Worldpay posts Q4 results

Source: Worldpay

Worldpay, Inc. (NYSE: WP, LSE: WPY) ("Worldpay" or the "Company") today announced financial results for the fourth quarter and full-year ended December 31, 2018.

Worldpay, Inc. was formed on January 16, 2018 through Vantiv, Inc.'s acquisition of Worldpay Group plc. Net revenue for the Company increased 85% in the fourth quarter to $1,050 million as compared to $569 million in Vantiv, Inc.'s prior year period. Had the Company's acquisition of Worldpay Group plc closed on January 1, 2017, net revenue would have increased by 9% on a pro forma basis and by 10% on a pro forma constant currency basis, when excluding $6 million in foreign exchange headwinds. On a GAAP basis, net income per diluted share attributable to Worldpay, Inc. increased to $0.36 as compared to $(0.37) in the prior year period. Adjusted net income per share increased 15% to $1.12 as compared to $0.97 in the prior year period.

"The high rates of organic growth and the continued acceleration in technology solutions shows the power of our strategy," said Charles Drucker, chairman and chief executive officer. "Our strong business fundamentals position us for continued growth in 2019."

Fourth Quarter Adjusted EBITDA
For the fourth quarter, adjusted EBITDA was $531 million or 50.6% of net revenue, representing 110 basis points of adjusted EBITDA margin expansion as compared to Vantiv, Inc. results on a stand-alone basis in the prior year period. Had the Company's acquisition of Worldpay Group plc closed on January 1, 2017, adjusted EBITDA margins would have expanded by 160 basis points on a pro forma basis over the prior year period, including $16 million in cost synergies realized during the quarter.

Full-Year Results
For the full-year 2018, net revenue increased 85% to $3,925 million as compared to $2,123 million in Vantiv Inc.'s prior year. Had the Company's acquisition of Worldpay Group plc closed on January 1, 2017, net revenue would have increased by 10% on a pro forma basis and by 9% on a pro forma constant currency basis, when excluding $36 million in foreign exchange tailwinds. On a GAAP basis, net income per diluted share attributable to Worldpay, Inc. decreased to $0.04 as compared to $0.80 in the prior year period. The reduction in GAAP earnings is primarily due to transition, acquisition and integration costs and intangible amortization incurred in connection with the acquisition of Worldpay Group plc. Adjusted net income per share increased 20% to $4.05 as compared to $3.37 in the prior year period. 

Contributed | what does this mean?
This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

Comments: (0)