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1st Quarter Results
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
Worldpay Reports First Quarter 2018 Results
Reports Strong Results for its First Quarter as a Combined Company
"Our first quarter results exceeded our expectations. It's rewarding to see our combined companies come together to create strong results so quickly," said
Worldpay, Inc. First Quarter 2018 Results (unaudited) (in millions, except share data) |
||||||||||
|
Three Months Ended |
|
|
|
||||||
|
March 31, 2018 (1) |
|
March 31, 2017 |
|
% Change |
|
||||
|
|
|
|
|
|
|
||||
Net revenue |
$ |
850.7 |
|
|
$ |
470.1 |
|
|
81% |
|
Technology Solutions |
336.4 |
|
|
162.2 |
|
|
107% |
|
||
Merchant Solutions |
432.2 |
|
|
223.7 |
|
|
93% |
|
||
Issuer Solutions |
82.1 |
|
|
84.2 |
|
|
(2)% |
|
||
|
|
|
|
|
|
|
||||
Adjusted EBITDA |
374.1 |
|
|
210.0 |
|
|
78% |
|
||
Adj. EBITDA Margin |
44.0 |
% |
|
44.7 |
% |
|
|
|
||
|
|
|
|
|
|
|
||||
GAAP Net (loss) income attributable to Worldpay, Inc. |
$ |
(97.6 |
) |
|
$ |
28.9 |
|
|
(438)% |
|
GAAP Net (loss) income per diluted share attributable to Worldpay, Inc. |
$ |
(0.36 |
) |
|
$ |
0.17 |
|
|
(312)% |
|
|
|
|
|
|
|
|
||||
Adjusted net income |
$ |
236.7 |
|
|
$ |
134.7 |
|
|
76% |
|
Adjusted net income per share |
$ |
0.81 |
|
|
$ |
0.68 |
|
|
19% |
|
(1) Excludes contribution from
Worldpay, Inc. Second Quarter and Full-Year Financial Outlook (in millions, except share data) |
|||||||
|
Second Quarter Financial Outlook |
Full Year Financial Outlook |
|||||
|
Three Months Ended June 30, |
|
Year Ended December 31, |
||||
|
2018 Outlook |
|
2017 Actual (2) |
|
2018 Outlook (1) |
|
2017 Actual (2) |
Net revenue |
$960 - $980 |
|
$530 |
|
$3,810 - $3,900 |
|
$2,123 |
GAAP Net income per diluted share attributable to Worldpay, Inc. |
$0.22 - $0.29 |
|
$0.42 |
|
$0.53 - $0.75 |
|
$0.80 |
Adjusted net income per share |
$0.93 - $0.96 |
|
$0.83 |
|
$3.71 - $3.81 |
|
$3.37 |
(1) Combined company guidance excludes
(2) 2017 actuals include
ASC 606
Worldpay adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ("ASC 606"), effective
Earnings Conference Call and Audio Webcast
The Company will host a conference call to discuss the first quarter 2018 financial results today at
Worldpay processes over 40 billion transactions annually through more than 300 payment types across 146 countries and 126 currencies. The company's growth strategy includes expanding into high-growth markets, verticals and customer segments, including global eCommerce, Integrated Payments and B2B.
Non-GAAP and Pro Forma Financial Measures
This earnings release presents non-GAAP and pro forma financial information including adjusted EBITDA, Underlying EBITDA, adjusted net income, and adjusted net income per share. These are important financial performance measures for the Company, but are not financial measures as defined by GAAP. The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP and adjusted financial performance measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that they provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. Reconciliations of these measures to the most directly comparable GAAP financial measures are presented in the attached schedules.
Forward-Looking Statements
This release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this release are forward-looking statements including any statements regarding guidance and statements of a general economic or industry specific nature. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, guidance, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "should," "can have," "likely" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events.
The forward-looking statements contained in this release are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you review and consider information presented herein, you should understand that these statements are not guarantees of future performance or results. They depend upon future events and are subject to risks, uncertainties (many of which are beyond our control) and assumptions. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual future performance or results and cause them to differ materially from those anticipated in the forward-looking statements. Certain of these factors and other risks are discussed in the company's filings with the
Any forward-looking statement made by us in this release speaks only as of the date of this release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Pursuant to its obligations under the U.S. Securities Exchange Act of 1934, as amended, the Company will shortly file a report on Form 8-K with the
CONTACTS
Investors
Investor Relations
+1 (866) 254-4811
+1 (513) 900-4811
Media
Corporate Communications
+1 (513) 900-5308
Andrew.Ciafardini@worldpay.com
+44 (0) 207 774 1000
PR Adviser
+44 (0) 203 047 2538
Schedule 1
Consolidated Statements of Income
(Unaudited)
(in millions, except share data)
|
Three Months Ended |
|
|
|||||||
|
March 31, |
|
March 31, |
|
|
|||||
|
2018 |
|
2017 |
|
% Change |
|||||
Revenue |
$ |
850.7 |
|
|
$ |
928.2 |
|
|
(8 |
)% |
Network fees and other costs |
- |
|
|
458.1 |
|
|
NM |
|||
Net Revenue(1) |
850.7 |
|
|
470.1 |
|
|
81 |
% |
||
Sales and marketing |
266.0 |
|
|
155.0 |
|
|
72 |
% |
||
Other operating costs |
155.1 |
|
|
75.9 |
|
|
104 |
% |
||
General and administrative |
250.1 |
|
|
89.3 |
|
|
180 |
% |
||
Depreciation and amortization |
207.2 |
|
|
76.1 |
|
|
172 |
% |
||
(Loss) Income from operations |
(27.7 |
) |
|
73.8 |
|
|
(138 |
)% |
||
Interest expense-net |
(75.2 |
) |
|
(29.2 |
) |
|
158 |
% |
||
Non-operating expense(2) |
(8.6 |
) |
|
(4.1 |
) |
|
110 |
% |
||
(Loss) income before applicable income taxes |
(111.5 |
) |
|
40.5 |
|
|
(375 |
)% |
||
Income tax (benefit) expense(3) |
(13.2 |
) |
|
5.2 |
|
|
(354 |
)% |
||
Net (loss) income |
(98.3 |
) |
|
35.3 |
|
|
(378 |
)% |
||
Less: Net loss (income) attributable to non-controlling interests |
0.7 |
|
|
(6.4 |
) |
|
(111 |
)% |
||
Net (loss) income attributable to Worldpay, Inc. |
$ |
(97.6 |
) |
|
$ |
28.9 |
|
|
(438 |
)% |
Net (loss) income per share attributable to Worldpay, Inc. Class A common stock: |
|
|
|
|
|
|||||
Basic |
$ |
(0.36 |
) |
|
$ |
0.18 |
|
|
(300 |
)% |
Diluted(4) |
$ |
(0.36 |
) |
|
$ |
0.17 |
|
|
(312 |
)% |
Shares used in computing net (loss) income per share of Class A common stock: |
|
|
|
|
|
|||||
Basic |
274,098,480 |
|
|
160,876,177 |
|
|
|
|||
Diluted |
274,098,480 |
|
|
197,496,680 |
|
|
|
|
(1) Based on the Company's adoption of Accounting Standard Update 2014-09, Revenue From Contracts With Customers (Topic 606) ("ASC 606") effective
(2) Non-operating expense during the three months ended
(3) Includes a credit of approximately
(4) Due to our structure as a C corporation and
|
|
Three Months Ended March 31, |
||||||
|
|
2018 |
|
2017 |
||||
(Loss) income before applicable income taxes |
|
$ |
- |
|
|
$ |
40.5 |
|
Taxes |
|
- |
|
|
6.0 |
|
||
Net (loss) income |
|
$ |
(97.6 |
) |
|
$ |
34.5 |
|
Diluted shares |
|
274,098,480 |
|
|
197,496,680 |
|
||
Diluted EPS |
|
$ |
(0.36 |
) |
|
$ |
0.17 |
|
Schedule 2
Adjusted Net Income
(Unaudited)
(in millions, except share data)
|
|
Three Months Ended |
|
|
|||||||
|
|
March 31, |
|
March 31, |
|
|
|||||
|
|
2018 |
|
2017 |
|
% Change |
|||||
Income before applicable income taxes |
|
$ |
(111.5 |
) |
|
$ |
40.5 |
|
|
(375 |
)% |
Non-GAAP Adjustments: |
|
|
|
|
|
|
|||||
Transition, acquisition and integration costs(1) (3) |
|
177.4 |
|
|
49.5 |
|
|
258 |
% |
||
Share-based compensation(3) |
|
17.2 |
|
|
10.6 |
|
|
62 |
% |
||
Intangible amortization(2) (3) |
|
172.8 |
|
|
51.9 |
|
|
233 |
% |
||
Non-operating expense(4) |
|
8.6 |
|
|
4.1 |
|
|
110 |
% |
||
Non-GAAP adjusted income before applicable income taxes |
|
264.5 |
|
|
156.6 |
|
|
69 |
% |
||
Less: Adjustments |
|
|
|
|
|
|
|||||
Adjusted tax expense(5) |
|
27.5 |
|
|
21.7 |
|
|
27 |
% |
||
Adjusted tax rate |
|
10 |
% |
|
14 |
% |
|
|
|||
|
|
|
|
|
|
|
|||||
Other (6) |
|
0.3 |
|
|
0.2 |
|
|
50 |
% |
||
Adjusted net income |
|
$ |
236.7 |
|
|
$ |
134.7 |
|
|
76 |
% |
|
|
|
|
|
|
|
|||||
Adjusted net income per share |
|
$ |
0.81 |
|
|
$ |
0.68 |
|
|
19 |
% |
Adjusted shares outstanding(7) |
|
290,880,798 |
|
|
197,496,680 |
|
|
|
Non-GAAP and Adjusted Financial Measures
This schedule presents non-GAAP and adjusted financial measures, which are important financial performance measures for the Company, but are not financial measures as defined by GAAP. Such financial measures should not be considered as alternatives to GAAP, and such measures may not be comparable to those reported by other companies.
|
Adjusted net income is derived from GAAP income before applicable income taxes and adjusted for the following items described below:
(1) Represents acquisition and integration costs incurred in connection with our acquisitions, charges related to employee termination benefits and other transition activities. Included in Transition, acquisition and integration costs in the three months ended
(2) Represents amortization of intangible assets acquired through business combinations and customer portfolio and related asset acquisitions.
(3) Below are the adjustments to Other operating costs, General and administrative and Depreciation and amortization.
|
|||||||||||||||||||
|
Three Months Ended March 31, 2018 |
|
Three Months Ended March 31, 2017 |
||||||||||||||||
|
Transition, Acquisition & Integration |
Share-Based Compensation |
Amortization Of Intangible Assets |
|
Transition, Acquisition & Integration |
Share-Based Compensation |
Amortization Of Intangible Assets |
||||||||||||
Other operating costs |
$ |
10.2 |
|
$ |
- |
|
$ |
- |
|
|
$ |
3.2 |
|
$ |
- |
|
$ |
- |
|
General and administrative |
167.2 |
|
17.2 |
|
- |
|
|
46.3 |
|
10.6 |
|
- |
|
||||||
Depreciation and amortization |
- |
|
- |
|
172.8 |
|
|
- |
|
- |
|
51.9 |
|
||||||
Total adjustments |
$ |
177.4 |
|
$ |
17.2 |
|
$ |
172.8 |
|
|
$ |
49.5 |
|
$ |
10.6 |
|
$ |
51.9 |
|
(4) Non-operating expense for the three months ended
(5) Represents adjusted income tax expense to reflect an effective tax rate of 19.7% for 2018 and 34% for 2017, assuming the conversion of the Class B units of
(6) Represents the non-controlling interest, net of pro forma income tax expense discussed in (5) above, associated with a consolidated joint venture.
(7) The adjusted shares outstanding include 15.3 million weighted average Class B units of
Schedule 3
Segment Information
(Unaudited)
(in millions)
Technology Solutions
|
Three Months Ended March 31, |
|
|
|||||||
|
2018 |
|
2017 |
|
% Change |
|||||
Revenue |
$ |
336.4 |
|
|
$ |
271.9 |
|
|
24 |
% |
Network fees and other costs |
- |
|
|
109.7 |
|
|
NM |
|||
Net Revenue(1) |
336.4 |
|
|
162.2 |
|
|
107 |
% |
||
Sales and marketing |
95.9 |
|
|
60.2 |
|
|
59 |
% |
||
Segment profit |
$ |
240.5 |
|
|
$ |
102.0 |
|
|
136 |
% |
Merchant Solutions
|
Three Months Ended March 31, |
|
|
|||||||
|
2018 |
|
2017 |
|
% Change |
|||||
Revenue |
$ |
432.2 |
|
|
$ |
540.1 |
|
|
(20 |
)% |
Network fees and other costs |
- |
|
|
316.4 |
|
|
NM |
|||
Net Revenue(1) |
432.2 |
|
|
223.7 |
|
|
93 |
% |
||
Sales and marketing |
163.8 |
|
|
88.8 |
|
|
84 |
% |
||
Segment profit |
$ |
268.4 |
|
|
$ |
134.9 |
|
|
99 |
% |
Issuer Solutions
|
Three Months Ended March 31, |
|
|
|||||||
|
2018 |
|
2017 |
|
% Change |
|||||
Revenue |
$ |
82.1 |
|
|
$ |
116.2 |
|
|
(29 |
)% |
Network fees and other costs |
- |
|
|
32.0 |
|
|
NM |
|||
Net Revenue(1) |
82.1 |
|
|
84.2 |
|
|
(2 |
)% |
||
Sales and marketing |
6.3 |
|
|
6.0 |
|
|
5 |
% |
||
Segment profit |
$ |
75.8 |
|
|
$ |
78.2 |
|
|
(3 |
)% |
(1) Based on the Company's adoption of ASC 606 effective
Schedule 4
Condensed Consolidated Statements of Financial Position
(Unaudited)
(in millions)
|
|
March 31, 2018 |
|
December 31, 2017 |
||||
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
459.4 |
|
|
$ |
126.5 |
|
Accounts receivable-net |
|
1,491.8 |
|
|
986.6 |
|
||
Merchant float |
|
1,894.3 |
|
|
- |
|
||
Settlement assets |
|
3,578.6 |
|
|
142.0 |
|
||
Prepaid expenses |
|
77.1 |
|
|
33.5 |
|
||
Other |
|
562.0 |
|
|
84.0 |
|
||
Total current assets |
|
8,063.2 |
|
|
1,372.6 |
|
||
|
|
|
|
|
||||
Customer incentives |
|
68.9 |
|
|
68.4 |
|
||
Property, equipment and software-net |
|
890.0 |
|
|
473.7 |
|
||
Intangible assets-net |
|
3,783.9 |
|
|
678.5 |
|
||
Goodwill |
|
15,188.9 |
|
|
4,173.0 |
|
||
Deferred taxes |
|
764.9 |
|
|
739.5 |
|
||
Proceeds from senior unsecured notes |
|
- |
|
|
1,135.2 |
|
||
Other assets |
|
190.2 |
|
|
26.1 |
|
||
Total assets |
|
$ |
28,950.0 |
|
|
$ |
8,667.0 |
|
|
|
|
|
|
||||
Liabilities and equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable and accrued expenses |
|
$ |
1,329.6 |
|
|
$ |
631.9 |
|
Settlement obligations |
|
6,181.9 |
|
|
816.2 |
|
||
Current portion of note payable |
|
223.7 |
|
|
107.9 |
|
||
Current portion of tax receivable agreement obligations |
|
179.1 |
|
|
245.5 |
|
||
Deferred income |
|
32.5 |
|
|
18.9 |
|
||
Current maturities of capital lease obligations |
|
32.8 |
|
|
8.0 |
|
||
Other |
|
571.0 |
|
|
6.0 |
|
||
Total current liabilities |
|
8,550.6 |
|
|
1,834.4 |
|
||
Long-term liabilities: |
|
|
|
|
||||
Note payable |
|
8,051.0 |
|
|
5,586.4 |
|
||
Tax receivable agreement obligations |
|
506.0 |
|
|
535.0 |
|
||
Capital lease obligations |
|
33.1 |
|
|
4.5 |
|
||
Deferred taxes |
|
716.7 |
|
|
65.6 |
|
||
Other |
|
100.4 |
|
|
40.5 |
|
||
Total long-term liabilities |
|
9,407.2 |
|
|
6,232.0 |
|
||
Total liabilities |
|
17,957.8 |
|
|
8,066.4 |
|
||
|
|
|
|
|
||||
Commitments and contingencies |
|
|
|
|
||||
Equity: |
|
|
|
|
||||
Total equity (1) |
|
10,992.2 |
|
|
600.6 |
|
||
Total liabilities and equity |
|
$ |
28,950.0 |
|
|
$ |
8,667.0 |
|
|
(1) Includes equity attributable to non-controlling interests.
Schedule 5
Consolidated Statements of Cash Flows
(Unaudited)
(in millions)
|
Three Months Ended |
||||||
|
March 31, 2018 |
|
March 31, 2017 |
||||
Operating Activities: |
|
|
|
||||
Net (loss) income |
$ |
(98.3 |
) |
|
$ |
35.3 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization expense |
207.2 |
|
|
76.1 |
|
||
Amortization of customer incentives |
6.2 |
|
|
6.7 |
|
||
Amortization and write-off of debt issuance costs |
59.9 |
|
|
1.2 |
|
||
Realized gain on foreign currency forward |
(35.9 |
) |
|
- |
|
||
Share-based compensation expense |
17.2 |
|
|
10.6 |
|
||
Deferred tax expense |
(25.3 |
) |
|
20.0 |
|
||
Tax receivable agreements non-cash items |
(3.6 |
) |
|
(5.1 |
) |
||
Other |
30.4 |
|
|
0.1 |
|
||
Change in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
14.0 |
|
|
56.5 |
|
||
Net settlement assets and obligations |
(12.2 |
) |
|
(41.1 |
) |
||
Customer incentives |
(7.3 |
) |
|
(7.2 |
) |
||
Prepaid and other assets |
(22.9 |
) |
|
(7.0 |
) |
||
Accounts payable and accrued expenses |
(17.1 |
) |
|
(8.5 |
) |
||
Other liabilities |
(28.2 |
) |
|
(3.2 |
) |
||
Net cash provided by operating activities |
84.1 |
|
|
134.4 |
|
||
Investing Activities: |
|
|
|
||||
Purchases of property and equipment |
(34.1 |
) |
|
(27.9 |
) |
||
Acquisition of customer portfolios and related assets and other |
(37.1 |
) |
|
(4.3 |
) |
||
Proceeds from foreign currency forward |
71.5 |
|
|
- |
|
||
Cash acquired in acquisitions, net of cash used |
1,405.8 |
|
|
- |
|
||
Net cash provided by (used in) investing activities |
1,406.1 |
|
|
(32.2 |
) |
||
Financing Activities: |
|
|
|
||||
Proceeds from issuance of long-term debt |
2,140.0 |
|
|
- |
|
||
Repayment of debt and capital lease obligations |
(1,662.2 |
) |
|
(35.6 |
) |
||
Borrowings on revolving credit facility |
1,476.0 |
|
|
570.0 |
|
||
Repayment of revolving credit facility |
(1,701.0 |
) |
|
(570.0 |
) |
||
Payment of debt issuance costs |
(86.8 |
) |
|
(1.1 |
) |
||
Proceeds from issuance of Class A common stock under employee stock plans |
7.6 |
|
|
6.6 |
|
||
Repurchase of Class A common stock (to satisfy tax withholding obligations) |
(11.2 |
) |
|
(5.7 |
) |
||
Settlement of certain tax receivable agreements |
(25.6 |
) |
|
(15.1 |
) |
||
Payments under tax receivable agreements |
(55.3 |
) |
|
(46.5 |
) |
||
Distributions to non-controlling interests |
(5.6 |
) |
|
(5.8 |
) |
||
Net cash provided by (used in) financing activities |
75.9 |
|
|
(103.2 |
) |
||
Net increase (decrease) in cash and cash equivalents |
1,566.1 |
|
|
(1.0 |
) |
||
Cash and cash equivalents-Beginning of period |
1,272.2 |
|
|
139.1 |
|
||
Effect of exchange rate changes on cash |
31.1 |
|
|
- |
|
||
Cash and cash equivalents-End of period |
$ |
2,869.4 |
|
|
$ |
138.1 |
|
Cash Payments: |
|
|
|
||||
Interest |
$ |
58.2 |
|
|
$ |
27.5 |
|
Income taxes |
0.6 |
|
|
0.3 |
|
Schedule 6
Reconciliation of GAAP Net Income to Adjusted EBITDA
(Unaudited)
(in millions)
|
|
Three Months Ended |
|
|
|||||||
|
|
March 31, |
|
March 31, |
|
|
|||||
|
|
2018 |
|
2017 |
|
% Change |
|||||
Net (loss) income |
|
$ |
(98.3 |
) |
|
$ |
35.3 |
|
|
(379 |
)% |
Income tax expense(1) |
|
(13.2 |
) |
|
5.2 |
|
|
(354 |
)% |
||
Non-operating expenses(2) |
|
8.6 |
|
|
4.1 |
|
|
109 |
% |
||
Interest expense-net |
|
75.2 |
|
|
29.2 |
|
|
158 |
% |
||
Share-based compensation |
|
17.2 |
|
|
10.6 |
|
|
62 |
% |
||
Transition, acquisition and integration costs(3) |
|
177.4 |
|
|
49.5 |
|
|
258 |
% |
||
Depreciation and amortization |
|
207.2 |
|
|
76.1 |
|
|
172 |
% |
||
Adjusted EBITDA |
|
$ |
374.1 |
|
|
$ |
210.0 |
|
|
78 |
% |
Non-GAAP Financial Measures
This schedule presents adjusted EBITDA, which is an important financial performance measure for the Company, but is not a financial measure as defined by GAAP. Such financial measure should not be considered as an alternative to GAAP net income, and such measure may not be comparable to those reported by other companies.
|
(1) See note (3) in Schedule 1.
(2) See note (4) in Schedule 2.
(3) See note (3) in Schedule 2.
Schedule 7
Outlook Summary
(Unaudited)
|
Second Quarter Financial Outlook |
|
Full Year Financial Outlook |
||||||||
|
Three Months Ended June 30, |
|
Year Ended December 31, |
||||||||
|
2018 Outlook(1) |
|
2017 Actual(2) |
|
2018 Outlook(1) |
|
2017 Actual(2) |
||||
GAAP net income per share attributable to Worldpay, Inc. |
$0.22 - $0.29 |
|
$ |
0.42 |
|
|
$0.53 - $0.75 |
|
$ |
0.80 |
|
Adjustments to reconcile GAAP to non-GAAP adjusted net income per share(3) |
$0.71 - $0.67 |
|
$ |
0.41 |
|
|
$3.18 - $3.06 |
|
$ |
2.57 |
|
Adjusted net income per share |
$0.93 - $0.96 |
|
$ |
0.83 |
|
|
$3.71 - $3.81 |
|
$ |
3.37 |
|
Non-GAAP and Adjusted Financial Measures
This schedule presents non-GAAP and adjusted financial measures, which are important financial performance measures for the Company, but are not financial measures as defined by GAAP. Such financial measures should not be considered as alternatives to GAAP, and such measures may not be comparable to those reported by other companies.
|
The Company adopted ASC 606, effective
(1) Combined company guidance excludes Worldpay Group plc EPS contribution for the period prior to the acquisition closing from
(2) 2017 actuals include
(3) Represents estimated ranges of adjustments for the following items: (a) acquisition and integration costs incurred in connection with our acquisitions, charges related to employee termination benefits and other transition activities; (b) share-based compensation; (c) amortization of intangible assets acquired in business combinations and customer portfolio and related asset acquisitions; (d) non-operating expenses, (f) adjustments to income tax expense to reflect an effective tax rate based on tax reform and our new tax structure for the three months ended June 30, 2018 and the full year 2018, which includes the impact of the excess tax benefit relating to stock compensation as a result of the Company adopting the new stock compensation accounting guidance in 2017, assuming conversion of the Fifth Third Bank non-controlling interests into shares of Class A common stock, including the tax effect of adjustments described above; and (g) tax benefits due to the amortization of intangible assets and other tax attributes resulting from or acquired with our acquisitions, and to the tax basis step up associated with our separation from Fifth Third Bank and the purchase or exchange of Class B units of Vantiv Holding, net of payment obligations under tax receivable agreements.
This information is provided by RNS