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SEC Filings

8-K
WORLDPAY, INC. filed this Form 8-K on 05/02/2019
Entire Document
 


Schedule 1
Worldpay, Inc.
Consolidated Statements of Income
(Unaudited)
(in millions, except share data)
 
Three Months Ended March 31,
 
 
 
2019
 
2018
 
Change
Revenue
$
970.0

 
$
850.7

 
14
 %
Sales and marketing
290.9

 
266.0

 
9
 %
Other operating costs
181.0

 
155.1

 
17
 %
General and administrative
127.4

 
250.1

 
(49
)%
Depreciation and amortization
264.4

 
207.2

 
28
 %
Income (loss) from operations
106.3

 
(27.7
)
 
NM

Interest expense—net
(72.1
)
 
(75.2
)
 
(4
)%
Non-operating income (expense)(1)
3.5

 
(8.6
)
 
NM

Income (loss) before applicable income taxes
37.7

 
(111.5
)
 
NM

Income tax benefit
(0.4
)
 
(13.2
)
 
NM

Net income (loss)
38.1

 
(98.3
)
 
NM

Less: Net (income) loss attributable to non-controlling interests
(1.7
)
 
0.7

 
NM

Net income (loss) attributable to Worldpay, Inc.
$
36.4

 
$
(97.6
)
 
NM

Net income (loss) per share attributable to Worldpay, Inc. Class A common stock:
 

 
 

 
 
Basic
$
0.12

 
$
(0.36
)
 
NM

Diluted(2)
$
0.12

 
$
(0.36
)
 
NM

Shares used in computing net income (loss) per share of Class A common stock:
 

 
 

 
 
Basic
302,046,241

 
274,098,480

 
 
Diluted
303,876,967

 
274,098,480

 
 
 
 
(1) 
Non-operating income (expense) primarily consists of other income and expense items outside of the Company’s operating activities.
(2) 
Due to our structure as a C corporation and Worldpay Holding’s structure as a pass-through entity for tax purposes, the numerator in the diluted net income per share calculation is adjusted to reflect the Company’s income tax expense at an expected effective tax rate assuming the conversion of the Class B units of Worldpay Holding into shares of our Class A common stock. During the three months ended March 31, 2019 and 2018, approximately 8.7 million and 15.3 million weighted average Class B units of Worldpay Holding were excluded in computing diluted net income per share because including them would have an antidilutive effect. As the Class B units of Worldpay Holding were not included, the numerator used in the calculation of diluted net income per share was equal to the numerator used in the calculation of basic net income per share for the three months ended March 31, 2019 and 2018. Additionally, due to the net loss for the three months ended March 31, 2018, any remaining potentially dilutive securities were also excluded from the denominator in computing dilutive net income per share. As of March 31, 2019 all Class B units have been converted to Class A common stock and therefore there are no Class B units outstanding.


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