Vantiv / Smarter / Faster / Easier / Payments    Print Page  |  Close Window

SEC Filings

10-Q
WORLDPAY, INC. filed this Form 10-Q on 05/03/2019
Entire Document
 
Document
false--12-31Q120190001533932YesfalseLarge Accelerated Filerfalse0.000018900000001000000008900000001000000001025282603004545901025282631121809300.01500.01500.01750.0025500000000.000010.000011000000010000000000035745533573308 0001533932 2019-01-01 2019-03-31 0001533932 wp:WorldpayGroupPLCMember 2019-01-01 2019-03-31 0001533932 2019-03-31 0001533932 2018-01-01 2018-03-31 0001533932 us-gaap:CommonClassAMember 2019-01-01 2019-03-31 0001533932 us-gaap:CommonClassAMember 2018-01-01 2018-03-31 0001533932 2018-12-31 0001533932 us-gaap:CommonClassBMember 2018-12-31 0001533932 us-gaap:CommonClassBMember 2019-03-31 0001533932 us-gaap:CommonClassAMember 2019-03-31 0001533932 us-gaap:CommonClassAMember 2018-12-31 0001533932 2017-12-31 0001533932 2018-03-31 0001533932 us-gaap:TreasuryStockMember 2019-01-01 2019-03-31 0001533932 us-gaap:TreasuryStockMember 2019-03-31 0001533932 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0001533932 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-01-01 2019-03-31 0001533932 us-gaap:TreasuryStockMember 2018-12-31 0001533932 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-12-31 0001533932 us-gaap:RetainedEarningsMember 2018-12-31 0001533932 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001533932 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2019-03-31 0001533932 us-gaap:NoncontrollingInterestMember 2019-03-31 0001533932 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001533932 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001533932 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001533932 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-03-31 0001533932 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001533932 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0001533932 us-gaap:RetainedEarningsMember 2019-03-31 0001533932 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001533932 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2018-12-31 0001533932 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2019-01-01 2019-03-31 0001533932 us-gaap:NoncontrollingInterestMember 2018-12-31 0001533932 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-01-01 2018-03-31 0001533932 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-03-31 0001533932 us-gaap:TreasuryStockMember 2018-01-01 2018-03-31 0001533932 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0001533932 us-gaap:RetainedEarningsMember 2018-03-31 0001533932 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001533932 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2017-12-31 0001533932 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001533932 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-03-31 0001533932 us-gaap:RetainedEarningsMember 2017-12-31 0001533932 us-gaap:NoncontrollingInterestMember 2017-12-31 0001533932 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2018-03-31 0001533932 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001533932 us-gaap:NoncontrollingInterestMember 2018-03-31 0001533932 us-gaap:TreasuryStockMember 2017-12-31 0001533932 us-gaap:TreasuryStockMember 2018-03-31 0001533932 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0001533932 us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0001533932 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-03-31 0001533932 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2017-12-31 0001533932 2019-03-18 0001533932 wp:FidelityNationalInformationServicesMember us-gaap:CommonClassAMember 2019-03-31 0001533932 srt:MinimumMember us-gaap:BuildingAndBuildingImprovementsMember 2019-01-01 2019-03-31 0001533932 srt:MaximumMember us-gaap:LeaseholdImprovementsMember 2019-01-01 2019-03-31 0001533932 srt:MaximumMember us-gaap:ComputerSoftwareIntangibleAssetMember 2019-01-01 2019-03-31 0001533932 us-gaap:CapitalUnitClassAMember wp:WorldpayHoldingMember us-gaap:ParentMember 2019-03-31 0001533932 srt:MinimumMember wp:FurnitureAndEquipmentMember 2019-01-01 2019-03-31 0001533932 srt:MaximumMember us-gaap:BuildingAndBuildingImprovementsMember 2019-01-01 2019-03-31 0001533932 us-gaap:CommonClassBMember 2019-01-01 2019-03-31 0001533932 srt:MaximumMember us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2019-01-01 2019-03-31 0001533932 srt:MinimumMember us-gaap:LeaseholdImprovementsMember 2019-01-01 2019-03-31 0001533932 srt:MinimumMember us-gaap:ComputerSoftwareIntangibleAssetMember 2019-01-01 2019-03-31 0001533932 srt:MaximumMember wp:FurnitureAndEquipmentMember 2019-01-01 2019-03-31 0001533932 2019-03-18 2019-03-18 0001533932 srt:MinimumMember us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2019-01-01 2019-03-31 0001533932 srt:MaximumMember 2019-03-31 0001533932 srt:MinimumMember 2019-03-31 0001533932 2018-01-01 2018-01-01 0001533932 2018-01-01 0001533932 wp:MerchantSolutionsMember 2018-01-01 2018-03-31 0001533932 wp:IssuerSolutionsMember 2018-01-01 2018-03-31 0001533932 wp:TechnologySolutionsMember 2018-01-01 2018-03-31 0001533932 wp:IssuerSolutionsMember 2019-01-01 2019-03-31 0001533932 wp:MerchantSolutionsMember 2019-01-01 2019-03-31 0001533932 wp:TechnologySolutionsMember 2019-01-01 2019-03-31 0001533932 us-gaap:OtherIntangibleAssetsMember 2019-03-31 0001533932 us-gaap:PropertyPlantAndEquipmentMember 2019-03-31 0001533932 wp:WorldpayGroupPLCMember 2018-01-16 0001533932 wp:WorldpayGroupPLCMember us-gaap:TradeNamesMember 2018-01-16 2018-01-16 0001533932 wp:WorldpayGroupPLCMember 2018-01-16 2018-01-16 0001533932 wp:WorldpayGroupPLCMember us-gaap:CustomerRelationshipsMember 2018-01-16 2018-01-16 0001533932 wp:WorldpayGroupPLCMember us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2018-01-16 2018-01-16 0001533932 wp:WorldpayGroupPLCMember 2018-01-01 2018-03-31 0001533932 us-gaap:CustomerRelationshipsMember 2019-01-01 2019-03-31 0001533932 wp:TechnologySolutionsMember 2019-03-31 0001533932 wp:IssuerSolutionsMember 2018-12-31 0001533932 wp:MerchantSolutionsMember 2018-12-31 0001533932 wp:TechnologySolutionsMember 2018-12-31 0001533932 wp:MerchantSolutionsMember 2019-03-31 0001533932 wp:IssuerSolutionsMember 2019-03-31 0001533932 us-gaap:CustomerRelationshipsMember 2018-12-31 0001533932 us-gaap:CustomerContractsMember 2019-03-31 0001533932 us-gaap:PatentsMember 2018-12-31 0001533932 us-gaap:TradeNamesMember 2019-03-31 0001533932 us-gaap:CustomerRelationshipsMember 2019-03-31 0001533932 us-gaap:PatentsMember 2019-03-31 0001533932 us-gaap:CustomerContractsMember 2018-12-31 0001533932 us-gaap:TradeNamesMember 2018-12-31 0001533932 wp:TermA5LoanmaturinginJanuary2023Member 2019-01-01 2019-03-31 0001533932 wp:TermA5LoanmaturinginJanuary2023Member us-gaap:LondonInterbankOfferedRateLIBORMember 2019-03-31 0001533932 wp:SterlingNotematuringinJanuary2023Member 2018-06-22 2018-06-22 0001533932 wp:TermA5LoanmaturinginJanuary2023Member 2018-06-22 2018-06-22 0001533932 wp:SeniorUnsecuredDollarNoteMaturingNovember2025Member 2018-01-16 0001533932 us-gaap:MortgagesMember 2019-03-31 0001533932 wp:IncrementalAmendmentMember us-gaap:RevolvingCreditFacilityMember 2018-01-16 0001533932 wp:SterlingNotematuringinJanuary2023Member us-gaap:LondonInterbankOfferedRateLIBORMember 2019-03-31 0001533932 wp:SeniorUnsecuredEuroNoteexpiringinNovember2022Member 2019-03-31 0001533932 wp:SeniorUnsecuredEuroNoteexpiringinNovember2022Member 2018-01-16 0001533932 wp:TermB4LoanmaturinginAugust2024Member 2018-01-16 2018-01-16 0001533932 wp:TermB3loanmaturinginOctober2023Member 2019-01-01 2019-03-31 0001533932 wp:IncrementalAmendmentTrancheB2Member wp:TermBLoanMember 2018-01-16 0001533932 us-gaap:RevolvingCreditFacilityMember 2019-03-31 0001533932 wp:IncrementalAmendmentMember wp:TermA5LoanmaturinginJanuary2023Member 2018-01-16 0001533932 wp:TermB3loanmaturinginOctober2023Member 2018-06-22 2018-06-22 0001533932 wp:TermB4LoanmaturinginAugust2024Member us-gaap:LondonInterbankOfferedRateLIBORMember 2019-03-31 0001533932 wp:IncrementalAmendmentMember wp:TermB4LoanmaturinginAugust2024Member 2018-01-16 0001533932 wp:SterlingNotematuringinJanuary2023Member 2018-06-22 0001533932 wp:SeniorUnsecuredSterlingNoteMaturingNovember2025Member 2019-03-31 0001533932 us-gaap:RevolvingCreditFacilityMember 2018-01-16 0001533932 wp:SeniorUnsecuredSterlingNoteMaturingNovember2025Member 2018-01-16 0001533932 wp:SterlingNotematuringinJanuary2023Member 2019-03-31 0001533932 2018-01-16 2018-01-16 0001533932 wp:TermA5LoanmaturinginJanuary2023Member 2019-03-31 0001533932 wp:SterlingNotematuringinJanuary2023Member 2018-12-31 0001533932 wp:SeniorUnsecuredDollarNoteMaturingNovember2025Member 2019-03-31 0001533932 wp:TermB4LoanmaturinginAugust2024Member 2019-03-31 0001533932 wp:TermB3loanmaturinginOctober2023Member 2019-03-31 0001533932 us-gaap:RevolvingCreditFacilityMember 2018-12-31 0001533932 wp:TermB4LoanmaturinginAugust2024Member 2018-12-31 0001533932 wp:TermB3loanmaturinginOctober2023Member 2018-12-31 0001533932 wp:SeniorUnsecuredEuroNoteexpiringinNovember2022Member 2018-12-31 0001533932 wp:TermA5LoanmaturinginJanuary2023Member 2018-12-31 0001533932 wp:SeniorUnsecuredSterlingNoteMaturingNovember2025Member 2018-12-31 0001533932 us-gaap:MortgagesMember 2018-12-31 0001533932 wp:SeniorUnsecuredDollarNoteMaturingNovember2025Member 2018-12-31 0001533932 wp:SterlingNotematuringinJanuary2023Member us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-03-31 0001533932 wp:TermB4LoanmaturinginAugust2024Member 2018-06-22 2018-06-22 0001533932 wp:June2018DebtRepricingMember 2018-06-22 2018-06-22 0001533932 wp:TermB4LoanmaturinginAugust2024Member us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-03-31 0001533932 wp:TermA5LoanmaturinginJanuary2023Member us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-03-31 0001533932 us-gaap:InterestRateCapMember wp:January2017toJanuary2020Member 2019-03-31 0001533932 us-gaap:InterestRateCapMember wp:June2018toJune2021Member 2019-03-31 0001533932 us-gaap:InterestRateSwapMember wp:June2018toJune2021Member 2019-03-31 0001533932 us-gaap:InterestRateSwapMember 2019-03-31 0001533932 us-gaap:InterestRateSwapMember wp:June2019toJune2021Member 2019-03-31 0001533932 us-gaap:InterestRateCapMember 2019-03-31 0001533932 us-gaap:OtherNoncurrentLiabilitiesMember 2018-12-31 0001533932 us-gaap:OtherNoncurrentLiabilitiesMember 2019-03-31 0001533932 us-gaap:OtherCurrentLiabilitiesMember 2019-03-31 0001533932 us-gaap:OtherCurrentAssetsMember 2019-03-31 0001533932 us-gaap:OtherNoncurrentAssetsMember 2019-03-31 0001533932 us-gaap:OtherCurrentAssetsMember 2018-12-31 0001533932 us-gaap:OtherCurrentLiabilitiesMember 2018-12-31 0001533932 us-gaap:OtherNoncurrentAssetsMember 2018-12-31 0001533932 us-gaap:ForwardContractsMember us-gaap:NondesignatedMember 2017-08-09 0001533932 us-gaap:ForwardContractsMember us-gaap:NondesignatedMember 2018-01-01 2018-12-31 0001533932 us-gaap:InterestRateCapMember 2018-04-01 2018-06-30 0001533932 us-gaap:ForwardContractsMember us-gaap:NondesignatedMember 2018-01-01 2018-03-31 0001533932 wp:PeoplesUnitedMerchantServicesMember 2014-05-31 0001533932 us-gaap:CommonStockMember 2012-03-21 0001533932 wp:WorldpayHoldingMember 2019-03-31 0001533932 wp:WorldpayHoldingMember 2018-12-31 0001533932 wp:FifthThirdMember us-gaap:CapitalUnitClassBMember wp:WorldpayHoldingMember 2019-03-31 0001533932 wp:WorldpayHoldingMember 2019-01-01 2019-03-31 0001533932 us-gaap:CapitalUnitClassAMember wp:WorldpayHoldingMember us-gaap:ParentMember 2019-01-01 2019-03-31 0001533932 wp:FifthThirdMember us-gaap:CapitalUnitClassBMember wp:WorldpayHoldingMember 2018-12-31 0001533932 us-gaap:CapitalUnitClassAMember wp:WorldpayHoldingMember us-gaap:ParentMember 2018-12-31 0001533932 wp:FifthThirdMember us-gaap:CapitalUnitClassBMember wp:WorldpayHoldingMember 2019-01-01 2019-03-31 0001533932 wp:FifthThirdMember 2018-01-01 2018-03-31 0001533932 wp:PeoplesUnitedBankMember 2018-01-01 2018-03-31 0001533932 wp:PeoplesUnitedBankMember 2019-01-01 2019-03-31 0001533932 wp:FifthThirdMember 2019-01-01 2019-03-31 0001533932 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-03-31 0001533932 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-03-31 0001533932 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0001533932 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0001533932 wp:MercuryPaymentSystemsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-03-31 0001533932 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:InterestRateContractMember 2018-12-31 0001533932 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:InterestRateContractMember 2019-03-31 0001533932 wp:MercuryPaymentSystemsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001533932 srt:SubsidiariesMember us-gaap:CapitalUnitClassBMember us-gaap:CommonClassAMember 2019-03-31 0001533932 us-gaap:CommonClassBMember 2018-01-01 2018-03-31 0001533932 us-gaap:CommonClassBMember 2018-03-31 0001533932 us-gaap:StockCompensationPlanMember us-gaap:CommonClassAMember 2019-01-01 2019-03-31 0001533932 us-gaap:PerformanceSharesMember us-gaap:CommonClassAMember 2018-01-01 2018-03-31 0001533932 us-gaap:PerformanceSharesMember us-gaap:CommonClassAMember 2019-01-01 2019-03-31 0001533932 us-gaap:EmployeeStockOptionMember us-gaap:CommonClassAMember 2019-01-01 2019-03-31 0001533932 us-gaap:EmployeeStockOptionMember us-gaap:CommonClassAMember 2018-01-01 2018-03-31 0001533932 us-gaap:StockCompensationPlanMember us-gaap:CommonClassAMember 2018-01-01 2018-03-31 0001533932 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2018-01-01 2018-03-31 0001533932 us-gaap:AccumulatedTranslationAdjustmentMember 2019-03-31 0001533932 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2019-01-01 2019-03-31 0001533932 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2018-03-31 0001533932 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2017-12-31 0001533932 wp:AccumulatedForeignCurrencyAdjustmentonNetInvestmentHedgetoParentMember 2018-12-31 0001533932 us-gaap:AccumulatedTranslationAdjustmentMember 2017-12-31 0001533932 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001533932 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2018-12-31 0001533932 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2018-03-31 0001533932 us-gaap:AccumulatedTranslationAdjustmentMember 2018-12-31 0001533932 wp:AccumulatedForeignCurrencyAdjustmentonNetInvestmentHedgetoParentMember 2017-12-31 0001533932 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001533932 wp:AccumulatedForeignCurrencyAdjustmentonNetInvestmentHedgetoParentMember 2019-03-31 0001533932 us-gaap:AccumulatedTranslationAdjustmentMember 2018-03-31 0001533932 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001533932 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-03-31 0001533932 wp:AccumulatedForeignCurrencyAdjustmentonNetInvestmentHedgetoParentMember 2018-03-31 xbrli:pure iso4217:GBP iso4217:USD xbrli:shares iso4217:USD iso4217:EUR xbrli:shares

 
 
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
FORM 10-Q
 
 
 
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2019
or
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
Commission File Number: 001-35462 
 
 
 
Worldpay, Inc.
(Exact name of registrant as specified in its charter)
 
 
 
Delaware
 
26-4532998
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
8500 Governor’s Hill Drive
Symmes Township, OH 45249
(Address of principal executive offices)
Registrant’s telephone number, including area code:
(513) 900-5250
 
 
 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.  Yes x  No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes x  No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer x
 
Accelerated filer o
Non-accelerated filer o
 
Smaller reporting company o
Emerging growth company o
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes o  No x
As of March 31, 2019, there were 311,218,093 shares of the registrant’s Class A common stock outstanding.