Worldpay Reports First Quarter 2019 Results
Strong Business Momentum and New Sales Generated Exceptional Financial Results
Raising Full Year Guidance on Strong Revenue Growth and Increasing Cost Synergies
CINCINNATI and LONDON, May 2, 2019 - Worldpay, Inc. (NYSE: WP, LSE: WPY) (“Worldpay” or the “Company”) today announced financial results for the first quarter ended March 31, 2019. Revenue increased 14% in the first quarter to $970.0 million as compared to $850.7 million in the prior year period. On a GAAP basis, net income per diluted share attributable to Worldpay, Inc. increased to $0.12 as compared to $(0.36) in the prior year period. Adjusted net income per share increased to $0.94 as compared to $0.81 in the prior year period. (See Schedule 1 for net income per diluted share attributable to Worldpay, Inc. and Schedule 2 for adjusted net income per share.)
“We delivered exceptional results, reflecting consistent business fundamentals and strong new sales performance,” said Charles Drucker, chairman and chief executive officer of Worldpay. “We signed 16 additional cross-sell wins, keeping us on track to achieve $100 million in revenue synergies,
and we won several strategic new clients.”
Worldpay, Inc. First Quarter 2019 Results
(in millions, except share data)
Three Months Ended
March 31, 2019
March 31, 2018(1)
Adjusted EBITDA Margin
GAAP Net income (loss) attributable to Worldpay, Inc.
GAAP Net income (loss) per diluted share attributable to Worldpay, Inc.
Adjusted net income attributable to Worldpay, Inc.
Adjusted net income per share attributable to Worldpay, Inc
(1) Excludes contribution from Worldpay Group plc results for the period prior to the transaction closing (January 1-January 15, 2018).
Revenue increased 14% in the first quarter to $970.0 million as compared to $850.7 million in the prior year period. On an underlying basis, total Company and total Merchant (excludes Issuer Solutions) revenue increased by 9% and 10%, respectively, when excluding cryptocurrency revenue grow-over, foreign currency headwinds and adjusting for the prior year stub period from January 1 to January 15, 2018.
Adjusted EBITDA was $446.1 million or 46.0% of revenue in the first quarter, representing 200 basis points of adjusted EBITDA margin expansion as compared to the prior year period, including $29 million in cost synergies realized during the quarter.
Based on the Company’s substantial progress toward completing post-merger integration, Worldpay now expects to achieve $250 million in annualized cost synergies by year-end 2019, up from its previous expectation to achieve $200 million in annualized cost synergies by year-end 2020. In addition, Worldpay is increasing its in-year 2019 cost synergies forecast to $180-$190 million from $130-$140 million.