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Exhibit 99.1
FOR IMMEDIATE RELEASE |
|
|
Western Union Reports Fourth Quarter and Full Year 2024 Results
DENVER, February 4, 2025 – The Western Union Company (the “Company” or “Western Union”) (NYSE: WU) today reported fourth quarter and full year 2024 financial results.
The Company’s fourth-quarter revenue of $1.1 billion increased 1% on a reported basis. The revenue increase was driven by growth in Consumer Services and Branded Digital. Results included a lower contribution from Iraq compared to the prior year period, which negatively impacted the revenue growth rate by 3 percentage points.
“We concluded 2024 with a solid performance, marking our third consecutive quarter of positive adjusted revenue growth, excluding Iraq, which was bolstered by 15% adjusted revenue growth in Consumer Services and the seventh consecutive quarter of double-digit transaction growth in our Branded Digital business,” said Devin McGranahan, President and Chief Executive Officer. “As we enter the final year of our Evolve 2025 strategy, I am pleased with the advancements we have achieved and the positive shift in the Company’s growth trajectory. Looking ahead, I believe we are poised to drive further improvements and efficiencies, and I am confident in our ability to continue delivering value to our investors and stakeholders.”
Fourth quarter GAAP EPS was $1.13, up from $0.35 in the prior year period. GAAP EPS included a $0.75 tax benefit from the reorganization of the Company’s international operations. Adjusted EPS increased to $0.40 from $0.37 in the prior year period due to higher adjusted operating profit, fewer shares outstanding, and a lower adjusted effective tax rate.
The Board of Directors today approved the first quarter dividend of $0.235 per common share, payable March 31, 2025, to shareholders of record at the close of business on March 17, 2025.
Q4 Business Results
Q4 Financial Results
2024 Full Year Financial Results
2025 Outlook
The Company expects the following financial results for full year 2025, which includes no material changes in macroeconomic conditions, including changes in foreign currencies or Argentinian inflation.
|
2025 Outlook |
|
GAAP |
Adjusted |
|
Revenue1 |
$4,090 to $4,190 |
$4,115 to $4,215 |
Operating Margin |
18% to 20% |
19% to 21% |
EPS2 |
$1.54 to $1.64 |
$1.75 to $1.85 |
1 In millions, adjusted revenue excludes the impact of currency and Argentina inflation
2 The GAAP effective tax rate is expected to be 20% to 22% and the adjusted effective tax rate is expected to be 14% to 16%
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. The Company estimates Argentina inflation as the revenue growth not attributable to either transaction growth or the change in price (revenue divided by principal).
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 https://ir.westernunion.com.
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.
Investor and Analyst Conference Call and Presentation
The Company will host a conference call and webcast at 4:30 p.m. ET today.
The webcast and presentation will be available at https://ir.westernunion.com. Registration for the event is required, so please register at least 15 minutes prior to the scheduled start time. A webcast replay will be available shortly after the event.
To listen to the webcast, please visit the Investor Relations section of the Company’s website or use the following link: Webcast Link. Alternatively, participants may join via telephone. In the U.S., dial +1 (719) 359-4580, followed by the meeting ID, which is 992 3140 1790, and the passcode, which is 250832. For participants outside the U.S., dial the country number from the international directory, followed by the meeting ID, which is 992 3140 1790, and the passcode, which is 250832.
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,” “projects,” “designed to,” 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 of our Annual Report on Form 10-K for the year ended December 31, 2023 and in our subsequent filings the Securities and Exchange Commission. 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: changes in economic conditions, trade disruptions, or significantly slower growth or declines in the money transfer, payment service, and other markets in which we operate; interruptions in migration patterns or other events, such as public health emergencies, any changes arising as a result of the recent United States’ elections, civil unrest, war, terrorism, 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 digital, mobile and internet- based services, card associations, and card-based payment providers, and with digital currencies, including cryptocurrencies; geopolitical tensions, political conditions and related actions, including trade restrictions, tariffs, and government sanctions; deterioration in customer confidence in our business; failure to maintain our agent network and business relationships; our ability to adopt new technology; the failure to realize anticipated financial benefits from mergers, acquisitions and divestitures; decisions to change our business mix; exposure to foreign exchange rates; changes in tax laws, or their interpretation, and unfavorable resolution of tax contingencies; cybersecurity incidents involving 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; our ability to realize the anticipated benefits from restructuring-related initiatives; our ability to attract and retain qualified key employees; failure to manage credit and fraud risks presented by our agents, clients, and consumers; adverse rating actions by credit rating agencies; our ability to protect our intellectual property rights, and to defend ourselves against potential intellectual property infringement claims; material changes in the market value or liquidity of securities that we hold; restrictions imposed by our debt obligations; 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; increased costs or loss of business due to regulatory initiatives and changes in laws, regulations, and industry practices and standards; developments resulting from governmental investigations and consent agreements with, or investigations or enforcement actions by, regulators and other government authorities; liabilities resulting from litigation; failure to comply with regulations and evolving industry standards regarding data privacy; failure to comply with consumer protection laws; effects of unclaimed property laws or their interpretation or the enforcement thereof; failure to comply with working capital requirements; changes in accounting standards, rules and interpretations; and other unanticipated events and management’s ability to identify and manage these and other risks.
# # #
About Western Union
The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones and their communities. Our leading cross-border, cross-currency money movement, payments and digital financial services empower consumers, businesses, financial institutions and governments—across more than 200 countries and territories and over 130 currencies—to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper. For more information, visit www.westernunion.com.
WU-G
Contacts:
Media Relations:
Brad Jones
media@westernunion.com
Investor Relations:
Tom Hadley
WesternUnion.IR@westernunion.com
THE WESTERN UNION COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(in millions, except per share amounts)
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
December 31, |
|
December 31, |
||||||||||||
|
|
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
||||
Revenues |
|
$ |
1,058.2 |
|
$ |
1,052.3 |
|
1% |
|
$ |
4,209.7 |
|
$ |
4,357.0 |
|
(3)% |
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services |
|
|
661.7 |
|
|
656.1 |
|
1% |
|
|
2,620.5 |
|
|
2,671.7 |
|
(2)% |
Selling, general, and administrative |
|
|
218.4 |
|
|
236.9 |
|
(8)% |
|
|
863.4 |
|
|
867.8 |
|
(1)% |
Total expenses |
|
|
880.1 |
|
|
893.0 |
|
(1)% |
|
|
3,483.9 |
|
|
3,539.5 |
|
(2)% |
Operating income |
|
|
178.1 |
|
|
159.3 |
|
12% |
|
|
725.8 |
|
|
817.5 |
|
(11)% |
Other income/(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on divestiture of business (a) |
|
|
— |
|
|
— |
|
(c) |
|
|
— |
|
|
18.0 |
|
(c) |
Interest income |
|
|
2.3 |
|
|
4.6 |
|
(51)% |
|
|
11.9 |
|
|
15.6 |
|
(24)% |
Interest expense |
|
|
(30.4) |
|
|
(26.3) |
|
16% |
|
|
(119.8) |
|
|
(105.3) |
|
14% |
Other income/(expense), net |
|
|
(2.3) |
|
|
6.5 |
|
(c) |
|
|
0.7 |
|
|
— |
|
(c) |
Total other expense, net |
|
|
(30.4) |
|
|
(15.2) |
|
(c) |
|
|
(107.2) |
|
|
(71.7) |
|
50% |
Income before income taxes |
|
|
147.7 |
|
|
144.1 |
|
2% |
|
|
618.6 |
|
|
745.8 |
|
(17)% |
Provision for/(benefit from) income taxes (b) |
|
|
(238.0) |
|
|
17.1 |
|
(c) |
|
|
(315.6) |
|
|
119.8 |
|
(c) |
Net income |
|
$ |
385.7 |
|
$ |
127.0 |
|
(c) |
|
$ |
934.2 |
|
$ |
626.0 |
|
49% |
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.14 |
|
$ |
0.35 |
|
(c) |
|
$ |
2.75 |
|
$ |
1.69 |
|
63% |
Diluted |
|
$ |
1.13 |
|
$ |
0.35 |
|
(c) |
|
$ |
2.74 |
|
$ |
1.68 |
|
63% |
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
338.4 |
|
|
359.7 |
|
|
|
|
340.0 |
|
|
370.8 |
|
|
Diluted |
|
|
339.8 |
|
|
361.1 |
|
|
|
|
341.1 |
|
|
371.8 |
|
|
___________________________________________
THE WESTERN UNION COMPANY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in millions, except per share amounts)
|
|
December 31, |
|
December 31, |
||
|
|
2024 |
|
2023 |
||
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,474.0 |
|
$ |
1,268.6 |
Settlement assets |
|
|
3,360.8 |
|
|
3,687.0 |
Property and equipment, net of accumulated depreciation of $454.9 and $438.8, respectively |
|
|
84.2 |
|
|
91.4 |
Goodwill |
|
|
2,059.6 |
|
|
2,034.6 |
Other intangible assets, net of accumulated amortization of $599.0 and $685.9, respectively |
|
|
315.4 |
|
|
380.2 |
Deferred tax asset, net |
|
|
265.0 |
|
|
— |
Other assets |
|
|
811.5 |
|
|
737.0 |
Total assets |
|
$ |
8,370.5 |
|
$ |
8,198.8 |
Liabilities and stockholders' equity |
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
407.9 |
|
$ |
453.0 |
Settlement obligations |
|
|
3,360.8 |
|
|
3,687.0 |
Income taxes payable |
|
|
272.2 |
|
|
659.5 |
Deferred tax liability, net |
|
|
155.6 |
|
|
147.6 |
Borrowings |
|
|
2,940.8 |
|
|
2,504.6 |
Other liabilities |
|
|
264.3 |
|
|
268.1 |
Total liabilities |
|
|
7,401.6 |
|
|
7,719.8 |
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
Preferred stock, $1.00 par value; 10 shares authorized; no shares issued |
|
|
— |
|
|
— |
Common stock, $0.01 par value; 2,000 shares authorized; 337.9 shares and 350.5 shares issued and outstanding as of December 31, 2024 and 2023, respectively |
|
|
3.4 |
|
|
3.5 |
Capital surplus |
|
|
1,070.8 |
|
|
1,031.9 |
Retained earnings/(accumulated deficit) |
|
|
35.2 |
|
|
(389.1) |
Accumulated other comprehensive loss |
|
|
(140.5) |
|
|
(167.3) |
Total stockholders' equity |
|
|
968.9 |
|
|
479.0 |
Total liabilities and stockholders' equity |
|
$ |
8,370.5 |
|
$ |
8,198.8 |
THE WESTERN UNION COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in millions)
|
|
Year Ended December 31, |
||||
|
|
2024 |
|
2023 |
||
Cash flows from operating activities |
|
|
|
|
|
|
Net income |
|
$ |
934.2 |
|
$ |
626.0 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
179.1 |
|
|
183.6 |
Gain on divestiture of business, excluding transaction costs |
|
|
— |
|
|
(18.0) |
Deferred income tax benefit |
|
|
(248.8) |
|
|
(11.0) |
Other non-cash items, net |
|
|
123.5 |
|
|
113.9 |
Increase/(decrease) in cash, excluding the effects of acquisitions and divestitures, resulting from changes in: |
|
|
|
|
|
|
Other assets |
|
|
(125.7) |
|
|
(36.3) |
Accounts payable and accrued liabilities |
|
|
(46.4) |
|
|
(22.4) |
Income taxes payable |
|
|
(394.6) |
|
|
(68.1) |
Other liabilities |
|
|
(15.0) |
|
|
15.4 |
Net cash provided by operating activities |
|
|
406.3 |
|
|
783.1 |
Cash flows from investing activities |
|
|
|
|
|
|
Capital expenditures |
|
|
(130.6) |
|
|
(147.8) |
Purchases of settlement investments |
|
|
(396.7) |
|
|
(495.3) |
Proceeds from the sale of settlement investments |
|
|
356.0 |
|
|
262.0 |
Maturities of settlement investments |
|
|
170.2 |
|
|
144.0 |
Proceeds from the sale of non-settlement investments |
|
|
— |
|
|
100.0 |
Other investing activities |
|
|
(15.2) |
|
|
(3.7) |
Net cash used in investing activities |
|
|
(16.3) |
|
|
(140.8) |
Cash flows from financing activities |
|
|
|
|
|
|
Cash dividends and dividend equivalents paid |
|
|
(321.5) |
|
|
(349.0) |
Common stock repurchased |
|
|
(186.2) |
|
|
(308.4) |
Net (repayments of)/proceeds from commercial paper |
|
|
(364.9) |
|
|
184.9 |
Net proceeds from issuance of borrowings |
|
|
798.1 |
|
|
— |
Principal payments on borrowings |
|
|
— |
|
|
(300.0) |
Net change in settlement obligations |
|
|
6.1 |
|
|
(122.8) |
Other financing activities |
|
|
(0.9) |
|
|
(1.5) |
Net cash used in financing activities |
|
|
(69.3) |
|
|
(896.8) |
Net change in cash and cash equivalents, including settlement, and restricted cash |
|
|
320.7 |
|
|
(254.5) |
Cash and cash equivalents, including settlement, and restricted cash at beginning of period |
|
|
1,786.2 |
|
|
2,040.7 |
Cash and cash equivalents, including settlement, and restricted cash at end of period |
|
$ |
2,106.9 |
|
$ |
1,786.2 |
|
|
|
|
|
|
|
|
|
December 31, |
||||
|
|
2024 |
|
2023 |
||
Reconciliation of balance sheet cash and cash equivalents to cash flows: |
|
|
|
|
|
|
Cash and cash equivalents on balance sheet |
|
$ |
1,474.0 |
|
$ |
1,268.6 |
Settlement cash and cash equivalents |
|
|
631.6 |
|
|
496.0 |
Restricted cash in Other assets |
|
|
1.3 |
|
|
21.6 |
Cash and cash equivalents, including settlement, and restricted cash at end of period |
|
$ |
2,106.9 |
|
$ |
1,786.2 |
THE WESTERN UNION COMPANY
SUMMARY SEGMENT DATA
(Unaudited)
(in millions, unless indicated otherwise)
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
||||||||||
|
|
|
December 31, |
|
|
December 31, |
||||||||||
|
|
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Money Transfer |
|
$ |
938.8 |
|
$ |
975.5 |
|
(4)% |
|
$ |
3,798.0 |
|
$ |
4,005.0 |
|
(5)% |
Consumer Services |
|
|
119.4 |
|
|
76.8 |
|
56% |
|
|
411.7 |
|
|
322.3 |
|
28% |
Business Solutions (a) |
|
|
— |
|
|
— |
|
(g) |
|
|
— |
|
|
29.7 |
|
(g) |
Total consolidated revenues |
|
$ |
1,058.2 |
|
$ |
1,052.3 |
|
1% |
|
$ |
4,209.7 |
|
$ |
4,357.0 |
|
(3)% |
Segment operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Money Transfer |
|
$ |
170.0 |
|
$ |
148.9 |
|
14% |
|
$ |
737.4 |
|
$ |
750.8 |
|
(2)% |
Consumer Services |
|
|
13.4 |
|
|
20.4 |
|
(34)% |
|
|
52.3 |
|
|
92.5 |
|
(43)% |
Business Solutions (a) |
|
|
— |
|
|
— |
|
(g) |
|
|
— |
|
|
3.7 |
|
(g) |
Total segment operating income |
|
|
183.4 |
|
|
169.3 |
|
8% |
|
|
789.7 |
|
|
847.0 |
|
(7)% |
Redeployment program costs (b) |
|
|
— |
|
|
(10.0) |
|
(g) |
|
|
(41.4) |
|
|
(29.5) |
|
(g) |
Severance costs (c) |
|
|
(1.2) |
|
|
— |
|
(g) |
|
|
(1.2) |
|
|
— |
|
(g) |
Acquisition, separation, and integration costs (d) |
|
|
(1.8) |
|
|
— |
|
(g) |
|
|
(4.1) |
|
|
— |
|
(g) |
Amortization and impairment of acquisition-related intangible assets (e) |
|
|
(0.2) |
|
|
— |
|
(g) |
|
|
(2.4) |
|
|
— |
|
(g) |
Russia asset impairments and termination costs (f) |
|
|
(2.1) |
|
|
— |
|
(g) |
|
|
(14.8) |
|
|
— |
|
(g) |
Total consolidated operating income |
|
$ |
178.1 |
|
$ |
159.3 |
|
12% |
|
$ |
725.8 |
|
$ |
817.5 |
|
(11)% |
Segment operating income margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Money Transfer |
|
|
18% |
|
|
15% |
|
3% |
|
|
19% |
|
|
19% |
|
0% |
Consumer Services |
|
|
11% |
|
|
27% |
|
(16)% |
|
|
13% |
|
|
29% |
|
(16)% |
Business Solutions (a) |
|
|
— |
|
|
— |
|
(g) |
|
|
— |
|
|
12% |
|
(g) |
_________________________________________________
THE WESTERN UNION COMPANY
KEY STATISTICS
(Unaudited)
|
|
Notes* |
|
4Q23 |
|
FY2023 |
|
1Q24 |
|
2Q24 |
|
3Q24 |
|
4Q24 |
|
FY2024 |
|||||||
Consolidated Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues (GAAP) - YoY % change |
|
|
|
|
(4)% |
|
|
(3)% |
|
|
1% |
|
|
(9)% |
|
|
(6)% |
|
|
1% |
|
|
(3)% |
Adjusted revenues (non-GAAP) - YoY % change |
|
(a) |
|
|
(1)% |
|
|
1% |
|
|
3% |
|
|
(7)% |
|
|
(6)% |
|
|
(1)% |
|
|
(3)% |
Adjusted revenues, excluding Iraq (non-GAAP) - YoY % change |
|
(a) |
|
|
(4)% |
|
|
(4)% |
|
|
(1)% |
|
|
0% |
|
|
1% |
|
|
1% |
|
|
0% |
Operating margin (GAAP) |
|
|
|
|
15% |
|
|
19% |
|
|
18% |
|
|
18% |
|
|
16% |
|
|
17% |
|
|
17% |
Adjusted operating margin (non-GAAP) |
|
(b) |
|
|
16% |
|
|
20% |
|
|
20% |
|
|
19% |
|
|
19% |
|
|
17% |
|
|
19% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Money Transfer (CMT) Segment Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues (GAAP) - YoY % change |
|
|
|
|
(1)% |
|
|
0% |
|
|
3% |
|
|
(10)% |
|
|
(9)% |
|
|
(4)% |
|
|
(5)% |
Adjusted revenues (non-GAAP) - YoY % change |
|
(g) |
|
|
(1)% |
|
|
0% |
|
|
3% |
|
|
(9)% |
|
|
(8)% |
|
|
(3)% |
|
|
(4)% |
Adjusted revenues, excluding Iraq (non-GAAP) - YoY % change |
|
(g) |
|
|
(4)% |
|
|
(6)% |
|
|
(1)% |
|
|
(1)% |
|
|
0% |
|
|
0% |
|
|
(1)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions (in millions) |
|
|
|
|
72.9 |
|
|
279.4 |
|
|
69.0 |
|
|
73.3 |
|
|
72.6 |
|
|
75.0 |
|
|
289.9 |
Transactions - YoY % change |
|
|
|
|
5% |
|
|
2% |
|
|
6% |
|
|
4% |
|
|
3% |
|
|
3% |
|
|
4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cross-border principal, as reported - YoY % change |
|
|
|
|
8% |
|
|
9% |
|
|
7% |
|
|
(6)% |
|
|
0% |
|
|
5% |
|
|
1% |
Cross-border principal (constant currency) - YoY % change |
|
(h) |
|
|
7% |
|
|
9% |
|
|
7% |
|
|
(5)% |
|
|
0% |
|
|
6% |
|
|
2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin |
|
|
|
|
15% |
|
|
19% |
|
|
19% |
|
|
20% |
|
|
20% |
|
|
18% |
|
|
19% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branded Digital revenues (GAAP) - YoY % change |
|
(gg) |
|
|
4% |
|
|
0% |
|
|
9% |
|
|
5% |
|
|
8% |
|
|
7% |
|
|
7% |
Branded Digital foreign currency translation and Argentina inflation impact |
|
(k) |
|
|
0% |
|
|
0% |
|
|
0% |
|
|
2% |
|
|
1% |
|
|
1% |
|
|
1% |
Adjusted Branded Digital revenues (non-GAAP) - YoY % change |
|
(gg) |
|
|
4% |
|
|
0% |
|
|
9% |
|
|
7% |
|
|
9% |
|
|
8% |
|
|
8% |
Branded Digital transactions - YoY % change |
|
(gg) |
|
|
13% |
|
|
11% |
|
|
13% |
|
|
13% |
|
|
15% |
|
|
13% |
|
|
13% |
THE WESTERN UNION COMPANY
KEY STATISTICS
(Unaudited)
|
|
Notes* |
|
4Q23 |
|
FY2023 |
|
1Q24 |
|
2Q24 |
|
3Q24 |
|
4Q24 |
|
FY2024 |
CMT Segment Regional Metrics - YoY % change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA region revenues (GAAP) |
|
(aa), (bb) |
|
(1)% |
|
(5)% |
|
2% |
|
1% |
|
(3)% |
|
(5)% |
|
(1)% |
NA region foreign currency translation impact |
|
(k) |
|
0% |
|
0% |
|
0% |
|
0% |
|
0% |
|
0% |
|
0% |
Adjusted NA region revenues (non-GAAP) |
|
(aa), (bb) |
|
(1)% |
|
(5)% |
|
2% |
|
1% |
|
(3)% |
|
(5)% |
|
(1)% |
NA region transactions |
|
(aa), (bb) |
|
6% |
|
5% |
|
6% |
|
6% |
|
3% |
|
0% |
|
3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EU & CIS region revenues (GAAP) |
|
(aa), (cc) |
|
(8)% |
|
(11)% |
|
(5)% |
|
(6)% |
|
0% |
|
3% |
|
(2)% |
EU & CIS region foreign currency translation impact |
|
(k) |
|
(1)% |
|
0% |
|
0% |
|
2% |
|
1% |
|
1% |
|
1% |
Adjusted EU & CIS region revenues (non-GAAP) |
|
(aa), (cc) |
|
(9)% |
|
(11)% |
|
(5)% |
|
(4)% |
|
1% |
|
4% |
|
(1)% |
EU & CIS region transactions |
|
(aa), (cc) |
|
4% |
|
(6)% |
|
5% |
|
3% |
|
6% |
|
8% |
|
5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEASA region revenues (GAAP) |
|
(aa), (dd) |
|
12% |
|
31% |
|
16% |
|
(35)% |
|
(32)% |
|
(10)% |
|
(19)% |
MEASA region foreign currency translation impact |
|
(k) |
|
0% |
|
1% |
|
1% |
|
0% |
|
1% |
|
0% |
|
1% |
Adjusted MEASA region revenues (non-GAAP) |
|
(aa), (dd) |
|
12% |
|
32% |
|
17% |
|
(35)% |
|
(31)% |
|
(10)% |
|
(18)% |
MEASA region transactions |
|
(aa), (dd) |
|
7% |
|
6% |
|
6% |
|
0% |
|
0% |
|
7% |
|
3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LACA region revenues (GAAP) |
|
(aa), (ee) |
|
2% |
|
8% |
|
7% |
|
8% |
|
(2)% |
|
(3)% |
|
2% |
LACA region foreign currency translation and Argentina inflation impact |
|
(k) |
|
(4)% |
|
(3)% |
|
(2)% |
|
0% |
|
1% |
|
2% |
|
1% |
Adjusted LACA region revenues (non-GAAP) |
|
(aa), (ee) |
|
(2)% |
|
5% |
|
5% |
|
8% |
|
(1)% |
|
(1)% |
|
3% |
LACA region transactions |
|
(aa), (ee) |
|
4% |
|
7% |
|
3% |
|
2% |
|
(2)% |
|
(3)% |
|
0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APAC region revenues (GAAP) |
|
(aa), (ff) |
|
(7)% |
|
(7)% |
|
(10)% |
|
(11)% |
|
(2)% |
|
(6)% |
|
(7)% |
APAC region foreign currency translation impact |
|
(k) |
|
2% |
|
2% |
|
4% |
|
6% |
|
3% |
|
2% |
|
4% |
Adjusted APAC region revenues (non-GAAP) |
|
(aa), (ff) |
|
(5)% |
|
(5)% |
|
(6)% |
|
(5)% |
|
1% |
|
(4)% |
|
(3)% |
APAC region transactions |
|
(aa), (ff) |
|
6% |
|
1% |
|
7% |
|
6% |
|
11% |
|
7% |
|
8% |
THE WESTERN UNION COMPANY
KEY STATISTICS
(Unaudited)
|
|
Notes* |
|
4Q23 |
|
FY2023 |
|
1Q24 |
|
2Q24 |
|
3Q24 |
|
4Q24 |
|
FY2024 |
% of CMT Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA region revenues |
|
(aa), (bb) |
|
39% |
|
37% |
|
38% |
|
40% |
|
39% |
|
39% |
|
39% |
EU & CIS region revenues |
|
(aa), (cc) |
|
25% |
|
25% |
|
24% |
|
25% |
|
27% |
|
27% |
|
26% |
MEASA region revenues |
|
(aa), (dd) |
|
18% |
|
21% |
|
21% |
|
18% |
|
17% |
|
17% |
|
18% |
LACA region revenues |
|
(aa), (ee) |
|
12% |
|
11% |
|
12% |
|
12% |
|
11% |
|
12% |
|
12% |
APAC region revenues |
|
(aa), (ff) |
|
6% |
|
6% |
|
5% |
|
5% |
|
6% |
|
5% |
|
5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branded Digital revenues |
|
(aa), (gg) |
|
23% |
|
22% |
|
23% |
|
24% |
|
25% |
|
25% |
|
24% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Services (CS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues (GAAP) - YoY % change |
|
|
|
(1)% |
|
13% |
|
5% |
|
21% |
|
32% |
|
56% |
|
28% |
Adjusted revenues (non-GAAP) - YoY % change |
|
(i) |
|
6% |
|
17% |
|
8% |
|
14% |
|
15% |
|
23% |
|
15% |
Operating margin |
|
|
|
27% |
|
29% |
|
21% |
|
11% |
|
9% |
|
11% |
|
13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Total Company Revenue (GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Money Transfer segment revenues |
|
|
|
93% |
|
92% |
|
92% |
|
90% |
|
90% |
|
89% |
|
90% |
Consumer Services segment revenues |
|
|
|
7% |
|
7% |
|
8% |
|
10% |
|
10% |
|
11% |
|
10% |
Business Solutions segment revenues |
|
|
|
0% |
|
1% |
|
0% |
|
0% |
|
0% |
|
0% |
|
0% |
* See the “Notes to Key Statistics” section of the press release for the applicable Note references and the reconciliation of non-GAAP financial measures, unless already reconciled herein.
THE WESTERN UNION COMPANY
NOTES TO KEY STATISTICS
(Unaudited)
(in millions, unless indicated otherwise)
Western Union’s management believes the non-GAAP financial measures presented within this press release and related tables provide meaningful supplemental information regarding the Company’s results to assist management, investors, analysts, and others in understanding the Company’s financial results and to better analyze operating, profitability, and other financial performance trends in the Company’s underlying business because they provide consistency and comparability to prior periods or eliminate currency volatility, increasing the comparability of the Company's underlying results and trends.
A non-GAAP financial measure should not be considered in isolation or as a substitute for the most comparable GAAP financial measure. A non-GAAP financial measure reflects an additional way of viewing aspects of the Company’s operations that, when viewed with the Company’s GAAP results and the reconciliation to the corresponding GAAP financial measure, provides a more complete understanding of the Company’s business. Users of the financial statements are encouraged to review the Company’s financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures is included below, where not previously reconciled above.
|
|
|
Notes |
|
4Q23 |
|
FY2023 |
|
1Q24 |
|
2Q24 |
|
3Q24 |
|
4Q24 |
|
FY2024 |
|||||||
|
Consolidated Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Revenues (GAAP) |
|
|
|
$ |
1,052.3 |
|
$ |
4,357.0 |
|
$ |
1,049.1 |
|
$ |
1,066.4 |
|
$ |
1,036.0 |
|
$ |
1,058.2 |
|
$ |
4,209.7 |
|
Foreign currency translation and Argentina inflation impact |
|
(k) |
|
|
1.2 |
|
|
15.4 |
|
|
5.6 |
|
|
6.4 |
|
|
(5.5) |
|
|
(17.6) |
|
|
(11.1) |
|
Revenues, constant currency, net of Argentina inflation (non-GAAP) |
|
|
|
|
1,053.5 |
|
|
4,372.4 |
|
|
1,054.7 |
|
|
1,072.8 |
|
|
1,030.5 |
|
|
1,040.6 |
|
|
4,198.6 |
|
Less Business Solutions revenues, constant currency (non-GAAP) |
|
(k), (n) |
|
|
— |
|
|
(29.9) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Adjusted revenues (non-GAAP) |
|
|
|
$ |
1,053.5 |
|
$ |
4,342.5 |
|
$ |
1,054.7 |
|
$ |
1,072.8 |
|
$ |
1,030.5 |
|
$ |
1,040.6 |
|
$ |
4,198.6 |
|
Less Iraq revenues (GAAP) |
|
(t) |
|
|
(32.5) |
|
|
(263.0) |
|
|
(64.9) |
|
|
(34.3) |
|
|
(9.5) |
|
|
(6.6) |
|
|
(115.3) |
|
Adjusted revenues, excluding Iraq (non-GAAP) |
|
|
|
$ |
1,021.0 |
|
$ |
4,079.5 |
|
$ |
989.8 |
|
$ |
1,038.5 |
|
$ |
1,021.0 |
|
$ |
1,034.0 |
|
$ |
4,083.3 |
|
Prior year revenues (GAAP) |
|
|
|
$ |
1,091.9 |
|
$ |
4,475.5 |
|
$ |
1,036.9 |
|
$ |
1,170.0 |
|
$ |
1,097.8 |
|
$ |
1,052.3 |
|
$ |
4,357.0 |
|
Less prior year revenues from Business Solutions (GAAP) |
|
(n) |
|
|
(29.5) |
|
|
(196.9) |
|
|
(15.4) |
|
|
(14.3) |
|
|
— |
|
|
— |
|
|
(29.7) |
|
Adjusted prior year revenues (non-GAAP) |
|
|
|
$ |
1,062.4 |
|
$ |
4,278.6 |
|
$ |
1,021.5 |
|
$ |
1,155.7 |
|
$ |
1,097.8 |
|
$ |
1,052.3 |
|
$ |
4,327.3 |
|
Less prior year revenues from Iraq (GAAP) |
|
(t) |
|
|
(4.0) |
|
|
(15.1) |
|
|
(25.3) |
|
|
(118.4) |
|
|
(86.8) |
|
|
(32.5) |
|
|
(263.0) |
|
Adjusted prior year revenues, excluding Iraq (non-GAAP) |
|
|
|
$ |
1,058.4 |
|
$ |
4,263.5 |
|
$ |
996.2 |
|
$ |
1,037.3 |
|
$ |
1,011.0 |
|
$ |
1,019.8 |
|
$ |
4,064.3 |
|
Revenues (GAAP) - YoY % change |
|
|
|
|
(4)% |
|
|
(3)% |
|
|
1% |
|
|
(9)% |
|
|
(6)% |
|
|
1% |
|
|
(3)% |
|
Revenues, constant currency, net of Argentina inflation (non-GAAP) - YoY% change |
|
|
|
|
(4)% |
|
|
(2)% |
|
|
2% |
|
|
(8)% |
|
|
(6)% |
|
|
(1)% |
|
|
(4)% |
|
Adjusted revenues (non-GAAP) - YoY % change |
|
|
|
|
(1)% |
|
|
1% |
|
|
3% |
|
|
(7)% |
|
|
(6)% |
|
|
(1)% |
|
|
(3)% |
|
Adjusted revenues, excluding Iraq (non-GAAP) - YoY % change |
|
|
|
|
(4)% |
|
|
(4)% |
|
|
(1)% |
|
|
0% |
|
|
1% |
|
|
1% |
|
|
0% |
THE WESTERN UNION COMPANY
NOTES TO KEY STATISTICS
(Unaudited)
(in millions, unless indicated otherwise)
|
|
|
Notes |
|
4Q23 |
|
FY2023 |
|
1Q24 |
|
2Q24 |
|
3Q24 |
|
4Q24 |
|
FY2024 |
|||||||
|
Consolidated Metrics cont. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
Operating income (GAAP) |
|
|
|
$ |
159.3 |
|
$ |
817.5 |
|
$ |
192.1 |
|
$ |
190.7 |
|
$ |
164.9 |
|
$ |
178.1 |
|
$ |
725.8 |
|
Acquisition, separation, and integration costs |
|
(m) |
|
|
0.2 |
|
|
3.1 |
|
|
0.1 |
|
|
0.5 |
|
|
1.7 |
|
|
1.8 |
|
|
4.1 |
|
Amortization and impairment of acquisition-related intangible assets |
|
(p) |
|
|
— |
|
|
— |
|
|
— |
|
|
2.0 |
|
|
0.2 |
|
|
0.2 |
|
|
2.4 |
|
Redeployment program costs |
|
(o) |
|
|
10.0 |
|
|
29.5 |
|
|
14.0 |
|
|
9.4 |
|
|
18.0 |
|
|
— |
|
|
41.4 |
|
Severance costs |
|
(u) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1.2 |
|
|
1.2 |
|
Russia asset impairments and termination costs |
|
(r) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
12.7 |
|
|
2.1 |
|
|
14.8 |
|
Less Business Solutions operating income |
|
(n) |
|
|
— |
|
|
(3.6) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Adjusted operating income (non-GAAP) |
|
|
|
$ |
169.5 |
|
$ |
846.5 |
|
$ |
206.2 |
|
$ |
202.6 |
|
$ |
197.5 |
|
$ |
183.4 |
|
$ |
789.7 |
|
Operating margin (GAAP) |
|
|
|
|
15% |
|
|
19% |
|
|
18% |
|
|
18% |
|
|
16% |
|
|
17% |
|
|
17% |
|
Adjusted operating margin (non-GAAP) |
|
|
|
|
16% |
|
|
20% |
|
|
20% |
|
|
19% |
|
|
19% |
|
|
17% |
|
|
19% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) |
Net income (GAAP) |
|
|
|
$ |
127.0 |
|
$ |
626.0 |
|
$ |
142.7 |
|
$ |
141.0 |
|
$ |
264.8 |
|
$ |
385.7 |
|
$ |
934.2 |
|
Acquisition, separation, and integration costs |
|
(m) |
|
|
0.2 |
|
|
3.1 |
|
|
0.1 |
|
|
0.5 |
|
|
1.7 |
|
|
1.8 |
|
|
4.1 |
|
Amortization and impairment of acquisition-related intangible assets |
|
(p) |
|
|
— |
|
|
— |
|
|
— |
|
|
2.0 |
|
|
0.2 |
|
|
0.2 |
|
|
2.4 |
|
Business Solutions gain |
|
(n) |
|
|
— |
|
|
(18.0) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Redeployment program costs |
|
(o) |
|
|
10.0 |
|
|
29.5 |
|
|
14.0 |
|
|
9.4 |
|
|
18.0 |
|
|
— |
|
|
41.4 |
|
Severance costs |
|
(u) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1.2 |
|
|
1.2 |
|
Russia asset impairments, termination costs, and currency remeasurement |
|
(r) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
13.7 |
|
|
3.0 |
|
|
16.7 |
|
IRS settlement |
|
(s) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(137.8) |
|
|
— |
|
|
(137.8) |
|
Non-cash tax impacts of international reorganization |
|
(v) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(255.2) |
|
|
(255.2) |
|
Income tax expense/(benefit) from other adjustments |
|
(m), (n), (o), (p), (q), (r), (u) |
|
|
(4.6) |
|
|
4.6 |
|
|
(1.5) |
|
|
(4.0) |
|
|
(5.6) |
|
|
(1.1) |
|
|
(12.2) |
|
Adjusted net income (non-GAAP) |
|
|
|
$ |
132.6 |
|
$ |
645.2 |
|
$ |
155.3 |
|
$ |
148.9 |
|
$ |
155.0 |
|
$ |
135.6 |
|
$ |
594.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE WESTERN UNION COMPANY
NOTES TO KEY STATISTICS
(Unaudited)
(in millions, unless indicated otherwise)
|
|
|
Notes |
|
|
4Q23 |
|
|
FY2023 |
|
|
1Q24 |
|
|
2Q24 |
|
|
3Q24 |
|
|
4Q24 |
|
|
FY2024 |
|
Consolidated Metrics cont. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(d) |
Net income (GAAP) |
|
|
|
$ |
127.0 |
|
$ |
626.0 |
|
$ |
142.7 |
|
$ |
141.0 |
|
$ |
264.8 |
|
$ |
385.7 |
|
$ |
934.2 |
|
Provision for/(benefit from) income taxes |
|
|
|
|
17.1 |
|
|
119.8 |
|
|
27.3 |
|
|
24.2 |
|
|
(129.1) |
|
|
(238.0) |
|
|
(315.6) |
|
Interest income |
|
|
|
|
(4.6) |
|
|
(15.6) |
|
|
(3.1) |
|
|
(3.7) |
|
|
(2.8) |
|
|
(2.3) |
|
|
(11.9) |
|
Interest expense |
|
|
|
|
26.3 |
|
|
105.3 |
|
|
26.1 |
|
|
31.1 |
|
|
32.2 |
|
|
30.4 |
|
|
119.8 |
|
Depreciation and amortization |
|
|
|
|
45.1 |
|
|
183.6 |
|
|
46.6 |
|
|
46.1 |
|
|
43.0 |
|
|
43.4 |
|
|
179.1 |
|
Stock-based compensation expense |
|
|
|
|
8.7 |
|
|
35.9 |
|
|
8.7 |
|
|
10.2 |
|
|
9.5 |
|
|
10.5 |
|
|
38.9 |
|
Other (income)/expense, net |
|
|
|
|
(6.5) |
|
|
— |
|
|
(0.9) |
|
|
(1.9) |
|
|
(0.2) |
|
|
2.3 |
|
|
(0.7) |
|
Business Solutions gain |
|
(n) |
|
|
— |
|
|
(18.0) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Acquisition, separation, and integration costs |
|
(m) |
|
|
0.2 |
|
|
3.1 |
|
|
0.1 |
|
|
0.5 |
|
|
1.7 |
|
|
1.8 |
|
|
4.1 |
|
Amortization and impairment of acquisition-related intangible assets |
|
(p) |
|
|
— |
|
|
— |
|
|
— |
|
|
2.0 |
|
|
0.2 |
|
|
0.2 |
|
|
2.4 |
|
Redeployment program costs |
|
(o) |
|
|
10.0 |
|
|
29.5 |
|
|
14.0 |
|
|
9.4 |
|
|
18.0 |
|
|
— |
|
|
41.4 |
|
Severance costs |
|
(u) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1.2 |
|
|
1.2 |
|
Russia asset impairments and termination costs |
|
(r) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
12.7 |
|
|
2.1 |
|
|
14.8 |
|
Less Business Solutions operating income |
|
(n) |
|
|
— |
|
|
(3.6) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Adjusted EBITDA (non-GAAP) |
|
(l) |
|
$ |
223.3 |
|
$ |
1,066.0 |
|
$ |
261.5 |
|
$ |
258.9 |
|
$ |
250.0 |
|
$ |
237.3 |
|
$ |
1,007.7 |
THE WESTERN UNION COMPANY
NOTES TO KEY STATISTICS
(Unaudited)
(in millions, unless indicated otherwise)
|
|
|
Notes |
|
4Q23 |
|
FY2023 |
|
1Q24 |
|
2Q24 |
|
3Q24 |
|
4Q24 |
|
FY2024 |
|||||||
|
Consolidated Metrics cont. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(e) |
Effective tax rate (GAAP) |
|
|
|
|
12% |
|
|
16% |
|
|
16% |
|
|
15% |
|
|
(95)% |
|
|
(161)% |
|
|
(51)% |
|
IRS settlement |
|
(s) |
|
|
0% |
|
|
0% |
|
|
0% |
|
|
0% |
|
|
102% |
|
|
0% |
|
|
22% |
|
Non-cash tax impacts of international reorganization |
|
(v) |
|
|
0% |
|
|
0% |
|
|
0% |
|
|
0% |
|
|
0% |
|
|
173% |
|
|
41% |
|
Other adjustments |
|
(m), (n), (o), (p), (q), (r), (u) |
|
|
2% |
|
|
(1)% |
|
|
0% |
|
|
1% |
|
|
1% |
|
|
0% |
|
|
1% |
|
Adjusted effective tax rate (non-GAAP) |
|
|
|
|
14% |
|
|
15% |
|
|
16% |
|
|
16% |
|
|
8% |
|
|
12% |
|
|
13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(f) |
Diluted earnings per share (GAAP) ($- dollars) |
|
|
|
$ |
0.35 |
|
$ |
1.68 |
|
$ |
0.41 |
|
$ |
0.41 |
|
$ |
0.78 |
|
$ |
1.13 |
|
$ |
2.74 |
|
Pretax impacts from the following: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition, separation, and integration costs |
|
(m) |
|
|
— |
|
|
0.01 |
|
|
— |
|
|
— |
|
|
— |
|
|
0.01 |
|
|
0.01 |
|
Amortization and impairment of acquisition-related intangible assets |
|
(p) |
|
|
— |
|
|
— |
|
|
— |
|
|
0.01 |
|
|
— |
|
|
— |
|
|
0.01 |
|
Business Solutions gain |
|
(n) |
|
|
— |
|
|
(0.05) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Redeployment program costs |
|
(o) |
|
|
0.03 |
|
|
0.08 |
|
|
0.04 |
|
|
0.03 |
|
|
0.05 |
|
|
— |
|
|
0.12 |
|
Severance costs |
|
(u) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Russia asset impairments, termination costs, and currency remeasurement |
|
(r) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.04 |
|
|
0.01 |
|
|
0.05 |
|
Income tax expense/(benefit) impacts from the following: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IRS settlement |
|
(s) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.40) |
|
|
— |
|
|
(0.40) |
|
Non-cash tax impacts of international reorganization |
|
(v) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.75) |
|
|
(0.75) |
|
Other adjustments |
|
(m), (n), (o), (p), (q), (r), (u) |
|
|
(0.01) |
|
|
0.02 |
|
|
— |
|
|
(0.01) |
|
|
(0.01) |
|
|
— |
|
|
(0.04) |
|
Adjusted diluted earnings per share (non-GAAP) ($- dollars) |
|
|
|
$ |
0.37 |
|
$ |
1.74 |
|
$ |
0.45 |
|
$ |
0.44 |
|
$ |
0.46 |
|
$ |
0.40 |
|
$ |
1.74 |
THE WESTERN UNION COMPANY
NOTES TO KEY STATISTICS
(Unaudited)
(in millions, unless indicated otherwise)
|
|
|
Notes |
|
4Q23 |
|
FY2023 |
|
1Q24 |
|
2Q24 |
|
3Q24 |
|
4Q24 |
|
FY2024 |
|||||||
|
CMT Segment Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(g) |
Revenues (GAAP) |
|
|
|
$ |
975.5 |
|
$ |
4,005.0 |
|
$ |
962.0 |
|
$ |
965.0 |
|
$ |
932.2 |
|
$ |
938.8 |
|
$ |
3,798.0 |
|
Foreign currency translation and Argentina inflation impact |
|
(k) |
|
|
(3.4) |
|
|
4.6 |
|
|
2.5 |
|
|
12.7 |
|
|
7.4 |
|
|
7.5 |
|
|
30.1 |
|
Revenues, constant currency, net of Argentina inflation (non-GAAP) |
|
|
|
|
972.1 |
|
|
4,009.6 |
|
|
964.5 |
|
|
977.7 |
|
|
939.6 |
|
|
946.3 |
|
|
3,828.1 |
|
Less Iraq revenues (GAAP) |
|
(t) |
|
|
(32.5) |
|
|
(263.0) |
|
|
(64.9) |
|
|
(34.3) |
|
|
(9.5) |
|
|
(6.6) |
|
|
(115.3) |
|
Adjusted revenues, excluding Iraq (non-GAAP) |
|
|
|
$ |
939.6 |
|
$ |
3,746.6 |
|
$ |
899.6 |
|
$ |
943.4 |
|
$ |
930.1 |
|
$ |
939.7 |
|
$ |
3,712.8 |
|
Prior year revenues (GAAP) |
|
|
|
$ |
985.2 |
|
$ |
3,993.5 |
|
$ |
938.3 |
|
$ |
1,072.2 |
|
$ |
1,019.0 |
|
$ |
975.5 |
|
$ |
4,005.0 |
|
Less prior year revenues from Iraq (GAAP) |
|
(t) |
|
|
(4.0) |
|
|
(15.1) |
|
|
(25.3) |
|
|
(118.4) |
|
|
(86.8) |
|
|
(32.5) |
|
|
(263.0) |
|
Prior year revenues, excluding Iraq (non-GAAP) |
|
|
|
$ |
981.2 |
|
$ |
3,978.4 |
|
$ |
913.0 |
|
$ |
953.8 |
|
$ |
932.2 |
|
$ |
943.0 |
|
$ |
3,742.0 |
|
Revenues (GAAP) - YoY % change |
|
|
|
|
(1)% |
|
|
0% |
|
|
3% |
|
|
(10)% |
|
|
(9)% |
|
|
(4)% |
|
|
(5)% |
|
Adjusted revenues (non-GAAP) - YoY % change |
|
|
|
|
(1)% |
|
|
0% |
|
|
3% |
|
|
(9)% |
|
|
(8)% |
|
|
(3)% |
|
|
(4)% |
|
Adjusted revenues, excluding Iraq (non-GAAP) - YoY % change |
|
|
|
|
(4)% |
|
|
(6)% |
|
|
(1)% |
|
|
(1)% |
|
|
0% |
|
|
0% |
|
|
(1)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(h) |
Cross-border principal, as reported ($- billions) |
|
|
|
$ |
25.2 |
|
$ |
101.7 |
|
$ |
24.6 |
|
$ |
25.9 |
|
$ |
25.9 |
|
$ |
26.5 |
|
$ |
102.9 |
|
Foreign currency translation impact |
|
(k) |
|
|
(0.2) |
|
|
0.0 |
|
|
0.0 |
|
|
0.3 |
|
|
0.1 |
|
|
0.2 |
|
|
0.6 |
|
Cross-border principal, constant currency ($- billions) |
|
|
|
$ |
25.0 |
|
$ |
101.7 |
|
$ |
24.6 |
|
$ |
26.2 |
|
$ |
26.0 |
|
$ |
26.7 |
|
$ |
103.5 |
|
Prior year cross-border principal, as reported ($- billions) |
|
|
|
$ |
23.4 |
|
$ |
93.6 |
|
$ |
23.0 |
|
$ |
27.5 |
|
$ |
26.0 |
|
$ |
25.2 |
|
$ |
101.7 |
|
Cross-border principal, as reported - YoY % change |
|
|
|
|
8% |
|
|
9% |
|
|
7% |
|
|
(6)% |
|
|
0% |
|
|
5% |
|
|
1% |
|
Cross-border principal, constant currency - YoY % change |
|
|
|
|
7% |
|
|
9% |
|
|
7% |
|
|
(5)% |
|
|
0% |
|
|
6% |
|
|
2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(i) |
CS Segment Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues (GAAP) |
|
|
|
$ |
76.8 |
|
$ |
322.3 |
|
$ |
87.1 |
|
$ |
101.4 |
|
$ |
103.8 |
|
$ |
119.4 |
|
$ |
411.7 |
|
Foreign currency translation and Argentina inflation impact |
|
(k) |
|
|
4.8 |
|
|
10.7 |
|
|
3.0 |
|
|
(6.2) |
|
|
(12.9) |
|
|
(25.1) |
|
|
(41.2) |
|
Revenues, constant currency, net of Argentina inflation (non-GAAP) |
|
|
|
$ |
81.6 |
|
$ |
333.0 |
|
$ |
90.1 |
|
$ |
95.2 |
|
$ |
90.9 |
|
$ |
94.3 |
|
$ |
370.5 |
|
Prior year revenues (GAAP) |
|
|
|
$ |
77.2 |
|
$ |
285.1 |
|
$ |
83.2 |
|
$ |
83.5 |
|
$ |
78.8 |
|
$ |
76.8 |
|
$ |
322.3 |
|
Revenues (GAAP) - YoY % change |
|
|
|
|
(1)% |
|
|
13% |
|
|
5% |
|
|
21% |
|
|
32% |
|
|
56% |
|
|
28% |
|
Adjusted revenues (non-GAAP) - YoY % change |
|
|
|
|
6% |
|
|
17% |
|
|
8% |
|
|
14% |
|
|
15% |
|
|
23% |
|
|
15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(j) |
Business Solutions Segment Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues (GAAP) |
|
|
|
$ |
— |
|
$ |
29.7 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Foreign currency translation impact |
|
(k) |
|
|
— |
|
|
0.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Revenues, constant currency (non-GAAP) |
|
|
|
$ |
— |
|
$ |
29.9 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
THE WESTERN UNION COMPANY
NOTES TO KEY STATISTICS
(Unaudited)
(in millions, unless indicated otherwise)
2025 Consolidated Outlook Metrics |
|
|
|
|
|
|
|
|
|
|
Notes |
|
Range |
||||
Revenues (GAAP) |
|
|
|
$ |
4,090 |
|
$ |
4,190 |
Foreign currency translation and Argentina inflation impact |
|
(k) |
|
|
25 |
|
|
25 |
Revenues, adjusted (non-GAAP) |
|
|
|
$ |
4,115 |
|
$ |
4,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Range |
||||
Operating margin (GAAP) |
|
|
|
|
18% |
|
|
20% |
Severance costs |
|
(u) |
|
|
1% |
|
|
1% |
Acquisition, separation, and integration costs |
|
(m) |
|
|
0% |
|
|
0% |
Amortization and impairment of acquisition-related intangible assets |
|
(p) |
|
|
0% |
|
|
0% |
Russia asset impairments and termination costs |
|
(r) |
|
|
0% |
|
|
0% |
Operating margin, adjusted (non-GAAP) |
|
|
|
|
19% |
|
|
21% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Range |
||||
Effective tax rate (GAAP) |
|
|
|
|
20% |
|
|
22% |
Non-cash tax impacts of international reorganization |
|
(v) |
|
|
(6)% |
|
|
(6)% |
Other adjustments |
|
(m), (p), (r), (u) |
|
|
0% |
|
|
0% |
Effective tax rate (non-GAAP) |
|
|
|
|
14% |
|
|
16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Range |
||||
Earnings per share (GAAP) ($- dollars) |
|
|
|
$ |
1.54 |
|
$ |
1.64 |
Severance costs |
|
(u) |
|
|
0.08 |
|
|
0.08 |
Acquisition, separation, and integration costs |
|
(m) |
|
|
— |
|
|
— |
Amortization and impairment of acquisition-related intangible assets |
|
(p) |
|
|
— |
|
|
— |
Russia asset impairments, termination costs, and currency remeasurement |
|
(r) |
|
|
— |
|
|
— |
Income taxes associated with these adjustments |
|
(m), (p), (r), (u) |
|
|
— |
|
|
— |
Non-cash tax impacts of international reorganization |
|
(v) |
|
|
0.13 |
|
|
0.13 |
Earnings per share, adjusted (non-GAAP) ($- dollars) |
|
|
|
$ |
1.75 |
|
$ |
1.85 |
|
|
|
|
|
|
|
|
|
Non-GAAP related notes:
Other notes:
