Alliance Data Reports Second Quarter 2019 Results
Melisa Miller, president and chief executive officer of Alliance Data, commented, "We continued to execute on our business transformation in the second quarter and made progress on delivering our strategic plan to lead the market in the convergence of payments, data and marketing. We acquired several client portfolios aggregating over $900 million in June, which were expected to occur later in the year. While this pull-forward supports our receivables growth projections for the year, the impact of the provision build post-acquisition reduced second quarter core EPS. The Epsilon divestiture underscores our stated commitments to move toward a more simplified and focused business model with the goal of returning to our more traditional growth profile." Miller continued, "In addition to my new role, Tim King, former CFO of our Card Services business, has succeeded Charles Horn as Alliance Data's CFO. In addition to the results presented in accordance with generally accepted accounting principles, or GAAP, the Company may present financial measures that are non-GAAP measures, such as constant currency financial measures, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA, net of funding costs, core earnings and core earnings per diluted share (core EPS).