Western Union Reports Fourth Quarter and Full Year Results

Strong digital growth
Full year operating
margin 20.1%

Over $740 million returned to
shareholders in 2018

Quarterly dividend increased 5%

DENVER–(BUSINESS WIRE)–The Western Union Company (NYSE: WU), a global leader in cross-border,
cross-currency money movement, today reported financial results for the
2018 fourth quarter and full year and provided its financial outlook for
2019.

GAAP earnings per share in the fourth quarter was $0.48 compared to a
loss of ($2.44) in the prior year period, as the prior year period was
negatively impacted by significant adjustment items (refer to Adjustment
Items section for details). On an adjusted basis, earnings per share was
$0.49 compared to $0.41 in the prior year period. The increase in
adjusted earnings per share was primarily due to an increased operating
profit margin, a lower effective tax rate, and fewer shares outstanding,
partially offset by lower revenues.

The Company generated revenue of $1.4 billion in the quarter, which
declined 3% compared to the prior year, or increased 2% on a constant
currency basis. The strengthening of the dollar against the Argentine
peso negatively impacted reported revenue by 4 percentage points in the
quarter, while the effects of inflation on the Company’s Argentina-based
businesses are estimated to have positively impacted both reported and
constant currency revenue by approximately 2 percentage points.

Consumer money transfer revenues declined 1% in the quarter due to the
impact of foreign exchange, but increased 1% in constant currency, led
by strong growth in westernunion.com. The Company’s operating profit
margin was 19.3% in the quarter.

“Strong digital growth continues to drive our results,” said president
and CEO Hikmet Ersek. “Westernunion.com money transfer transaction
growth accelerated to 25% in the quarter, while overall margins were
solid. Our customers have consistently demonstrated their resilience,
even in periods of slowing global economic growth.”

Ersek added, “In 2018 we made important strategic progress. We feel
confident about our operations and business. In 2019 we will continue to
execute our strategy to deliver strong digital expansion, offer our
cross-border platform to new payments areas, and generate additional
operating efficiencies.”

The new quarterly dividend of $0.20 per common share, which represents a
5% increase over the previous dividend of $0.19, is payable March 29,
2019 to shareholders of record at the close of business on March 15,
2019.

Executive vice president and CFO Raj Agrawal stated, “Efficient cost
management and our WU Way programs helped us deliver stable profit
margins and solid cash flow in 2018. We returned over $740 million to
shareholders through dividends and share repurchases last year and are
pleased to announce today a 5% increase in our quarterly dividend.”

Q4 Business Unit Highlights

  • Consumer-to-Consumer (C2C) revenues, which represented 80% of total
    Company revenue in the quarter, declined 1% on a reported basis, or
    increased 1% constant currency, while transactions grew 4%.
    Geographically, constant currency revenue growth was led by sends
    originated in Latin America and Europe, partially offset by declines
    in the Middle East and Asia Pacific.

    Westernunion.com C2C
    revenues increased 21%, or 22% constant currency, and transactions
    increased 25%. Westernunion.com is now available in more than 60
    countries, plus additional territories, including approximately 20 new
    launches over the past year. Westernunion.com revenues represented 12%
    of total C2C revenue in the quarter.

  • Western Union Business Solutions revenues increased 3%, or 5% on a
    constant currency basis, driven by growth in both payments and foreign
    exchange services. 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 11%, or increased 10% on a constant
    currency basis. The strengthening of the dollar against the Argentine
    peso negatively impacted Other reported revenue by 21 percentage
    points in the quarter, while the effects of inflation on the Argentina
    Pago Facil bill payments business are estimated to have positively
    impacted both reported and constant currency revenue by approximately
    11 percentage points. Other revenues represented 13% of total Company
    revenues in the quarter.

Additional Q4 Financial Highlights

  • GAAP operating margin in the quarter was 19.3%, which compares to
    (17.5%) in the prior year period, or 18.0% in the prior year on an
    adjusted basis. GAAP operating profit of $271 million compares to a
    loss of ($252) million in the prior year, or $258 million in the prior
    year on an adjusted basis. The improvement in GAAP operating profit
    was primarily due to adjustment items in the prior year period. The
    improvement in adjusted operating profit margin was driven by lower
    bad debt, marketing, and incentive compensation expenses compared to
    the prior year period, which were partially offset by higher corporate
    expenses and technology spending.
  • The effective tax rate in the quarter was 9.8%, with tax expense in
    the current year quarter of $23 million comparing to $832 million in
    the prior year period. The decrease in tax expense was primarily due
    to the impact of the Tax Act in the U.S. On an adjusted basis, the tax
    rate was 6.3% compared to 14.3% in the prior year period. The decrease
    in the adjusted effective tax rate was primarily due to certain
    discrete items in the current year period.
  • The Company returned $133 million to shareholders in the fourth
    quarter, consisting of $49 million in share repurchases and $84
    million of dividends.

2018 Full Year Results

  • The Company’s full year revenue increased 1%, or 3% on a constant
    currency basis, compared to the prior year. The strengthening of the
    dollar against the Argentine peso reduced reported revenue growth by
    approximately 2.5 percentage points, while the impact of inflation on
    the Company’s Argentina-based businesses is estimated to have
    increased revenue growth by approximately 1.5 percentage points.
  • GAAP operating margin of 20.1% compares to 8.6% in the prior year, or
    20.0% on an adjusted basis in 2017. The improvement in GAAP operating
    margin was primarily due to adjustment items in the prior year period.
  • The effective tax rate for the year was 14.1%. The full year tax
    expense was $139 million, which compares to $905 million in the prior
    year, with the decrease primarily due to the impact of adjustment
    items in the prior year, including expenses associated with the Tax
    Act. Excluding the impact of the Tax Act and other adjustment items,
    the adjusted tax rate of 11.8% for the full year compares to 13.1% in
    2017. The adjusted tax rate in both periods benefited from various
    discrete items.
  • GAAP earnings / (loss) per share of $1.87 increased from ($1.19) in
    the prior year, primarily due to adjustment items in the prior year.
    Adjusted earnings per share of $1.92 compares to $1.80 in 2017. The
    increase in adjusted earnings per share was primarily due to higher
    revenues, a lower effective tax rate, and fewer shares outstanding.
  • GAAP cash flow from operating activities for the year was $821
    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 payment for the previously
    announced NYDFS settlement, and approximately $30 million of outflows
    for prior year WU Way expenses. The Company returned $741 million to
    shareholders through dividends and share repurchases for the full year.

Adjustment Items

Adjusted metrics for 2018 exclude the impact of tax expense related to
changes in estimates for the provisional accounting for the Tax Act ($8
million for Q4 and $23 million for the full year).

Adjusted metrics for 2017 exclude the impact of the Tax Act ($828
million for Q4 and full year), a non-cash goodwill impairment charge
related to the Business Solutions reporting unit ($464 million for Q4
and full year), expenses related to the WU Way business transformation
($35 million for Q4 and $94 million for full year), an accrual related
to a settlement with the New York Department of Financial Services
(“NYDFS Settlement,” $11 million for Q4 and $60 million for full year),
additional expenses for an independent compliance auditor as required by
the Joint Settlement Agreements ($8 million for full year), and related
tax impacts.

2019 Outlook

The Company’s strategies remain focused on digital expansion, customer
experience improvements, operating efficiencies, and new cross-border
payments opportunities. In 2019, the Company expects stable financial
performance in a slowing global economic growth environment, with a
negative impact from foreign exchange and a higher effective tax rate
compared to the prior year, primarily due to impacts from the U.S. Tax
Act’s Base Erosion Anti-Abuse Tax (BEAT).

The Company has identified and is in the process of implementing
structural actions to mitigate the adverse impact of BEAT. The 2019
outlook reflects an effective tax rate of approximately 17-18%, which
anticipates the mitigation efforts are implemented in stages during the
year. The Company currently expects the effective tax rate to be in the
mid-teens level in 2020, reflecting the full effect of mitigation.

The Company expects the following outlook for 2019:

Revenue

  • GAAP: low single-digit decrease to a low single-digit increase
  • Constant currency: low single-digit increase (excluding any benefit
    related to Argentina inflation)

Operating Profit Margin

  • Operating margin of approximately 20%

Tax Rate

  • Effective tax rate of approximately 17% to 18% in 2019

Earnings per Share

  • EPS in a range of $1.83 to $1.95

Cash Flow

  • Cash flow from operating activities of approximately $1 billion

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 goodwill impairment, NYDFS Settlement, 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 goodwill impairment, NYDFS Settlement,
Joint Settlement Agreements and WU Way business transformation expenses;
consolidated operating margin, excluding goodwill impairment, NYDFS
Settlement, Joint Settlement Agreements and WU Way business
transformation expenses; effective tax rate excluding goodwill
impairment, NYDFS Settlement, Joint Settlement Agreements, WU Way
business transformation expenses and Tax Act; earnings per share,
excluding goodwill impairment, NYDFS Settlement, Joint Settlement
Agreements, WU Way business transformation expenses and 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 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
9862712.

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 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 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; 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, including with respect to United States tax reform
legislation enacted in December 2017 (the “Tax Act”), 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 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 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, 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 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 (“GDPR”) approved by the European Union (“EU”); failure to
comply with 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 and
derivatives 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. 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 December 31, 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 2018, is available in more than 60
countries, plus additional territories, to move money around the world.
In 2018, we moved over $300 billion in principal in nearly 130
currencies and processed 34 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*   4Q17   FY2017   1Q18   2Q18   3Q18   4Q18   FY2018
Consolidated Metrics
Consolidated revenues (GAAP) – YoY % change 5 % 2 % 7 % 2 % (1 ) % (3 ) % 1 %
Consolidated revenues (constant currency) – YoY % change a 4 % 3 % 5 % 3 % 3 % 2 % 3 %
Consolidated operating income/(loss) (GAAP) – YoY % change 19 % (2 ) % 10 % 32 % 11 % 208 % 136 %
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 % 3 % 5 % (4 ) % 7 % 7 % 3 %
Consolidated operating margin (GAAP) jj (17.5 ) % 8.6 % 19.1 % 20.1 % 21.8 % 19.3 % 20.1 %
Consolidated operating margin (excluding Goodwill impairment, NYDFS
Consent Order, Joint Settlement Agreements and WU Way business
transformation expenses)
c 18.0 % 20.0 % 19.1 % 20.1 % 21.8 % 19.3 % 20.1 %
 
Consumer-to-Consumer (C2C) Segment
Revenues (GAAP) – YoY % change 5 % 1 % 7 % 4 % 0 % (1 ) % 2 %
Revenues (constant currency) – YoY % change g 4 % 2 % 5 % 3 % 2 % 1 % 2 %
Operating margin jj 21.5 % 23.1 % 22.2 % 23.6 % 25.1 % 23.3 % 23.5 %
 
Transactions (in millions) 71.4 275.8 67.8 73.1 71.8 74.3 287.0
Transactions – YoY % change 3 % 3 % 4 % 5 % 4 % 4 % 4 %
 
Total principal ($- billions) $ 21.3 $ 81.8 $ 20.8 $ 22.4 $ 22.1 $ 22.4 $ 87.7
Principal per transaction ($- dollars) $ 300 $ 297 $ 307 $ 306 $ 308 $ 301 $ 305
Principal per transaction – YoY % change 3 % 0 % 5 % 5 % 2 % 0 % 3 %
Principal per transaction (constant currency) – YoY % change h 0 % (1 ) % 2 % 3 % 4 % 3 % 3 %
 
Cross-border principal ($- billions) $ 19.5 $ 74.5 $ 18.9 $ 20.4 $ 20.1 $ 20.5 $ 79.9
Cross-border principal – YoY % change 6 % 3 % 9 % 9 % 6 % 5 % 7 %
Cross-border principal (constant currency) – YoY % change i 4 % 2 % 5 % 8 % 7 % 8 % 7 %
 
NA region revenues (GAAP) – YoY % change aa, bb 3 % 2 % 4 % 3 % 2 % 0 % 2 %
NA region revenues (constant currency) – YoY % change j, aa, bb 3 % 3 % 4 % 3 % 2 % 0 % 2 %
NA region transactions – YoY % change aa, bb 1 % 3 % 1 % 2 % 1 % 2 % 2 %
 
EU & CIS region revenues (GAAP) – YoY % change aa, cc 6 % 1 % 14 % 9 % 3 % 1 % 7 %
EU & CIS region revenues (constant currency) – YoY % change k, aa, cc 2 % 2 % 5 % 4 % 4 % 2 % 4 %
EU & CIS region transactions – YoY % change aa, cc 7 % 7 % 8 % 9 % 8 % 8 % 8 %
 
MEASA region revenues (GAAP) – YoY % change aa, dd 1 % (8 ) % 0 % (4 ) % (7 ) % (7 ) % (5 ) %
MEASA region revenues (constant currency) – YoY % change l, aa, dd 0 % (7 ) % (1 ) % (5 ) % (6 ) % (6 ) % (4 ) %
MEASA region transactions – YoY % change aa, dd (2 ) % (10 ) % (2 ) % (1 ) % 2 % 3 % 1 %
 
LACA region revenues (GAAP) – YoY % change aa, ee 21 % 22 % 20 % 11 % 2 % 0 % 8 %
LACA region revenues (constant currency) – YoY % change m, aa, ee 23 % 23 % 25 % 20 % 16 % 16 % 19 %
LACA region transactions – YoY % change aa, ee 17 % 17 % 17 % 16 % 11 % 11 % 14 %
 
APAC region revenues (GAAP) – YoY % change aa, ff 0 % (2 ) % 2 % (5 ) % (10 ) % (9 ) % (6 ) %
APAC region revenues (constant currency) – YoY % change n, aa, ff 0 % 0 % 0 % (5 ) % (9 ) % (8 ) % (6 ) %
APAC region transactions – YoY % change aa, ff 3 % 0 % 1 % 0 % (2 ) % (4 ) % (1 ) %
 
International revenues – YoY % change gg 6 % 0 % 9 % 4 % (1 ) % (2 ) % 3 %
International transactions – YoY % change gg 6 % 3 % 6 % 7 % 6 % 6 % 6 %
International revenues – % of C2C segment revenues gg 67 % 66 % 67 % 66 % 67 % 67 % 67 %
 
United States originated revenues – YoY % change hh 3 % 3 % 4 % 3 % 1 % (1 ) % 2 %
United States originated transactions – YoY % change hh 0 % 2 % 1 % 2 % 1 % 2 % 1 %
United States originated revenues – % of C2C segment revenues hh 33 % 34 % 33 % 34 % 33 % 33 % 33 %
 
westernunion.com revenues (GAAP) – YoY % change ii 22 % 23 % 23 % 22 % 19 % 21 % 21 %
westernunion.com revenues (constant currency) – YoY % change o, ii 22 % 24 % 20 % 21 % 20 % 22 % 21 %
westernunion.com transactions – YoY % change ii 22 % 24 % 24 % 26 % 23 % 25 % 25 %
 
% of Consumer-to-Consumer Revenue
Regional Revenues:
NA region revenues aa, bb 37 % 37 % 36 % 37 % 37 % 37 % 37 %
EU & CIS region revenues aa, cc 31 % 31 % 32 % 32 % 32 % 32 % 32 %
MEASA region revenues aa, dd 16 % 16 % 16 % 15 % 15 % 15 % 15 %
LACA region revenues aa, ee 9 % 8 % 9 % 9 % 9 % 9 % 9 %
APAC region revenues aa, ff 7 % 8 % 7 % 7 % 7 % 7 % 7 %
westernunion.com revenues ii 10 % 10 % 11 % 11 % 12 % 12 % 12 %
 
Business Solutions (B2B) Segment
Revenues (GAAP) – YoY % change (4 ) % (3 ) % 3 % (4 ) % 1 % 3 % 1 %
Revenues (constant currency) – YoY % change p (8 ) % (3 ) % (2 ) % (6 ) % 3 % 5 % 0 %
Operating margin (3.2 ) % 3.6 % 2.9 % 1.2 % 14.2 % 5.4 % 6.1 %
 

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

Revenues (GAAP) – YoY % change 11 % 9 % 4 % (2 ) % (9 ) % (11 ) % (5 ) %
Revenues (constant currency) – YoY % change r 14 % 12 % 10 % 9 % 7 % 10 % 9 %
Operating margin 7.9 % 10.7 % 10.1 % 8.5 % 5.9 % 1.8 % 6.7 %
 
% of Total Company Revenue
Consumer-to-Consumer segment revenues 80 % 79 % 79 % 80 % 80 % 80 % 80 %
Business Solutions segment revenues 6 % 7 % 7 % 7 % 7 % 7 % 7 %
Other revenues 14 % 14 % 14 % 13 % 13 % 13 % 13 %
 
* See the “Notes to Key Statistics” section of the press release for
the applicable Note references and the reconciliation of non-GAAP
financial measures.
 
 

Contacts

The Western Union Company
Media Relations:
Claire Treacy
+1
(720) 332-0652
[email protected]

Investor
Relations:
Mike Salop
+1 (720) 332-8276
[email protected]

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