BusinessWire

Western Union Reports Second Quarter Results

Money transfer transaction growth turns positive for June and continues into July

Digital money transfer revenue grew nearly 50%, on record customers and transactions

Operating margin remains solid: 19.9% GAAP, 20.4% adjusted

DENVER--(BUSINESS WIRE)--The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, today reported second quarter financial results, and provided an update on its business trends and digitally-focused growth strategy.


The Company’s second quarter revenue of $1.1 billion declined 17%, compared to the prior year period, while adjusted constant currency revenue, which excludes the 2019 divestitures, declined 11%, primarily due to lower transaction levels resulting from the COVID-19 pandemic. Digital money transfer revenue grew 48% year-over-year, or 50% on a constant currency basis, to a record high of $219 million for the second quarter.

GAAP earnings per share in the second quarter was $0.39 compared to $1.42 in the prior year period that included gains from the 2019 divestitures, and adjusted earnings per share was $0.41 compared to $0.45 in the prior year period. The decline in GAAP earnings per share was primarily attributable to cycling the gain from the 2019 divestitures. The decline in adjusted earnings per share was primarily attributable to current year revenue declines associated with the COVID-19 pandemic and the lost earnings from the 2019 divestitures, partially offset by productivity savings, additional cost management measures, and lower share count in the current year period.

President and CEO Hikmet Ersek said, “I’m pleased to say that during this period of profound disruption and unease, the Western Union team continued to consistently deliver essential services to customers that help support families and communities around the world. In addition, despite the challenging global environment, we continued to execute on our strategic objectives that position the company for future growth and prudently managed our business to deliver solid profit performance for the second quarter.”

Ersek added, “Importantly, the significant investments we have made over the past decade to build market leading cross-border, cross-currency platform capabilities have positioned us as a premier choice for the rapidly growing number of consumers and businesses seeking cross-border digital services today. With over $600 million of consumer digital revenues in 2019 we were already one of the largest players in the market, and still our digital revenues grew nearly 50% in the second quarter with strong profitability. With scale, unique omni-channel payout capabilities, and continued investments in customer acquisition, we believe we are equipped to continue winning also in digital money transfers and payments.”

CFO Raj Agrawal stated, “Second quarter results highlight the favorable financial characteristics of Western Union’s business. Our variable cost structure, planned productivity savings, and operational flexibility allowed us to withstand revenue declines stemming from the COVID-19 pandemic and still maintain solid margins, cash flow generation, and cash dividend payments to shareholders. We are pleased to see the strong improvement in Consumer-to-Consumer transactions in June and July and hopeful it is indicative of a sustainable recovery.”

Q2 Business Unit Highlights

  • Consumer-to-Consumer (C2C) revenues, which represented 88% of total Company revenue in the quarter, declined 12% on a reported basis, or 11% constant currency, while transactions declined 8%. Constant currency revenue declined across all regions, with transactions down in all regions except in Europe and CIS, reflecting the significant disruption the COVID-19 pandemic had on the global economy and remittances. Intra-quarter transaction trends included:

C2C Transaction Growth y/y

April

May

June

Q2 2020

July

Total C2C

-21%

-7%

6%

-8%

10%

Digital money transfer

77%

99%

112%

96%

115%

Westernunion.com

39%

51%

58%

50%

61%

  • Digital money transfer revenues increased 48% on a reported basis in the quarter, or 50% constant currency. Digital revenues and transactions represented 22% and 31% of the C2C business for the quarter, respectively. Within the digital money transfer business, westernunion.com revenues increased 33% on a reported basis and 34% on a constant currency basis, including cross-border revenue growth of 48%.
  • Westernunion.com average monthly active customers for the second quarter increased 45% year-over-year and 33% sequentially from the first quarter, led by strong new-to-Western Union customer acquisition1. Westernunion.com was the most downloaded mobile app among peer money transfer companies during the second quarter, according to data provided by mobile app marketing firm Sensor Tower2.
  • Westernunion.com service is available in over 75 countries, plus additional territories. Bank account payout is available in over 100 countries, with real-time capabilities to select bank accounts and digital wallets in over 60 countries, and retail payout in over 200 countries and territories.
  • Western Union Business Solutions revenues declined 17% on a reported basis, or 15% on a constant currency basis, due to softening trends in verticals more exposed to COVID-19, including education, travel and tourism, and small and medium-sized enterprises. Business Solutions represented 7% of total Company revenue in the quarter.
  • Other revenues, which represented 5% of total Company revenue in the quarter, and largely consist of retail bill payments businesses in Argentina and the U.S. and money orders, declined 56%. The decline was primarily due to the divestitures in 2019, the impact of COVID-19, and the depreciation of the Argentine peso.
____________

1

Data sourced from Western Union business research. A new customer to Western Union is defined as a customer that has not transacted in the previous 12 months.

2

 

Data obtained from Sensor Tower App Install Market Share Report

Additional Q2 Financial Highlights

  • GAAP operating margin in the quarter was 19.9% compared to 19.3% in the prior year period, and adjusted operating margin was 20.4% compared to 20.3% in the prior year period. In both cases margin expansion was primarily attributable to productivity savings and additional cost management measures that more than offset the impact of revenue declines associated with COVID-19 and the 2019 divestitures.
  • The GAAP effective tax rate in the quarter was 16.2% compared to 17.5% in the prior year period, and the adjusted tax rate was 15.7% in the quarter compared to 16.8% in the prior year period. The decrease in the Company’s GAAP effective tax rate for the three months ended June 30, 2020 compared to the prior period was primarily due to an increase in prior period domestic pre-tax income due to the sales of the Speedpay and Paymap businesses, offset by increased discrete expenses in the current period.
  • Cash flow from operating activities was $348 million year-to-date compared to $403 million in the prior year period. The Company did not repurchase shares during the second quarter and paid nearly $93 million in dividends.

Financial Update

  • Financial position and liquidity continue to be strong: As of June 30, 2020, the Company had cash of $1.2 billion, no borrowings outstanding on its $1.5 billion revolving credit facility, and no significant debt maturities due until 2022. The Company continues to finance working capital through the commercial paper market and had $100 million outstanding at the end of the second quarter.
  • Capital allocation priorities remain unchanged: The Company’s capital allocation hierarchy is investing in the business, returning cash to shareholders through the quarterly dividend, mergers and acquisitions, and share repurchases.
  • Cost structure provides flexibility: Approximately 55% to 60% of total costs are variable in nature. The Company is managing its fixed costs during the crisis by delaying hiring, limiting travel, and reprioritizing investments. As presented at the September 2019 Investor Day, the Company expects to realize at least $50 million of annual cost savings in 2020 and a total of $150 million through 2022. Depending on the extent of the COVID-19 disruption, the Company will likely realize additional savings in 2020 related to shifts in timing of initiatives and investments.
  • Due to the continued macro-economic uncertainty COVID-19 is causing, the Company has maintained its decision to forgo a full year 2020 financial outlook at this time.

Adjustment Items

Adjusted constant currency revenue growth metrics for 2020 exclude revenues for the Speedpay and Paymap businesses in the prior year period, each of which was divested in May 2019. Adjusted operating profit, tax rate, and earnings per share metrics for 2020 periods exclude restructuring expenses and acquisition and divestiture costs, net of related taxes, as applicable.

Adjusted constant currency revenue metrics for 2019 exclude revenues for the Speedpay and Paymap businesses. Adjusted operating profit metrics for 2019 periods exclude restructuring expenses and acquisition and divestiture costs. Adjusted tax rate and earnings per share metrics for 2019 periods exclude the impact of the net gain on the Speedpay and Paymap divestitures, restructuring expenses, and acquisition and divestiture costs. Restructuring expenses are not included in operating segment results.

Although the Company has previously incurred and can reasonably be expected to incur restructuring costs in the future, these expenses are specific to the implementation of the Global Strategy initiative and the Company has therefore provided adjusted financial results that exclude these expenses.

Additional Statistics

Additional key statistics for the quarter and historical trends can be found in the supplemental tables included with this press release.

All amounts included in the supplemental tables to this press release are rounded to the nearest tenth of a million, except as otherwise noted. As a result, the percentage changes and margins disclosed herein may not recalculate precisely using the rounded amounts provided.

Non-GAAP Measures

Western Union presents a number of non-GAAP financial measures because management believes that these metrics provide meaningful supplemental information in addition to the GAAP metrics and provide comparability and consistency to prior periods. Constant currency results assume foreign revenues are translated from foreign currencies to the U.S. dollar, net of the effect of foreign currency hedges, at rates consistent with those in the prior year.

These non-GAAP financial measures include the following: (1) consolidated revenue change constant currency adjusted and excluding Speedpay and Paymap, (2) Consumer-to-Consumer segment revenue change constant currency adjusted, (3) Consumer-to-Consumer segment region, westernunion.com, and digital money transfer revenue change constant currency adjusted, (4) Business Solutions segment revenue change constant currency adjusted, (5) operating margin, excluding, as applicable, restructuring-related expenses and acquisition and divestiture costs, (6) diluted earnings per share, excluding, as applicable, restructuring-related expenses, acquisition and divestiture costs, and gain on sales of Speedpay and Paymap and related taxes, (7) effective tax rate, excluding, as applicable, restructuring-related expenses, acquisition and divestiture costs, and gain on sales of Speedpay and Paymap and related taxes, and (8) additional measures found in the supplemental tables included with this press release.

Reconciliations of non-GAAP to comparable GAAP measures are available in the accompanying schedules and in the “Investor Relations” section of the Company’s website at http://ir.westernunion.com.

Investor and Analyst Conference Call and Slide Presentation

The Company will host a conference call and webcast, including slides, at 4:30 p.m. Eastern Time today. To listen to the conference call via telephone, dial +1 (888) 317-6003 (U.S.) or +1 (412) 317-6061 (outside the U.S.) ten minutes prior to the start of the call. The pass code is 1454624.

The conference call and accompanying slides will be available via webcast at http://ir.westernunion.com. Registration for the event is required, so please register at least five minutes prior to the scheduled start time.

A webcast replay will be available at http://ir.westernunion.com.

Please note: All statements made by Western Union officers on this call are the property of Western Union and subject to copyright protection. Other than the replay, Western Union has not authorized, and disclaims responsibility for, any recording, replay or distribution of any transcription of this call.

Safe Harbor Compliance Statement for Forward-Looking Statements

This press release contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict. Actual outcomes and results may differ materially from those expressed in, or implied by, our forward-looking statements. Words such as "expects," "intends," "targets," "anticipates," "believes," "estimates," "guides," "provides guidance," "provides outlook," and other similar expressions or future or conditional verbs such as "may," "will," "should," "would," "could," and "might" are intended to identify such forward-looking statements. Readers of this press release of The Western Union Company (the "Company," "Western Union," "we," "our," or "us") should not rely solely on the forward-looking statements and should consider all uncertainties and risks discussed in the Risk Factors section and throughout the Annual Report on Form 10-K for the year ended December 31, 2019. The statements are only as of the date they are made, and the Company undertakes no obligation to update any forward-looking statement.

Possible events or factors that could cause results or performance to differ materially from those expressed in our forward-looking statements include the following: (i) events related to our business and industry, such as: changes in general economic conditions and economic conditions in the regions and industries in which we operate, including global economic downturns and trade disruptions, or significantly slower growth or declines in the money transfer, payment service, and other markets in which we operate, including downturns or declines related to interruptions in migration patterns or other events, such as public health emergencies, epidemics, or pandemics such as COVID-19, civil unrest, war, terrorism, or natural disasters, or non-performance by our banks, lenders, insurers, or other financial services providers; failure to compete effectively in the money transfer and payment service industry, including among other things, with respect to price, with global and niche or corridor money transfer providers, banks and other money transfer and payment service providers, including electronic, mobile and internet-based services, card associations, and card-based payment providers, and with digital currencies and related protocols, and other innovations in technology and business models; political conditions and related actions, including trade restrictions and government sanctions, in the United States and abroad, which may adversely affect our business and economic conditions as a whole, including interruptions of United States or other government relations with countries in which we have or are implementing significant business relationships with agents or clients; deterioration in customer confidence in our business, or in money transfer and payment service providers generally; our ability to adopt new technology and develop and gain market acceptance of new and enhanced services in response to changing industry and consumer needs or trends; changes in, and failure to manage effectively, exposure to foreign exchange rates, including the impact of the regulation of foreign exchange spreads on money transfers and payment transactions; any material breach of security, including cybersecurity, or safeguards of or interruptions in any of our systems or those of our vendors or other third parties; cessation of or defects in various services provided to us by third-party vendors; mergers, acquisitions, and the integration of acquired businesses and technologies into our Company, divestitures, and the failure to realize anticipated financial benefits from these transactions, and events requiring us to write down our goodwill; decisions to change our business mix; our ability to realize the anticipated benefits from restructuring-related initiatives, which may include decisions to downsize or to transition operating activities from one location to another, and to minimize any disruptions in our workforce that may result from those initiatives; failure to manage credit and fraud risks presented by our agents, clients, and consumers; failure to maintain our agent network and business relationships under terms consistent with or more advantageous to us than those currently in place, including due to increased costs or loss of business as a result of increased compliance requirements or difficulty for us, our agents, or their subagents in establishing or maintaining relationships with banks needed to conduct our services; changes in tax laws or their interpretation, any subsequent regulation, and potential related state income tax impacts, and unfavorable resolution of tax contingencies; adverse rating actions by credit rating agencies; our ability to protect our brands and our other intellectual property rights and to defend ourselves against potential intellectual property infringement claims; our ability to attract and retain qualified key employees and to manage our workforce successfully; material changes in the market value or liquidity of securities that we hold; restrictions imposed by our debt obligations; (ii) events related to our regulatory and litigation environment, such as: liabilities or loss of business resulting from a failure by us, our agents, or their subagents to comply with laws and regulations and regulatory or judicial interpretations thereof, including laws and regulations designed to protect consumers, or detect and prevent money laundering, terrorist financing, fraud, and other illicit activity; increased costs or loss of business due to regulatory initiatives and changes in laws, regulations and industry practices and standards, including changes in interpretations, in the United States and abroad, affecting us, our agents, or their subagents, or the banks with which we or our agents maintain bank accounts needed to provide our services, including related to anti-money laundering regulations, anti-fraud measures, our licensing arrangements, customer due diligence, agent and subagent due diligence, registration and monitoring requirements, consumer protection requirements, remittances, and immigration; liabilities, increased costs or loss of business and unanticipated developments resulting from governmental investigations and consent agreements with or enforcement actions by regulators, such as those associated with the settlement agreements with the United States Department of Justice, certain United States Attorney’s Offices, the United States Federal Trade Commission, the Financial Crimes Enforcement Network of the United States Department of Treasury, and various state attorneys general; liabilities resulting from litigation, including class-action lawsuits and similar matters, and regulatory enforcement actions, including costs, expenses, settlements, and judgments; failure to comply with regulations and evolving industry standards regarding consumer privacy and data use and security, including with respect to the General Data Protection Regulation in the European Union and the California Consumer Privacy Act; failure to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as regulations issued pursuant to it and the actions of the Consumer Financial Protection Bureau and similar legislation and regulations enacted by other governmental authorities in the United States and abroad related to consumer protection and derivative transactions; effects of unclaimed property laws or their interpretation or the enforcement thereof; failure to maintain sufficient amounts or types of regulatory capital or other restrictions on the use of our working capital to meet the changing requirements of our regulators worldwide; changes in accounting standards, rules and interpretations, or industry standards affecting our business; and (iii) other events such as: catastrophic events; and management’s ability to identify and manage these and other risks.

About Western Union

The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Our omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of June 30, 2020, our network included over 550,000 retail agent locations offering our branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2019, is available in over 75 countries, plus additional territories, to move money around the world. With our global reach, Western Union moves money for better, connecting family, friends, and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.

WU-G

 

THE WESTERN UNION COMPANY

KEY STATISTICS

(Unaudited)

 

Notes*

 

2Q19

 

3Q19

 

4Q19

 

FY 2019

 

1Q20

 

2Q20

 

YTD 2Q20

Consolidated Metrics

 

 

 

 

 

 

 

Consolidated revenues (GAAP) - YoY % change

(5

)

%

(6

)

%

(7

)

%

(5

)

%

(11

)

%

(17

)

%

(14

)

%

Consolidated revenues (constant currency adjusted and excluding Speedpay and Paymap) - YoY % change

(a)

4

 

%

4

 

%

3

 

%

3

 

%

(1

)

%

(11

)

%

(6

)

%

Consolidated operating margin (GAAP)

 

19.3

 

%

15.1

 

%

17.3

 

%

17.6

 

%

19.6

 

%

19.9

 

%

19.7

 

%

Consolidated operating margin, excluding restructuring-related expenses and acquisition and divestiture costs

(b)

20.3

 

%

22.3

 

%

18.7

 

%

20.1

 

%

20.5

 

%

20.4

 

%

20.5

 

%

 

 

 

 

 

 

 

 

EBITDA margin

(c)

24.1

 

%

19.8

 

%

22.4

 

%

22.5

 

%

24.5

 

%

25.0

 

%

24.7

 

%

 

 

 

 

 

 

 

 

Consumer-to-Consumer (C2C) Segment Metrics

 

 

 

 

 

 

 

 

Revenues (GAAP) - YoY % change

 

(1

)

%

1

 

%

0

 

%

(1

)

%

(4

)

%

(12

)

%

(8

)

%

Revenues (constant currency adjusted) - YoY % change

(e)

1

 

%

2

 

%

1

 

%

1

 

%

(3

)

%

(11

)

%

(7

)

%

 

 

 

 

 

 

 

 

Transactions (in millions)

 

73.5

 

 

73.0

 

 

73.8

 

 

289.4

 

 

66.8

 

 

68.0

 

 

134.8

 

 

Transactions - YoY % change

 

1

 

%

2

 

%

(1

)

%

1

 

%

(3

)

%

(8

)

%

(5

)

%

 

 

 

 

 

 

 

 

Total principal ($- billions)

 

$

22.2

 

 

$

22.4

 

 

$

22.2

 

 

$

87.7

 

 

$

20.6

 

 

$

21.9

 

 

$

42.5

 

 

Principal per transaction, as reported - YoY % change

 

(1

)

%

0

 

%

0

 

%

(1

)

%

2

 

%

7

 

%

4

 

%

Principal per transaction (constant currency adjusted) - YoY % change

(f)

1

 

%

2

 

%

1

 

%

1

 

%

4

 

%

9

 

%

6

 

%

 

 

 

 

 

 

 

 

Cross-border principal, as reported - YoY % change

 

0

 

%

3

 

%

1

 

%

1

 

%

0

 

%

1

 

%

1

 

%

Cross-border principal (constant currency adjusted) - YoY % change

(g)

3

 

%

4

 

%

2

 

%

3

 

%

2

 

%

3

 

%

2

 

%

 

 

 

 

 

 

 

 

Operating margin**

 

22.5

 

%

23.7

 

%

20.3

 

%

22.1

 

%

20.7

 

%

21.8

 

%

21.2

 

%

 

 

 

 

 

 

 

 

Digital money transfer revenue (GAAP) - YoY % change (1)

 

18

 

%

21

 

%

25

 

%

20

 

%

21

 

%

48

 

%

35

 

%

Digital money transfer foreign currency translation impact

(j)

2

 

%

1

 

%

1

 

%

2

 

%

1

 

%

2

 

%

1

 

%

Digital money transfer revenue (constant currency adjusted) - YoY % change (1)

 

20

 

%

22

 

%

26

 

%

22

 

%

22

 

%

50

 

%

36

 

%

Digital money transfer transactions - YoY % change

 

18

 

%

29

 

%

36

 

%

26

 

%

42

 

%

96

 

%

70

 

%

 

 

 

 

 

 

 

 

westernunion.com revenue (GAAP) - YoY % change

(ii)

18

 

%

16

 

%

17

 

%

17

 

%

13

 

%

33

 

%

24

 

%

westernunion.com foreign currency translation impact

(j)

2

 

%

1

 

%

1

 

%

1

 

%

1

 

%

1

 

%

0

 

%

westernunion.com revenue (constant currency adjusted) - YoY % change

(ii)

20

 

%

17

 

%

18

 

%

18

 

%

14

 

%

34

 

%

24

 

%

westernunion.com transactions - YoY % change

(ii)

15

 

%

16

 

%

13

 

%

16

 

%

15

 

%

50

 

%

33

 

%

 

 

 

 

 

 

 

 

C2C Segment Regional Metrics

 

 

 

 

 

 

 

 

NA region revenues (GAAP) - YoY % change

(aa), (bb)

2

 

%

2

 

%

1

 

%

2

 

%

(2

)

%

(6

)

%

(4

)

%

NA region foreign currency translation impact

(j)

0

 

%

0

 

%

0

 

%

0

 

%

0

 

%

1

 

%

0

 

%

NA region revenues (constant currency adjusted) - YoY % change

(aa), (bb)

2

 

%

2

 

%

1

 

%

2

 

%

(2

)

%

(5

)

%

(4

)

%

NA region transactions - YoY % change

(aa), (bb)

(1

)

%

(1

)

%

(4

)

%

(2

)

%

(5

)

%

(7

)

%

(6

)

%

 

 

 

 

 

 

 

 

EU & CIS region revenues (GAAP) - YoY % change

(aa), (cc)

(3

)

%

(1

)

%

1

 

%

(2

)

%

(5

)

%

(10

)

%

(8

)

%

EU & CIS region foreign currency translation impact

(j)

4

 

%

2

 

%

1

 

%

3

 

%

0

 

%

1

 

%

1

 

%

EU & CIS region revenues (constant currency adjusted) - YoY% change

(aa), (cc)

1

 

%

1

 

%

2

 

%

1

 

%

(5

)

%

(9

)

%

(7

)

%

EU & CIS region transactions - YoY % change

(aa), (cc)

4

 

%

6

 

%

5

 

%

5

 

%

1

 

%

4

 

%

2

 

%

 

 

 

 

 

 

 

 

MEASA region revenues (GAAP) - YoY % change

(aa), (dd)

(3

)

%

4

 

%

0

 

%

(1

)

%

3

 

%

(13

)

%

(5

)

%

MEASA region foreign currency translation impact

(j)

2

 

%

1

 

%

0

 

%

1

 

%

0

 

%

1

 

%

0

 

%

MEASA region revenues (constant currency adjusted) - YoY % change

(aa), (dd)

(1

)

%

5

 

%

0

 

%

0

 

%

3

 

%

(12

)

%

(5

)

%

MEASA region transactions - YoY % change

(aa), (dd)

(3

)

%

1

 

%

(1

)

%

(1

)

%

1

 

%

(1

)

%

0

 

%

 

 

 

 

 

 

 

 

LACA region revenues (GAAP) - YoY % change

(aa), (ee)

4

 

%

4

 

%

(2

)

%

1

 

%

(11

)

%

(45

)

%

(28

)

%

LACA region foreign currency translation impact

(j)

12

 

%

8

 

%

8

 

%

10

 

%

8

 

%

10

 

%

9

 

%

LACA region revenues (constant currency adjusted) - YoY % change

(aa), (ee)

16

 

%

12

 

%

6

 

%

11

 

%

(3

)

%

(35

)

%

(19

)

%

LACA region transactions - YoY % change

(aa), (ee)

11

 

%

10

 

%

4

 

%

8

 

%

(5

)

%

(41

)

%

(24

)

%

 

 

 

 

 

 

 

 

APAC region revenues (GAAP) - YoY % change

(aa), (ff)

(14

)

%

(13

)

%

(10

)

%

(13

)

%

(10

)

%

(14

)

%

(12

)

%

APAC region foreign currency translation impact

(j)

2

 

%

0

 

%

0

 

%

1

 

%

1

 

%

1

 

%

1

 

%

APAC region revenues (constant currency adjusted) - YoY % change

(aa), (ff)

(12

)

%

(13

)

%

(10

)

%

(12

)

%

(9

)

%

(13

)

%

(11

)

%

APAC region transactions - YoY % change

(aa), (ff)

(9

)

%

(6

)

%

(7

)

%

(7

)

%

(14

)

%

(18

)

%

(16

)

%

 

 

 

 

 

 

 

 

International revenues - YoY % change

(gg)

(3

)

%

0

 

%

(1

)

%

(2

)

%

(4

)

%

(15

)

%

(10

)

%

International transactions - YoY % change

(gg)

2

 

%

4

 

%

2

 

%

3

 

%

(2

)

%

(8

)

%

(5

)

%

International revenues - % of C2C segment revenues

(gg)

65

 

%

66

 

%

66

 

%

66

 

%

65

 

%

63

 

%

64

 

%

 

 

 

 

 

 

 

 

United States originated revenues - YoY % change

(hh)

2

 

%

2

 

%

1

 

%

1

 

%

(3

)

%

(7

)

%

(5

)

%

United States originated transactions - YoY % change

(hh)

(1

)

%

(1

)

%

(4

)

%

(2

)

%

(5

)

%

(8

)

%

(6

)

%

United States originated revenues - % of C2C segment revenues

(hh)

35

 

%

34

 

%

34

 

%

34

 

%

35

 

%

37

 

%

36

 

%

 

 

 

 

 

 

 

 

% of C2C Revenue

 

 

 

 

 

 

 

 

NA region revenues

(aa), (bb)

38

 

%

38

 

%

38

 

%

38

 

%

38

 

%

41

 

%

40

 

%

EU & CIS region revenues

(aa), (cc)

32

 

%

32

 

%

32

 

%

32

 

%

31

 

%

32

 

%

32

 

%

MEASA region revenues

(aa), (dd)

15

 

%

15

 

%

15

 

%

15

 

%

16

 

%

15

 

%

15

 

%

LACA region revenues

(aa), (ee)

9

 

%

9

 

%

9

 

%

9

 

%

9

 

%

6

 

%

7

 

%

APAC region revenues

(aa), (ff)

6

 

%

6

 

%

6

 

%

6

 

%

6

 

%

6

 

%

6

 

%

 

 

 

 

 

 

 

 

Digital money transfer revenues

(aa)

13

 

%

14

 

%

16

 

%

14

 

%

16

 

%

22

 

%

19

 

%

 

 

 

 

 

 

 

 

Business Solutions Segment Metrics

 

 

 

 

 

 

 

 

Revenues (GAAP) - YoY % change

 

3

 

%

0

 

%

0

 

%

0

 

%

3

 

%

(17

)

%

(7

)

%

Revenues (constant currency adjusted) - YoY % change

(h)

7

 

%

3

 

%

1

 

%

4

 

%

5

 

%

(15

)

%

(5

)

%

Operating margin**

10.9

 

%

16.7

 

%

11.3

 

%

12.0

 

%

14.1

 

%

1.6

 

%

8.5

 

%

 

 

 

 

 

 

 

Other (primarily bill payments businesses in Argentina and the United States and money orders)

 

 

 

 

 

 

 

Revenues (GAAP) - YoY % change

(31

)

%

(48

)

%

(52

)

%

(34

)

%

(59

)

%

(56

)

%

(57

)

%

Operating margin**

4.3

 

%

9.0

 

%

4.6

 

%

5.5

 

%

26.1

 

%

21.9

 

%

24.3

 

%

 

 

 

 

 

 

 

% of Total Company Revenue (GAAP)

 

 

 

 

 

 

 

Consumer-to-Consumer segment revenues

83

 

%

85

 

%

86

 

%

83

 

%

85

 

%

88

 

%

86

 

%

Business Solutions segment revenues

7

 

%

8

 

%

7

 

%

7

 

%

8

 

%

7

 

%

8

 

%

Other revenues

10

 

%

7

 

%

7

 

%

10

 

%

7

 

%

5

 

%

6

 

%


Contacts

Media Relations:
Pia De Lima
+1 (954) 260-5732
Pia.DeLima@westernunion.com

Investor Relations:
Brendan Metrano
+1(720) 332-8089
Brendan.Metrano@westernunion.com


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