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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from          to          

Commission File Number: 001-15749

ALLIANCE DATA SYSTEMS CORPORATION

(Exact name of registrant as specified in its charter)

GRAPHIC

Delaware

31-1429215

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

3075 Loyalty Circle

Columbus, Ohio 43219

(Address of principal executive office, including zip code)

(614729-4000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common stock, par value $0.01 per share

ADS

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required 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 þ     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 þ     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 the 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 þ     

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 þ

As of July 23, 2021, 49,755,996 shares of common stock were outstanding.

ALLIANCE DATA SYSTEMS CORPORATION

INDEX

    

    

Page
Number

Part I:  FINANCIAL INFORMATION

Item 1.

Financial Statements (unaudited)

Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020

3

Condensed Consolidated Statements of Income for the three and six months ended June 30, 2021 and 2020

4

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2021 and 2020

5

Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2021 and 2020

6

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020

8

Notes to Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

36

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

47

Item 4.

Controls and Procedures

47

Part II:  OTHER INFORMATION

Item 1.

Legal Proceedings

48

Item 1A.

Risk Factors

48

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

49

Item 3.

Defaults Upon Senior Securities

49

Item 4.

Mine Safety Disclosures

49

Item 5.

Other Information

49

Item 6.

Exhibits

50

SIGNATURES

53

2

PART I

Item 1.  Financial Statements.

ALLIANCE DATA SYSTEMS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, 

December 31, 

    

2021

    

2020

(in millions, except per share amounts)

ASSETS

Cash and cash equivalents

$

3,001.9

$

3,081.5

Accounts receivable, net, less allowance for doubtful accounts ($6.3 million and $4.0 million at June 30, 2021 and December 31, 2020, respectively)

 

369.0

 

383.8

Credit card and loan receivables:

Credit card and loan receivables – restricted for securitization investors

 

10,419.8

 

11,208.5

Other credit card and loan receivables

 

5,304.0

 

5,575.9

Total credit card and loan receivables

 

15,723.8

 

16,784.4

Allowance for loan loss

 

(1,635.3)

 

(2,008.0)

Credit card and loan receivables, net

 

14,088.5

 

14,776.4

Inventories, net

162.3

164.3

Other current assets

 

541.4

 

534.9

Redemption settlement assets, restricted

 

745.1

 

693.5

Total current assets

 

18,908.2

 

19,634.4

Property and equipment, net

 

295.4

 

310.9

Right of use assets - operating

215.3

233.2

Deferred tax asset, net

 

336.9

 

359.2

Intangible assets, net

 

69.6

 

81.7

Goodwill

 

1,359.3

 

1,369.6

Other non-current assets

 

627.7

 

558.1

Total assets

$

21,812.4

$

22,547.1

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable

$

351.8

$

328.2

Accrued expenses

 

367.6

 

444.7

Current operating lease liabilities

21.8

23.6

Current portion of deposits

 

6,964.2

 

6,553.9

Current portion of non-recourse borrowings of consolidated securitization entities

 

1,561.2

 

1,850.7

Current portion of long-term and other debt

 

101.5

 

101.4

Other current liabilities

 

259.7

 

220.9

Deferred revenue

 

942.2

 

898.5

Total current liabilities

 

10,570.0

 

10,421.9

Deferred revenue

 

100.6

 

105.5

Long-term operating lease liabilities

259.2

276.4

Deposits

 

2,655.6

 

3,238.7

Non-recourse borrowings of consolidated securitization entities

 

3,042.1

 

3,859.2

Long-term and other debt

 

2,658.6

 

2,704.3

Other liabilities

 

478.4

 

419.5

Total liabilities

 

19,764.5

 

21,025.5

Commitments and contingencies (Note 14)

Stockholders’ equity:

Common stock, $0.01 par value; authorized, 200.0 million shares; issued, 117.1 million shares at each of June 30, 2021 and December 31, 2020

 

1.2

 

1.2

Additional paid-in capital

 

3,442.9

 

3,427.2

Treasury stock, at cost, 67.4 million shares at each of June 30, 2021 and December 31, 2020

 

(6,733.9)

 

(6,733.9)

Retained earnings

 

5,370.8

 

4,832.1

Accumulated other comprehensive loss

 

(33.1)

 

(5.0)

Total stockholders’ equity

 

2,047.9

 

1,521.6

Total liabilities and stockholders’ equity

$

21,812.4

$

22,547.1

See accompanying notes to unaudited condensed consolidated financial statements.

3

ALLIANCE DATA SYSTEMS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2021

    

2020

    

2021

    

2020

(in millions, except per share amounts)

Revenues

Services

$

20.7

$

37.9

$

60.0

$

84.5

Redemption, net

 

78.8

 

84.7

 

183.7

 

205.6

Finance charges, net

 

912.9

 

856.7

 

1,853.6

 

2,071.0

Total revenue

 

1,012.4

 

979.3

 

2,097.3

 

2,361.1

Operating expenses

Cost of operations (exclusive of depreciation and amortization disclosed separately below)

 

494.5

 

492.8

 

992.0

 

992.1

Provision for loan loss

(14.1)

250.1

19.3

906.0

General and administrative

 

27.2

 

20.4

 

44.1

 

44.3

Depreciation and other amortization

 

20.0

 

20.3

 

42.8

 

37.7

Amortization of purchased intangibles

 

11.5

 

21.0

 

22.7

 

42.4

Total operating expenses

 

539.1

 

804.6

 

1,120.9

 

2,022.5

Operating income

 

473.3

 

174.7

 

976.4

 

338.6

Interest expense

Securitization funding costs

 

30.4

 

42.7

 

64.0

 

92.6

Interest expense on deposits

 

41.8

 

58.9

 

87.3

 

119.2

Interest expense on long-term and other debt, net

 

29.5

 

26.1

 

59.0

 

54.4

Total interest expense, net

 

101.7

 

127.7

 

210.3

 

266.2

Income before income taxes

371.6

47.0

766.1

72.4

Provision for income taxes

 

98.1

 

8.6

 

206.4

 

4.0

Net income

$

273.5

$

38.4

$

559.7

$

68.4

Net income per share (Note 3):

Basic

$

5.50

$

0.81

$

11.26

$

1.44

Diluted

$

5.47

$

0.81

$

11.21

$

1.43

Weighted average shares (Note 3):

Basic

 

49.7

 

47.6

 

49.7

 

47.6

Diluted

 

50.0

 

47.7

 

49.9

 

47.7

See accompanying notes to unaudited condensed consolidated financial statements.

4

ALLIANCE DATA SYSTEMS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2021

    

2020

    

2021

    

2020

(in millions)

Net income

$

273.5

$

38.4

$

559.7

$

68.4

Other comprehensive income (loss):

Unrealized (loss) gain on securities available-for-sale 

(1.7)

13.5

(10.7)

16.1

Tax benefit (expense)

0.5

(0.1)

1.2

(1.1)

Unrealized (loss) gain on securities available-for-sale, net of tax 

 

(1.2)

 

13.4

 

(9.5)

 

15.0

Unrealized (loss) gain on cash flow hedges

(0.2)

(1.1)

0.9

(0.7)

Tax benefit (expense)

0.1

0.3

(0.1)

0.2

Unrealized (loss) gain on cash flow hedges, net of tax

(0.1)

(0.8)

0.8

(0.5)

Foreign currency translation adjustments (inclusive of deconsolidation of $3.8 million for the six months ended June 30, 2020 related to the sale of a business)

 

10.5

 

18.0

 

(19.4)

 

(2.1)

Other comprehensive income (loss), net of tax

 

9.2

 

30.6

 

(28.1)

 

12.4

Total comprehensive income, net of tax

$

282.7

$

69.0

$

531.6

$

80.8

See accompanying notes to unaudited condensed consolidated financial statements.

5

ALLIANCE DATA SYSTEMS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Accumulated

Additional

Other

Total

Common Stock

Paid-In

Treasury

Retained

Comprehensive

Stockholders’

Three Months Ended June 30, 2021

    

Shares

    

Amount

    

Capital

    

Stock

    

Earnings

    

Loss

    

Equity

(in millions)

Balance at April 1, 2021

 

117.1

$

1.2

$

3,431.3

$

(6,733.9)

$

5,108.0

$

(42.3)

$

1,764.3

Net income

 

273.5

 

273.5

Other comprehensive income

 

9.2

9.2

Stock-based compensation

 

9.2

9.2

Dividends and dividend equivalent rights declared ($0.21 per common share)

(10.7)

(10.7)

Other

 

2.4

2.4

Balance at June 30, 2021

 

117.1

$

1.2

$

3,442.9

$

(6,733.9)

$

5,370.8

$

(33.1)

$

2,047.9

Accumulated

Additional

Other

Total

Common Stock

Paid-In

Treasury

Retained

Comprehensive

Stockholders’

Three Months Ended June 30, 2020

    

Shares

    

Amount

    

Capital

    

Stock

    

Earnings

    

Loss

    

Equity

(in millions)

Balance at April 1, 2020

 

115.0

$

1.2

$

3,259.7

$

(6,733.9)

$

4,678.8

$

(118.1)

$

1,087.7

Net income

 

 

 

 

 

38.4

 

 

38.4

Other comprehensive income

30.6

30.6

Stock-based compensation

6.2

6.2

Dividends and dividend equivalent rights declared ($0.21 per common share)

(10.1)

(10.1)

Other

0.1

1.8

1.8

Balance at June 30, 2020

115.1

$

1.2

$

3,267.7

$

(6,733.9)

$

4,707.1

$

(87.5)

$

1,154.6

See accompanying notes to unaudited condensed consolidated financial statements.

6

ALLIANCE DATA SYSTEMS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY – (CONTINUED)

Accumulated

Additional

Other

Total

Common Stock

Paid-In

Treasury

Retained

Comprehensive

Stockholders’

Six Months Ended June 30, 2021

    

Shares

    

Amount

    

Capital

    

Stock

    

Earnings

    

Loss

    

Equity

(in millions)

Balance at December 31, 2020

 

117.1

$

1.2

$

3,427.2

$

(6,733.9)

$

4,832.1

$

(5.0)

$

1,521.6

Net income

 

559.7

 

559.7

Other comprehensive loss

 

(28.1)

 

(28.1)

Stock-based compensation

 

16.0

 

16.0

Dividends and dividend equivalent rights declared ($0.21 per common share)

(21.0)

 

(21.0)

Other

 

(0.3)

(0.3)

Balance at June 30, 2021

 

117.1

$

1.2

$

3,442.9

$

(6,733.9)

$

5,370.8

$

(33.1)

$

2,047.9

Accumulated

Additional

Other

Total

Common Stock

Paid-In

Treasury

Retained

Comprehensive

Stockholders’

Six Months Ended June 30, 2020

    

Shares

    

Amount

    

Capital

    

Stock

    

Earnings

    

Loss

    

Equity

(in millions)

Balance at December 31, 2019

 

115.0

$

1.1

$

3,257.7

$

(6,733.9)

$

5,163.3

$

(99.9)

$

1,588.3

Net income

 

68.4

 

68.4

Cumulative effect adjustment to retained earnings in accordance with ASU 2016-13

(485.0)

 

(485.0)

Other comprehensive income

12.4

 

12.4

Stock-based compensation

11.0

 

11.0

Dividends and dividend equivalent rights declared ($0.63 per common share for the three months ended March 31, 2020 and $0.21 per common share for the three months ended June 30, 2020)

(39.6)

 

(39.6)

Other

0.1

0.1

(1.0)

(0.9)

Balance at June 30, 2020

115.1

$

1.2

$

3,267.7

$

(6,733.9)

$

4,707.1

$

(87.5)

$

1,154.6

See accompanying notes to unaudited condensed consolidated financial statements.

7

ALLIANCE DATA SYSTEMS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended

June 30, 

    

2021

    

2020

(in millions)

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$

559.7

$

68.4

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

 

65.5

 

80.1

Deferred income taxes

 

22.1

 

131.4

Provision for loan loss

 

19.3

 

906.0

Non-cash stock compensation

 

16.0

 

11.0

Amortization of deferred financing costs

 

16.4

 

18.3

Asset impairment charges

 

 

34.2

Change in other operating assets and liabilities, net of sale of business

(4.9)

(179.8)

Other

 

39.1

 

(2.1)

Net cash provided by operating activities

 

733.2

 

1,067.5

CASH FLOWS FROM INVESTING ACTIVITIES:

Change in redemption settlement assets

 

(41.0)

 

(18.7)

Change in credit card and loan receivables

 

666.2

 

3,053.4

Proceeds from sale of business

 

 

25.4

Proceeds from sale of credit card portfolio

 

289.5

Purchase of credit card portfolio

 

(31.5)

 

Capital expenditures

 

(34.9)

 

(26.1)

Purchases of other investments

 

(60.3)

 

(14.8)

Maturities/sales of other investments

 

34.6

 

31.2

Other

 

1.5

 

0.1

Net cash provided by investing activities

 

534.6

 

3,340.0

CASH FLOWS FROM FINANCING ACTIVITIES:

Borrowings under debt agreements

 

31.0

 

650.0

Repayments of borrowings

 

(81.7)

 

(300.7)

Non-recourse borrowings of consolidated securitization entities

 

2,065.0

 

350.0

Repayments/maturities of non-recourse borrowings of consolidated securitization entities

 

(3,172.9)

 

(2,630.0)

Net decrease in deposits

(176.0)

(936.4)

Payment of deferred financing costs

 

(8.3)

 

(3.0)

Dividends paid

 

(21.1)

 

(40.4)

Other

 

(0.6)

 

(1.1)

Net cash used in financing activities

 

(1,364.6)

 

(2,911.6)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

0.7

 

(2.9)

Change in cash, cash equivalents and restricted cash

 

(96.1)

 

1,493.0

Cash, cash equivalents and restricted cash at beginning of period

 

3,463.2

 

3,958.1

Cash, cash equivalents and restricted cash at end of period

$

3,367.1

$

5,451.1

SUPPLEMENTAL CASH FLOW INFORMATION:

Interest paid

$

204.0

$

276.6

Income taxes paid, net

$

173.3

$

49.9

See accompanying notes to unaudited condensed consolidated financial statements.

8

Index

ALLIANCE DATA SYSTEMS CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The unaudited condensed consolidated financial statements included herein have been prepared by Alliance Data Systems Corporation (“ADSC” or, including its consolidated subsidiaries and variable interest entities (“VIEs”), the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 26, 2021.

The unaudited condensed consolidated financial statements included herein reflect all adjustments (consisting of normal, recurring adjustments) which are, in the opinion of management, necessary to state fairly the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the fiscal year.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (1) the reported amounts of assets; (2) liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and (3) the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Planned Spinoff of the LoyaltyOne segment

In May 2021, the Company announced its intention to spin off its LoyaltyOne segment, comprised of its Canadian AIR MILES® Reward Program and Netherlands-based BrandLoyalty business, into a new, independent, publicly traded company (“SpinCo”) through a distribution of 81% of SpinCo’s shares to the stockholders of ADSC. The transaction is expected to qualify as a tax-free reorganization and a tax-free distribution to the Company and its stockholders for U.S. federal income tax purposes. The spinoff is expected to be completed in the fourth quarter of 2021, subject to market and certain other conditions. At the time of the spinoff, the Company expects to retain a 19% interest in SpinCo and the historical results of the LoyaltyOne segment will be reflected as discontinued operations in the Company’s consolidated financial statements.

Recently Issued Accounting Standards

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts and hedging relationships that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. This ASU is elective and is effective upon issuance for all entities. The Company is evaluating the impact that adoption of ASU 2020-04 will have on its consolidated financial statements.

Recently Adopted Accounting Standards

In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes.” ASU 2019-12 eliminated certain exceptions within Accounting Standards Codification (“ASC”) 740, “Income Taxes,” and clarified certain aspects of ASC 740 to promote consistency among reporting entities. Most amendments within the standard were required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company’s adoption of this standard on January 1, 2021 did not have a material impact on its consolidated financial statements.

9

Index

ALLIANCE DATA SYSTEMS CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

2. REVENUE

The Company’s products and services are reported under two segments—LoyaltyOne and Card Services, as shown below. The following tables present revenue disaggregated by major source:

Corporate/

Three Months Ended June 30, 2021

    

LoyaltyOne

    

Card Services

    

Other

    

Total

(in millions)

Disaggregation of Revenue by Major Source:

Coalition loyalty program

$

68.5

$

$

$

68.5

Short-term loyalty programs

 

76.6

 

 

 

76.6

Servicing fees, net

 

 

(51.4)

 

 

(51.4)

Other

 

2.4

 

 

 

2.4

Revenue from contracts with customers

$

147.5

$

(51.4)

$

$

96.1

Finance charges, net

 

 

912.9

 

 

912.9

Investment income

 

3.4

 

 

 

3.4

Total

$

150.9

$

861.5

$

$

1,012.4

Corporate/

Three Months Ended June 30, 2020

    

LoyaltyOne

    

Card Services

    

Other

    

Total

(in millions)

Disaggregation of Revenue by Major Source:

Coalition loyalty program

$

61.6

$

$

$

61.6

Short-term loyalty programs

 

84.8

 

 

 

84.8

Servicing fees, net

 

 

(28.5)

 

 

(28.5)

Other

 

1.6

 

 

 

1.6

Revenue from contracts with customers

$

148.0

$

(28.5)

$

$

119.5

Finance charges, net

 

 

856.7

 

 

856.7

Investment income

 

3.1

 

 

 

3.1

Total

$

151.1

$

828.2

$

$

979.3

Corporate/

Six Months Ended June 30, 2021

    

LoyaltyOne

    

Card Services

    

Other

    

Total

(in millions)

Disaggregation of Revenue by Major Source:

Coalition loyalty program

$

135.3

$

$

$

135.3

Short-term loyalty programs

 

182.9

 

 

 

182.9

Servicing fees, net

 

 

(83.8)

 

 

(83.8)

Other

 

2.4

 

 

 

2.4

Revenue from contracts with customers

$

320.6

$

(83.8)

$

$

236.8

Finance charges, net

 

 

1,853.6

 

 

1,853.6

Investment income

 

6.9

 

 

 

6.9

Total

$

327.5

$

1,769.8

$

$

2,097.3

10

Index

ALLIANCE DATA SYSTEMS CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

Corporate/

Six Months Ended June 30, 2020

    

LoyaltyOne

    

Card Services

    

Other

    

Total

(in millions)

Disaggregation of Revenue by Major Source:

Coalition loyalty program

$

132.9

$

$

$

132.9

Short-term loyalty programs

 

205.1

 

 

 

205.1

Servicing fees, net

 

 

(59.1)

 

 

(59.1)

Other

 

4.9

 

 

 

4.9

Revenue from contracts with customers

$

342.9

$

(59.1)

$

$

283.8

Finance charges, net

 

 

2,071.0

 

 

2,071.0

Investment income

 

6.3

 

 

 

6.3

Total

$

349.2

$

2,011.9

$

$

2,361.1

The following tables present revenue disaggregated by geographic region based on the location of the subsidiary that generally correlates with the location of the customer:

Corporate/

Three Months Ended June 30, 2021

    

LoyaltyOne

    

Card Services

    

Other

    

Total

(in millions)

Disaggregation of Revenue by Geographic Region:

United States

$

1.5

$

861.5

$

$

863.0

Canada

 

73.6

 

 

 

73.6

Europe, Middle East and Africa

 

52.5

 

 

 

52.5

Asia Pacific

 

19.8

 

 

 

19.8

Other

 

3.5

 

 

 

3.5

Total