MoneyGram 2013 Annual Report Download - page 33

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Table of Contents
RESULTS OF OPERATIONS
The following table is a summary of the results of operations for the years ended December 31 :
NM = Not meaningful
Fee and Other Revenue and Related Commission Expense
The following is a summary of fee and other revenue and related commission expense results for the years ended December 31 :
31
2013
2012
2011
2013 vs
2012
2012 vs
2011
2013 vs 2012
2012 vs 2011
(Amounts in millions)
($)
($)
(%)
(%)
Revenue
Fee and other revenue
$
1,456.8
$
1,328.6
$
1,230.9
$
128.2
$
97.7
10
%
8
%
Investment revenue
17.6
12.6
16.9
5.0
(4.3
)
40
%
(25
)%
Total revenue
1,474.4
1,341.2
1,247.8
133.2
93.4
10
%
7
%
Expenses
Fee and other commissions expense
677.8
599.2
547.6
78.6
51.6
13
%
9
%
Investment commissions expense
0.4
0.3
0.4
0.1
(0.1
)
33
%
(25
)%
Total commissions expense
678.2
599.5
548.0
78.7
51.5
13
%
9
%
Compensation and benefits
264.9
241.6
235.7
23.3
5.9
10
%
3
%
Transaction and operations support
253.7
355.7
227.8
(102.0
)
127.9
(29
)%
56
%
Occupancy, equipment and supplies
49.0
47.7
47.7
1.3
—
3
%
—
%
Depreciation and amortization
50.7
44.3
46.0
6.4
(1.7
)
14
%
(4
)%
Total operating expenses
1,296.5
1,288.8
1,105.2
7.7
183.6
1
%
17
%
Operating income
177.9
52.4
142.6
125.5
(90.2
)
240
%
(63
)%
Other (income) expense
Net securities gains
—
(
10.0
)
(32.8
)
10.0
22.8
(100
)%
70
%
Interest expense
47.3
70.9
86.2
(23.6
)
(15.3
)
(33
)%
(18
)%
Debt extinguishment costs
45.3
—
37.5
45.3
(37.5
)
100
%
(100
)%
Other costs
—
0.4
11.9
(0.4
)
(11.5
)
(100
)%
(97
)%
Total other expense, net
92.6
61.3
102.8
31.3
(41.5
)
51
%
(40
)%
Income (loss) before income taxes
85.3
(8.9
)
39.8
94.2
(48.7
)
NM
NM
Income tax expense (benefit)
32.9
40.4
(19.6
)
(7.5
)
60.0
(19
)%
NM
Net Income (loss)
$
52.4
$
(49.3
)
$
59.4
$
101.7
$
(108.7
)
NM
NM
2013
2012
2011
2013 vs
2012
2012 vs
2011
(Amounts in millions)
Fee and other revenue
$
1,456.8
$
1,328.6
$
1,230.9
10
%
8
%
Fee and other commissions expense
677.8
599.2
547.6
13
%
9
%
Fee and other commissions expense as a % of fee and other revenue
46.5
%
45.1
%
44.5
%