20.0 | ) | $ | 1,183.3 | $ | 1,347.9 | $ | (164.6 | ) | ||||||||||
Commissions and direct transaction expenses | $ | 162.9 | $ | 170.1 | $ | (7.2 | ) | $ | 637.9 | $ | 711.6 | $ | (73.7 | ) | ||||||||||
Operating income (loss) | $ | 5.5 | $ | 6.7 | $ | (1.2 | ) | $ | 22.0 | $ | (5.9 | ) | $ | 27.9 | ||||||||||
Operating margin | 1.8 | % | 2.1 | % | 1.9 | % | (0.4 | )% | ||||||||||||||||
Money transfer revenue change, as reported | (6 | )% | (17 | )% | (12 | )% | (10 | )% | ||||||||||||||||
Money transfer revenue change, constant currency | (5 | )% | (16 | )% | (10 | )% | (12 | )% | ||||||||||||||||
Financial Paper Products | ||||||||||||||||||||||||
(Amounts in millions, except percentages) | Three Months Ended December 31, | 2019 vs | Twelve Months Ended December 31, | 2019 vs | ||||||||||||||||||||
2019 | 2018 | 2018 | 2019 | 2018 | 2018 | |||||||||||||||||||
Money order revenue | $ | 12.4 | $ | 13.7 | $ | (1.3 | ) | $ | 53.0 | $ | 55.3 | $ | (2.3 | ) | ||||||||||
Official check revenue | 11.6 | 12.4 | (0.8 | ) | 48.8 | 44.4 | 4.4 | |||||||||||||||||
Total revenue | $ | 24.0 | $ | 26.1 | $ | (2.1 | ) | $ | 101.8 | $ | 99.7 | $ | 2.1 | |||||||||||
Total commissions expense | $ | 4.8 | $ | 6.5 | $ | (1.7 | ) | $ | 24.3 | $ | 20.6 | $ | 3.7 | |||||||||||
Operating income | $ | 8.0 | $ | 8.3 | $ | (0.3 | ) | $ | 33.8 | $ | 30.6 | $ | 3.2 | |||||||||||
Operating margin | 33.3 | % | 31.8 | % | 33.2 | % | 30.7 | % | ||||||||||||||||
TABLE THREE | ||||||||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||||||
SEGMENT RECONCILIATIONS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Global Funds Transfer | ||||||||||||||||||||||||
(Amounts in millions, except percentages) | Three Months Ended December 31, | 2019 vs | Twelve Months Ended December 31, | 2019 vs | ||||||||||||||||||||
2019 | 2018 | 2018 | 2019 | 2018 | 2018 | |||||||||||||||||||
Revenue (as reported) | $ | 299.7 | $ | 319.7 | $ | (20.0 | ) | $ | 1,183.3 | $ | 1,347.9 | $ | (164.6 | ) | ||||||||||
Adjusted operating income | $ | 20.4 | $ | 22.6 | $ | (2.2 | ) | $ | 64.4 | $ | 90.9 | $ | (26.5 | ) | ||||||||||
Legal and contingent matters | (2.4 | ) | (2.2 | ) | (0.2 | ) | (2.4 | ) | (44.3 | ) | 41.9 | |||||||||||||
Restructuring and reorganization costs | (7.1 | ) | (6.2 | ) | (0.9 | ) | (11.3 | ) | (19.9 | ) | 8.6 | |||||||||||||
Compliance enhancement program | (2.3 | ) | (1.4 | ) | (0.9 | ) | (7.7 | ) | (10.1 | ) | 2.4 | |||||||||||||
Direct monitor costs | (1.5 | ) | (3.9 | ) | 2.4 | (13.9 | ) | (11.3 | ) | (2.6 | ) | |||||||||||||
Stock-based compensation expense | (1.6 | ) | (2.2 | ) | 0.6 | (7.1 | ) | (11.2 | ) | 4.1 | ||||||||||||||
Total adjustments | (14.9 | ) | (15.9 | ) | 1.0 | (42.4 | ) | (96.8 | ) | 54.4 | ||||||||||||||
Operating income (loss) (as reported) | $ | 5.5 | $ | 6.7 | $ | (1.2 | ) | $ | 22.0 | $ | (5.9 | ) | $ | 27.9 | ||||||||||
Adjusted operating margin | 6.8 | % | 7.1 | % | 5.4 | % | 6.7 | % | ||||||||||||||||
Total adjustments | (5.0 | )% | (5.0 | )% | (3.6 | )% | (7.2 | )% | ||||||||||||||||
Operating margin (as reported) | 1.8 | % | 2.1 | % | 1.9 | % | (0.4 | )% | ||||||||||||||||
Financial Paper Products | ||||||||||||||||||||||||
(Amounts in millions, except percentages) | Three Months Ended December 31, | 2019 vs | Twelve Months Ended December 31, | 2019 vs | ||||||||||||||||||||
2019 | 2018 | 2018 | 2019 | 2018 | 2018 | |||||||||||||||||||
Revenue (as reported) | $ | 24.0 | $ | 26.1 | $ | (2.1 | ) | $ | 101.8 | $ | 99.7 | $ | 2.1 | |||||||||||
Adjusted operating income | $ | 8.4 | $ | 9.1 | $ | (0.7 | ) | $ | 35.8 | $ | 34.6 | $ | 1.2 | |||||||||||
Compliance enhancement program | (0.2 | ) | (0.6 | ) | 0.4 | (1.2 | ) | (2.8 | ) | 1.6 | ||||||||||||||
Stock-based compensation expense | (0.2 | ) | (0.2 | ) | — | (0.8 | ) | (1.2 | ) | 0.4 | ||||||||||||||
Total adjustments | (0.4 | ) | (0.8 | ) | 0.4 | (2.0 | ) | (4.0 | ) | 2.0 | ||||||||||||||
Operating income (as reported) | $ | 8.0 | $ | 8.3 | $ | (0.3 | ) | $ | 33.8 | $ | 30.6 | $ | 3.2 | |||||||||||
Adjusted operating margin | 35.0 | % | 34.9 | % | 35.2 | % | 34.7 | % | ||||||||||||||||
Total adjustments | (1.7 | )% | (3.1 | )% | (2.0 | )% | (4.0 | )% | ||||||||||||||||
Operating margin (as reported) | 33.3 | % | 31.8 | % | 33.2 | % | 30.7 | % | ||||||||||||||||
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 December 31, | 2019 vs | Twelve Months Ended December 31, | 2019 vs | ||||||||||||||||||||
2019 | 2018 | 2018 | 2019 | 2018 | 2018 | |||||||||||||||||||
Loss before income taxes | $ | (12.8 | ) | $ | (1.5 | ) | $ | (11.3 | ) | $ | (64.3 | ) | $ | (10.9 | ) | $ | (53.4 | ) | ||||||
Interest expense | 24.3 | 13.8 | 10.5 | 77.0 | 53.6 | 23.4 | ||||||||||||||||||
Depreciation and amortization | 18.4 | 18.6 | (0.2 | ) | 73.8 | 76.3 | (2.5 | ) | ||||||||||||||||
Signing bonus amortization | 11.8 | 11.9 | (0.1 | ) | 46.4 | 53.9 | (7.5 | ) | ||||||||||||||||
EBITDA | 41.7 | 42.8 | (1.1 | ) | 132.9 | 172.9 | (40.0 | ) | ||||||||||||||||
Significant items impacting EBITDA: | ||||||||||||||||||||||||
Restructuring and reorganization costs | 7.1 | 6.4 | 0.7 | 11.2 | 20.1 | (8.9 | ) | |||||||||||||||||
Legal and contingent matters (1) | 2.6 | 2.3 | 0.3 | 4.5 | 45.0 | (40.5 | ) | |||||||||||||||||
Compliance enhancement program | 2.5 | 2.0 | 0.5 | 8.9 | 12.9 | (4.0 | ) | |||||||||||||||||
Stock-based, contingent and incentive compensation | 1.8 | 2.4 | (0.6 | ) | 7.9 | 12.4 | (4.5 | ) | ||||||||||||||||
Direct monitor costs | 1.5 | 3.9 | (2.4 | ) | 13.9 | 11.3 | 2.6 | |||||||||||||||||
Severance and related costs | 0.4 | 0.2 | 0.2 | 0.7 | 0.6 | 0.1 | ||||||||||||||||||
Non-cash pension settlement charge (2) | — | — | — | 31.3 | — | 31.3 | ||||||||||||||||||
Debt extinguishment costs (3) | — | — | — | 2.4 | — | 2.4 | ||||||||||||||||||
Income related to the terminated merger with Ant Financial (4) | — | — | — | — | (29.3 | ) | 29.3 | |||||||||||||||||
Adjusted EBITDA | $ | 57.6 | $ | 60.0 | $ | (2.4 | ) | $ | 213.7 | $ | 245.9 | $ | (32.2 | ) | ||||||||||
Adjusted EBITDA margin (5) | 17.8 | % | 17.4 | % | 0.4 | % | 16.6 | % | 17.0 | % | (0.4 | )% | ||||||||||||
Adjusted EBITDA change, as reported | (4 | )% | (13 | )% | ||||||||||||||||||||
Adjusted EBITDA change, constant currency adjusted | (3 | )% | (11 | )% | ||||||||||||||||||||
Adjusted EBITDA | $ | 57.6 | $ | 60.0 | $ | (2.4 | ) | $ | 213.7 | $ | 245.9 | $ | (32.2 | ) | ||||||||||
Cash payments for interest | (18.1 | ) | (13.3 | ) | (4.8 | ) | (63.3 | ) | (50.7 | ) | (12.6 | ) | ||||||||||||
Cash payments for taxes, net of refunds | (2.8 | ) | (0.9 | ) | (1.9 | ) | (4.4 | ) | (4.8 | ) | 0.4 | |||||||||||||
Cash payments for capital expenditures | (12.0 | ) | (13.3 | ) | 1.3 | (54.5 | ) | (57.8 | ) | 3.3 | ||||||||||||||
Cash payments for agent signing bonuses | (4.9 | ) | (11.4 | ) | 6.5 | (29.1 | ) | (31.6 | ) | 2.5 | ||||||||||||||
Adjusted Free Cash Flow | $ | 19.8 | $ | 21.1 | $ | (1.3 | ) | $ | 62.4 | $ | 101.0 | $ | (38.6 | ) | ||||||||||
(1) Twelve months ended December 31, 2018 includes an accrual of $40.0 million related to the resolution of the DPA matter. | ||||||||||||||||||||||||
(2) Twelve months ended December 31, 2019 includes a non-cash charge from the sale of pension liability. | ||||||||||||||||||||||||
(3) Twelve months ended December 31, 2019 includes debt extinguishment costs related to the amended and new debt agreements. | ||||||||||||||||||||||||
(4) Income includes the $30.0 million merger termination fee and costs include, but are not limited to, legal, bank and consultant fees. | ||||||||||||||||||||||||
(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 December 31, | Twelve Months Ended December 31, | |||||||||||||||
(Amounts in millions, except per share data) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Net loss | $ | (11.9 | ) | $ | (12.5 | ) | $ | (60.3 | ) | $ | (24.0 | ) | ||||
Total adjustments (1) | 15.9 | 17.2 | 80.8 | 73.0 | ||||||||||||
Tax impacts of adjustments (2) | (3.6 | ) | (4.1 | ) | (18.5 | ) | (8.5 | ) | ||||||||
Adjusted net income | $ | 0.4 | $ | 0.6 | $ | 2.0 | $ | 40.5 | ||||||||
Diluted loss per common share | $ | (0.16 | ) | $ | (0.19 | ) | $ | (0.85 | ) | $ | (0.37 | ) | ||||
Diluted adjustments per common share | 0.17 | 0.20 | 0.88 | 1.00 | ||||||||||||
Diluted adjusted income per common share | $ | 0.01 | $ | 0.01 | $ | 0.03 | $ | 0.63 | ||||||||
Diluted weighted-average outstanding common shares and equivalents | 76.7 | 64.5 | 71.1 | 64.3 | ||||||||||||
(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) | December 31, 2019 | December 31, 2018 | ||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 146.8 | $ | 145.5 | ||||
Settlement assets | 3,237.0 | 3,373.8 | ||||||
Property and equipment, net | 176.1 | 193.9 | ||||||
Goodwill | 442.2 | 442.2 | ||||||
Other assets (1) | 182.9 | 140.7 | ||||||
Total assets | $ | 4,185.0 | $ | 4,296.1 | ||||
LIABILITIES | ||||||||
Payment service obligations | $ | 3,237.0 | $ | 3,373.8 | ||||
Debt, net (2) | 850.3 | 901.0 | ||||||
Pension and other postretirement benefits | 77.5 | 76.6 | ||||||
Accounts payable and other liabilities (1) | 260.6 | 213.5 | ||||||
Total liabilities | 4,425.4 | 4,564.9 | ||||||
STOCKHOLDERS’ DEFICIT | ||||||||
Participating convertible preferred stock - series D, $0.01 par value, 200,000 shares authorized, 71,282 issued at December 31, 2019 and December 31, 2018 | 183.9 | 183.9 | ||||||
Common stock, $0.01 par value, 162,500,000 shares authorized, 65,061,090 and 58,823,567 shares issued at December 31, 2019 and December 31, 2018, respectively | 0.7 | 0.6 | ||||||
Additional paid-in capital | 1,116.9 | 1,046.8 | ||||||
Retained loss | (1,460.1 | ) | (1,403.6 | ) | ||||
Accumulated other comprehensive loss | (63.5 | ) | (67.5 | ) | ||||
Treasury stock: 2,329,906 and 3,207,118 shares at December 31, 2019 and December 31, 2018, respectively | (18.3 | ) | (29.0 | ) | ||||
Total stockholders’ deficit | (240.4 | ) | (268.8 | ) | ||||
Total liabilities and stockholders’ deficit | $ | 4,185.0 | $ | 4,296.1 | ||||
(1) 2019 financial information reflects the adoption of ASC 842 - Leases. Other Assets includes $50.0 million of right-of-use assets related to the Company’s operating leases and Accounts payable and other liabilities includes $54.2 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) | ||||||||
Twelve Months Ended December 31, | ||||||||
(Amounts in millions) | 2019 | 2018 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net loss | $ | (60.3 | ) | $ | (24.0 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities | 123.3 | 53.3 | ||||||
Net cash provided by operating activities | 63.0 | 29.3 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchases of property and equipment | (54.5 | ) | (57.8 | ) | ||||
Net cash used in investing activities | (54.5 | ) | (57.8 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Transaction costs for issuance and amendment of debt | (24.3 | ) | — | |||||
Principal payments on debt | (31.6 | ) | (9.8 | ) | ||||
Net proceeds from issuing equity instruments | 49.5 | — | ||||||
Payments to tax authorities for stock-based compensation | (0.8 | ) | (6.2 | ) | ||||
Net cash used in financing activities | (7.2 | ) | (16.0 | ) | ||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 1.3 | (44.5 | ) | |||||
CASH AND CASH EQUIVALENTS—Beginning of period | 145.5 | 190.0 | ||||||
CASH AND CASH EQUIVALENTS—End of period | $ | 146.8 | $ | 145.5 | ||||
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