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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
FORM 10-Q
 
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
or
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   No 
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   No 
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
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
Emerging growth company
 
 
 
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes   No 
As of June 30, 2019, there were 311,377,774 shares of the registrant’s Class A common stock outstanding.

 
 
 
 
 
 
 
 
 
 


Table of Contents



WORLDPAY, INC.
FORM 10-Q
 
For the Quarterly Period Ended June 30, 2019
 
TABLE OF CONTENTS
 
 
Page
 
 

2
 
 
 

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NOTE REGARDING FORWARD-LOOKING STATEMENTS
 
This Quarterly Report on Form 10-Q, including the sections entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors,” contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, our objectives for future operations, and any statements of a general economic or industry specific nature, are forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “continue,” “could,” “should,” “can have,” “likely,” or the negative or plural of these words and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe, based on information currently available to our management, may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in the “Risk Factors” section of this report. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.
 
You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations and assumptions reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We undertake no obligation to publicly update any forward-looking statement after the date of this report, whether as a result of new information, future developments or otherwise, or to conform these statements to actual results or revised expectations, except as may be required by law.


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PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Worldpay, Inc.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Unaudited
(In millions, except share data)
 


 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Revenue
 
$
1,073.0

 
$
1,006.8

 
$
2,043.0

 
$
1,857.5

Sales and marketing
 
304.0

 
283.4

 
594.9

 
549.4

Other operating costs
 
173.5

 
185.5

 
354.5

 
340.6

General and administrative
 
105.6

 
136.8

 
233.0

 
386.9

Depreciation and amortization
 
253.4

 
287.9

 
517.8

 
495.1

Income (loss) from operations
 
236.5

 
113.2

 
342.8

 
85.5

Interest expense—net
 
(69.2
)
 
(79.9
)
 
(141.3
)
 
(155.1
)
Non-operating income (expense)
 
(4.2
)
 
(22.0
)
 
(0.7
)
 
(30.6
)
Income (loss) before applicable income taxes
 
163.1

 
11.3

 
200.8

 
(100.2
)
Income tax expense (benefit)
 
18.6

 
12.8

 
18.2

 
(0.4
)
Net income (loss)
 
144.5

 
(1.5
)
 
182.6

 
(99.8
)
Less: Net income attributable to non-controlling interests
 
(1.2
)
 
(1.4
)
 
(2.9
)
 
(0.7
)
Net income (loss) attributable to Worldpay, Inc.
 
$
143.3

 
$
(2.9
)
 
$
179.7

 
$
(100.5
)
Net income (loss) per share attributable to Worldpay, Inc. Class A common stock:
 
 
 
 
 
 
 
 
Basic
 
$
0.46

 
$
(0.01
)
 
$
0.59

 
$
(0.35
)
Diluted
 
$
0.46

 
$
(0.01
)
 
$
0.58

 
$
(0.35
)
Shares used in computing net income (loss) per share of Class A common stock:
 
 
 
 
 
 
 
 

Basic
 
311,029,474

 
296,204,304

 
306,562,681

 
284,868,484

Diluted
 
313,083,818

 
296,204,304

 
312,834,187

 
284,868,484



See Notes to Unaudited Consolidated Financial Statements.


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Worldpay, Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Unaudited
(In millions)
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Net income (loss)
 
$
144.5

 
$
(1.5
)
 
$
182.6

 
$
(99.8
)
Other comprehensive income (loss), net of tax:
 
 

 
 

 
 

 
 

Gain (loss) on hedging activities and foreign currency translation
 
(236.5
)
 
(70.2
)
 
(66.2
)
 
(48.2
)
Comprehensive income (loss)
 
(92.0
)
 
(71.7
)
 
116.4

 
(148.0
)
Less: Comprehensive (income) attributable to non-controlling interests
 
(1.2
)
 
1.4

 
(10.9
)
 
1.0

Comprehensive income (loss) attributable to Worldpay, Inc.
 
$
(93.2
)
 
$
(70.3
)
 
$
105.5

 
$
(147.0
)
 
See Notes to Unaudited Consolidated Financial Statements.


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Worldpay, Inc.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Unaudited
(In millions, except share data) 
 
June 30,
2019
 
December 31,
2018
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
288.6

 
$
196.5

Accounts receivable—net
1,681.0

 
1,694.8

Settlement assets and merchant float
5,126.8

 
3,132.3

Prepaid expenses
91.5

 
80.0

Other
567.6

 
526.1

Total current assets
7,755.5

 
5,629.7

  Property, equipment and software—net
1,105.5

 
1,074.1

  Intangible assets—net
2,740.9

 
3,127.8

  Goodwill
14,100.3

 
14,137.9

  Deferred taxes
1,176.2

 
789.9

  Other assets
219.0

 
129.1

Total assets
$
27,097.4

 
$
24,888.5

Liabilities and equity
 

 
 

Current liabilities:
 

 
 

Accounts payable and accrued expenses
$
1,276.8


$
1,188.7

Settlement obligations
5,918.5

 
3,723.6

Current portion of notes payable
218.5


225.7

Current portion of tax receivable agreement obligations
28.5


73.1

Deferred income
30.2

 
25.1

Current maturities of finance lease obligations
20.0

 
22.7

Other
658.2

 
630.3

Total current liabilities
8,150.7

 
5,889.2

Long-term liabilities:
 

 
 

Notes payable
6,944.0

 
7,622.1

Tax receivable agreement obligations
890.2

 
590.8

Finance lease obligations
24.3

 
34.3

Deferred taxes
345.1

 
473.7

Other
197.3

 
74.4

Total long-term liabilities
8,400.9

 
8,795.3

Total liabilities
16,551.6

 
14,684.5

Commitments and contingencies (See Note 9 - Commitments, Contingencies and Guarantees)


 

Equity:
 

 
 

Class A common stock, $0.00001 par value; 890,000,000 shares authorized; 311,377,774 shares outstanding at June 30, 2019 and 300,454,590 shares outstanding at December 31, 2018

 

Class B common stock, no par value; 100,000,000 shares authorized; no shares issued and outstanding at June 30, 2019 and 10,252,826 shares issued and outstanding at December 31, 2018

 

Preferred stock, $0.00001 par value; 10,000,000 shares authorized; no shares issued and outstanding

 

Paid-in capital
10,713.2

 
10,135.3

Retained earnings
772.8

 
593.1

Accumulated other comprehensive loss
(805.4
)
 
(731.2
)
Treasury stock, at cost; 3,573,751 shares at June 30, 2019 and 3,574,553 shares at December 31, 2018
(145.4
)
 
(142.8
)
Total Worldpay, Inc. equity
10,535.2

 
9,854.4

Non-controlling interests
10.6

 
349.6

Total equity
10,545.8

 
10,204.0

Total liabilities and equity
$
27,097.4

 
$
24,888.5


See Notes to Unaudited Consolidated Financial Statements.

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Worldpay, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
(In millions)
 
Six Months Ended June 30,
 
2019
 
2018
Operating Activities:
 

 
 

Net income (loss)
$
182.6

 
$
(99.8
)
Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 

Depreciation and amortization expense
517.8

 
495.1

Amortization of customer incentives
15.1

 
12.6

Amortization and write-off of debt issuance costs
1.9

 
72.9

Gain on foreign currency forward

 
(35.9
)
Share-based compensation expense
57.6

 
56.2

Deferred tax (benefit) expense
(28.6
)
 
27.3

Tax receivable agreements non-cash items
(3.4
)
 
(6.4
)
Other
(1.5
)
 
1.2

Change in operating assets and liabilities:
 
 
 
Accounts receivable
9.1

 
(50.3
)
Net settlement assets and obligations
20.6

 
105.7

Prepaid and other assets
19.4

 
(33.4
)
Accounts payable and accrued expenses
113.4

 
(159.6
)
Other liabilities
31.5

 
(6.8
)
Net cash provided by operating activities
935.5

 
378.8

Investing Activities:
 

 
 

Purchases of property and equipment
(175.5
)
 
(103.1
)
Acquisition of customer portfolios and related assets and other
(12.7
)
 
(51.1
)
Purchase of interest rate caps

 
(8.1
)
Proceeds from foreign currency forward

 
71.5

Cash acquired in acquisitions, net of cash used

 
1,405.8

Other
9.1

 

Net cash (used in) provided by investing activities
(179.1
)
 
1,315.0

Financing Activities:
 

 
 

Proceeds from issuance of long-term debt

 
2,951.8

Borrowings on revolving credit facility
4,204.0

 
2,598.0

Repayment of revolving credit facility
(4,254.0
)
 
(2,823.0
)
Repayment of debt and finance lease obligations
(643.5
)
 
(2,590.3
)
Payment of debt issuance costs

 
(91.1
)
Proceeds from issuance of Class A common stock under employee stock plans
16.7

 
14.9

Repurchase of Class A common stock (to satisfy tax withholding obligations)
(20.0
)
 
(11.7
)
Settlement and payments under certain tax receivable agreements
(69.7
)
 
(140.6
)
Distributions to non-controlling interests
(3.3
)
 
(6.4
)
Net cash provided by (used in) financing activities
(769.8
)
 
(98.4
)
Net (decrease) increase in cash and cash equivalents
(13.4
)
 
1,595.4

Cash and cash equivalents—Beginning of period
2,581.3

 
1,272.2

Effect of exchange rate changes on cash
(18.7
)
 
(139.2
)
Cash and cash equivalents—End of period
$
2,549.2

 
$
2,728.4

Cash Payments:
 

 
 

Interest
$
125.3

 
$
149.3

Income taxes
22.6

 
6.2

Non-cash Items:
 
 
 
Issuance of tax receivable agreements
$
327.9

 
$
120.9


See Notes to Unaudited Consolidated Financial Statements.


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Worldpay, Inc.
CONSOLIDATED STATEMENT OF EQUITY
Unaudited
(In millions)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
Common Stock
 
 
 
 
 
 
 
 
 
Other
 
Non-
 
Total
 
Class A
 
Class B
 
Treasury Stock
 
Paid-in
 
Retained
 
Comprehensive
 
Controlling
 
Equity
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Capital
 
Earnings
 
Income (Loss)
 
Interests
Beginning Balance, April 1, 2019
$
10,611.9

 
311.2

 
$

 

 
$

 
3.6

 
$
(138.7
)
 
$
10,679.6

 
$
629.5

 
$
(568.9
)
 
$
10.4

Net income
144.5

 

 

 

 

 

 

 

 
143.3

 

 
1.2

Issuance of Class A common stock under employee benefit trust and employee benefit plans, net of forfeitures
9.7

 
0.2

 

 

 

 

 
0.5

 
9.2

 

 

 

Repurchase of Class A common stock (including to satisfy tax withheld obligation)
(7.2
)
 

 

 

 

 

 
(7.2
)
 

 

 

 

Issuance of Class A common stock and cancellation of Class B common stock in connection with Fifth Third Stock sale

 

 

 

 

 

 

 

 

 

 

Issuance of tax receivable agreements

 

 

 

 

 

 

 

 

 

 

Unrealized gain on hedging activities and foreign currency translation, net of tax
(236.5
)
 

 

 

 

 

 

 

 

 
(236.5
)
 

Distribution to non-controlling interests
(1.0
)
 

 

 

 

 

 

 

 

 

 
(1.0
)
Share-based compensation
24.4

 

 

 

 

 

 

 
24.4

 

 

 

Reallocation of non-controlling interests of Worldpay Holding due to change in ownership

 

 

 

 

 

 

 

 

 

 

Ending Balance, June 30 2019
$
10,545.8

 
311.4

 
$

 

 
$

 
3.6

 
$
(145.4
)
 
$
10,713.2

 
$
772.8

 
$
(805.4
)
 
$
10.6


See Notes to Unaudited Consolidated Financial Statements.


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Worldpay, Inc.
CONSOLIDATED STATEMENT OF EQUITY
Unaudited
(In millions)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
Common Stock
 
 
 
 
 
 
 
 
 
Other
 
Non-
 
Total
 
Class A
 
Class B
 
Treasury Stock
 
Paid-in
 
Retained
 
Comprehensive
 
Controlling
 
Equity
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Capital
 
Earnings
 
Income (Loss)
 
Interests
Beginning Balance, January 1, 2019
$
10,204.0

 
300.5

 
$

 
10.3

 
$

 
3.6

 
$
(142.8
)
 
$
10,135.3

 
$
593.1

 
$
(731.2
)
 
$
349.6

Net income
182.6

 

 

 

 

 

 

 

 
179.7

 

 
2.9

Issuance of Class A common stock under employee benefit trust and employee benefit plans, net of forfeitures
16.7

 
0.8

 

 

 

 
(0.2
)
 
17.4

 
(0.7
)
 

 

 

Repurchase of Class A common stock (including to satisfy tax withheld obligation)
(20.0
)
 
(0.2
)
 

 

 

 
0.2

 
(20.0
)
 

 

 

 

Issuance of Class A common stock and cancellation of Class B common stock in connection with Fifth Third Stock sale

 
10.3

 

 
(10.3
)
 

 

 

 

 

 

 

Issuance of tax receivable agreements
174.9

 

 

 

 

 

 

 
174.9

 

 

 

Unrealized gain on hedging activities and foreign currency translation, net of tax
(66.2
)
 

 

 

 

 

 

 

 

 
(74.2
)
 
8.0

Distribution to non-controlling interests
(3.3
)
 

 

 

 

 

 

 

 

 

 
(3.3
)
Share-based compensation
57.1

 

 

 

 

 

 

 
56.3

 

 

 
0.8

Reallocation of non-controlling interests of Worldpay Holding due to change in ownership

 

 

 

 

 

 

 
347.4

 

 

 
(347.4
)
Ending Balance, June 30 2019
$
10,545.8

 
311.4

 
$

 

 
$

 
3.6

 
$
(145.4
)
 
$
10,713.2

 
$
772.8

 
$
(805.4
)
 
$
10.6


See Notes to Unaudited Consolidated Financial Statements.


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Worldpay, Inc.
CONSOLIDATED STATEMENT OF EQUITY
Unaudited
(In millions)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
Common Stock
 
 
 
 
 
 
 
 
 
Other
 
Non-
 
Total
 
Class A
 
Class B
 
Treasury Stock
 
Paid-in
 
Retained
 
Comprehensive
 
Controlling
 
Equity
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Capital
 
Earnings
 
Income (Loss)
 
Interests
Beginning Balance, April 1, 2018
$
10,992.2

 
297.4

 
$

 
15.3

 
$

 
3.0

 
$
(95.0
)
 
$
10,030.8

 
$
482.7

 
$
23.8

 
$
549.9

Cumulative effect of accounting change

 

 

 

 

 

 

 

 

 

 

Net loss
(1.5
)
 

 

 

 

 

 

 

 
(2.9
)
 

 
1.4

Issuance of Class A common stock for acquisition
(64.6
)
 
(0.8
)
 

 

 

 
0.8

 
(64.6
)
 

 

 

 

Issuance of Class A common stock under employee stock plans, net of forfeitures
7.3

 
0.2

 

 

 

 

 

 
7.3

 

 

 

Issuance of Class A common stock under employee benefit trust

 

 

 

 

 

 
1.5

 
(1.5
)
 

 

 

Repurchase of Class A common stock (including to satisfy taxes withheld obligation)
(0.5
)
 

 

 

 

 

 
(0.5
)
 

 

 

 

Issuance of Class A common stock and cancellation of Class B common stock in connection with Fifth Third Stock Sale

 
5.0

 

 
(5.0
)
 

 

 

 

 

 

 

Issuance of tax receivable agreements
(33.9
)
 

 

 

 

 

 

 
(33.9
)
 

 

 

Settlement of certain tax receivable agreements
7.6

 

 

 

 

 

 

 
7.6

 

 

 

Unrealized loss on hedging activities and foreign currency translation, net of tax
(70.2
)
 

 

 

 

 

 

 

 

 
(67.4
)
 
(2.8
)
Distribution to non-controlling interests
(0.8
)
 

 

 

 

 

 

 

 

 

 
(0.8
)
Share-based compensation
39.0

 

 

 

 

 

 

 
37.1

 

 

 
1.9

Reallocation of non-controlling interests of Worldpay Holding due to change in ownership

 

 

 

 

 

 

 
177.0

 

 

 
(177.0
)
Ending Balance, June 30, 2018
$
10,874.6

 
301.8

 
$

 
10.3

 
$

 
3.8

 
$
(158.6
)
 
$
10,224.4

 
$
479.8

 
$
(43.6
)
 
$
372.6


See Notes to Unaudited Consolidated Financial Statements.






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Worldpay, Inc.
CONSOLIDATED STATEMENT OF EQUITY
Unaudited
(In millions)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
Common Stock
 
 
 
 
 
 
 
 
 
Other
 
Non-
 
Total
 
Class A
 
Class B
 
Treasury Stock
 
Paid-in
 
Retained
 
Comprehensive
 
Controlling
 
Equity
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Capital
 
Earnings
 
Income (Loss)
 
Interests
Beginning Balance, January 1, 2018
$
600.6

 
162.6

 
$

 
15.3

 
$

 
2.9

 
$
(83.8
)
 
$
55.4

 
$
558.0

 
$
2.9

 
$
68.1

Cumulative effect of accounting change
22.3

 

 

 

 

 

 

 

 
22.3

 

 

Net loss
(99.8
)
 

 

 

 

 

 

 

 
(100.5
)
 

 
0.7

Issuance of Class A common stock for acquisition
10,364.8

 
133.6

 

 

 

 
0.8

 
(64.6
)
 
10,429.4

 

 

 

Issuance of Class A common stock under employee stock plans, net of forfeitures
14.9

 
0.7

 

 

 

 

 

 
14.9

 

 

 

Issuance of Class A common stock under employee benefit trust

 

 

 

 

 

 
1.5

 
(1.5
)
 

 

 

Repurchase of Class A common stock (including to satisfy taxes withheld obligation)
(11.7
)
 
(0.1
)
 

 

 

 
0.1