Western Union Reports Third Quarter Results
November 1, 2018
Strong digital growth continued
Operating
margin improvement
Over $600 million returned to
shareholders year-to-date
Launching new cross-border
e-commerce payment option
DENVER–(BUSINESS WIRE)–The Western Union Company (NYSE: WU), a global leader in cross-border,
cross-currency money movement, today reported third quarter financial
results and an updated outlook for 2018.
In the third quarter, the Company generated revenue of $1.4 billion,
which declined 1% compared to the prior year, or increased 3% on a
constant currency basis. The strengthening of the dollar against the
Argentine peso reduced reported revenue growth by 3 percentage points in
the quarter, while increases in revenue per transaction in the Company’s
Argentina-based businesses, primarily resulting from the impacts of
inflation on the local bill payments business, increased reported and
constant currency revenue growth by approximately 1.7 percentage points.
Consumer money transfer revenues were flat in the quarter, or increased
2% in constant currency, led by westernunion.com. The Company’s
operating profit margin improved to 21.8%.
“Third quarter results were solid, driven by continued double-digit
revenue growth from westernunion.com and strong profitability,” said
president and CEO Hikmet Ersek. “Strategically, we made good progress on
key initiatives, including advancing our digital expansion efforts and
adding new cross-border payments opportunities.”
Ersek added, “Westernunion.com money transfer services are now available
in more than 50 countries and territories, with the capability to send
to agent locations and accounts around the world. We are also pleased to
open our unique global money movement platform to new partners. Our
collaboration with Amazon will allow international e-commerce customers
to shop global and pay local, as they can use our network to pay in
person for online purchases in select countries.”
GAAP earnings per share in the quarter was $0.46 compared to $0.51 in
the prior year period. On an adjusted basis, earnings per share was
$0.52 compared to $0.53 in the prior year period. The decrease in GAAP
and adjusted earnings per share was primarily due to higher tax rates in
the current year period, partially offset by the impact of increased
operating profit margins.
Executive vice president and CFO Raj Agrawal stated, “Effective cost
management and our WU Way lean management programs contributed to a
strong increase in operating margins in the quarter. We also continued
our shareholder friendly capital allocation, with over $600 million in
dividends and share repurchases year-to-date.”
Q3 Business Unit Highlights
-
Consumer-to-Consumer (C2C) revenues, which represented 80% of total
Company revenue in the quarter, were flat on a reported basis, or
increased 2% constant currency, while transactions grew 4%.
Geographically, constant currency revenue growth was led by sends
originated in Latin America, Europe, and North America, partially
offset by declines in the Middle East, Africa and Asia Pacific.Westernunion.com
C2C revenues increased 19%, or 20% constant currency, and transactions
increased 23%. Westernunion.com is now in more than 50 countries and
territories and represented 12% of total C2C revenue in the quarter.
-
Western Union Business Solutions revenues increased 1%, or 3% on a
constant currency basis. Business Solutions represented 7% of total
Company revenues in the quarter. -
Other revenues, which primarily consist of bill payments businesses in
the U.S. and Argentina, declined 9%, or increased 7% on a constant
currency basis. The strengthening of the dollar against the Argentine
peso reduced Other reported revenue growth by 16 percentage points in
the quarter, while increases in revenue per transaction in the
Company’s Argentina-based businesses, primarily resulting from the
impacts of inflation, increased Other reported and constant currency
revenue growth by approximately 9.6 percentage points. Other revenues
represented 13% of total Company revenues in the quarter.
Additional Q3 Financial Highlights
-
GAAP operating margin in the quarter was 21.8%, which compares to
19.4% in the prior year period, or 20.7% in the prior year on an
adjusted basis. GAAP operating profit of $303 million compares to $272
million in the prior year, or $290 million in the prior year on an
adjusted basis. The improvement in GAAP operating margin and profit
was partially driven by WU Way related expenses and an accrual related
to the Joint Settlement Agreements incurred in the prior year period,
while both GAAP and adjusted margin and profit benefited from higher
incentive compensation related expenses in the prior year and timing
of marketing spending. -
The effective tax rate in the quarter was 21.7% compared to 1.5% in
the prior year period. On an adjusted basis, the tax rate was 11.7%
compared to 3.6% in the prior year period. The increase in the GAAP
effective tax rate was primarily due to nonrecurring benefits in the
prior year period and tax expense related to changes in estimates for
the provisional accounting for United States tax reform legislation
enacted in December 2017 (the “Tax Act”) in the current period, while
the increase on an adjusted basis was primarily due to nonrecurring
benefits in the prior year period. -
The Company returned $184 million to shareholders in the third
quarter, consisting of $100 million in share repurchases and $84
million of dividends, and returned $608 million year-to-date.
Year-to-date cash flow from operating activities was $518 million,
including the impact of approximately $120 million of tax payments
related to the agreement with the U.S. Internal Revenue Service
announced in 2011, a $60 million first quarter payment for the
previously announced NYDFS settlement, and approximately $30 million
of outflows for prior year WU Way expenses.
Adjustment Items
Adjusted metrics for the 2018 third quarter exclude the impact of a
$26.6 million tax expense related to changes in estimates for the
provisional accounting for the Tax Act.
Adjusted metrics for the 2017 third quarter exclude $10 million of WU
Way related expenses and an $8 million accrual related to the Joint
Settlement Agreements, both with associated tax benefits.
2018 Outlook
The Company updated its financial outlook for 2018, which was previously
reported on August 2. Revenue, operating margin, and cash flow
projections are unchanged from the prior outlook; the GAAP earnings per
share range has been narrowed; and the adjusted earnings per share range
has been increased, primarily to reflect a lower expected tax rate.
Revenue
-
Low single-digit GAAP revenue increase and low to mid-single digit
increase in constant currency revenue
Operating Profit Margin
- Operating margin of approximately 20%
Tax Rate
-
GAAP effective tax rate of approximately 13% to 14% (unchanged) and
adjusted tax rate of approximately 12% (previously approximately 14%
to 15%)
Earnings per Share
-
GAAP EPS in a range of $1.85 to $1.92 (previously $1.82 to $1.92) and
adjusted EPS in a range of $1.88 to $1.95 (previously $1.80 to $1.90)
Cash Flow
-
Cash flow from operating activities of approximately $800 million,
which includes approximately $200 million of outflows for the
combination of tax payments related to the agreement with the U.S.
Internal Revenue Service announced in 2011, the NYDFS settlement
payment, and WU Way payments related to 2017 expenses
Additional Statistics
Additional key statistics for the quarter and historical trends can be
found in the supplemental tables included with this press release.
Expenses related to the Joint Settlement Agreements and the WU Way
business transformation are not included in operating segment results,
as they are excluded from the measurement of segment operating income
provided to the chief operating decision maker for purposes of assessing
segment performance and decision making with respect to resource
allocation. Expenses associated with the WU Way business transformation
initiative were effectively complete as of December 31, 2017.
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 consolidated revenue change
constant currency adjusted; Consumer-to-Consumer segment revenue change
constant currency adjusted; Consumer-to-Consumer segment
westernunion.com revenue change constant currency adjusted; Business
Solutions segment revenue change constant currency adjusted; Other
revenue change constant currency adjusted; consolidated operating
income, excluding the impact from Joint Settlement Agreements and WU Way
business transformation expenses; consolidated operating margin,
excluding Joint Settlement Agreements and WU Way business transformation
expenses; effective tax rate excluding Joint Settlement Agreements, WU
Way business transformation expenses and Tax Act; earnings per share,
excluding Joint Settlement Agreements, WU Way business transformation
expenses and Tax Act; effective tax rate outlook, excluding Tax Act;
earnings per share outlook, excluding Tax Act; and additional measures
found in the supplemental tables included with this press release.
Although the expenses related to the WU Way business transformation are
specific to that initiative, the types of expenses related to the WU Way
business transformation are similar to expenses that the Company has
previously incurred and can reasonably be expected to incur in the
future.
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
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
1785023.
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,” “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, 2017. 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 and trade downturns, 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 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 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
integration of acquired businesses and technologies into our Company,
and the failure to realize anticipated financial benefits from these
acquisitions, and events requiring us to write down our goodwill;
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;
decisions to change our business mix; changes in tax laws, or their
interpretation, including with respect to United States tax reform
legislation enacted in December 2017 (the “Tax Act”) and potential
related state income tax impacts, and unfavorable resolution of tax
contingencies; adverse rating actions by credit rating agencies; our
ability to realize the anticipated benefits from business
transformation, productivity and cost-savings, and other 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; 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, the European Union and globally, 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, including 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 (the “Joint Settlement
Agreements”), and those associated with the January 4, 2018 consent
order which resolved a matter with the New York State Department of
Financial Services (the “NYDFS Consent Order”); liabilities resulting
from litigation, including class-action lawsuits and similar matters,
and regulatory 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
(“GDPR”) approved by the European Union (“EU”); the ongoing impact on
our business from the Dodd-Frank Wall Street Reform and Consumer
Protection Act (the “Dodd-Frank 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; 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: adverse tax consequences from our spin-off from
First Data Corporation; 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. 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 September 30, 2018, our network included over
550,000 retail agent locations offering Western Union, Vigo or Orlandi
Valuta 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 2017, is available in more than 50
countries and territories to move money around the world. In 2017, we
moved over $300 billion in principal in nearly 130 currencies and
processed 32 transactions every second across all our services. 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* | 3Q17 | 4Q17 | FY2017 | 1Q18 | 2Q18 | 3Q18 | YTD 3Q18 | |||||||||||||||||||||||||||||||||
| Consolidated Metrics | ||||||||||||||||||||||||||||||||||||||||
| Consolidated revenues (GAAP) – YoY % change | 2 | % | 5 | % | 2 | % | 7 | % | 2 | % | (1 | )% | 3 | % | ||||||||||||||||||||||||||
| Consolidated revenues (constant currency) – YoY % change | a | 3 | % | 4 | % | 3 | % | 5 | % | 3 | % | 3 | % | 4 | % | |||||||||||||||||||||||||
| Consolidated operating income/(loss) (GAAP) – YoY % change | (2 | )% | 19 | % | (2 | )% | 10 | % | 32 | % | 11 | % | 17 | % | ||||||||||||||||||||||||||
|
Consolidated operating income (constant currency adjusted, excluding Goodwill impairment, NYDFS Consent Order, Joint Settlement Agreements and WU Way business transformation expenses) – YoY % change |
b | 0 | % | 0 | % | 3 | % | 5 | % | (4 | )% | 7 | % | 2 | % | |||||||||||||||||||||||||
| Consolidated operating margin (GAAP) | jj | 19.4 | % | (17.5 | )% | 8.6 | % | 19.1 | % | 20.1 | % | 21.8 | % | 20.3 | % | |||||||||||||||||||||||||
|
Consolidated operating margin (excluding Goodwill impairment, NYDFS Consent Order, Joint Settlement Agreements and WU Way business transformation expenses) |
c | 20.7 | % | 18.0 | % | 20.0 | % | 19.1 | % | 20.1 | % | 21.8 | % | 20.3 | % | |||||||||||||||||||||||||
| Consumer-to-Consumer (C2C) Segment | ||||||||||||||||||||||||||||||||||||||||
| Revenues (GAAP) – YoY % change | 1 | % | 5 | % | 1 | % | 7 | % | 4 | % | 0 | % | 4 | % | ||||||||||||||||||||||||||
| Revenues (constant currency) – YoY % change | g | 1 | % | 4 | % | 2 | % | 5 | % | 3 | % | 2 | % | 3 | % | |||||||||||||||||||||||||
| Operating margin | jj | 23.5 | % | 21.5 | % | 23.1 | % | 22.2 | % | 23.6 | % | 25.1 | % | 23.6 | % | |||||||||||||||||||||||||
| Transactions (in millions) | 69.2 | 71.4 | 275.8 | 67.8 | 73.1 | 71.8 | 212.7 | |||||||||||||||||||||||||||||||||
| Transactions – YoY % change | 2 | % | 3 | % | 3 | % | 4 | % | 5 | % | 4 | % | 4 | % | ||||||||||||||||||||||||||
| Total principal ($ – billions) | $ | 21.0 | $ | 21.3 | $ | 81.8 | $ | 20.8 | $ | 22.4 | $ | 22.1 | $ | 65.3 | ||||||||||||||||||||||||||
| Principal per transaction ($ – dollars) | $ | 302 | $ | 300 | $ | 297 | $ | 307 | $ | 306 | $ | 308 | $ | 307 | ||||||||||||||||||||||||||
| Principal per transaction – YoY % change | 1 | % | 3 | % | 0 | % | 5 | % | 5 | % | 2 | % | 4 | % | ||||||||||||||||||||||||||
| Principal per transaction (constant currency) – YoY % change | h | 0 | % | 0 | % | (1 | )% | 2 | % | 3 | % | 4 | % | 3 | % | |||||||||||||||||||||||||
| Cross-border principal ($ – billions) | $ | 19.0 | $ | 19.5 | $ | 74.5 | $ | 18.9 | $ | 20.4 | $ | 20.1 | $ | 59.4 | ||||||||||||||||||||||||||
| Cross-border principal – YoY % change | 4 | % | 6 | % | 3 | % | 9 | % | 9 | % | 6 | % | 8 | % | ||||||||||||||||||||||||||
| Cross-border principal (constant currency) – YoY % change | i | 2 | % | 4 | % | 2 | % | 5 | % | 8 | % | 7 | % | 7 | % | |||||||||||||||||||||||||
| NA region revenues (GAAP) – YoY % change | aa, bb | 1 | % | 3 | % | 2 | % | 4 | % | 3 | % | 2 | % | 3 | % | |||||||||||||||||||||||||
| NA region revenues (constant currency) – YoY % change | j, aa, bb | 1 | % | 3 | % | 3 | % | 4 | % | 3 | % | 2 | % | 3 | % | |||||||||||||||||||||||||
| NA region transactions – YoY % change | aa, bb | 2 | % | 1 | % | 3 | % | 1 | % | 2 | % | 1 | % | 2 | % | |||||||||||||||||||||||||
| EU & CIS region revenues (GAAP) – YoY % change | aa, cc | 2 | % | 6 | % | 1 | % | 14 | % | 9 | % | 3 | % | 9 | % | |||||||||||||||||||||||||
| EU & CIS region revenues (constant currency) – YoY % change | k, aa, cc | 1 | % | 2 | % | 2 | % | 5 | % | 4 | % | 4 | % | 4 | % | |||||||||||||||||||||||||
| EU & CIS region transactions – YoY % change | aa, cc | 7 | % | 7 | % | 7 | % | 8 | % | 9 | % | 8 | % | 8 | % | |||||||||||||||||||||||||
| MEASA region revenues (GAAP) – YoY % change | aa, dd | (8 | )% | 1 | % | (8 | )% | 0 | % | (4 | )% | (7 | )% | (4 | )% | |||||||||||||||||||||||||
| MEASA region revenues (constant currency) – YoY % change | l, aa, dd | (8 | )% | 0 | % | (7 | )% | (1 | )% | (5 | )% | (6 | )% | (4 | )% | |||||||||||||||||||||||||
| MEASA region transactions – YoY % change | aa, dd | (11 | )% | (2 | )% | (10 | )% | (2 | )% | (1 | )% | 2 | % | 0 | % | |||||||||||||||||||||||||
| LACA region revenues (GAAP) – YoY % change | aa, ee | 19 | % | 21 | % | 22 | % | 20 | % | 11 | % | 2 | % | 10 | % | |||||||||||||||||||||||||
| LACA region revenues (constant currency) – YoY % change | m, aa, ee | 22 | % | 23 | % | 23 | % | 25 | % | 20 | % | 16 | % | 20 | % | |||||||||||||||||||||||||
| LACA region transactions – YoY % change | aa, ee | 17 | % | 17 | % | 17 | % | 17 | % | 16 | % | 11 | % | 15 | % | |||||||||||||||||||||||||
| APAC region revenues (GAAP) – YoY % change | aa, ff | (1 | )% | 0 | % | (2 | )% | 2 | % | (5 | )% | (10 | )% | (4 | )% | |||||||||||||||||||||||||
| APAC region revenues (constant currency) – YoY % change | n, aa, ff | 1 | % | 0 | % | 0 | % | 0 | % | (5 | )% | (9 | )% | (5 | )% | |||||||||||||||||||||||||
| APAC region transactions – YoY % change | aa, ff | 0 | % | 3 | % | 0 | % | 1 | % | 0 | % | (2 | )% | 0 | % | |||||||||||||||||||||||||
| International revenues – YoY % change | gg | 1 | % | 6 | % | 0 | % | 9 | % | 4 | % | (1 | )% | 4 | % | |||||||||||||||||||||||||
| International transactions – YoY % change | gg | 3 | % | 6 | % | 3 | % | 6 | % | 7 | % | 6 | % | 6 | % | |||||||||||||||||||||||||
| International revenues – % of C2C segment revenues | gg | 67 | % | 67 | % | 66 | % | 67 | % | 66 | % | 67 | % | 67 | % | |||||||||||||||||||||||||
| United States originated revenues – YoY % change | hh | 1 | % | 3 | % | 3 | % | 4 | % | 3 | % | 1 | % | 3 | % | |||||||||||||||||||||||||
| United States originated transactions – YoY % change | hh | 1 | % | 0 | % | 2 | % | 1 | % | 2 | % | 1 | % | 1 | % | |||||||||||||||||||||||||
| United States originated revenues – % of C2C segment revenues | hh | 33 | % | 33 | % | 34 | % | 33 | % | 34 | % | 33 | % | 33 | % | |||||||||||||||||||||||||
| westernunion.com revenues (GAAP) – YoY % change | ii | 23 | % | 22 | % | 23 | % | 23 | % | 22 | % | 19 | % | 21 | % | |||||||||||||||||||||||||
| westernunion.com revenues (constant currency) – YoY % change | o, ii | 23 | % | 22 | % | 24 | % | 20 | % | 21 | % | 20 | % | 20 | % | |||||||||||||||||||||||||
| westernunion.com transactions – YoY % change | ii | 24 | % | 22 | % | 24 | % | 24 | % | 26 | % | 23 | % | 24 | % | |||||||||||||||||||||||||
| % of Consumer-to-Consumer Revenue | ||||||||||||||||||||||||||||||||||||||||
| Regional Revenues: | ||||||||||||||||||||||||||||||||||||||||
| NA region revenues | aa, bb | 36 | % | 37 | % | 37 | % | 36 | % | 37 | % | 37 | % | 37 | % | |||||||||||||||||||||||||
| EU & CIS region revenues | aa, cc | 31 | % | 31 | % | 31 | % | 32 | % | 32 | % | 32 | % | 32 | % | |||||||||||||||||||||||||
| MEASA region revenues | aa, dd | 16 | % | 16 | % | 16 | % | 16 | % | 15 | % | 15 | % | 15 | % | |||||||||||||||||||||||||
| LACA region revenues | aa, ee | 9 | % | 9 | % | 8 | % | 9 | % | 9 | % | 9 | % | 9 | % | |||||||||||||||||||||||||
| APAC region revenues | aa, ff | 8 | % | 7 | % | 8 | % | 7 | % | 7 | % | 7 | % | 7 | % | |||||||||||||||||||||||||
| westernunion.com revenues | ii | 10 | % | 10 | % | 10 | % | 11 | % | 11 | % | 12 | % | 11 | % | |||||||||||||||||||||||||
| Business Solutions (B2B) Segment | ||||||||||||||||||||||||||||||||||||||||
| Revenues (GAAP) – YoY % change | 2 | % | (4 | )% | (3 | )% | 3 | % | (4 | )% | 1 | % | 0 | % | ||||||||||||||||||||||||||
| Revenues (constant currency) – YoY % change | p | 1 | % | (8 | )% | (3 | )% | (2 | )% | (6 | )% | 3 | % | (2 | )% | |||||||||||||||||||||||||
| Operating margin | 9.1 | % | (3.2 | )% | 3.6 | % | 2.9 | % | 1.2 | % | 14.2 | % | 6.3 | % | ||||||||||||||||||||||||||
|
Other (primarily bill payments businesses in United States and Argentina) |
||||||||||||||||||||||||||||||||||||||||
| Revenues (GAAP) – YoY % change | 9 | % | 11 | % | 9 | % | 4 | % | (2 | )% | (9 | )% | (2 | )% | ||||||||||||||||||||||||||
| Revenues (constant currency) – YoY % change | r | 13 | % | 14 | % | 12 | % | 10 | % | 9 | % | 7 | % | 9 | % | |||||||||||||||||||||||||
| Operating margin | 10.5 | % | 7.9 | % | 10.7 | % | 10.1 | % | 8.5 | % | 5.9 | % | 8.3 | % | ||||||||||||||||||||||||||
| % of Total Company Revenue | ||||||||||||||||||||||||||||||||||||||||
| Consumer-to-Consumer segment revenues | 79 | % | 80 | % | 79 | % | 79 | % | 80 | % | 80 | % | 79 | % | ||||||||||||||||||||||||||
| Business Solutions segment revenues | 7 | % | 6 | % | 7 | % | 7 | % | 7 | % | 7 | % | 7 | % | ||||||||||||||||||||||||||
| Other revenues | 14 | % | 14 | % | 14 | % | 14 | % | 13 | % | 13 | % | 14 | % | ||||||||||||||||||||||||||
Contacts
Western Union
Media Relations:
Jennifer
Pakradooni
+1 (720) 332-0516
jennifer.pakradooni@wu.com
or
Investor
Relations:
Mike Salop
+1(720) 332-8276
mike.salop@westernunion.com