Western Union Reports Third Quarter 2023 Results
DENVER-(BUSINESS WIRE)-Oct 25, 2023-
The Western Union Company (the “Company”) (NYSE: WU) today reported third quarter 2023 results.
The Company’s third-quarter revenue of $1.10 billion grew 1% on a reported basis, or 7% on a constant currency basis and excluding the contribution from Business Solutions, compared to the prior year period. Argentinian inflation benefited revenue by approximately three percentage points.
“Third quarter results exceeded our expectations and demonstrate a continued positive trajectory against our ‘Evolve 2025’ goals. This quarter’s strong results were driven by continued revenue growth from the change in Iraqi monetary policy and by achieving positive global branded digital revenue growth a full quarter ahead of our expectations,” said Devin McGranahan, President and Chief Executive Officer of Western Union.
McGranahan added, “This quarter also saw our global retail business achieve flat transaction growth, which represents a significant improvement in performance relative to the last several years. 1 As we exit 2023 and look forward to 2024, we remain focused on achieving our goal to be the world leader in serving the aspiring populations around the world with payments and accessible financial services.”
GAAP EPS in the third quarter was $0.46 compared to $0.45 in the prior year period. The year-over-year increase was due to the gain on sale of Business Solutions and a lower share count, partially offset by lower operating profit and a higher GAAP effective tax rate. Adjusted EPS in the third quarter was $0.43 compared to $0.42 in the prior year period, with the current year period benefiting from revenue growth and a lower share count, partially offset by a higher adjusted effective tax rate.
1 Q3 C2C retail transaction flat transaction growth excludes the impact related to the monetary policy change in Iraq. When including Iraq, C2C retail transactions grew 2% year-over-year.
Q3 Business Results
- C2C revenues grew 4% on a reported basis, or 3% constant currency, while transactions increased 5% compared to the prior year period. Regionally, revenue growth was driven by MEASA, due to Iraq, and LACA with sequential improvement in both North America and Europe & CIS.
- Branded digital revenue increased 3% on a reported and constant currency basis, and represented 21% and 28% of total C2C revenues and transactions, respectively. Transactions grew 12% in the quarter driven by the Company’s ‘Evolve 2025’ go-to-market strategy.
- On July 1, 2023, the Company completed the third and final closing of its Business Solutions business, which included the European Union operations, and resulted in a gain of $18 million. All cash consideration was received at the first closing.
Q3 Financial Results
- GAAP operating margin in the quarter was 19.2%, compared to 21.3% in the prior year period. The adjusted operating margin was 19.6% compared to 20.6% in the prior year period. The decrease in the GAAP and adjusted operating margin was primarily due to higher variable costs and technology spend associated with the Company’s ‘Evolve 2025’ strategy, partially offset by lower marketing spend.
- The GAAP effective tax rate in the quarter was 16.3%, compared to 10.2% in the prior year period. The adjusted effective tax rate was 16.6% in the quarter, compared to 15.5% in the prior year period.
- Year-to-date, cash flow from operating activities was $519 million, including a $119 million transition tax payment in the second quarter related to the 2017 U.S. Tax Cuts and Jobs Act. The Company has returned $363 million to shareholders year-to-date, consisting of $263 million in dividends and $100 million in share repurchases.
2023 Outlook
Today, the Company improved its 2023 full-year revenue and EPS outlook. The outlook assumes no material changes in macroeconomic conditions, including changes in foreign currencies or Argentinian inflation.
The 2023 outlook is as follows:
____________________ | ||
(a) | On March 1, 2022 and July 1, 2023, the Company completed the first and final closes, respectively, of the sale of its Business Solutions business to Goldfinch Partners LLC and The Baupost Group LLC (collectively, “the Buyer”). | |
(b) | Calculation not meaningful. |
____________________ | ||
(a) | Includes balances associated with the Company’s Business Solutions business, which were held for sale as of December 31, 2022. The Company completed the final closing of its Business Solutions business on July 1, 2023. |
THE WESTERN UNION COMPANY | ||||||||||||||||
SUMMARY SEGMENT DATA | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(in millions, unless indicated otherwise) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2023 |
2022 |
% Change |
2023 |
2022 |
% Change |
|||||||||||
Revenues: | ||||||||||||||||
Consumer-to-Consumer | $ |
1,019.0 |
$ |
982.4 |
4% |
$ |
3,029.5 |
$ |
3,008.3 |
1% |
||||||
Business Solutions (a) |
— |
42.6 |
(e) |
29.7 |
167.4 |
(82)% |
||||||||||
Other (b) |
78.8 |
64.6 |
22% |
245.5 |
207.9 |
18% |
||||||||||
Total consolidated revenues | $ |
1,097.8 |
$ |
1,089.6 |
1% |
$ |
3,304.7 |
$ |
3,383.6 |
(2)% |
||||||
Segment operating income: | ||||||||||||||||
Consumer-to-Consumer | $ |
193.4 |
$ |
193.7 |
0% |
$ |
601.9 |
$ |
626.5 |
(4)% |
||||||
Business Solutions (a) |
— |
15.9 |
(e) |
3.7 |
51.7 |
(e) | ||||||||||
Other (b) |
21.6 |
21.6 |
0% |
72.1 |
73.4 |
(2)% |
||||||||||
Total segment operating income |
215.0 |
231.2 |
(7)% |
677.7 |
751.6 |
(10)% |
||||||||||
Russia/Belarus exit costs (c) |
— |
0.6 |
(e) |
— |
(10.6) |
(e) | ||||||||||
Business Solutions exit costs (c) |
— |
— |
(e) |
— |
(7.7) |
(e) | ||||||||||
Operating expense redeployment program costs (d) |
(4.1) |
— |
(e) |
(19.5) |
— |
(e) | ||||||||||
Total consolidated operating income | $ |
210.9 |
$ |
231.8 |
(9)% |
$ |
658.2 |
$ |
733.3 |
(10)% |
||||||
Segment operating income margin | ||||||||||||||||
Consumer-to-Consumer |
19.0% |
19.7% |
(0.7)% |
19.9% |
20.8% |
(0.9)% |
||||||||||
Business Solutions (a) | (e) |
37.0% |
(e) |
12.4% |
30.9% |
(18.5)% |
||||||||||
Other (b) |
27.5% |
33.4% |
(5.9)% |
29.4% |
35.3% |
(5.9)% |
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 |
3Q22 |
4Q22 |
FY2022 |
1Q23 |
2Q23 |
3Q23 |
YTD 3Q23 |
|||||||||||||||||
Consolidated Metrics | ||||||||||||||||||||||||
(a) |
Revenues (GAAP) | $ |
1,089.6 |
$ |
1,091.9 |
$ |
4,475.5 |
$ |
1,036.9 |
$ |
1,170.0 |
$ |
1,097.8 |
$ |
3,304.7 |
|||||||||
Foreign currency translation impact | (j) |
60.8 |
49.4 |
185.5 |
35.2 |
40.6 |
25.6 |
101.4 |
||||||||||||||||
Revenues, constant currency (non-GAAP) |
1,150.4 |
1,141.3 |
4,661.0 |
1,072.1 |
1,210.6 |
1,123.4 |
3,406.1 |
|||||||||||||||||
Less Business Solutions revenues, constant currency (non-GAAP) | (j), (m) |
(50.4) |
(34.0) |
(216.4) |
(16.0) |
(13.9) |
— |
(29.9) |
||||||||||||||||
Adjusted revenues (non-GAAP) | $ |
1,100.0 |
$ |
1,107.3 |
$ |
4,444.6 |
$ |
1,056.1 |
$ |
1,196.7 |
$ |
1,123.4 |
$ |
3,376.2 |
||||||||||
Prior year revenues (GAAP) | $ |
1,286.3 |
$ |
1,284.8 |
$ |
5,070.8 |
$ |
1,155.7 |
$ |
1,138.3 |
$ |
1,089.6 |
$ |
3,383.6 |
||||||||||
Less prior year revenues from Business Solutions (GAAP) | (m) |
(116.8) |
(109.2) |
(421.8) |
(89.1) |
(35.7) |
(42.6) |
(167.4) |
||||||||||||||||
Adjusted prior year revenues (non-GAAP) | $ |
1,169.5 |
$ |
1,175.6 |
$ |
4,649.0 |
$ |
1,066.6 |
$ |
1,102.6 |
$ |
1,047.0 |
$ |
3,216.2 |
||||||||||
Revenues (GAAP) – YoY % change |
(15)% |
(15)% |
(12)% |
(10)% |
3% |
1% |
(2)% |
|||||||||||||||||
Revenues, constant currency (non-GAAP) – YoY% change |
(11)% |
(11)% |
(8)% |
(7)% |
6% |
3% |
1% |
|||||||||||||||||
Adjusted revenues (non-GAAP) – YoY % change |
(6)% |
(6)% |
(4)% |
(1)% |
9% |
7% |
5% |
|||||||||||||||||
(b) |
Operating income (GAAP) | $ |
231.8 |
$ |
151.6 |
$ |
884.9 |
$ |
204.7 |
$ |
242.6 |
$ |
210.9 |
$ |
658.2 |
|||||||||
Acquisition and separation costs | (l) |
0.4 |
1.6 |
13.9 |
— |
2.4 |
0.5 |
2.9 |
||||||||||||||||
Russia/Belarus exit costs | (n) |
(0.6) |
(0.6) |
10.0 |
— |
— |
— |
— |
||||||||||||||||
Operating expense redeployment program costs | (p) |
N/A |
21.8 |
21.8 |
7.1 |
8.3 |
4.1 |
19.5 |
||||||||||||||||
Less Business Solutions operating income | (m) |
(15.6) |
(6.6) |
(56.6) |
(1.9) |
(1.7) |
— |
(3.6) |
||||||||||||||||
Adjusted operating income (non-GAAP) | $ |
216.0 |
$ |
167.8 |
$ |
874.0 |
$ |
209.9 |
$ |
251.6 |
$ |
215.5 |
$ |
677.0 |
||||||||||
Operating margin (GAAP) |
21.3% |
13.9% |
19.8% |
19.7% |
20.7% |
19.2% |
19.9% |
|||||||||||||||||
Adjusted operating margin (non-GAAP) |
20.6% |
15.8% |
20.4% |
20.5% |
21.8% |
19.6% |
20.7% |
|||||||||||||||||
(c) |
Net income (GAAP) | $ |
173.9 |
$ |
249.4 |
$ |
910.6 |
$ |
151.8 |
$ |
176.2 |
$ |
171.0 |
$ |
499.0 |
|||||||||
Acquisition and separation costs | (l) |
0.4 |
1.6 |
13.9 |
— |
2.4 |
0.5 |
2.9 |
||||||||||||||||
Business Solutions gain | (m) |
— |
(96.9) |
(248.3) |
— |
— |
(18.0) |
(18.0) |
||||||||||||||||
Russia/Belarus exit costs | (n) |
(0.6) |
(0.6) |
10.0 |
— |
— |
— |
— |
||||||||||||||||
Operating expense redeployment program costs | (p) |
N/A |
21.8 |
21.8 |
7.1 |
8.3 |
4.1 |
19.5 |
||||||||||||||||
Income tax benefit from reversal of significant uncertain tax positions | (o) |
(13.2) |
(68.5) |
(81.7) |
— |
— |
— |
— |
||||||||||||||||
Income tax expense from other adjustments | (l), (m), (n), (p) |
3.0 |
14.7 |
58.4 |
3.7 |
3.8 |
1.7 |
9.2 |
||||||||||||||||
Adjusted net income (non-GAAP) | $ |
163.5 |
$ |
121.5 |
$ |
684.7 |
$ |
162.6 |
$ |
190.7 |
$ |
159.3 |
$ |
512.6 |
||||||||||
(d) |
Net income (GAAP) | $ |
173.9 |
$ |
249.4 |
$ |
910.6 |
$ |
151.8 |
$ |
176.2 |
$ |
171.0 |
$ |
499.0 |
|||||||||
Provision/(benefit) for income taxes |
19.8 |
(32.9) |
98.0 |
29.2 |
40.2 |
33.3 |
102.7 |
|||||||||||||||||
Interest income |
(4.9) |
(6.6) |
(13.9) |
(3.2) |
(4.2) |
(3.6) |
(11.0) |
|||||||||||||||||
Interest expense |
25.2 |
26.2 |
101.0 |
25.0 |
27.0 |
27.0 |
79.0 |
|||||||||||||||||
Depreciation and amortization |
44.7 |
46.4 |
183.8 |
46.6 |
45.9 |
46.0 |
138.5 |
|||||||||||||||||
Other expense, net |
17.8 |
12.4 |
37.5 |
1.9 |
3.4 |
1.2 |
6.5 |
|||||||||||||||||
Business Solutions gain | (m) |
— |
(96.9) |
(248.3) |
— |
— |
(18.0) |
(18.0) |
||||||||||||||||
Acquisition and separation costs | (l) |
0.4 |
1.6 |
13.9 |
— |
2.4 |
0.5 |
2.9 |
||||||||||||||||
Russia/Belarus exit costs | (n) |
(0.6) |
(0.6) |
10.0 |
— |
— |
— |
— |
||||||||||||||||
Operating expense redeployment program costs | (p) |
N/A |
21.8 |
21.8 |
7.1 |
8.3 |
4.1 |
19.5 |
||||||||||||||||
Less Business Solutions operating income | (m) |
(15.6) |
(6.6) |
(56.6) |
(1.9) |
(1.7) |
— |
(3.6) |
||||||||||||||||
Adjusted EBITDA (non-GAAP) | (k) | $ |
260.7 |
$ |
214.2 |
$ |
1,057.8 |
$ |
256.5 |
$ |
297.5 |
$ |
261.5 |
$ |
815.5 |
|||||||||
(e) |
Effective tax rate (GAAP) |
10% |
(15)% |
10% |
16% |
19% |
16% |
17% |
||||||||||||||||
Reversal of significant uncertain tax positions | (o) |
7% |
32% |
8% |
0% |
0% |
0% |
0% |
||||||||||||||||
Other adjustments | (l), (m), (n), (p) |
(2)% |
(2)% |
(3)% |
(2)% |
(3)% |
1% |
(2)% |
||||||||||||||||
Adjusted effective tax rate (non-GAAP) |
15% |
15% |
15% |
14% |
16% |
17% |
15% |
|||||||||||||||||
(f) |
Diluted earnings per share (GAAP) ($- dollars) | $ |
0.45 |
$ |
0.65 |
$ |
2.34 |
$ |
0.40 |
$ |
0.47 |
$ |
0.46 |
$ |
1.33 |
|||||||||
Pretax impacts from the following: | ||||||||||||||||||||||||
Acquisition and separation costs | (l) |
— |
— |
0.03 |
— |
0.01 |
— |
0.01 |
||||||||||||||||
Business Solutions gain | (m) |
— |
(0.25) |
(0.64) |
— |
— |
(0.05) |
(0.05) |
||||||||||||||||
Russia/Belarus exit costs | (n) |
— |
— |
0.03 |
— |
— |
— |
— |
||||||||||||||||
Operating expense redeployment program costs | (p) |
N/A |
0.06 |
0.06 |
0.02 |
0.02 |
0.01 |
0.05 |
||||||||||||||||
Income tax expense/(benefit) impacts from the following: | ||||||||||||||||||||||||
Reversal of significant uncertain tax positions | (o) |
(0.03) |
(0.18) |
(0.21) |
— |
— |
— |
— |
||||||||||||||||
Other adjustments | (l), (m), (n), (p) |
— |
0.04 |
0.15 |
0.01 |
0.01 |
0.01 |
0.03 |
||||||||||||||||
Adjusted diluted earnings per share (non-GAAP) ($- dollars) | $ |
0.42 |
$ |
0.32 |
$ |
1.76 |
$ |
0.43 |
$ |
0.51 |
$ |
0.43 |
$ |
1.37 |
||||||||||
C2C Segment Metrics | ||||||||||||||||||||||||
(g) |
Revenues (GAAP) | $ |
982.4 |
$ |
985.2 |
$ |
3,993.5 |
$ |
938.3 |
$ |
1,072.2 |
$ |
1,019.0 |
$ |
3,029.5 |
|||||||||
Foreign currency translation impact | (j) |
37.1 |
30.9 |
116.9 |
13.8 |
8.5 |
(3.3) |
19.0 |
||||||||||||||||
Revenues, constant currency (non-GAAP) | $ |
1,019.5 |
$ |
1,016.1 |
$ |
4,110.4 |
$ |
952.1 |
$ |
1,080.7 |
$ |
1,015.7 |
$ |
3,048.5 |
||||||||||
Prior year revenues (GAAP) | $ |
1,104.5 |
$ |
1,111.5 |
$ |
4,394.0 |
$ |
999.0 |
$ |
1,026.9 |
$ |
982.4 |
$ |
3,008.3 |
||||||||||
Revenues (GAAP) – YoY % change |
(11)% |
(11)% |
(9)% |
(6)% |
4% |
4% |
1% |
|||||||||||||||||
Adjusted revenues (non-GAAP) – YoY % change |
(8)% |
(9)% |
(6)% |
(5)% |
5% |
3% |
1% |
|||||||||||||||||
(h) |
Cross-border principal, as reported ($- billions) | $ |
23.0 |
$ |
23.4 |
$ |
93.6 |
$ |
23.0 |
$ |
27.5 |
$ |
26.0 |
$ |
76.5 |
|||||||||
Foreign currency translation impact | (j) |
1.1 |
0.8 |
3.3 |
0.5 |
0.0 |
(0.3) |
0.2 |
||||||||||||||||
Cross-border principal, constant currency ($- billions) | $ |
24.1 |
$ |
24.2 |
$ |
96.9 |
$ |
23.5 |
$ |
27.5 |
$ |
25.7 |
$ |
76.7 |
||||||||||
Prior year cross-border principal, as reported ($- billions) | $ |
26.5 |
$ |
26.5 |
$ |
104.1 |
$ |
23.8 |
$ |
23.4 |
$ |
23.0 |
$ |
70.2 |
||||||||||
Cross-border principal, as reported – YoY % change |
(13)% |
(12)% |
(10)% |
(3)% |
17% |
13% |
9% |
|||||||||||||||||
Cross-border principal, constant currency – YoY % change |
(9)% |
(9)% |
(7)% |
(1)% |
18% |
11% |
9% |
|||||||||||||||||
Business Solutions Segment Metrics | ||||||||||||||||||||||||
(i) |
Revenues (GAAP) | $ |
42.6 |
$ |
29.5 |
$ |
196.9 |
$ |
15.4 |
$ |
14.3 |
$ |
— |
$ |
29.7 |
|||||||||
Foreign currency translation impact | (j) |
7.8 |
4.5 |
19.5 |
0.6 |
(0.4) |
— |
0.2 |
||||||||||||||||
Revenues, constant currency (non-GAAP) | $ |
50.4 |
$ |
34.0 |
$ |
216.4 |
$ |
16.0 |
$ |
13.9 |
$ |
— |
$ |
29.9 |
||||||||||
Prior year revenues (GAAP) | $ |
116.8 |
$ |
109.2 |
$ |
421.8 |
$ |
89.1 |
$ |
35.7 |
$ |
42.6 |
$ |
167.4 |
||||||||||
Revenues (GAAP) – YoY % change |
(63)% |
(73)% |
(53)% |
(83)% |
(60)% |
* |
(82)% |
|||||||||||||||||
Adjusted revenues (non-GAAP) – YoY % change |
(57)% |
(69)% |
(49)% |
(82)% |
(61)% |
* |
(82)% |
|||||||||||||||||
____________________ | ||||||||||||||||||||||||
* Calculation not meaningful. |
Non-GAAP related notes: | ||
(j) |
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. |
|
(k) |
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. |
|
(l) |
Represents the impact from expenses incurred in connection with the Company’s acquisition and divestiture activity, including for the review and closing of these transactions. Also includes costs associated with the divestiture of the Business Solutions business, primarily related to severance and non-cash impairments of property and equipment and an operating lease right-of-use asset. |
|
(m) |
During 2021, the Company entered into an agreement to sell its Business Solutions business to Goldfinch Partners LLC and The Baupost Group LLC (collectively, the “Buyer”). The sale was completed in three closings, the first of which occurred on March 1, 2022 with the entirety of the cash consideration collected at that time and allocated to the closings on a relative fair value basis. The first closing excluded the operations in the European Union and the United Kingdom and resulted in a gain of $151.4 million. The second closing, which included the United Kingdom operations, occurred on December 31, 2022 and resulted in a gain of $96.9 million. The final closing, which included the European Union operations, occurred on July 1, 2023 and resulted in a gain of $18.0 million. Revenues have been adjusted to exclude the carved out financial information for the Business Solutions business to compare the year-over-year changes and trends in the Company’s continuing businesses, excluding the effects of this divestiture. While the sale of the Company’s Business Solutions business does not qualify for or represent discontinued operations, the Company has also adjusted operating income, beginning in the first quarter of 2022 and concurrent with the sale, to exclude the carved out direct profit of the Business Solutions business. The operations of the Business Solutions business sold continued to be included in Revenues and Operating income until their respective closings. However, between the first and final closings, the Company was required to pay the Buyer a measure of the profits from these operations, while owned by the Company, adjusted for other charges, and this expense was recognized in Other expense, net. Therefore, the Company believes that providing this information enhances investors’ understanding of the profitability of the Company’s remaining businesses. The Company has also excluded the gain on the sale, net of related taxes, from its results. |
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(n) |
Represents the exit costs incurred in connection with the Company’s suspension of its operations in Russia and Belarus primarily related to severance and non-cash impairments of property and equipment, an operating lease right-of-use asset, and other intangible assets. |
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(o) |
Represents non-cash reversals of significant uncertain tax positions. While the Company continues to reverse its uncertain tax positions upon settlements with taxing authorities, the lapse of the applicable statute of limitations, and other events, the Company has excluded certain reversals of uncertain tax positions in the third and fourth quarter of 2022 because of the significance of these reversals on its reported results. |
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(p) |
Represents severance, expenses associated with streamlining the Company’s organizational and legal structure, and other expenses associated with the Company’s program to redeploy expenses in its cost base through optimizations in vendor management, real estate, marketing, and people strategy as previously announced in October 2022. Previous expenses incurred under the program included non-cash impairments of operating lease right-of-use assets and property and equipment. The expenses are not included in the measurement of segment operating income provided to the Chief Operating Decision Maker for purposes of performance assessment and resource allocation. |
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Other notes: | ||
(aa) |
Geographic split for transactions and revenue, including transactions initiated digitally, as earlier defined, is determined entirely based upon the region where the money transfer is initiated. |
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(bb) |
Represents the North America (United States and Canada) (“NA”) region of the Company’s Consumer-to-Consumer segment. |
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(cc) |
Represents the Europe and the Commonwealth of Independent States (“EU & CIS”) region of the Company’s Consumer-to-Consumer segment. |
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(dd) |
Represents the Middle East, Africa, and South Asia (“MEASA”) region of the Company’s Consumer-to-Consumer segment, including India and certain South Asian countries, which consist of Bangladesh, Bhutan, Maldives, Nepal, and Sri Lanka. |
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(ee) |
Represents the Latin America and the Caribbean (“LACA”) region of the Company’s Consumer-to-Consumer segment, including Mexico. |
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(ff) |
Represents the East Asia and Oceania (“APAC”) region of the Company’s Consumer-to-Consumer segment. |
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(gg) |
Represents transactions conducted and funded through websites and mobile applications marketed under the Company’s brands (“Branded Digital”). |
View source version on businesswire.com:https://www.businesswire.com/news/home/20231025495982/en/
CONTACT: Media Relations:
Claire Treacy
media@westernunion.comInvestor Relations:
Tom Hadley
WesternUnion.IR@westernunion.com
KEYWORD: COLORADO UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE
SOURCE: The Western Union Company
Copyright Business Wire 2023.
PUB: 10/25/2023 04:05 PM/DISC: 10/25/2023 04:06 PM
http://www.businesswire.com/news/home/20231025495982/en