MoneyGram International Reports First Quarter 2021 Results
MoneyGram International (NASDAQ: MGI) reported a 12% growth in money transfer revenue for Q1 2021, attributed to a robust digital business which represented 32% of total transactions. Digital revenue hit $60.4 million, a 77% year-over-year increase, led by the MGO channel with 119% revenue growth. However, the company faced a net loss of $15.4 million, despite improved performance compared to the previous year. Looking ahead, MoneyGram anticipates Q2 revenue between $315 to $325 million, potentially impacted by new competition. The company is nearing the end of its Deferred Prosecution Agreement.
- 12% increase in money transfer revenue year-over-year.
- Digital revenue reached $60.4 million, a 77% increase.
- MGO channel experienced 119% revenue growth.
- Digital transactions accounted for 32% of total transactions.
- Cash and cash equivalents rose to $152.8 million.
- Net loss of $15.4 million, despite year-over-year improvement.
- Operating income decreased by 36% due to the elimination of Ripple fees.
- Adjusted EBITDA decreased by 3% year-over-year.
DALLAS, May 6, 2021 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI) today reported financial results for its first quarter ended March 31, 2021.
First Quarter 2021 Business Highlights
"Our customer-centric strategy helped drive a strong start to the year with money transfer revenue growth accelerating to
Digital performance in the first quarter was led by MoneyGram's online direct-to-consumer channel (MGO):
• MGO delivered a record quarter for customers, transactions and revenue, exceeding its all-time high achieved in the fourth quarter of 2020 | |
° Year-over-year, MGO delivered | |
° Year-over-year, cross-border online revenue grew an impressive | |
• Total digital, which includes MGO, reported year-over-year transaction growth of | |
° Digital revenue reached a new record of | |
° Digital partnerships delivered transaction growth of | |
° Payouts through account deposit, Visa Direct and mobile wallets increased | |
• Digital transactions accounted for | |
First Quarter 2021 Financial Results, Year-Over-Year
• Total revenue of | ||
° Money transfer revenue was | ||
° Investment revenue was | ||
• Gross Profit was | ||
• Total operating expenses were | ||
° Transaction and Operations Support expenses increased | ||
▪ The elimination of the | ||
° Compensation and Benefits were | ||
• Operating Income was | ||
• Net loss of | ||
• Diluted loss per share was | ||
• Adjusted EBITDA decreased | ||
Holmes concluded, "As part of the next phase of our digital transformation and in response to market demand to access our leading capabilities, we launched a new business line to open our platform to new customers and use cases. Over the last few years, we've built an API-driven infrastructure that enables us to seamlessly scale volume through our global network, and we're excited about this strategic growth opportunity to monetize our capabilities in new ways."
Balance Sheet and Liquidity
• Cash and cash equivalents was |
• First quarter interest expense was |
Department of Justice Update
MoneyGram also reported positive developments as it nears the end of the term of its Deferred Prosecution Agreement ("DPA"). Earlier this week, MoneyGram and the government filed a joint status report with the court in which the parties confirmed that MoneyGram has satisfied its financial obligations under the DPA and that the independent compliance monitor has certified to MoneyGram and the government that MoneyGram's anti-fraud and anti-money laundering compliance program meets the standard set forth in the DPA.
In addition, the joint status report states that on May 10, 2021, MoneyGram intends to certify to the government that the Company has fulfilled its obligations under the DPA, and that after the government receives this certification, and provided that the Company has otherwise complied with the DPA, the Government will move to dismiss the matter underlying the DPA within 45 days of May 10, 2021.
Second Quarter 2021 Outlook
The Company is providing the following outlook for the quarter ending June 30, 2021:
The Company anticipates total revenue in the range of
The Company anticipates Adjusted EBITDA in the range of
Conference Call
MoneyGram International will host a conference call on May 7, at 9:00 a.m. ET, to discuss its results. Alex Holmes, Chairman and CEO and Larry Angelilli, CFO will host the call.
Participant Dial-In Numbers: | |
U.S.: | 1-800-239-9838 |
International: | 1-929-477-0402 |
Webcast: | public.viavid.com/index.php?id=144463 |
Replay: | U.S 1-844-512-2921 or International 1-412-317-6671 |
Replay ID: | 7162032 |
Replay is available through May 14, 2021, 11:59 p.m. ET | |
About MoneyGram International, Inc.
MoneyGram is leading the evolution of digital P2P payments. With a purpose-driven strategy to mobilize the movement of money, a strong culture of fintech innovation, and leading customer-centric capabilities, MoneyGram has grown to serve nearly 150 million people across the globe over the last five years.
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, MoneyGram as a Service.
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 MoneyGram's current beliefs, expectations or intentions regarding future events and speak only as of the date they are made. Words such as "may," "might," "will," "could," "should," "would," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursuant," "target," "forecast," "outlook," "continue," "currently," and similar expressions are intended to identify such forward-looking statements. The statements in this communication that are not historical statements are forward-looking statements within the meaning of the federal securities laws. Specific forward-looking statements include, among others, statements regarding the Company's projected results of operations and specific factors expected to impact the Company's results of operations. Forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict and many of which are beyond MoneyGram's control, which could cause actual results to differ materially from the results expressed or implied by the statements.
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 our largest agent, Walmart, whether through the introduction by Walmart of additional competing "white label" branded money transfer products or otherwise; |
• our ability to manage fraud risks from consumers or agents; |
• the ability of us and our agents and other commercial relationships to comply with U.S. and international laws and regulations; |
• litigation or investigations involving us or our agents and other commercial relationships, which could result in material settlements, fines or penalties, termination of contracts, other administrative actions or lawsuits and negative publicity; |
• regulations addressing consumer privacy, 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; |
• our offering of money transfer services through agents in regions that are politically volatile; |
• changes in tax laws or an unfavorable outcome with respect to the audit of our tax returns or tax positions, or a failure by us to establish adequate reserves for tax events; |
• our substantial debt service obligations, significant debt covenant requirements and credit ratings; |
• 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 and disruptions to our computer network systems and data centers; |
• 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 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 the U.S. Securities and Exchange Commission (the SEC), including MoneyGram's annual report on Form 10-K for the year ended December 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 MoneyGram's SEC filings. MoneyGram's SEC filings may be obtained by contacting MoneyGram, through MoneyGram's web site at ir.moneygram.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System ("EDGAR") at www.sec.gov. MoneyGram undertakes no obligation to publicly update or revise any forward-looking statement.
Non-GAAP Measures
In addition to results presented in accordance with accounting principles generally accepted in the United States (GAAP), this news release and related tables include certain non-GAAP financial measures, including a presentation of EBITDA (earnings before interest, taxes, depreciation and amortization, including agent signing bonus amortization), Adjusted EBITDA (EBITDA adjusted for certain significant items), Adjusted EBITDA margin, Adjusted Free Cash Flow (Adjusted EBITDA less cash interest, cash taxes and cash payments for capital expenditures and agent signing bonuses), constant currency measures (which assume that amounts denominated in foreign currencies are translated to the U.S. dollar at rates consistent with those in the prior year), diluted adjusted income (loss) per share and adjusted net income. In addition, we present adjusted operating income and adjusted operating margin for our two reporting segments. The following tables include a full reconciliation of non-GAAP financial measures to the related GAAP financial measures. The equivalent GAAP financial measures for projected results are not provided, and projected results do not reflect the potential impact of certain non-GAAP adjustments, which include (but in future periods, may not be limited to) stock-based, contingent and incentive compensation costs; compliance enhancement program costs; direct monitor costs; legal and contingent matter costs; restructuring and reorganization costs; currency changes; and the tax effect of such items. We cannot reliably predict or estimate if and when these types of costs, adjustments or changes may occur or their impact to our financial statements. Accordingly, a reconciliation of the non-GAAP financial measures to the equivalent GAAP financial measures for projected results is not available.
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 MoneyGram believes the above non-GAAP financial measures enhance investors' understanding of its business and performance, these non-GAAP financial measures should not be considered in isolation or as substitutes for the accompanying GAAP financial measures.
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 Loss and Adjusted Diluted EPS |
Table Six | - | Condensed Consolidated Balance Sheets |
Table Seven | - | Condensed Consolidated Statements of Cash Flows |
CONTACTS | ||
Investor Relations: | Media Relations: | |
214-979-1400 | Stephen Reiff | |
InvestorRelations@moneygram.com | 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 Ended March 31, | 2021 vs | ||||||||||
2021 | 2020 | 2020 | ||||||||||
REVENUE | ||||||||||||
Fee and other revenue | $ | 308.1 | $ | 280.8 | $ | 27.3 | ||||||
Investment revenue | 2.0 | 10.1 | (8.1) | |||||||||
Total revenue | 310.1 | 290.9 | 19.2 | |||||||||
Total revenue change, as reported | 7 | % | (8) | % | ||||||||
Total revenue change, constant currency | 3 | % | (7) | % | ||||||||
COST OF REVENUE | ||||||||||||
Commissions and other fee expense | 149.9 | 143.2 | 6.7 | |||||||||
Investment commissions expense | 0.2 | 3.0 | (2.8) | |||||||||
Direct transaction expense | 15.2 | 8.2 | 7.0 | |||||||||
Total cost of revenue | 165.3 | 154.4 | 10.9 | |||||||||
GROSS PROFIT | 144.8 | 136.5 | 8.3 | |||||||||
OPERATING EXPENSES | ||||||||||||
Compensation and benefits | 62.2 | 53.4 | 8.8 | |||||||||
Transaction and operations support (1) | 43.4 | 38.0 | 5.4 | |||||||||
Occupancy, equipment and supplies | 15.5 | 14.9 | 0.6 | |||||||||
Depreciation and amortization | 15.3 | 17.1 | (1.8) | |||||||||
Total operating expenses | 136.4 | 123.4 | 13.0 | |||||||||
OPERATING INCOME | 8.4 | 13.1 | (4.7) | |||||||||
Other expenses | ||||||||||||
Interest expense | 22.3 | 23.8 | (1.5) | |||||||||
Other non-operating expense | 1.0 | 1.1 | (0.1) | |||||||||
Total other expenses | 23.3 | 24.9 | (1.6) | |||||||||
Loss before income taxes | (14.9) | (11.8) | (3.1) | |||||||||
Income tax expense | 0.5 | 9.7 | (9.2) | |||||||||
NET LOSS | $ | (15.4) | $ | (21.5) | $ | 6.1 | ||||||
Basic and diluted loss per common share | $ | (0.19) | $ | (0.28) | $ | 0.09 | ||||||
Basic and diluted weighted-average outstanding common shares and equivalents used in computing loss per common share | 79.6 | 77.4 | 2.2 | |||||||||
(1) Three months ended March 31, 2020, includes Ripple market development fees of | ||||||||||||
TABLE TWO | ||||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||
SEGMENT RESULTS | ||||||||||||
(Unaudited) | ||||||||||||
Global Funds Transfer | ||||||||||||
(Amounts in millions, except percentages) | Three Months Ended March 31, | 2021 vs | ||||||||||
2021 | 2020 | 2020 | ||||||||||
Money transfer revenue | $ | 285.4 | $ | 255.9 | $ | 29.5 | ||||||
Bill payment revenue | 10.8 | 13.4 | (2.6) | |||||||||
Total revenue | $ | 296.2 | $ | 269.3 | $ | 26.9 | ||||||
Commissions and other fee and direct transaction expenses | $ | 165.1 | $ | 151.3 | $ | 13.8 | ||||||
Gross profit | $ | 131.1 | $ | 118.0 | $ | 13.1 | ||||||
Operating income | $ | 6.0 | $ | 6.7 | $ | (0.7) | ||||||
Operating margin | 2.0 | % | 2.5 | % | ||||||||
Money transfer revenue change, as reported | 12 | % | (6) | % | ||||||||
Money transfer revenue change, constant currency | 8 | % | (5) | % | ||||||||
Financial Paper Products | ||||||||||||
(Amounts in millions, except percentages) | Three Months Ended March 31, | 2021 vs | ||||||||||
2021 | 2020 | 2020 | ||||||||||
Money order revenue | $ | 10.4 | $ | 12.1 | $ | (1.7) | ||||||
Official check revenue | 3.5 | 9.5 | (6.0) | |||||||||
Total revenue | $ | 13.9 | $ | 21.6 | $ | (7.7) | ||||||
Investment commissions expense | $ | 0.2 | $ | 3.1 | $ | (2.9) | ||||||
Gross profit | $ | 13.7 | $ | 18.5 | $ | (4.8) | ||||||
Operating income | $ | 2.5 | $ | 7.0 | $ | (4.5) | ||||||
Operating margin | 18.0 | % | 32.4 | % | ||||||||
TABLE THREE | ||||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||
SEGMENT RECONCILIATIONS | ||||||||||||
(Unaudited) | ||||||||||||
Global Funds Transfer | ||||||||||||
(Amounts in millions, except percentages) | Three Months Ended March 31, | 2021 vs | ||||||||||
2021 | 2020 | 2020 | ||||||||||
Revenue (as reported) | $ | 296.2 | $ | 269.3 | $ | 26.9 | ||||||
Operating income (as reported) | $ | 6.0 | $ | 6.7 | $ | (0.7) | ||||||
Legal and contingent matters | — | 0.3 | (0.3) | |||||||||
Restructuring and reorganization costs | 5.7 | 0.5 | 5.2 | |||||||||
Compliance enhancement program | 0.9 | 1.6 | (0.7) | |||||||||
Direct monitor costs | 3.8 | 4.8 | (1.0) | |||||||||
Stock-based compensation expense | 1.7 | 1.8 | (0.1) | |||||||||
Total adjustments | 12.1 | 9.0 | 3.1 | |||||||||
Adjusted operating income | $ | 18.1 | $ | 15.7 | $ | 2.4 | ||||||
Operating margin (as reported) | 2.0 | % | 2.5 | % | ||||||||
Total adjustments | 4.1 | % | 3.3 | % | ||||||||
Adjusted operating margin | 6.1 | % | 5.8 | % | ||||||||
Financial Paper Products | ||||||||||||
(Amounts in millions, except percentages) | Three Months Ended March 31, | 2021 vs | ||||||||||
2021 | 2020 | 2020 | ||||||||||
Revenue (as reported) | $ | 13.9 | $ | 21.6 | $ | (7.7) | ||||||
Operating income (as reported) | $ | 2.5 | $ | 7.0 | $ | (4.5) | ||||||
Restructuring and reorganization costs | 0.2 | — | 0.2 | |||||||||
Compliance enhancement program | 0.2 | 0.4 | (0.2) | |||||||||
Stock-based compensation expense | 0.1 | 0.2 | (0.1) | |||||||||
Total adjustments | 0.5 | 0.6 | (0.1) | |||||||||
Adjusted operating income | $ | 3.0 | $ | 7.6 | $ | (4.6) | ||||||
Operating margin (as reported) | 18.0 | % | 32.4 | % | ||||||||
Total adjustments | 3.6 | % | 2.8 | % | ||||||||
Adjusted operating margin | 21.6 | % | 35.2 | % | ||||||||
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 March 31, | 2021 vs | ||||||||||
2021 | 2020 | 2020 | ||||||||||
Loss before income taxes | $ | (14.9) | $ | (11.8) | $ | (3.1) | ||||||
Interest expense | 22.3 | 23.8 | (1.5) | |||||||||
Depreciation and amortization | 15.3 | 17.1 | (1.8) | |||||||||
Signing bonus amortization | 14.3 | 12.5 | 1.8 | |||||||||
EBITDA | 37.0 | 41.6 | (4.6) | |||||||||
Significant items impacting EBITDA: | ||||||||||||
Restructuring and reorganization costs | 5.9 | 0.5 | 5.4 | |||||||||
Direct monitor costs | 3.8 | 4.8 | (1.0) | |||||||||
Stock-based, contingent and incentive compensation | 1.8 | 2.0 | (0.2) | |||||||||
Compliance enhancement program | 1.1 | 2.0 | (0.9) | |||||||||
Severance and related costs | 0.2 | 0.2 | — | |||||||||
Legal and contingent matters | 0.1 | 0.4 | (0.3) | |||||||||
Adjusted EBITDA | $ | 49.9 | $ | 51.5 | $ | (1.6) | ||||||
Adjusted EBITDA margin (1) | 16.1 | % | 17.7 | % | (1.6) | % | ||||||
Adjusted EBITDA change, as reported | (3) | % | ||||||||||
Adjusted EBITDA change, constant | (11) | % | ||||||||||
Adjusted EBITDA | $ | 49.9 | $ | 51.5 | $ | (1.6) | ||||||
Cash payments for interest | (11.9) | (17.6) | 5.7 | |||||||||
Cash payments for taxes, net of refunds | 2.7 | (2.1) | 4.8 | |||||||||
Cash payments for capital expenditures | (11.2) | (10.1) | (1.1) | |||||||||
Cash payments for agent signing bonuses | (13.0) | (25.0) | 12.0 | |||||||||
Adjusted Free Cash Flow | $ | 16.5 | $ | (3.3) | $ | 19.8 | ||||||
(1) 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 LOSS AND ADJUSTED DILUTED EPS | ||||||||
(Unaudited) | ||||||||
Three Months Ended March 31, | ||||||||
(Amounts in millions, except per share data) | 2021 | 2020 | ||||||
Net loss | $ | (15.4) | $ | (21.5) | ||||
Total adjustments (1) | 12.9 | 9.9 | ||||||
Tax impacts of adjustments (2) | (3.0) | (2.3) | ||||||
Valuation allowance (3) | 1.0 | 10.1 | ||||||
Adjusted net loss | $ | (4.5) | $ | (3.8) | ||||
Diluted earnings loss per common share | $ | (0.19) | $ | (0.28) | ||||
Diluted adjustments per common share | 0.13 | 0.23 | ||||||
Diluted adjusted loss per common share | $ | (0.06) | $ | (0.05) | ||||
Diluted weighted-average outstanding common shares and equivalents | 79.6 | 77.4 | ||||||
(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. | ||||||||
(3) Valuation allowance recorded for deferred tax assets existing at the beginning of the year. | ||||||||
TABLE SIX | ||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited) | ||||||||
(Amounts in millions, except share data) | March 31, 2021 | December 31, 2020 | ||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 152.8 | $ | 196.1 | ||||
Settlement assets | 3,667.0 | 3,702.9 | ||||||
Property and equipment, net | 142.7 | 148.1 | ||||||
Goodwill | 442.2 | 442.2 | ||||||
Right-of-use assets | 54.5 | 55.1 | ||||||
Other assets | 128.4 | 129.7 | ||||||
Total assets | $ | 4,587.6 | $ | 4,674.1 | ||||
LIABILITIES | ||||||||
Payment service obligations | $ | 3,667.0 | $ | 3,702.9 | ||||
Debt, net | 858.8 | 857.8 | ||||||
Pension and other postretirement benefits | 75.0 | 74.5 | ||||||
Lease liabilities | 58.0 | 59.1 | ||||||
Accounts payable and other liabilities | 188.0 | 216.8 | ||||||
Total liabilities | 4,846.8 | 4,911.1 | ||||||
STOCKHOLDERS' DEFICIT | ||||||||
Common stock, | 0.8 | 0.7 | ||||||
Additional paid-in capital | 1,297.8 | 1,296.0 | ||||||
Retained loss | (1,490.8) | (1,475.3) | ||||||
Accumulated other comprehensive loss | (63.4) | (58.4) | ||||||
Treasury stock: 532,021 and 13,231 shares at March 31, 2021 and December 31, 2020, respectively | (3.6) | — | ||||||
Total stockholders' deficit | (259.2) | (237.0) | ||||||
Total liabilities and stockholders' deficit | $ | 4,587.6 | $ | 4,674.1 | ||||
TABLE SEVEN | ||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
Three Months Ended March 31, | ||||||||
(Amounts in millions) | 2021 | 2020 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net loss | $ | (15.4) | $ | (21.5) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | (11.5) | (4.9) | ||||||
Net cash used in operating activities | (26.9) | (26.4) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Payments for capital expenditures | (11.2) | (10.1) | ||||||
Net cash used in investing activities | (11.2) | (10.1) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Principal payments on debt | (1.6) | (1.6) | ||||||
Proceeds from revolving credit facility | — | 23.0 | ||||||
Payments to tax authorities for stock-based compensation | (3.6) | (0.7) | ||||||
Net cash (used in) provided by financing activities | (5.2) | 20.7 | ||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (43.3) | (15.8) | ||||||
CASH AND CASH EQUIVALENTS—Beginning of year | 196.1 | 146.8 | ||||||
CASH AND CASH EQUIVALENTS—End of period | $ | 152.8 | $ | 131.0 | ||||
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SOURCE MoneyGram
FAQ
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