Revenue $1.3 Billion, EPS Increases 5% to
$0.39$231 Million Returned to Shareholders through Dividends
and Repurchases2015 Full Year Outlook Affirmed
_________________________________________________________
The Western Union Company (NYSE: WU) today reported financial
results for the 2015 first quarter and affirmed its full year
financial outlook, which was previously provided on February 10,
2015.
“We delivered a solid start to the year, as earnings per share
increased 5% despite foreign exchange headwinds and a slow global
economy,” said President and Chief Executive Officer Hikmet
Ersek. “Each of our business segments produced constant
currency revenue growth, operating margins improved, and cash flow
generation continued to be robust.”
Ersek added, “Westernunion.com again provided strong
growth, and the retail cross border money transfer business
remained resilient. In addition, Western Union Business Solutions
trends improved and consumer bill payments delivered good
results.”
Executive Vice President and Chief Financial Officer Raj
Agrawal added, “Efficiency initiatives drove margin improvement
in the quarter, and our hedging programs helped mitigate the
negative impact of the stronger U.S. dollar. We also continued to
provide substantial returns to shareholders in the form of
dividends and share buybacks, while still investing in our global
cross border platform for future growth.”
In the first quarter, revenues declined 2% compared to the prior
year period, or increased 4% on a constant currency basis.
Consumer-to-Consumer (C2C) revenues declined 4%, or increased 2%
constant currency, while transactions increased 3% in the quarter.
Westernunion.com C2C revenue increased 17%, or 23% constant
currency, on transaction growth of 25%. Electronic channels
revenue, which includes westernunion.com, account based money
transfer through banks, and mobile money transfer, increased 17% in
the quarter. Electronic channels as a percent of total Company
revenues increased to 7% in the quarter.
Consumer-to-Business (C2B) revenues grew 7% in the quarter, or
11% constant currency, led by the U.S. electronic bill payments
business.
Western Union Business Solutions revenues decreased 1%, or
increased 7% on a constant currency basis. Constant currency growth
was driven by strength in Europe, including increased customer use
of hedging products.
Operating margin was 20.6% for the quarter, which compares to
20.1% in the first quarter of 2014. The operating margin
improvement primarily resulted from cost savings initiatives,
partially offset by an expected increase in compliance costs.
Earnings per share increased 5% to $0.39, compared to $0.37 in
the prior year period.
Cash flow from operating activities totaled $212 million for the
quarter. The Company returned $231 million to shareholders through
$150 million of share repurchases and $81 million of dividends. On
February 10th, the Company announced a 24% increase in its
quarterly dividend to $0.155 per common share and a $1.2 billion
three-year share repurchase authorization.
2015 Full Year Outlook
The Company affirmed its full year outlook for 2015:
Revenue
- Low single digit constant currency
revenue increase
- Low to mid-single digit GAAP revenue
decrease
Operating Profit Margin
- Operating margin of approximately
21%
Earnings per Share
- EPS in a range of approximately $1.58
to $1.65
Cash Flow
- Cash flow from operating activities of
approximately $1 billion. The cash flow outlook excludes $100
million of anticipated final tax payments relating to the agreement
announced with the U.S. Internal Revenue Service in December 2011.
Some or all of these payments may occur in 2015.
Additional Statistics
Additional key statistics for the quarter and historical trends
can be found in the supplemental tables included with this press
release.
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 revenue change
constant currency adjusted; Consumer-to-Consumer segment revenue
change constant currency adjusted; Consumer-to-Consumer segment
westernunion.com region revenue change constant currency adjusted;
Consumer-to-Business segment revenue change constant currency
adjusted; Business Solutions segment revenue change constant
currency adjusted; and additional measures found in the
supplemental tables included with this press release.
Reconciliations of non-GAAP to comparable GAAP measures are
available in the accompanying schedules and in the “Investor
Relations” section of the Company’s website at
http://ir.westernunion.com.
Investor and Analyst Conference Call
and Slide Presentation
The Company will host a conference call and webcast, including
slides, at 4:30 p.m. Eastern Time today. To listen to the
conference call via telephone, dial 1 (888) 317-6003 (U.S.) or +1
(412) 317-6061 (outside the U.S.) ten minutes prior to the start of
the call. The pass code is 1470243.
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 replay of the call will be available approximately one hour
after the call ends through May 14, 2015, at 1 (877) 344-7529
(U.S.) or +1 (412) 317-0088 (outside the U.S.). The pass code is
10063639. 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, 2014.
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 card
associations, card-based payment providers, electronic, mobile and
Internet-based services, digital currencies and related protocols,
and other innovations in technology and business models;
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; 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; 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; 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; adverse rating actions by credit rating agencies; cessation of
or defects in various services provided to us by third-party
vendors; our ability to realize the anticipated benefits from
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; changes in tax
laws and unfavorable resolution of tax contingencies; 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
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 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, customer due diligence, or agent and subagent due
diligence, registration, and monitoring requirements; liabilities
or loss of business and unanticipated developments resulting from
governmental investigations and consent agreements with or
enforcement actions by regulators, including those associated with
compliance with or failure to comply with the settlement agreement
with the State of Arizona, as amended; the potential impact on our
business from the Dodd-Frank Wall Street Reform and Consumer
Protection Act, as well as regulations issued pursuant to it and
the actions of the Consumer Financial Protection Bureau and similar
legislation and regulations enacted by other governmental
authorities related to consumer protection; liabilities resulting
from litigation, including class-action lawsuits and similar
matters, including costs, expenses, settlements and judgments;
failure to comply with regulations and changes in expectations
regarding consumer privacy and data use and security; effects of
unclaimed property laws; 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 leader in global
payment services. Together with its Vigo, Orlandi Valuta, Pago
Facil and Western Union Business Solutions branded payment
services, Western Union provides consumers and businesses with
fast, reliable and convenient ways to send and receive money around
the world, to send payments and to purchase money orders. As of
March 31, 2015, the Western Union, Vigo and Orlandi Valuta branded
services were offered through a combined network of over 500,000
agent locations in 200 countries and territories and over 100,000
ATMs and kiosks. In 2014, The Western Union Company completed 255
million consumer-to-consumer transactions worldwide, moving $85
billion of principal between consumers, and 484 million business
payments. For more information, visit www.westernunion.com.
WU-F, WU-G
THE WESTERN
UNION COMPANYKEY STATISTICS(Unaudited)
Notes* 1Q14 2Q14 3Q14
4Q14 FY2014 1Q15 Consolidated
Metrics Consolidated revenues (GAAP) - YoY % change 2 % 1 % 2 %
(1)
%
1 %
(2)
%
Consolidated revenues (constant currency) - YoY % change a 4 % 3 %
5 % 4 % 4 % 4 %
Consumer-to-Consumer (C2C) Segment
Revenues (GAAP) - YoY % change 3 % 2 % 2 %
(2)
%
1 %
(4)
%
Revenues (constant currency) - YoY % change c 4 % 3 % 4 % 2 % 3 % 2
% Operating margin 22.9 % 22.7 % 24.9 % 23.1 % 23.4 % 23.1 %
Transactions (in millions) 60.24 63.96 65.31 65.42 254.93 61.75
Transactions - YoY % change 9 % 6 % 5 % 2 % 5 % 3 % Total
principal ($ - billions) $ 20.3 $ 21.8 $ 22.1 $ 21.2 $ 85.4 $ 19.5
Principal per transaction ($ - dollars) $ 338 $ 341 $ 339 $ 323 $
335 $ 315 Principal per transaction - YoY % change
(1)
%
0 % 0 %
(4)
%
(1)
%
(7)
%
Principal per transaction (constant currency) - YoY % change d 0 %
0 % 0 % 0 % 0 %
(1)
%
Cross-border principal ($ - billions)
$ 18.3 $ 19.7 $ 20.0 $ 19.2 $ 77.2 $ 17.5 Cross-border principal -
YoY % change 8 % 7 % 5 %
(1)
%
5 %
(4)
%
Cross-border principal (constant currency) - YoY % change e 9 % 6 %
5 % 2 % 6 % 2 % Europe and CIS region revenues (GAAP) - YoY
% change q, r 1 % 3 % 1 %
(5)
%
0 %
(9)
%
Europe and CIS region revenues (constant currency) - YoY % change
f, q, r 0 % 2 % 3 % 1 % 1 % 2 % Europe and CIS region transactions
- YoY % change q, r 10 % 11 % 10 % 6 % 9 % 4 % North America
region revenues (GAAP) - YoY % change q, s 1 % 1 % 2 % 0 % 1 %
(2)
%
North America region revenues (constant currency) - YoY % change g,
q, s 2 % 1 % 2 % 1 % 1 % 0 % North America region transactions -
YoY % change q, s 4 % 3 % 3 % 2 % 3 % 3 % Middle East and
Africa region revenues (GAAP) - YoY % change q, t 4 % 6 % 3 %
(3)
%
2 %
(6)
%
Middle East and Africa region revenues (constant currency) - YoY %
change h, q, t 3 % 6 % 4 % 0 % 3 %
(1)
%
Middle East and Africa region transactions - YoY % change q, t 8 %
6 % 1 %
(3)
%
3 %
(3)
%
APAC region revenues (GAAP) - YoY % change q, u 1 % 1 % 1 %
(3)
%
0 %
(6)
%
APAC region revenues (constant currency) - YoY % change i, q, u 4 %
2 % 2 % 1 % 2 %
(2)
%
APAC region transactions - YoY % change q, u 8 % 3 % 0 %
(4)
%
1 %
(4)
%
LACA region revenues (GAAP) - YoY % change q, v
(4)
%
(13)
%
(3)
%
(3)
%
(6)
%
4 % LACA region revenues (constant currency) - YoY % change j, q, v
5 %
(7)
%
4 % 4 % 2 % 10 % LACA region transactions - YoY % change q, v 6 % 0
% 2 % 2 % 3 % 6 % westernunion.com region revenues (GAAP) -
YoY % change q, w 45 % 31 % 21 % 19 % 28 % 17 % westernunion.com
region revenues (constant currency) - YoY % change k, q, w 46 % 30
% 20 % 23 % 29 % 23 % westernunion.com region transactions - YoY %
change q, w 55 % 46 % 34 % 27 % 39 % 25 % International
revenues - YoY % change x 1 % 1 % 1 %
(4)
%
0 %
(7)
%
International transactions - YoY % change x 9 % 6 % 4 % 0 % 5 % 0 %
International revenues - % of C2C segment revenues x 71 % 71 % 72 %
72 % 72 % 69 % United States originated revenues - YoY %
change y 6 % 5 % 4 % 3 % 5 % 4 % United States originated
transactions - YoY % change y 8 % 6 % 6 % 5 % 6 % 6 % United States
originated revenues - % of C2C segment revenues y 29 % 29 % 28 % 28
% 28 % 31 % Electronic channels revenues - YoY % change z 36
% 27 % 21 % 17 % 24 % 17 %
Consumer-to-Business (C2B)
Segment Revenues (GAAP) - YoY % change
(4)
%
(5)
%
(1)
%
4 %
(2)
%
7 % Revenues (constant currency) - YoY % change l 7 % 8 % 11 % 15 %
10 % 11 % Operating margin 20.2 % 16.2 % 15.4 % 14.2 % 16.5 % 18.7
%
Business Solutions (B2B) Segment Revenues (GAAP) -
YoY % change 7 % 0 % 4 % 1 % 3 %
(1)
%
Revenues (constant currency) - YoY % change m 10 % 0 % 3 % 5 % 4 %
7 % Operating margin
(3.6)
%
(3.4)
%
(0.2)
%
(4.9)
%
(3.0)
%
2.1 %
% of Total Company Revenue Consumer-to-Consumer
segment revenues 80 % 81 % 80 % 80 % 80 % 79 % Consumer-to-Business
segment revenues 11 % 10 % 11 % 11 % 11 % 12 % Business Solutions
segment revenues 7 % 7 % 7 % 7 % 7 % 7 % Consumer-to-Consumer
region revenues: Europe and CIS revenues q, r 21 % 22 % 21 % 21 %
21 % 20 % North America revenues q, s 19 % 19 % 19 % 19 % 19 % 19 %
Middle East and Africa revenues q, t 16 % 16 % 16 % 16 % 16 % 16 %
APAC revenues q, u 12 % 12 % 12 % 11 % 12 % 11 % LACA revenues q, v
8 % 8 % 8 % 9 % 8 % 8 % westernunion.com revenues q, w 4 % 4 % 4 %
4 % 4 % 5 % Electronic channels revenues z 6 % 6 % 6 % 6 % 6 % 7 %
* See page 12 of the press release for the applicable Note
references and the reconciliation of non-GAAP financial measures.
THE WESTERN UNION COMPANY CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (Unaudited) (in millions, except
per share amounts)
Three Months EndedMarch 31,
2015 2014 % Change Revenues: Transaction fees $ 948.6 $ 987.9
(4)
%
Foreign exchange revenues 338.0 329.3 3 % Other revenues
34.3 33.6 2 % Total revenues 1,320.9 1,350.8
(2)
%
Expenses: Cost of services 771.8 797.2
(3)
%
Selling, general and administrative 276.8
281.6
(2)
%
Total expenses 1,048.6 1,078.8
(3)
%
Operating income 272.3 272.0 0 % Other income/(expense): Interest
income 2.9 4.7
(38)
%
Interest expense (41.8 ) (47.6 )
(12)
%
Derivative gains/(losses), net 1.0 (0.6 )
(a
)
Other expense, net (1.8 ) (1.1 )
(a
)
Total other expense, net (39.7 ) (44.6 )
(11)
%
Income before income taxes 232.6 227.4 2 % Provision for income
taxes 28.7 24.4 18 % Net income $ 203.9
$ 203.0 0 % Earnings per share: Basic $ 0.39 $ 0.37 5
% Diluted $ 0.39 $ 0.37 5 % Weighted-average shares outstanding:
Basic 521.0 545.9 Diluted 525.2 549.2 Cash dividends declared per
common share $ 0.155 $ 0.125 24 % __________ (a) Calculation
not meaningful.
THE WESTERN UNION COMPANYCONDENSED
CONSOLIDATED BALANCE SHEETS(Unaudited)(in millions,
except per share amounts) March 31,
December 31, 2015 2014
Assets Cash and cash equivalents (a)
$ 1,755.3 $ 1,783.2 Settlement assets 3,472.1 3,313.7 Property and
equipment, net of accumulated depreciation of $495.0 and $478.5,
respectively 202.6 206.4 Goodwill 3,168.8 3,169.2 Other intangible
assets, net of accumulated amortization of $808.7 and $820.0,
respectively 772.0 748.1 Other assets 982.2
669.8 Total assets $ 10,353.0 $ 9,890.4
Liabilities and Stockholders' Equity Liabilities: Accounts
payable and accrued liabilities $ 580.4 $ 600.4 Settlement
obligations 3,472.1 3,313.7 Income taxes payable 186.1 166.3
Deferred tax liability, net 317.4 305.0 Borrowings 3,728.6 3,720.4
Other liabilities 718.5 484.2 Total
liabilities 9,003.1 8,590.0 Stockholders' equity: Preferred
stock, $1.00 par value; 10 shares authorized; no shares issued — —
Common stock, $0.01 par value; 2,000 shares authorized; 517.0
shares and 521.5 shares issued and outstanding as of March 31, 2015
and December 31, 2014, respectively 5.2 5.2 Capital surplus 490.9
445.4 Retained earnings 931.9 968.7 Accumulated other comprehensive
loss (78.1 ) (118.9 ) Total stockholders' equity
1,349.9 1,300.4 Total liabilities and
stockholders' equity $ 10,353.0 $ 9,890.4 __________
(a) Approximately $950 million was held by entities outside
of the United States as of both March 31, 2015 and December 31,
2014.
THE WESTERN UNION COMPANYCONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(in
millions)
Three Months EndedMarch 31,
2015 2014
Cash Flows From Operating Activities Net
income $ 203.9 $ 203.0 Adjustments to reconcile net income to net
cash provided by operating activities: Depreciation 16.5 16.3
Amortization 47.4 50.9 Other non-cash items, net 16.9 (5.3 )
Increase/(decrease) in cash, excluding the effects of acquisitions,
resulting from changes in: Other assets (56.9 ) (12.0 ) Accounts
payable and accrued liabilities (34.1 ) (65.1 ) Income taxes
payable 20.6 10.0 Other liabilities (2.5 ) (1.0 ) Net
cash provided by operating activities 211.8 196.8
Cash Flows
From Investing Activities Capitalization of contract costs
(17.2 ) (16.6 ) Capitalization of purchased and developed software
(12.8 ) (10.8 ) Purchases of property and equipment (14.4 ) (18.2 )
Acquisition of business — (10.2 ) Proceeds from sale of
non-settlement related investments — 100.2
Net cash provided by/(used in) investing activities (44.4 )
44.4
Cash Flows From Financing Activities Proceeds from
exercise of options 32.3 3.0 Cash dividends paid (80.5 ) (67.6 )
Common stock repurchased (147.1 ) (185.7 ) Net proceeds from
commercial paper — 130.0 Principal payments on borrowings —
(500.0 ) Net cash used in financing activities
(195.3 ) (620.3 ) Net change in cash and cash equivalents
(27.9 ) (379.1 ) Cash and cash equivalents at beginning of period
1,783.2 2,073.1 Cash and cash
equivalents at end of period $ 1,755.3 $ 1,694.0
THE WESTERN UNION COMPANYSUMMARY SEGMENT
DATA(Unaudited)(in millions)
Three Months EndedMarch 31,
2015 2014 % Change Revenues: Consumer-to-Consumer (C2C):
Transaction fees $ 776.2 $ 825.6
(6)
%
Foreign exchange revenues 244.1 236.0 3 % Other revenues
18.0 15.9 13 % Total Consumer-to-Consumer
1,038.3 1,077.5
(4)
%
Consumer-to-Business (C2B): Transaction fees 151.4 140.7 8 %
Foreign exchange and other revenues 6.4 6.5
(2)
%
Total Consumer-to-Business 157.8 147.2 7 % Business Solutions
(B2B): Foreign exchange revenues 87.9 90.4
(3)
%
Transaction fees and other revenues 10.1 9.0
12 % Total Business Solutions 98.0 99.4
(1)
%
Other: Total revenues 26.8 26.7 0 %
Total consolidated revenues $ 1,320.9 $ 1,350.8
(2)
%
Operating income/(loss): Consumer-to-Consumer $ 240.2 $ 247.0
(3)
%
Consumer-to-Business 29.5 29.8
(1)
%
Business Solutions 2.1 (3.6 )
(a
)
Other 0.5 (1.2 )
(a
)
Total consolidated operating income $ 272.3 $ 272.0 0
% Operating income/(loss) margin: Consumer-to-Consumer 23.1 % 22.9
% 0.2 % Consumer-to-Business 18.7 % 20.2 %
(1.5)
%
Business Solutions 2.1 %
(3.6)
%
5.7 % Total consolidated operating income margin 20.6 % 20.1 % 0.5
% __________ (a) Calculation not meaningful.
THE WESTERN
UNION COMPANYNOTES TO KEY STATISTICS(in millions,
unless indicated otherwise)(Unaudited)
Western Union's management
believes the non-GAAP financial measures presented provide
meaningful supplemental information regarding our operating results
to assist management, investors, analysts, and others in
understanding our financial results and to better analyze trends in
our underlying business, because they provide consistency and
comparability to prior periods. 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 our
operations that, when viewed with our GAAP results and the
reconciliation to the corresponding GAAP financial measure, provide
a more complete understanding of our business. Users of the
financial statements are encouraged to review our 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. All adjusted year-over-year
changes were calculated using prior year reported amounts.
1Q14 2Q14 3Q14 4Q14
FY2014 1Q15 Consolidated Metrics (a) Revenues,
as reported (GAAP) $ 1,350.8 $ 1,405.6 $ 1,440.9 $ 1,409.9 $
5,607.2 $ 1,320.9 Foreign currency translation impact (o)
32.5 26.3 35.0 63.7
157.5 78.6 Revenues, constant
currency adjusted $ 1,383.3 $ 1,431.9 $ 1,475.9
$ 1,473.6 $ 5,764.7 $ 1,399.5 Prior
year revenues, as reported (GAAP) $ 1,325.4 $ 1,385.9 $ 1,408.8 $
1,421.9 $ 5,542.0 $ 1,350.8 Revenue change, as reported (GAAP) 2 %
1 % 2 %
(1)
%
1 %
(2)
%
Revenue change, constant currency adjusted 4 % 3 % 5 % 4 % 4 % 4 %
(b) Operating income, as reported (GAAP) $ 272.0 $ 278.3 $
314.1 $ 276.1 $ 1,140.5 $ 272.3 Reversal of depreciation and
amortization 67.2 68.4 66.8
69.5 271.9 63.9
EBITDA (p) $ 339.2 $ 346.7 $ 380.9 $ 345.6
$ 1,412.4 $ 336.2 Operating income margin, as
reported (GAAP) 20.1 % 19.8 % 21.8 % 19.6 % 20.3 % 20.6 % EBITDA
margin (p) 25.1 % 24.7 % 26.4 % 24.5 % 25.2 % 25.5 %
Consumer-to-Consumer Segment (c) Revenues, as reported
(GAAP) $ 1,077.5 $ 1,132.1 $ 1,150.9 $ 1,125.3 $ 4,485.8 $ 1,038.3
Foreign currency translation impact (o) 12.5
7.5 17.9 42.8 80.7
63.0 Revenues, constant currency adjusted $ 1,090.0
$ 1,139.6 $ 1,168.8 $ 1,168.1 $ 4,566.5
$ 1,101.3 Prior year revenues, as reported (GAAP) $
1,050.2 $ 1,108.8 $ 1,128.1 $ 1,146.5 $ 4,433.6 $ 1,077.5 Revenue
change, as reported (GAAP) 3 % 2 % 2 %
(2)
%
1 %
(4)
%
Revenue change, constant currency adjusted 4 % 3 % 4 % 2 % 3 % 2 %
(d) Principal per transaction, as reported ($ - dollars) $
338 $ 341 $ 339 $ 323 $ 335 $ 315 Foreign currency translation
impact (o) ($ - dollars) 2 (2 ) —
12 3 19 Principal
per transaction, constant currency adjusted ($ - dollars) $ 340
$ 339 $ 339 $ 335 $ 338 $ 334
Prior year principal per transaction, as reported ($ -
dollars) $ 341 $ 340 $ 339 $ 335 $ 338 $ 338 Principal per
transaction change, as reported
(1)
%
0 % 0 %
(4)
%
(1)
%
(7)
%
Principal per transaction change, constant currency adjusted 0 % 0
% 0 % 0 % 0 %
(1)
%
(e) Cross-border principal, as reported ($ - billions) $
18.3 $ 19.7 $ 20.0 $ 19.2 $ 77.2 $ 17.5 Foreign currency
translation impact (o) ($ - billions) 0.1 (0.1
) — 0.8 0.8 1.1
Cross-border principal, constant currency adjusted ($ -
billions) $ 18.4 $ 19.6 $ 20.0 $ 20.0 $
78.0 $ 18.6 Prior year cross-border principal, as
reported ($ - billions) $ 16.9 $ 18.5 $ 19.0 $ 19.5 $ 73.9 $ 18.3
Cross-border principal change, as reported 8 % 7 % 5 %
(1)
%
5 %
(4)
%
Cross-border principal change, constant currency adjusted 9 % 6 % 5
% 2 % 6 % 2 % (f) Europe and CIS region revenue change, as
reported (GAAP) 1 % 3 % 1 %
(5)
%
0 %
(9)
%
Europe and CIS region foreign currency translation impact (o)
(1)
%
(1)
%
2 % 6 % 1 % 11 % Europe and CIS region
revenue change, constant currency adjusted 0 % 2 %
3 % 1 % 1 % 2 % (g) North
America region revenue change, as reported (GAAP) 1 % 1 % 2 % 0 % 1
%
(2)
%
North America region foreign currency translation impact (o)
1 % 0 % 0 % 1 % 0 % 2 % North
America region revenue change, constant currency adjusted 2
% 1 % 2 % 1 % 1 % 0 % (h)
Middle East and Africa region revenue change, as reported (GAAP) 4
% 6 % 3 %
(3)
%
2 %
(6)
%
Middle East and Africa region foreign currency translation impact
(o)
(1)
%
0 % 1 % 3 % 1 % 5 % Middle East
and Africa region revenue change, constant currency adjusted
3 % 6 % 4 % 0 % 3 %
(1)
%
(i) APAC region revenue change, as reported (GAAP) 1 % 1 % 1
%
(3)
%
0 %
(6)
%
APAC region foreign currency translation impact (o) 3 %
1 % 1 % 4 % 2 % 4 % APAC region
revenue change, constant currency adjusted 4 % 2 %
2 % 1 % 2 %
(2)
%
(j) LACA region revenue change, as reported (GAAP)
(4)
%
(13)
%
(3)
%
(3)
%
(6)
%
4 % LACA region foreign currency translation impact (o)
9
% 6 % 7 % 7 % 8 % 6 % LACA
region revenue change, constant currency adjusted 5 %
(7)
%
4 % 4 % 2 % 10 % (k)
westernunion.com region revenue change, as reported (GAAP) 45 % 31
% 21 % 19 % 28 % 17 % westernunion.com region foreign currency
translation impact (o) 1 %
(1)
%
(1)
%
4 % 1 % 6 % westernunion.com region revenue
change, constant currency adjusted 46 % 30 %
20 % 23 % 29 % 23 %
Consumer-to-Business Segment (l) Revenues, as reported
(GAAP) $ 147.2 $ 145.9 $ 150.4 $ 155.3 $ 598.8 $ 157.8 Foreign
currency translation impact (o) 16.6 18.8
18.1 16.6 70.1
6.3 Revenues, constant currency adjusted $ 163.8
$ 164.7 $ 168.5 $ 171.9 $ 668.9
$ 164.1 Prior year revenues, as reported (GAAP) $ 153.7 $
153.0 $ 152.3 $ 149.5 $ 608.5 $ 147.2 Revenue change, as reported
(GAAP)
(4)
%
(5)
%
(1)
%
4 %
(2)
%
7 % Revenue change, constant currency adjusted 7 % 8 % 11 % 15 % 10
% 11 %
Business Solutions Segment (m) Revenues, as
reported (GAAP) $ 99.4 $ 98.2 $ 105.8 $ 101.2 $ 404.6 $ 98.0
Foreign currency translation impact (o) 2.7
(0.3 ) (1.6 ) 3.7 4.5 8.1
Revenues, constant currency adjusted $ 102.1 $ 97.9
$ 104.2 $ 104.9 $ 409.1 $ 106.1
Prior year revenues, as reported (GAAP) $ 92.8 $ 98.3 $ 101.6 $
100.2 $ 392.9 $ 99.4 Revenue change, as reported (GAAP) 7 % 0 % 4 %
1 % 3 %
(1)
%
Revenue change, constant currency adjusted 10 % 0 % 3 % 5 % 4 % 7 %
(n) Operating income/(loss), as reported (GAAP) $ (3.6 ) $
(3.3 ) $ (0.2 ) $ (5.0 ) $ (12.1 ) $ 2.1 Reversal of depreciation
and amortization 14.9 14.8 13.7
12.7 56.1 12.2
EBITDA (p) $ 11.3 $ 11.5 $ 13.5 $ 7.7 $
44.0 $ 14.3 Operating income/(loss) margin, as
reported (GAAP)
(3.6)
%
(3.4)
%
(0.2)
%
(4.9)
%
(3.0)
%
2.1 % EBITDA margin (p) 11.4 % 11.7 % 12.8 % 7.6 % 10.9 % 14.6 %
Non-GAAP related
notes:
(o) Represents the impact from the fluctuation in exchange rates
between all foreign currency denominated amounts and the United
States dollar. Constant currency results exclude any benefit or
loss caused by foreign exchange fluctuations between foreign
currencies and the United States dollar, net of foreign currency
hedges, which would not have occurred if there had been a constant
exchange rate.
(p)
Earnings before Interest, Taxes, Depreciation and Amortization
("EBITDA") results from taking operating income and adjusting for
depreciation and amortization expenses. EBITDA results provide an
additional performance measurement calculation which helps
neutralize the operating income effect of assets acquired in prior
periods.
Other
notes:
(q) Geographic split is determined based upon the region where the
money transfer is initiated and the region where the money transfer
is paid. For transactions originated and paid in different regions,
the Company splits the transaction count and revenue between the
two regions, with each region receiving 50%. For money transfers
initiated and paid in the same region, 100% of the revenue and
transactions are attributed to that region. For money transfers
initiated through the Company’s websites (“westernunion.com”), 100%
of the revenue and transactions are attributed to westernunion.com.
(r) Represents the Europe and the Commonwealth of
Independent States ("CIS") region of our Consumer-to-Consumer
segment. (s) Represents the North America region of our
Consumer-to-Consumer segment, including the United States, Mexico,
and Canada. (t) Represents the Middle East and Africa region
of our Consumer-to-Consumer segment. (u) Represents the Asia
Pacific ("APAC") region of our Consumer-to-Consumer segment,
including India, China, and South Asia. (v) Represents the
Latin America and the Caribbean ("LACA") region of our
Consumer-to-Consumer segment. (w) Represents transactions
initiated on westernunion.com which are primarily paid out at
Western Union agent locations in the respective regions. (x)
Represents transactions between and within foreign countries
(including Canada and Mexico). Excludes all transactions originated
in the United States. (y) Represents transactions originated
in the United States, including intra-country transactions.
(z) Represents revenue generated from electronic channels, which
include westernunion.com, account based money transfer and mobile
money transfer (included in the various segments).
Western UnionMediaDan Diaz,
720-332-5564daniel.diaz@westernunion.comorInvestorsMike
Salop, 720-332-8276mike.salop@westernunion.com
Western Union (NYSE:WU)
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Western Union (NYSE:WU)
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