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SEC Filings

10-Q
WORLDPAY, INC. filed this Form 10-Q on 05/03/2019
Entire Document
 


The table below provides a reconciliation of GAAP income (loss) before applicable income taxes to the adjusted net income for the three months ended March 31, 2019 and 2018 (in millions):
 
Three Months Ended March 31,
 
2019
 
2018
Income (loss) before applicable income taxes
$
37.7

 
$
(111.5
)
Non-GAAP Adjustments:
 
 
 
Transition, acquisition and integration costs
42.4

 
177.4

Share-based compensation
33.0

 
17.2

Intangible amortization
226.2

 
172.8

Non-operating (income) expenses
(3.5
)
 
8.6

Non-GAAP adjusted income before applicable taxes
335.8

 
264.5

Less: Adjustments
 
 
 
Adjusted tax expense
42.4

 
27.5

JV non-controlling interest
0.4

 
0.3

Adjusted Net Income
$
293.0

 
$
236.7


Results of Operations

The following tables set forth our statements of income in dollars and as a percentage of revenue for the periods presented (in millions):
 
Three Months Ended March 31,
 
 
 
 
 
2019
 
2018
 
$ Change
 
% Change
Revenue
$
970.0

 
$
850.7

 
$
119.3

 
14
 %
Sales and marketing
290.9

 
266.0

 
24.9

 
9
 %
Other operating costs
181.0

 
155.1

 
25.9

 
17
 %
General and administrative
127.4

 
250.1

 
(122.7
)
 
(49
)%
Depreciation and amortization
264.4

 
207.2

 
57.2

 
28
 %
Income from operations
$
106.3

 
$
(27.7
)
 
$
134.0

 
484
 %
As a Percentage of Revenue
Three Months Ended March 31,
 
2019
 
2018
Revenue
100.0
%
 
100.0
 %
Sales and marketing
30.0
%
 
31.3
 %
Other operating costs
18.6
%
 
18.2
 %
General and administrative
13.1
%
 
29.4
 %
Depreciation and amortization
27.3
%
 
24.4
 %
Income from operations
11.0
%
 
(3.3
)%

Three Months Ended March 31, 2019 Compared to Three Months Ended March 31, 2018

The Revenue, Sales and Marketing, Other Operating Costs and General and Administrative disclosures below exclude Legacy Worldpay results prior to the January 16, 2018 acquisition date for the three months ended March 31, 2018.

Revenue

Revenue increased 14% to $970.0 million for the three months ended March 31, 2019 from $850.7 million for the three months ended March 31, 2018. The prior year period excludes $63.8 million of Legacy Worldpay generated revenue prior to our acquisition. Additionally, strong growth in our Technology Solutions segment contributed to the increase.


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