MONEYGRAM INTERNATIONAL, INC. DALLAS, Feb. 11, 2016 /PRNewswire/ -- MoneyGram (NASDAQ:MGI) today reported financial results for its fourth quarter and full year ended December 31, 2015.
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"2015 marked a transition year for the company as we completed the repositioning of our U.S. to U.S. business and delivered on our expectations. We saw sequential improvement each quarter, culminating in double-digit constant currency revenue and Adjusted EBITDA growth in the fourth quarter," said Alex Holmes, MoneyGram's chief executive officer. "We also posted double-digit transaction growth in U.S. Outbound and Non-U.S. sends and returned to positive transaction growth in U.S. sends for the fourth quarter. Our Digital/Self-Service offerings continued to show impressive growth as we expanded our account deposit global reach, launched connections to millions of mobile wallets, and debuted the redesigned moneygram.com in the U.S. -- all of which are elevating the customer experience and attracting new consumers to our brand."
Fourth Quarter Financial Results
-- Total revenue for the fourth quarter was $376.7 million, an increase of
8% on a reported basis and 11% on a constant currency basis.
-- The Company reported EBITDA of $46.0 million and pre-tax income of $2.0
million.
-- Adjusted EBITDA was $65.2 million, an increase of 10% on a reported
basis and 12% on a constant currency basis. Adjusted EBITDA margin was
17.3%.
-- Adjusted diluted earnings per share was $0.23. Diluted earnings per
share was $0.04.
-- Adjusted Free Cash Flow for the quarter was $20.4 million.
Fourth Quarter Money Transfer Highlights
-- Money transfer transactions grew 10% in the fourth quarter.
-- Money transfer revenue was $332.7 million, representing 9% growth on a
reported basis and 13% growth on a constant currency basis compared to
the prior year.
-- Money transfer transaction growth reflects the continued strength in the
Company's U.S. Outbound and Non-U.S. sends.
-- Non-U.S. send transactions grew 15% led by sends from Europe and
emerging markets.
-- U.S. Outbound transactions grew 10% led by sends to Latin America
and Africa.
-- U.S.-to-U.S. transactions grew 1% versus a decline of 2% in the
third quarter.
-- Money transfer revenue from U.S. Outbound and Non-U.S. sends grew 12% on
a constant currency basis in the quarter and accounted for 87% of total
money transfer revenue.
Fourth Quarter Digital/Self-Service Highlights
-- Strong customer adoption of MoneyGram's innovative kiosks, our
redesigned moneygram.com, mobile solutions and account deposit led to
accelerated Digital/Self-Service money transfer results in the fourth
quarter.
-- Digital/Self-Service money transfer transactions increased 42%, and
represented 14% of total money transfer transactions.
-- Digital/Self-Service money transfer revenue grew 48% over the prior
year, and represented 12% of money transfer revenue. Annualizing the
fourth quarter, Digital/Self-Service solutions generate over $163
million of revenue.
-- moneygram.com attracted more than 240,000 new active customers, a
quarterly record.
Full Year Highlights
-- Total revenue for 2015 was $1,434.7 million, a decrease of 1% on a
reported basis compared to the prior year and an increase of 3% on a
constant currency basis. For the full year, the stronger U.S. dollar
negatively impacted revenue by $63.0 million.
-- The Company reported EBITDA of $142.7 million.
-- Adjusted EBITDA was $243.1 million, a decrease of 12% as reported and a
decline of 10% on a constant currency basis.
-- Adjusted EBITDA margin was 16.9%.
Full Year 2016 Outlook
For the full year 2016, the Company estimates constant currency revenue and Adjusted EBITDA growth of 8% to 10%.
"Moving forward, we are focused on providing an industry leading customer experience at every interaction with our brand, wherever and however our customers choose to transact," added Holmes. "We are excited about the many initiatives we have in place to differentiate our company and drive growth through the strength of our hybrid money transfer model -- bridging the digital and physical worlds through our Digital/Self-Service solutions and global agent network."
Certain Legal Matters
MoneyGram previously disclosed that it had received Civil Investigative Demands from a working group of nine state attorneys general seeking information and documents relating to the Company's procedures designed to prevent fraudulent transfers and consumer complaint information. MoneyGram reached an agreement effective today with attorneys general in 49 states and the District of Columbia to settle all civil or administrative claims under their consumer protection laws related to MoneyGram's procedures designed to prevent third parties involved in fraud schemes from using its money transfer service. Under the agreement, the Company will make a payment of $13.0 million to the participating states, a portion of which will be set aside for a consumer restitution program. The Company had previously accrued $13.0 million in connection with this matter and there will be no impact on its income statement for the fourth quarter of 2015 or the Company's projections for 2016. While restitution payments will be provided to consumers who filed complaints that they were victims of fraud-induced money transfers made using MoneyGram's services to send money from the United States to payees located in foreign countries (other than Canada) during the time period from July 1, 2008 to August 31, 2009, the agreement covers all civil and administrative claims that could have been asserted by the participating states under their respective consumer protection laws through today. The company has also agreed to further enhance its industry leading anti-fraud program, including improving the consumer complaint process and employee training, which are now incorporated into the Company's ongoing compliance activities.
Non-GAAP Measures
In addition to results presented in accordance with 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 significant items), Adjusted EBITDA margin, Adjusted Free Cash Flow (Adjusted EBITDA less cash interest, cash taxes, cash payments related to an IRS tax matter, 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), adjusted diluted earnings 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 as we are not able to predict results inclusive of currency changes.
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, adjusted diluted earnings per share and adjusted net income 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 - Consolidated Statements of
Operations
Table Two - Segment Results
Table Three - Segment Reconciliations
Table Four - EBITDA, Adjusted EBITDA, Adjusted
EBITDA Margin and Adjusted Free
Cash Flow
Table Five - Adjusted Net Income and Adjusted
Diluted EPS
Table Six - Consolidated Balance Sheets
Conference Call
MoneyGram International will host a conference call today at 3:30 p.m. CT, 4:30 p.m. ET, to discuss its results. Alex Holmes, chief executive officer, will host the call.
Participant Dial-In Numbers:
U.S.: 1-888-677-8756
International: +1-913-905-3216
Replay: 1-877-870-5176 or +
1-858-384-5517
Replay ID: 111944
Replay is available through February 18, 2016
About MoneyGram International, Inc.
MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in the U.S. More information about MoneyGram International, Inc. is available at moneygram.com.
Forward-Looking Statements
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to, among other things, the financial condition, results of operations, plans, objectives, future performance and business of MoneyGram and its subsidiaries. Forward-looking statements can be identified by words such as "believes," "estimates," "expects," "projects," "plans," "anticipates," "intends," "continues," "will," "should," "could," "may," "would," "goals" and other similar expressions. These forward-looking statements speak only as of the date they are made, and MoneyGram undertakes no obligation to publicly update or revise any forward-looking statement, except as required by federal securities law. These forward-looking statements are based on management's current expectations and are subject to certain risks, uncertainties and changes in circumstances due to a number of factors. These factors include, but are not limited to: 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 a competing "white label" branded money transfer product or otherwise; the impact of our U.S.-to-U.S. pricing strategy; our ability to manage fraud risks from consumers or agents; the ability of us and our agents to comply with U.S. and international laws and regulations; litigation or investigations involving us or our agents, which could result in material settlements, fines or penalties, revocation of required licenses or registrations, terminations of contracts, other administrative actions or lawsuits or negative publicity; uncertainties relating to compliance with and the impact of the deferred prosecution agreement entered into with the U.S. federal government and the effect of the deferred prosecution agreement on our reputation and business; regulations addressing consumer privacy, data use and security; our offering of money transfer services through agents in regions that are politically volatile or, in a limited number of cases, are subject to certain restrictions by the Office of Foreign Assets Control; 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; sustained financial market illiquidity, or illiquidity at our clearing, cash management and custodial financial institutions; our significant exposure to loss in the event of a major bank failure or a loss of liquidity in the bank deposit market; the ability of us and our agents to maintain adequate banking relationships; concerns regarding the financial health of certain European countries; a security or privacy breach in systems, networks or databases on which we rely; disruptions to our computer network systems and data centers; continued weakness in economic conditions, in both the U.S. and global markets; weakened consumer confidence in our business or money transfers generally; a significant change, material slow down or complete disruption of international migration patterns; our ability to manage credit risks from our retail agents and official check financial institution customers; our ability to retain partners to operate our official check and money order businesses; our ability to successfully develop and timely introduce new and enhanced products and services or investments in unsuccessful new products, services or infrastructure changes; our ability to manage risks associated with our international sales and operations; our ability to adequately protect our brand and intellectual property rights and to avoid infringing on the rights of others; our ability to attract and retain key employees; our ability to manage risks related to the operation of retail locations and the acquisition or start-up of businesses; our ability to maintain effective internal controls; our capital structure and the special voting rights provided to designees of Thomas H. Lee Partners, L.P. on our Board of Directors; any restructuring actions and cost reduction initiatives that we undertake may not deliver the expected results and these actions may adversely affect our business; 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 reports filed with the SEC, including MoneyGram's annual report on Form 10-K for the year ended December 31, 2014 and subsequent Forms 10-Q.
TABLE ONE
MONEYGRAM INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended 2015 vs Twelve Months Ended 2015 vs
December 31, December 31,
------------ ------------
(Amounts in millions, except per
share data) 2015 2014 2014 2015 2014 2014
-------------------------------- ---- ---- ---- ---- ---- ----
REVENUE
Fee and other revenue $373.1 $346.7 $26.4 $1,422.6 $1,438.4 $(15.8)
Investment revenue 3.6 2.9 0.7 12.1 16.5 (4.4)
------------------ --- --- --- ---- ---- ----
Total revenue 376.7 349.6 27.1 1,434.7 1,454.9 (20.2)
------------- ----- ----- ---- ------- ------- -----
Total revenue growth, as reported 8% (9)% (1)% (1)%
Total revenue growth, constant
currency 11% (7)% 3% (1)%
OPERATING EXPENSES
Commissions expense 170.4 159.5 10.9 656.2 666.4 (10.2)
Compensation and benefits 73.5 61.4 12.1 309.1 275.0 34.1
Transaction and operations support 85.9 101.9 (16.0) 324.8 332.2 (7.4)
Occupancy, equipment and supplies 16.0 14.5 1.5 62.3 54.4 7.9
Depreciation and amortization 17.3 15.3 2.0 66.1 55.5 10.6
----------------------------- ---- ---- --- ---- ---- ----
Total operating expenses 363.1 352.6 10.5 1,418.5 1,383.5 35.0
------------------------ ----- ----- ---- ------- ------- ----
OPERATING INCOME (LOSS) 13.6 (3.0) 16.6 16.2 71.4 (55.2)
---------------------- ---- ---- ---- ---- ---- -----
OTHER EXPENSE (INCOME)
Net securities gains - (23.0) 23.0 - (45.4) 45.4
Interest expense 11.6 11.5 0.1 45.3 44.2 1.1
Total other expense (income), net 11.6 (11.5) 23.1 45.3 (1.2) 46.5
--------------------------------- ---- ----- ---- ---- ---- ----
Income (loss) before income taxes 2.0 8.5 (6.5) (29.1) 72.6 (101.7)
Income tax (benefit) expense (0.6) (2.0) 1.4 47.8 0.5 47.3
----------------------------
NET INCOME (LOSS) $2.6 $10.5 $(7.9) $(76.9) $72.1 $(149.0)
================ ==== ===== ===== ====== ===== =======
EARNINGS (LOSS) PER COMMON SHARE
Basic $0.04 $0.17 $(0.13) $(1.24) $1.10 $(2.34)
Diluted $0.04 $0.17 $(0.13) $(1.24) $1.10 $(2.34)
Weighted-average outstanding
common shares and equivalents
used in computing earnings (loss)
per share
Basic (1) 62.1 62.6 (0.5) 62.1 65.3 (3.2)
Diluted (1) 64.1 62.7 1.4 62.1 65.5 (3.4)
(1) Includes common stock equivalents of 8.9 million for the three months ended December 31, 2015 and 2014 and 8.9 million and 10.1 million for the twelve months ended December 31, 2015 and 2014 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 3.1 4.0 3.4 4.0
Shares related to restricted stock
units 2.2 1.4 3.8 1.1
TABLE TWO
MONEYGRAM INTERNATIONAL, INC.
SEGMENT RESULTS
(Unaudited)
Global Funds Transfer
Three Months Ended 2015 vs Twelve Months Ended 2015 vs
December 31, December 31,
------------ ------------
(Amounts in millions) 2015 2014 2014 2015 2014 2014
-------------------- ---- ---- ---- ---- ---- ----
Money transfer revenue $332.7 $305.7 $27.0 $1,262.7 $1,274.5 $(11.8)
Bill payment revenue 24.7 24.9 (0.2) 98.7 100.1 (1.4)
---- ---- ---- ----- ----
Total revenue $357.4 $330.6 $26.8 $1,361.4 $1,374.6 $(13.2)
Total commissions expense $170.1 $159.3 $10.8 $655.1 $665.4 $(10.3)
------------------------- ------ ------ ----- ------ ------ ------
Operating income $12.2 $9.0 $3.2 $31.7 $75.4 $(43.7)
================ ===== ==== ==== ===== ===== ======
Operating margin 3.4% 2.7% 2.3% 5.5%
Money transfer revenue
growth, as reported 9% (10)% (1)% (1)%
Money transfer revenue
growth, constant currency 13% (8)% 4% (1)%
Financial Paper Products
Three Months Ended 2015 vs Twelve Months Ended 2015 vs
December 31, December 31,
------------ ------------
(Amounts in millions) 2015 2014 2014 2015 2014 2014
-------------------- ---- ---- ---- ---- ---- ----
Money order revenue $12.6 $13.3 $(0.7) $51.0 $54.1 $(3.1)
Official check revenue 6.7 5.7 1.0 22.3 26.2 (3.9)
--- --- ---- ---- ----
Total revenue $19.3 $19.0 $0.3 $73.3 $80.3 $(7.0)
Total commissions expense $0.3 $0.2 $0.1 $1.1 $1.0 $0.1
------------------------- ---- ---- ---- ---- ---- ----
Operating income $5.1 $6.4 $(1.3) $17.9 $28.1 $(10.2)
================ ======
Operating margin 26.4% 33.7% 24.4% 35.0%
TABLE THREE
MONEYGRAM INTERNATIONAL, INC.
SEGMENT RECONCILIATIONS
(Unaudited)
Global Funds Transfer
Three Months Ended 2015 vs Twelve Months Ended 2015 vs
December 31, December 31,
------------ ------------
(Amounts in millions) 2015 2014 2014 2015 2014 2014
-------------------- ---- ---- ---- ---- ---- ----
Revenue (as reported) $357.4 $330.6 $26.8 $1,361.4 $1,374.6 $(13.2)
Adjusted operating income $27.9 $24.7 $3.2 $102.7 $145.2 $(42.5)
Reorganization and
restructuring costs (2.4) (11.0) 8.6 (17.4) (25.9) 8.5
Compliance enhancement program (4.5) (4.8) 0.3 (24.4) (25.1) 0.7
Direct monitor costs (4.0) (1.9) (2.1) (11.5) (6.5) (5.0)
Stock-based compensation
expense (4.8) 5.9 (10.7) (17.7) (4.9) (12.8)
Losses related to agent
closures - (3.9) 3.9 - (7.4) 7.4
Total adjustments (15.7) (15.7) - (71.0) (69.8) (1.2)
Operating income (as reported) $12.2 $9.0 $3.2 $31.7 $75.4 $(43.7)
============================= ===== ==== ==== ===== ===== ======
Adjusted operating margin 7.8% 7.5% 7.5% 10.6%
Total adjustments (4.4)% (4.7)% (5.2)% (5.1)%
Operating margin (as reported) 3.4% 2.7% 2.3% 5.5%
Financial Paper Products
Three Months Ended 2015 vs Twelve Months Ended 2015 vs
December 31, December 31,
------------ ------------
(Amounts in millions) 2015 2014 2014 2015 2014 2014
-------------------- ---- ---- ---- ---- ---- ----
Revenue (as reported) $19.3 $19.0 $0.3 $73.3 $80.3 $(7.0)
Adjusted operating income $6.4 $7.4 $(1.0) $23.7 $33.4 $(9.7)
Reorganization and
restructuring costs (0.3) (1.4) 1.1 (2.0) (3.2) 1.2
Compliance enhancement program (0.5) (0.3) (0.2) (1.9) (1.6) (0.3)
Stock-based compensation
expense (0.5) 0.7 (1.2) (1.9) (0.5) (1.4)
---- --- ---- ---- ----
Total adjustments (1.3) (1.0) (0.3) (5.8) (5.3) (0.5)
Operating income (as reported) $5.1 $6.4 $(1.3) $17.9 $28.1 $(10.2)
============================= ==== ==== ===== ===== ===== ======
Adjusted operating margin 33.2% 38.9% 32.3% 41.6%
Total adjustments (6.7)% (5.3)% (7.9)% (6.6)%
Operating margin (as reported) 26.4% 33.7% 24.4% 35.0%
TABLE FOUR
MONEYGRAM INTERNATIONAL, INC.
EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN AND ADJUSTED FREE CASH FLOW
(Unaudited)
Three Months Ended 2015 vs Twelve Months Ended 2015 vs
December 31, December 31,
------------ ------------
(Amounts in millions) 2015 2014 2014 2015 2014 2014
-------------------- ---- ---- ---- ---- ---- ----
Income (loss) before income taxes $2.0 $8.5 $(6.5) $(29.1) $72.6 $(101.7)
Interest expense 11.6 11.5 0.1 45.3 44.2 1.1
Depreciation and amortization 17.3 15.3 2.0 66.1 55.5 10.6
Amortization of agent signing
bonuses 15.1 14.6 0.5 60.4 53.8 6.6
---- ----
EBITDA 46.0 49.9 (3.9) 142.7 226.1 (83.4)
Significant items impacting EBITDA:
Stock-based, contingent and
incentive compensation(1) 7.3 (6.4) 13.7 26.9 6.9 20.0
Compliance enhancement program 5.0 5.1 (0.1) 26.5 26.7 (0.2)
Direct monitor costs 4.0 1.9 2.1 11.5 6.5 5.0
Reorganization and restructuring
costs 2.6 12.9 (10.3) 20.0 30.5 (10.5)
Legal and contingent matters (2) 0.3 14.9 (14.6) 1.7 16.4 (14.7)
Pension settlement charge (3) - - - 13.8 - 13.8
Losses related to agent closure - 3.9 (3.9) - 7.4 (7.4)
Net securities gains - (23.0) 23.0 - (45.4) 45.4
Capital transaction costs (4) - - - - 2.1 (2.1)
Adjusted EBITDA $65.2 $59.2 $6.0 $243.1 $277.2 $(34.1)
=============== ===== ===== ==== ====== ====== ======
Adjusted EBITDA margin(5) 17.3% 16.9% 0.4% 16.9% 19.1% (2.2)%
Adjusted EBITDA growth, as reported 10% (12)%
Adjusted EBITDA growth, constant
currency adjusted 12% (10)%
Adjusted EBITDA $65.2 $59.2 $6.0 $243.1 $277.2 $(34.1)
Cash payments for interest (10.5) (10.7) 0.2 (42.1) (41.1) (1.0)
Cash taxes, net 2.8 (1.5) 4.3 (64.4) (6.4) (58.0)
Payments related to IRS tax matter - - 61.0 - 61.0
Cash payments for capital
expenditures (21.1) (21.1) - (109.9) (85.8) (24.1)
Cash payments for agent signing
bonuses (16.0) (61.0) 45.0 (87.3) (93.9) 6.6
----- ----- ---- ----- ----- ---
Adjusted Free Cash Flow $20.4 $(35.1) $55.5 $0.4 $50.0 $(49.6)
======================= ===== ====== ===== ==== ===== ======
(1) Stock-based compensation,
contingent performance awards
payable after three years and
certain incentive compensation.
(2) Fees and expenses related to
certain legal and contingent
matters.
(3) Non-cash charge resulting from
the partial buyout of the defined
benefit pension plan.
(4) Professional and legal fees
incurred for the April 2, 2014
equity transactions.
(5) 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 Twelve Months Ended
December 31, December 31,
------------ ------------
(Amounts in millions, except
per share data) 2015 2014 2015 2014
---------------------------- ---- ---- ---- ----
Net income (loss) $2.6 $10.5 $(76.9) $72.1
Net securities gains - (23.0) - (45.4)
Other expenses (1) 19.2 32.3 100.4 96.5
---- ---- ----- ----
Total adjustments (1) 19.2 9.3 100.4 51.1
Tax impacts of adjustments (2) (7.0) (8.3) (36.6) (30.3)
Tax adjustments (3) - - 63.7 (22.9)
Adjusted net income $14.8 $11.5 $50.6 $70.0
=================== ===== ===== ===== =====
Diluted earnings (loss) per
common share $0.04 $0.17 $(1.24) $1.10
Diluted adjustments per common
share 0.19 0.01 2.05 (0.03)
Diluted adjusted earnings per
common share $0.23 $0.18 $0.81 $1.07
============================= ===== ===== ===== =====
Diluted weighted-average
outstanding common shares and
equivalents 64.1 62.7 62.1 65.5
(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 the
IRS tax litigation matter and
a change to an uncertain tax
position.
TABLE SIX
MONEYGRAM INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in millions, except share
data) December 31, 2015 December 31, 2014
---------------------------------- ----------------- -----------------
ASSETS
Cash and cash equivalents $164.5 $250.6
Settlement assets 3,505.6 3,533.6
Property and equipment, net 199.7 165.6
Goodwill 442.2 442.5
Other assets (1) 193.2 236.0
Total assets $4,505.2 $4,628.3
============ ======== ========
LIABILITIES
Payment service obligations $3,505.6 $3,533.6
Debt (1) 942.6 949.6
Pension and other postretirement
benefits 96.3 125.7
Accounts payable and other
liabilities 183.5 202.1
Total liabilities 4,728.0 4,811.0
----------------- ------- -------
STOCKHOLDERS' DEFICIT
Participating convertible preferred
stock -series D, $0.01 par value,
200,000 shares authorized, 71,282
issued at December 31, 2015 and
December 31, 2014 183.9 183.9
Common stock, $0.01 par value,
162,500,000 shares authorized,
58,823,567 shares issued at December
31, 2015 and December 31, 2014 0.6 0.6
Additional paid-in capital 1,002.4 982.8
Retained loss (1,226.8) (1,144.6)
Accumulated other comprehensive loss (48.7) (67.1)
Treasury stock: 5,612,188 and
5,734,338 shares at December 31,
2015 and December 31, 2014,
respectively (134.2) (138.3)
---------------------------------
Total stockholders' deficit (222.8) (182.7)
------ ------
Total liabilities and stockholders'
deficit $4,505.2 $4,628.3
=================================== ======== ========
(1) As of December 31, 2015, the
Company early adopted ASU 2015-03
and the Consolidated Balance Sheet
as of December 31, 2014 has been
adjusted to reclassify the debt
issuance costs of $13.9 million
previously reported in Other assets
as a direct deduction from the
carrying amount of the Senior
Secured Credit Facility. In
accordance with ASU 2015-15, the
Company records debt issuance costs
for its Revolving Credit Facility in
Other assets on the Consolidated
Balance Sheets.
CONTACT:
MoneyGram International, Inc.
Suzanne Rosenberg
214-979-1400
ir@moneygram.com
Media Relations:
Michelle Buckalew
214-979-1418
media@moneygram.com
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