First Data Corp. (NYSE: FDC) has been public for just a few months now, after coming public again. That often leaves a gap for how a company reports earnings versus how analysts and investors value the company. Despite a large loss after items, investors are looking positively on the report.

Monday’s earnings report showed that First Data reported a 3% revenue gain to $2.8 billion for its first quarter — and it would have been up 5% on a constant currency basis. First Data further said that its segment revenue, which was said to modify consolidated revenue for pass-through items and other impacts, was up 2% (or up 5% ex-currency) to $1.7 billion for the quarter.

Adjusted net income was $220 million, or $0.24 per share, as analysts will call it. This was up $185 million from the prior year’s period and was driven by improved operating results and lower interest expense.

Thomson Reuters was calling for $0.23 in adjusted earnings per share and for $1.71 billion in revenues.

As far as why there was a loss on a net reporting basis, this included the impact of $46 million of debt extinguishment charges and $52 million of IPO-triggered stock-based compensation expense. Its net loss attributable to First Data was $56 million, versus a net loss of $112 million in the prior year’s period.

Cash flow from operations was $386 million, versus −$102 million in the prior year period. Free cash flow was $211 million in the current quarter, versus −$310 million in the prior year period. The increase in both measures was said to be attributed to improved operating results and also a $375 million decline in cash interest payments.

Year to date, First Data has refinanced $4.6 billion of the approximately $6 billion in 2018 term loans, extending these maturities into the next decade. Also, First Data extended the maturity of $3.7 billion of its outstanding U.S. dollar denominated term loans from March 2018 to March 2021. First Data now projects that its 2016 full year cash interest expense will be roughly $1.0 billion.

First Data Chairman and CEO Frank Bisignano said:

Our results this quarter, with solid revenue growth, margin expansion and cash generation, were matched by rigorous expense management and a focus on winning new business. While we are pleased to record another quarter of mid-single digit revenue growth, we are engaged on many levels to continually improve our franchise.

The segmented revenue data was seen as follows:

• Global Business Solutions: First-quarter 2016 segment revenue was $955 million, down 1% from the prior year period, or up 2% on a constant currency basis.
• Global Financial Solutions: First-quarter 2016 segment revenue was $386 million, up 8% from the prior year period, or up 12% on a constant currency basis.
• Network & Security Solutions: First-quarter 2016 segment revenue was $352 million, up 5% from the prior year period.

First Data shares were last seen trading up 6.5% at $13.85 on Monday morning. Its post-IPO range is $8.37 to $17.99. Its IPO price was $16.00 per share back on October 15, 2015.

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