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SEC Filings

10-Q
WORLDPAY, INC. filed this Form 10-Q on 05/03/2019
Entire Document
 
Worldpay, Inc.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Issuer Solutions - Issuer Solutions provides card issuer processing, payment network processing, fraud protection and card production to a diverse set of financial institutions, including regional banks, community banks, credit unions and regional PIN networks.
Segment operating results are presented below (in millions). The results reflect revenues and expenses directly related to each segment. The Company does not evaluate performance or allocate resources based on segment asset data, and therefore such information is not presented.

Segment profit reflects revenue less sales and marketing costs of the segment. The Company’s CODM evaluates this metric in analyzing the results of operations for each segment.
 
Three Months Ended March 31, 2019
 
Technology
Solutions
 
Merchant Solutions
 
Issuer
Solutions
 
Total
Revenue
$
427.3

 
$
459.4

 
$
83.3

 
$
970.0

Sales and marketing
118.4

 
166.0

 
6.5

 
290.9

Segment profit
$
308.9

 
$
293.4

 
$
76.8

 
$
679.1


 
Three Months Ended March 31, 2018
 
Technology
Solutions
 
Merchant Solutions
 
Issuer
Solutions
 
Total
Revenue
$
336.4

 
$
432.2

 
$
82.1

 
$
850.7

Sales and marketing
95.9

 
163.8

 
6.3

 
266.0

Segment profit
$
240.5

 
$
268.4

 
$
75.8

 
$
584.7


A reconciliation of total segment profit to the Company’s income (loss) before applicable income taxes is as follows (in millions):
 
Three Months Ended March 31,
 
2019
 
2018
Total segment profit
$
679.1

 
$
584.7

Less: Other operating costs
(181.0
)
 
(155.1
)
Less: General and administrative
(127.4
)
 
(250.1
)
Less: Depreciation and amortization
(264.4
)
 
(207.2
)
Less: Interest expense—net
(72.1
)
 
(75.2
)
Less: Non-operating income (expense)
3.5

 
(8.6
)
Income (loss) before applicable income taxes
$
37.7

 
$
(111.5
)


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