The Western Union Company (NYSE: WU), a all-around baton in cross-border, cross-currency money movement and acquittal services, will host a affair with investors and analysts today area it will accommodate an amend on the Company’s belvedere strategy, present a new three-year banking outlook, and detail affairs for how it will serve as a money movement and all-around payments abettor for a added set of consumers and businesses.
The Company’s new action is advised to capitalize on Western Union’s different cross-border strengths, to accommodated accretion appeal from all-around consumers and businesses for fast and reliable cross-border money alteration and acquittal solutions. This action is enabled by Western Union’s connected advance in key capabilities such as digital, real-time anniversary payout, compliance, and bogus intelligence, which accept positioned the Company to accomplish one of the best holistic and able acquittal engines in the world.
As allotment of the new strategy, the Company will aim to abound its bulk consumer-to-consumer business as able-bodied as added acquittal segments area all-around organizations can advantage Western Union’s cross-border solutions to aggrandize into new markets or bigger serve absolute customers. At its Broker Day, the Company will detail absolute partnerships in anniversary of these areas and strategies to added advance advance in the future.
“Our airy business gave us the befalling to advance the abiding eyes and three-year banking targets we’re actualization today,” said Western Union CEO Hikmet Ersek. “Going forward, we apprehend to drive added assisting advance for shareholders and added bulk to barter through new products, broadcast account offerings and partnerships that advantage our industry arch capabilities, powered by a different cross-border belvedere of incomparable all-around scale.”
At Broker Day, Western Union will accommodate three-year banking targets, including an about 23% operating allowance by 2022 and a low double-digit EPS CAGR through 2022, compared to the Company’s 2019 adapted EPS.
The operating allowance and EPS targets are based on an affected 2020-2022 acquirement CAGR of 2% to 3%, compared to the 2019 acquirement abject excluding divestitures (2019 GAAP acquirement includes about $130 actor accompanying to the Speedpay and Paymap bald businesses). The affected acquirement CAGR reflects 2% to 3% advance in chump money transfer, apprenticed by westernunion.com and added third-party agenda services, and mid-single chiffre advance from Business Solutions.
The operating accumulation allowance and EPS targets additionally reflect $150 actor in absolute anniversary accumulation accepted by 2022, including $100 actor from the restructuring appear on August 1, 2019. In accession to the restructuring, the Company expects to accomplish added operating efficiencies from initiatives aimed at optimizing commissions and abbreviation third-party spending. These initiatives are accepted to accord $50 actor in anniversary accumulation to operating accumulation by 2022, which is net of reinvestment in the business.
“The targets we accept appear today body on our accurate able foundation and banking profile,” said CFO Raj Agrawal. “This foundation gives us the adeptness to advance in our cross-border belvedere capabilities while continuing to acknowledgment cogent levels of basic to shareholders.”
Over 2020-2022, the Company expects to accomplish added than $3 billion of operating banknote breeze and acknowledgment about $2.5 billion to $3 billion to shareholders through assets and allotment repurchases.
The Company additionally affirmed its full-year banking angle for 2019, which was ahead provided on August 1, 2019.
Long-Term Acquirement Acceleration Opportunities
In accession to its three-year banking targets, the Company has boarded on a belvedere action advised to added absolutely advantage the Company’s assets, commercializing them added with third parties beyond assorted sectors. The Company expects to accomplish this through:
– Partnerships area it provides customized payments solutions to organizations such as e-Commerce businesses accretion into arising markets
– End-to-end cross-border solutions to third-party organizations to break their chump money alteration needs
– Cross-border services, such as adopted barter and banknote management, for institutions
– Added banking articles for consumers
The Company sees incremental befalling over the continued appellation from such casework as it transitions its belvedere action from a proof-of-concept to a scale-up phase.
The Broker Day accident will be webcast and the abounding broker presentation is accessible at http://ir.westernunion.com. Reconciliations of non-GAAP to commensurable GAAP measures are accessible in the accompanying schedules and in the “Investor Relations” area of the Company’s website at http://ir.westernunion.com.
Safe Harbor Acquiescence Account for Forward-Looking Statements
This columnist absolution contains assertive statements that are advanced aural the acceptation of the Private Balance Action Ameliorate Act of 1995. These statements are not guarantees of approaching achievement and absorb assertive risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and after-effects may alter materially from those bidding in, or adumbrated by, our advanced statements. Words such as “expects,” “intends,” “targets,” “anticipates,” “believes,” “estimates,” “guides,” “provides guidance,” “provides outlook” and added agnate expressions or approaching or codicillary verbs such as “may,” “will,” “should,” “would,” “could,” and “might” are advised to assay such advanced statements. Readers of this columnist absolution of The Western Union Company (the “Company,” “Western Union,” “we,” “our” or “us”) should not await alone on the advanced statements and should accede all uncertainties and risks discussed in the “Risk Factors” area and throughout the Anniversary Report on Form 10-K for the year concluded December 31, 2018. The statements are alone as of the date they are made, and the Company undertakes no obligation to amend any advanced statement.
Possible contest or factors that could account after-effects or achievement to alter materially from those bidding in our advanced statements accommodate the following: (i) contest accompanying to our business and industry, such as: changes in accepted bread-and-butter altitude and bread-and-butter altitude in the regions and industries in which we operate, including all-around bread-and-butter downturns and barter disruptions, or decidedly slower advance or declines in the money transfer, acquittal service, and added markets in which we operate, including downturns or declines accompanying to interruptions in clearing patterns, or non-performance by our banks, lenders, insurers, or added banking casework providers; abortion to attempt finer in the money alteration and acquittal account industry, including amid added things, with account to price, with all-around and alcove or aisle money alteration providers, banks and added money alteration and acquittal account providers, including electronic, adaptable and Internet-based services, agenda associations, and card-based acquittal providers, and with agenda currencies and accompanying protocols, and added innovations in technology and business models; political altitude and accompanying actions, including barter restrictions and government sanctions, in the United States and away which may abnormally affect our business and bread-and-butter altitude as a whole, including interruptions of United States or added government relations with countries in which we accept or are implementing cogent business relationships with agents or clients; abasement in chump aplomb in our business, or in money alteration and acquittal account providers generally; our adeptness to accept new technology and advance and accretion bazaar accepting of new and added casework in acknowledgment to alteration industry and chump needs or trends; changes in, and abortion to administer effectively, acknowledgment to adopted barter rates, including the appulse of the adjustment of adopted barter spreads on money transfers and acquittal transactions; any actual aperture of security, including cybersecurity, or safeguards of or interruptions in any of our systems or those of our vendors or added third parties; abeyance of or defects in assorted casework provided to us by third-party vendors; mergers, acquisitions, and the affiliation of acquired businesses and technologies into our Company, divestitures, and the abortion to apprehend advancing banking allowances from these transactions, and contest acute us to address bottomward our goodwill; decisions to change our business mix; abortion to administer acclaim and artifice risks presented by our agents, audience and consumers; abortion to advance our abettor arrangement and business relationships beneath acceding constant with or added advantageous to us than those currently in place, including due to added costs or accident of business as a aftereffect of added acquiescence requirements or adversity for us, our agents or their subagents in establishing or advancement relationships with banks bare to conduct our services; changes in tax laws, or their interpretation, including with account to United States tax ameliorate legislation allowable in December 2017 (the “Tax Act”), any consecutive regulation, and abeyant accompanying accompaniment assets tax impacts, and abortive resolution of tax contingencies; adverse appraisement accomplishments by acclaim appraisement agencies; our adeptness to apprehend the advancing allowances from business transformation, abundance and cost-savings, and added accompanying initiatives, which may accommodate decisions to abbreviate or to alteration operating activities from one area to another, and to abbreviate any disruptions in our workforce that may aftereffect from those initiatives; our adeptness to assure our brands and our added bookish acreage rights and to avert ourselves adjoin abeyant bookish acreage contravention claims; our adeptness to allure and absorb able key advisers and to administer our workforce successfully; actual changes in the bazaar bulk or clamminess of balance that we hold; restrictions imposed by our debt obligations; (ii) contest accompanying to our authoritative and action environment, such as: liabilities or accident of business consistent from a abortion by us, our agents or their subagents to accede with laws and regulations and authoritative or administrative interpretations thereof, including laws and regulations advised to assure consumers, or ascertain and anticipate money laundering, agitator financing, artifice and added adulterous activity; added costs or accident of business due to authoritative 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 advance coffer accounts bare to accommodate our services, including accompanying to anti-money bed-making regulations, anti-fraud measures, our licensing arrangements, chump due diligence, abettor and subagent due diligence, allotment and ecology requirements, chump aegis requirements, remittances, and immigration; liabilities, added costs or accident of business and hasty developments consistent from authoritative investigations and accord agreements with or administration accomplishments by regulators, including those associated with the adjustment agreements with the United States Department of Justice, assertive United States Attorney’s Offices, the United States Federal Barter Commission, the Banking Crimes Administration Arrangement of the United States Department of Treasury, and assorted accompaniment attorneys accepted (the “Joint Adjustment Agreements”), and those associated with the January 4, 2018 accord adjustment which bound a bulk with the New York Accompaniment Department of Banking Casework (the “NYDFS Accord Order”); liabilities consistent from litigation, including class-action lawsuits and agnate matters, and authoritative administration actions, including costs, expenses, settlements and judgments; abortion to accede with regulations and evolving industry standards apropos chump aloofness and abstracts use and security, including with account to the Accepted Abstracts Aegis Adjustment (“GDPR”) accustomed by the European Union (“EU”); abortion to accede with the Dodd-Frank Wall Street Ameliorate and Chump Aegis Act (the “Dodd-Frank Act”), as able-bodied as regulations issued pursuant to it and the accomplishments of the Chump Banking Aegis Bureau and agnate legislation and regulations allowable by added authoritative authorities in the United States and away accompanying to chump aegis and acquired transactions; furnishings of bearding acreage laws or their estimation or the administration thereof; abortion to advance acceptable amounts or types of authoritative basic or added restrictions on the use of our alive basic to accommodated the alteration requirements of our regulators worldwide; changes in accounting standards, rules and interpretations or industry standards affecting our business; and (iii) added events, such as: adverse events; and management’s adeptness to assay and administer these and added risks.
About Western Union
The Western Union Company (NYSE: WU) is a all-around baton in cross-border, cross-currency money movement. Our omnichannel belvedere connects the agenda and concrete worlds and makes it accessible for consumers and businesses to accelerate and accept money and accomplish payments with speed, ease, and reliability. As of June 30, 2019, our arrangement included over 550,000 retail abettor locations alms our branded casework in added than 200 countries and territories, with the adequacy to accelerate money to billions of accounts. Additionally, westernunion.com, our fastest growing approach in 2018, is accessible in added than 70 countries, added added territories, to move money about the world. With our all-around reach, Western Union moves money for better, abutting family, accompany and businesses to accredit banking admittance and abutment bread-and-butter growth. For added information, appointment www.westernunion.com.
THE WESTERN UNION COMPANY
NON-GAAP FINANCIAL MEASURES
Western Union’s administration believes the non-GAAP banking measures presented accommodate allusive added advice apropos our operating after-effects to abetment management, investors, analysts, and others in compassionate our banking after-effects and to bigger assay trends in our basal business because they accommodate bendability and allegory to above-mentioned periods. A non-GAAP banking admeasurement should not be advised in abreast or as a acting for the best commensurable GAAP banking measure. A non-GAAP banking admeasurement reflects an added way of examination aspects of our operations that, back beheld with our GAAP after-effects and the adaptation to the agnate GAAP banking measure, accommodate a added complete compassionate of our business. Users of the banking statements are encouraged to analysis our banking statements and publicly-filed letters in their absoluteness and not to await on any distinct banking measure. A adaptation of non-GAAP banking measures to the best anon commensurable GAAP banking measures is included below.
These non-GAAP banking measures accommodate the following: (1) Operating banknote flow, adjusted, excluding banknote outflows for IRS agreement, NYDFS Accord Order, and WU Way business transformation payments, (2) Operating income, adjusted, excluding accretion and denial costs, amicableness impairment, NYDFS Accord Order, Joint Adjustment Agreements, and WU Way business transformation expenses, (3) Operating margin, adjusted, excluding accretion and denial costs, amicableness impairment, NYDFS Accord Order, Joint Adjustment Agreements, and WU Way business transformation expenses, (4) Operating allowance outlook, adjusted, excluding restructuring-related costs and accretion and denial costs, (5) Earnings per allotment outlook, adjusted, excluding restructuring-related expenses, accretion and denial costs, and net accretion on sales of Speedpay and Paymap, and (6) Operating banknote breeze outlook, adjusted, excluding estimated banknote payments accompanying to restructuring-related expenses, accretion and denial costs, and appulse from tax payments accompanying to net accretion on Speedpay and Paymap divestitures, net of accompanying reductions to tax payments.
FY 2019 Outlook
THE WESTERN UNION COMPANY
NOTES TO NON-GAAP AND GAAP FINANCIAL MEASURES
Represents tax payments, including accrued interest, net of accompanying tax allowances fabricated to the Internal Acquirement Account (“IRS”) in affiliation with the restructuring of our all-embracing operations in 2003, as added declared in our 2018 Anniversary Report on Form 10-K.
Represents the appulse from an accretion for a accord adjustment with the New York Accompaniment Department of Banking Casework (“NYDFS”), as declared in our Form 8-K filed with the Balance and Barter Commission on January 4, 2018 (referred to as the “NYDFS Accord Order”). Amounts accompanying to the NYDFS Accord Adjustment were accustomed in the added and fourth abode of 2017, and the costs had no accompanying assets tax benefit. We accept that, by excluding the furnishings of cogent accuse associated with the adjustment of action that can appulse operating trends, administration and investors are provided with a admeasurement that increases the allegory of our basal operating results.
Represents amounts accompanying to transforming our operating model, absorption on technology transformation, arrangement productivity, chump and abettor action optimization, and authoritative redesign to bigger drive efficiencies and advance initiatives (“WU Way business transformation”). Amounts accompanying to the WU Way business transformation were accustomed alpha in the added division of 2016, and anniversary consecutive division in 2017. We accept that, by excluding the furnishings of cogent accuse associated with the transformation of our operating archetypal that can appulse operating trends, administration and investors are provided with a admeasurement that increases the allegory of our added basal operating results. Although the costs accompanying to the WU Way are specific to that initiative, the types of costs accompanying to the WU Way action are agnate to costs that the Company has ahead incurred and can analytic be accepted to acquire in the future.
Represents the appulse from costs incurred in affiliation with our accretion and denial activity, including the Speedpay and Paymap divestitures. We accept that, by excluding the furnishings of these accuse that can appulse operating trends, administration and investors are provided with a admeasurement that increases the allegory of our basal operating results.
Represents a non-cash amicableness crime allegation accompanying to our Business Solutions advertisement unit. The crime primarily resulted from a abatement in projected acquirement advance ante and EBITDA margins. These projections were reevaluated due to the declines in revenues and operating after-effects accustomed in the fourth division of 2017, which were decidedly beneath management’s expectations. Additionally, as appear in above-mentioned Anniversary Letters on Form 10-K and Quarterly Letters on Form 10-Q, the absolute estimated fair bulk of the Business Solutions advertisement assemblage ahead included bulk acquired from strategies to optimize United States banknote breeze administration and all-around clamminess by utilizing all-embracing banknote balances (including balances generated by added operating segments) to initially armamentarium all-around arch payouts for Business Solutions affairs accomplished in the United States that would accept been accessible to assertive bazaar participants. However, the December 2017 achievement of tax ameliorate into United States law alone any fair bulk associated with these banknote administration strategies. We accept that, by excluding the furnishings of cogent accuse associated with non-cash crime accuse that can appulse operating trends, administration and investors are provided with a admeasurement that increases the allegory of our basal operating results.
Represents the appulse from the adjustment agreements accompanying to (1) a Deferred Prosecution Acceding with the United States Department of Justice, and the United States Attorney’s Offices for the Eastern and Middle Districts of Pennsylvania, the Central District of California, and the Southern District of Florida, (2) a Stipulated Adjustment for Permanent Injunction and Final Judgment with the United States Federal Barter Commission, and (3) a Accord to the Assessment of Civil Money Penalty with the Banking Crimes Administration Arrangement of the United States Department of Treasury (referred to above, collectively, as the “Joint Adjustment Agreements”), to boldness the corresponding investigations of those agencies, as declared in our Form 8-K filed with the Balance and Barter Commission on January 20, 2017, and accompanying matters. Amounts accompanying to these affairs were accustomed in the second, third, and fourth abode of 2016 and the abounding year 2016 results. Additionally, in the third division of 2017, we recorded an added accretion in the bulk of $8 actor accompanying to an absolute acquiescence auditor, pursuant to the acceding of the Joint Adjustment Agreements. We accept that, by excluding the furnishings of cogent accuse associated with the adjustment of action that can appulse operating trends, administration and investors are provided with a admeasurement that increases the allegory of our basal operating results.
On May 9, 2019, we completed the auction of our United States cyberbanking bill payments business accepted as “Speedpay” to ACI Worldwide Corp. and ACW Worldwide, Inc. for about $750 actor in cash. In addition, on May 6, 2019, we completed the auction of Paymap Inc. (“Paymap”), which provides cyberbanking mortgage bill acquittal services, for accidental application and immaterial banknote accretion accustomed at closing. Earnings per allotment has been adapted to exclude the accretion on the sales of Speedpay and Paymap and the assets taxes on the gain, including the abolishment of ahead forecasted anniversary base-erosion anti-abuse taxes, has additionally been removed. Additionally, banknote flows from operating activities angle has been adapted to exclude taxes paid on the accretion from Speedpay and Paymap divestitures, net of accompanying reductions to ahead accepted base-erosion anti-abuse tax payments. We accept included this advice because administration believes that presenting these measures as adapted to exclude divestitures will accommodate investors with a added allusive allegory of after-effects aural the periods presented.
Represents appulse from costs incurred in affiliation with an all-embracing restructuring plan, accustomed by the Company’s Board of Directors on August 1, 2019, to advance the Company’s business processes and amount anatomy by abbreviation the Company’s headcount and accumulation assorted facilities. While these costs are specific to this initiative, the types of costs accompanying to this action are agnate to costs that the Company has ahead incurred and can analytic be accepted to acquire in the future. We accept that, by excluding the furnishings of these accuse that can appulse operating trends, administration and investors are provided with a admeasurement that increases the allegory of our basal operating results.
View antecedent adaptation on businesswire.com:https://www.businesswire.com/news/home/20190924005280/en/
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