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MarketScreener Homepage  >  Equities  >  Nyse  >  Western Union Company    WU

WESTERN UNION COMPANY

(WU)
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Western Union : Q3 2020 GAAP Reconciliations

10/29/2020 | 05:25pm EST

Key Statistics and Reconciliation of 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. We have also included non-GAAP revenues below that remove the impacts of Speedpay and Paymap, in order to provide a more meaningful comparison of results from continuing operations.

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.

Amounts included below are in millions, unless indicated otherwise.

1

Key Statistics and Reconciliation of Non-GAAP Measures

Consolidated Metrics

Notes

3Q19

4Q19

FY2019

1Q20

2Q20

3Q20

YTD 3Q20

Consolidated revenues (GAAP) - YoY % change

(6) %

(7) %

(5) %

(11) %

(17) %

(4) %

(11) %

Consolidated revenues (non-GAAP, constant currency adjusted and excluding

Speedpay and Paymap) - YoY % change

(a)

4

%

3

%

3

%

(1) %

(11) %

(1) %

(4) %

Consolidated operating margin (GAAP)

15.1

%

17.3

%

17.6

%

19.6

%

19.9

%

22.7

%

20.8

%

Consolidated operating margin, excluding restructuring-related expenses and

acquisition and divestiture costs (non-GAAP)

(b)

22.3

%

18.7

%

20.1

%

20.5

%

20.4

%

23.5

%

21.5

%

EBITDA margin (non-GAAP)

(c)

19.8

%

22.4

%

22.5

%

24.5

%

25.0

%

27.0

%

25.5

%

Consumer-to-Consumer (C2C) Segment Metrics

Revenues (GAAP) - YoY % change

1

%

0

%

(1) %

(4) %

(12) %

(1) %

(6) %

Revenues (non-GAAP, constant currency adjusted) - YoY % change

(e)

2

%

1

%

1

%

(3) %

(11) %

0

%

(4) %

Transactions (in millions)

73.0

73.8

289.4

66.8

68.0

77.3

212.1

Transactions - YoY % change

2

%

(1) %

1

%

(3) %

(8) %

6

%

(2) %

Total principal ($- billions)

$

22.4

$

22.2

$

87.7

$

20.6

$

21.9

$

26.9

$

69.4

Principal per transaction, as reported - YoY % change

0

%

0

%

(1) %

2

%

7

%

13

%

8

%

Principal per transaction (constant currency adjusted) - YoY % change

(f)

2

%

1

%

1

%

4

%

9

%

14

%

9

%

Cross-border principal, as reported - YoY % change

3

%

1

%

1

%

0

%

1

%

23

%

8

%

Cross-border principal (constant currency adjusted) - YoY % change

(g)

4

%

2

%

3

%

2

%

3

%

24

%

10

%

Operating margin**

23.7

%

20.3

%

22.1

%

20.7

%

21.8

%

24.6

%

22.4

%

Digital money transfer revenue (GAAP) - YoY % change (1)

21

%

25

%

20

%

21

%

48

%

45

%

39

%

Digital money transfer foreign currency translation impact

(j)

1

%

1

%

2

%

1

%

2

%

1

%

1

%

Digital money transfer revenue (non-GAAP, constant currency adjusted) - YoY

22

%

26

%

22

%

22

%

50

%

46

%

40

%

Digital money transfer transactions - YoY % change

29

%

36

%

26

%

42

%

96

%

96

%

80

%

westernunion.com revenue (GAAP) - YoY % change

16

%

17

%

17

%

13

%

33

%

33

%

27

%

westernunion.com foreign currency translation impact

(j)

1

%

1

%

1

%

1

%

1

%

(1) %

0

%

westernunion.com revenue (non-GAAP, constant currency adjusted) - YoY %

change

17

%

18

%

18

%

14

%

34

%

32

%

27

%

westernunion.com transactions - YoY % change

16

%

13

%

16

%

15

%

50

%

53

%

40

%

(1) Represents revenue from transactions conducted and funded through westernunion.com and transactions initiated on internet and mobile applications hosted by our third-party white label or co-branded digital partners.

2

Key Statistics and Reconciliation of Non-GAAP Measures

C2C Segment Regional Metrics

Notes

3Q19

4Q19

FY2019

1Q20

2Q20

3Q20

YTD 3Q20

NA region revenues (GAAP) - YoY % change

2

%

1

%

2

%

(2)

%

(6)

%

0

%

(3)

%

NA region foreign currency translation impact

(j)

0

%

0

%

0

%

0

%

1

%

1

%

1

%

NA region revenues (non-GAAP, constant currency adjusted) - YoY % change

2

%

1

%

2

%

(2)

%

(5)

%

1

%

(2)

%

NA region transactions - YoY % change

(1)

%

(4)

%

(2) %

(5)

%

(7)

%

1

%

(4)

%

EU & CIS region revenues (GAAP) - YoY % change

(1)

%

1

%

(2)

%

(5)

%

(10)

%

3

%

(4)

%

EU & CIS region foreign currency translation impact

(j)

2

%

1

%

3

%

0

%

1

%

(2)

%

0

%

EU & CIS region revenues (non-GAAP, constant currency adjusted) - YoY% change

1

%

2

%

1

%

(5)

%

(9)

%

1

%

(4)

%

EU & CIS region transactions - YoY % change

6

%

5

%

5

%

1

%

4

%

24

%

10

%

MEASA region revenues (GAAP) - YoY % change

4

%

0

%

(1) %

3

%

(13)

%

2

%

(3)

%

MEASA region foreign currency translation impact

(j)

1

%

0

%

1

%

0

%

1

%

0

%

1

%

MEASA region revenues (non-GAAP, constant currency adjusted) - YoY % change

5

%

0

%

0

%

3

%

(12)

%

2

%

(2)

%

MEASA region transactions - YoY % change

1

%

(1) %

(1)

%

1

%

(1)

%

15

%

5

%

LACA region revenues (GAAP) - YoY % change

4

%

(2)

%

1

%

(11)

%

(45)

%

(21)

%

(26)

%

LACA region foreign currency translation impact

(j)

8

%

8

%

10

%

8

%

10

%

13

%

11

%

LACA region revenues (non-GAAP, constant currency adjusted) - YoY % change

12

%

6

%

11

%

(3)

%

(35)

%

(8) %

(15)

%

LACA region transactions - YoY % change

10

%

4

%

8

%

(5)

%

(41)

%

(21)

%

(23)

%

APAC region revenues (GAAP) - YoY % change

(13)

%

(10)

%

(13)

%

(10)

%

(14)

%

4

%

(6)

%

APAC region foreign currency translation impact

(j)

0

%

0

%

1

%

1

%

1

%

1

%

0

%

APAC region revenues (non-GAAP, constant currency adjusted) - YoY % change

(13)

%

(10) %

(12) %

(9)

%

(13)

%

5

%

(6)

%

APAC region transactions - YoY % change

(6)

%

(7) %

(7) %

(14)

%

(18)

%

(6) %

(12)

%

International revenues - YoY % change

0

%

(1)

%

(2)

%

(4)

%

(15)

%

(1)

%

(7)

%

International transactions - YoY % change

4

%

2

%

3

%

(2)

%

(8)

%

10

%

0

%

International revenues - % of C2C segment revenues

66

%

66

%

66

%

65

%

63

%

66

%

65

%

United States originated revenues - YoY % change

2

%

1

%

1

%

(3)

%

(7)

%

(1)

%

(3)

%

United States originated transactions - YoY % change

(1)

%

(4)

%

(2)

%

(5)

%

(8)

%

0

%

(4)

%

United States originated revenues - % of C2C segment revenues

34

%

34

%

34

%

35

%

37

%

34

%

35

%

3

Key Statistics and Reconciliation of Non-GAAP Measures

  • of C2C Revenue NA region revenues
    EU & CIS region revenues MEASA region revenues LACA region revenues APAC region revenues

Digital money transfer revenues

Business Solutions Segment Metrics

Revenues (GAAP) - YoY % change

Revenues (non-GAAP, constant currency adjusted) - YoY % change Operating margin**

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

Revenues (GAAP) - YoY % change

Operating margin**

  • of Total Company Revenue (GAAP) Consumer-to-Consumersegment revenues Business Solutions segment revenues Other revenues

Notes

3Q19

4Q19

FY2019

1Q20

2Q20

3Q20

YTD 3Q20

38

%

38

%

38

%

38

%

41

%

38

%

39

%

32

%

32

%

32

%

31

%

32

%

33

%

32

%

15

%

15

%

15

%

16

%

15

%

16

%

16

%

9 %

9 %

9 %

9 %

6 %

7 %

7 %

6 %

6 %

6 %

6 %

6 %

6 %

6 %

14

%

16

%

14

%

16

%

22

%

21

%

20

%

0

%

0

%

0

%

3

%

(17) %

(11) %

(9) %

(h)

3

%

1

%

4

%

5

%

(15) %

(13) %

(8) %

16.7

%

11.3

%

12.0

%

14.1

%

1.6

%

10.5

%

9.2

%

(48) %

(52) %

(34) %

(59) %

(56) %

(33) %

(52) %

9.0

%

4.6

%

5.5

%

26.1

%

21.9

%

20.0

%

22.9

%

85

%

86

%

83

%

85

%

88

%

88

%

87

%

8 %

7 %

7 %

8 %

7 %

7 %

7 %

7 %

7 %

10 %

7 %

5 %

5 %

6 %

  • In the first quarter of 2020, we changed our expense allocation method so that our corporate data center and network engineering information technology expenses are allocated based on a percentage of relative revenue. In 2019, these costs had been allocated based in part on a percentage of relative transactions. We believe that an allocation method based fully on relative revenue presents a more representative view of segment profitability, as certain of our services, particularly some of our bill payment services and our money order services, have much lower revenues per transaction than our other services. Further, these technology expenses are becoming increasingly based on data storage utilized and less based on the number of transactions processed. For the three months ended September 30, 2019, and December 31, 2019, and for the twelve months ended December 31, 2019, this change would have decreased Consumer-to-Consumer and increased Other operating income by $13.0 million, $11.8 million, and $49.6 million, respectively. Business Solutions was not materially impacted by the change in the allocation method.

4

Key Statistics and Reconciliation of Non-GAAP Measures

(in millions, except per share amounts) Reported results (GAAP)

Restructuring related expenses and related tax benefit Acquisition and divestiture costs and related tax benefit Adjusted results (non-GAAP)

Foreign currency translation impact

Revenues, constant currency adjusted (non-GAAP)

(in millions, except per share amounts) Reported results (GAAP)

Restructuring related expenses and related tax benefit Acquisition and divestiture costs and related tax benefit Adjusted results (non-GAAP)

Quarter over quarter growth/(decline) (GAAP) Quarter over quarter growth/(decline) (non-GAAP)

Quarter over quarter growth/(decline), constant currency adjusted (non- GAAP)

Three Months Ended September 30, 2020

Operating

Income Before

Provision for

Diluted Earnings

Notes

Revenues

Income

Income Taxes

Income Taxes

Net Income

per Share

$

1,258.5

$

285.2

$

261.0

$

32.4

$

228.6

$

0.55

(m)

-

9.1

9.1

1.7

7.4

0.02

(n)

-

1.5

1.5

0.4

1.1

-

$

1,258.5

$

295.8

$

271.6

$

34.5

$

237.1

$

0.57

(j)

41.1

$

1,299.6

Three Months Ended September 30, 2019

Operating

Income Before

Provision for

Diluted Earnings

Notes

Revenues

Income

Income Taxes

Income Taxes

Net Income

per Share

$

1,306.9

$

197.4

$

162.2

$

27.2

$

135.0

$

0.32

(m)

-

91.5

91.5

18.2

73.3

0.17

(n)

-

2.5

2.5

0.6

1.9

-

$

1,306.9

$

291.4

$

256.2

$

46.0

$

210.2

$

0.49

(4) %

44

%

61

%

19

%

69

%

72

%

(4) %

2

%

6

%

(25) %

13

%

16

%

(1) %

5

Key Statistics and Reconciliation of Non-GAAP Measures

Nine Months Ended September 30, 2020

Operating

Income Before

Provision for

Diluted Earnings

(in millions, except per share amounts)

Notes

Revenues

Income

Income Taxes

Income Taxes

Net Income

per Share

Reported results (GAAP)

(m)

$

3,563.2

$

740.2

$

656.1

$

88.9

$

567.2

$

1.37

Restructuring related expenses and related tax benefit

-

24.8

24.8

2.7

22.1

0.05

(n)

Acquisition and divestiture costs and related tax benefit

-

2.2

2.2

0.5

1.7

-

Adjusted results (non-GAAP)

(j)

$

3,563.2

$

767.2

$

683.1

$

92.1

$

591.0

$

1.42

Foreign currency translation impact

134.8

Revenues, constant currency adjusted (non-GAAP)

$

3,698.0

Nine Months Ended September 30, 2019

Operating

Income Before

Provision for

Diluted Earnings

(in millions, except per share amounts)

Notes

Revenues

Income

Income Taxes

Income Taxes

Net Income

per Share

Reported results (GAAP)

(k)

$

3,984.4

$

707.5

$

1,123.9

$

201.0

$

922.9

$

2.13

Less Speedpay and Paymap revenues

(130.7)

-

-

-

-

-

(m)

Restructuring related expenses and related tax benefit

-

98.9

98.9

19.6

79.3

0.18

(n)

Acquisition and divestiture costs and related tax benefit

-

15.1

15.1

3.4

11.7

0.03

(k)

Gain on sales of Speedpay and Paymap and related tax expense

-

-

(524.6)

(94.1)

(430.5)

(0.99)

Adjusted results (non-GAAP)

$

3,853.7

$

821.5

$

713.3

$

129.9

$

583.4

$

1.35

Year over year growth/(decline) (GAAP)

(11) %

5

%

(42) %

(56) %

(39) %

(36) %

Year over year growth/(decline) (non-GAAP)(2)

(8) %

(7) %

(4) %

(29) %

1

%

5

%

Year over year growth/(decline), excluding Speedpay and Paymap, constant

currency adjusted (non-GAAP)

(4) %

  1. Revenue measure excludes impact of Speedpay and Paymap; all other measures include the impact of Speedpay and Paymap, but not the gain on sales and related taxes, and exclude restructuring related expenses, acquisition and divestiture costs, and the related tax benefits.

6

Key Statistics and Reconciliation of Non-GAAP Measures

Consolidated Metrics

Notes

(a) Revenues (GAAP)

$

Foreign currency translation impact

(j)

Revenues (non-GAAP, constant currency adjusted)

Less revenues from Speedpay and Paymap

(k)

Revenues, constant currency adjusted and excluding Speedpay and Paymap (non-GAAP)

$

Prior year revenues (GAAP)

$

Less prior year revenues from Speedpay and Paymap

(k)

Prior year revenues, adjusted, excluding Speedpay and Paymap (non-GAAP)

$

Revenues (GAAP) - YoY % Change

Revenues, constant currency adjusted and excluding Speedpay and Paymap (non-GAAP) -

YoY % Change

(b) Operating income (GAAP)

$

Restructuring-related expenses

(m)

Acquisition and divestiture costs

(n)

Operating income, adjusted, excluding restructuring-related expenses and acquisition and

divestiture costs (non-GAAP)

$

Operating margin (GAAP)

Operating margin, adjusted, excluding restructuring-related expenses and acquisition and

divestiture costs (non-GAAP)

(c) Operating income (GAAP)

$

Depreciation and amortization

EBITDA (non-GAAP)

(l)

$

Operating margin (GAAP)

EBITDA margin (non-GAAP)

3Q19

4Q19

FY2019

1Q20

2Q20

3Q20

YTD 3Q20

1,306.9

$

1,307.7

$

5,292.1

$

1,190.0

$

1,114.7

$

1,258.5

$

3,563.2

45.8

41.7

238.9

47.3

46.4

41.1

134.8

1,352.7

1,349.4

5,531.0

1,237.3

1,161.1

1,299.6

3,698.0

N/A

N/A

(130.7)

N/A

N/A

N/A

N/A

1,352.7

$

1,349.4

$

5,400.3

$

1,237.3

$

1,161.1

$

1,299.6

$

3,698.0

1,387.8

$

1,401.6

$

5,589.9

$

1,337.0

$

1,340.5

$

1,306.9

$

3,984.4

(89.2)

(88.2)

(368.2)

(91.9)

(38.8)

N/A

(130.7)

1,298.6

$

1,313.4

$

5,221.7

$

1,245.1

$

1,301.7

$

1,306.9

$

3,853.7

(6) %

(7) %

(5) %

(11) %

(17) %

(4) %

(11) %

4

%

3

%

3

%

(1) %

(11) %

(1) %

(4) %

197.4

$

226.5

$

934.0

$

233.2

$

221.8

$

285.2

$

740.2

91.5

16.6

115.5

10.5

5.2

9.1

24.8

2.5

0.9

16.0

-

0.7

1.5

2.2

291.4

$

244.0

$

1,065.5

$

243.7

$

227.7

$

295.8

$

767.2

15.1

%

17.3

%

17.6

%

19.6

%

19.9

%

22.7

%

20.8

%

22.3

%

18.7

%

20.1

%

20.5

%

20.4

%

23.5

%

21.5

%

197.4

$

226.5

$

934.0

$

233.2

$

221.8

$

285.2

$

740.2

61.1

67.0

257.7

58.2

57.1

54.2

169.5

258.5

$

293.5

$

1,191.7

$

291.4

$

278.9

$

339.4

$

909.7

15.1

%

17.3

%

17.6

%

19.6

%

19.9

%

22.7

%

20.8

%

19.8

%

22.4

%

22.5

%

24.5

%

25.0

%

27.0

%

25.5

%

7

Key Statistics and Reconciliation of Non-GAAP Measures

Notes

3Q19

Consolidated Metrics cont.

(d) Effective tax rate (GAAP)

17

%

Impact from restructuring-related expenses

(m)

1

%

Impact from acquisition and divestiture costs

(n)

0

%

Impact from gain on sales of Speedpay and Paymap

(k)

0

%

acquisition and divestiture costs, and gain on sales of Speedpay and Paymap

(non-GAAP)

18

%

C2C Segment Metrics

(e)

Revenues (GAAP)

$

1,113.0

$

Foreign currency translation impact

(j)

17.9

Revenues (non-GAAP, constant currency adjusted)

$

1,130.9

$

Prior year revenues (GAAP)

$

1,107.4

$

Revenues (GAAP) - YoY % change

1

%

Revenues (non-GAAP, constant currency adjusted) - YoY % change

2

%

(f)

Principal per transaction, as reported ($- dollars)

$

307

$

Foreign currency translation impact ($- dollars)

(j)

5

Principal per transaction (constant currency adjusted) ($- dollars)

$

312

$

Prior year principal per transaction, as reported ($- dollars)

$

308

$

Principal per transaction, as reported - YoY % change

0

%

Principal per transaction (constant currency adjusted) - YoY % change

2

%

(g)

Cross-border principal, as reported ($- billions)

$

20.6

$

Foreign currency translation impact ($- billions)

(j)

0.4

Cross-border principal (constant currency adjusted) ($- billions)

$

21.0

$

Prior year cross-border principal, as reported ($- billions)

$

20.1

$

Cross-border principal, as reported - YoY % change

3

%

Cross-border principal (constant currency adjusted) - YoY % change

4

%

4Q19

FY2019

1Q20

31

%

20

%

13

%

0

%

1

%

0

%

0

%

0

%

0

%

(7) %

(1) %

N/A

24

%

20

%

13

%

1,125.0

$

4,407.8

$

1,015.4

$

14.8

97.1

12.9

1,139.8

$

4,504.9

$

1,028.3

$

1,127.7

$

4,453.6

$

1,056.9

$

0

%

(1) %

(4) %

1

%

1

%

(3) %

300

$

303

$

308

$

4

7

5

304

$

310

$

313

$

301

$

305

$

302

$

0

%

(1) %

2

%

1

%

1

%

4

%

20.5

$

80.7

$

19.1

$

0.2

1.8

0.3

20.7

$

82.5

$

19.4

$

20.5

$

79.9

$

19.1

$

1

%

1

%

0

%

2

%

3

%

2

%

2Q20

3Q20

YTD 3Q20

16

%

12

%

14

%

0

%

1

%

(1) %

0

%

0

%

0

%

N/A

N/A

N/A

16

%

13

%

13

%

976.6

$

1,106.5

$

3,098.5

18.4

11.1

42.4

995.0

$

1,117.6

$

3,140.9

1,112.9

$

1,113.0

$

3,282.8

(12) %

(1) %

(6) %

(11) %

0

%

(4) %

322

$

348

$

327

7

1

4

329

$

349

$

331

303

$

307

$

304

7

%

13

%

8

%

9

%

14

%

9

%

20.7

$

25.5

$

65.3

0.4

-

0.7

21.1

$

25.5

$

66.0

20.5

$

20.6

$

60.2

1

%

23

%

8

%

3

%

24

%

10

%

8

Key Statistics and Reconciliation of Non-GAAP Measures

Business Solutions Segment Metrics

Notes

3Q19

4Q19

FY2019

1Q20

2Q20

3Q20

YTD 3Q20

(h)

Revenues (GAAP)

$

100.6

$

97.0

$

388.8

$

98.4

$

79.4

$

89.1

$

266.9

Foreign currency translation impact

(j)

2.9

1.0

12.1

2.2

2.0

(1.9)

2.3

Revenues (non-GAAP, constant currency adjusted)

$

103.5

$

98.0

$

400.9

$

100.6

$

81.4

$

87.2

$

269.2

Prior year revenues (GAAP)

$

100.2

$

96.8

$

386.8

$

95.6

$

95.6

$

100.6

$

291.8

Revenues (GAAP) - YoY % change

0

%

0

%

0

%

3

%

(17)

%

(11)

%

(9)

%

Revenues (non-GAAP, constant currency adjusted) - YoY % change

3

%

1

%

4

%

5

%

(15)

%

(13)

%

(8)

%

(i)

Operating income (GAAP)

$

16.7

$

11.0

$

46.8

$

13.9

$

1.3

$

9.4

$

24.6

Depreciation and amortization

9.9

9.8

39.6

9.4

9.3

9.3

28.0

EBITDA (non-GAAP)

(l)

$

26.6

$

20.8

$

86.4

$

23.3

$

10.6

$

18.7

$

52.6

Operating income margin (GAAP)

16.7

%

11.3

%

12.0

%

14.1

%

1.6

%

10.5

%

9.2

%

EBITDA margin (non-GAAP)

26.4

%

21.5

%

22.2

%

23.7

%

13.2

%

21.1

%

19.7

%

9

Key Statistics and Reconciliation of Non-GAAP Measures

2020 Consolidated Outlook Metrics

Notes

FY2020

Operating margin (GAAP)

20

%

Impact from restructuring-related expenses and acquisition and divestiture costs

(m), (n)

1

%

Operating margin, adjusted, excluding restructuring-related expenses and acquisition and divestiture costs (non-GAAP)

21

%

Earnings per share (GAAP) ($- dollars)

Range

$

1.72

$

1.77

Impact from restructuring-related expenses and acquisition and divestiture costs ($- dollars)

(m), (n)

0.08

0.08

Earnings per share, adjusted, excluding restructuring-related expenses and acquisition and divestiture costs (non-GAAP) ($- dollars)

$

1.80

$

1.85

10

Key Statistics and Reconciliation of Non-GAAP Measures

Non-GAAP related notes:

  1. 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. We believe that this measure provides management and investors with information about revenue results and trends that eliminates currency volatility while increasing the comparability of our underlying results and trends.
  2. On May 9, 2019, we completed the sale of our United States electronic bill payments business known as "Speedpay" to ACI Worldwide Corp. and ACW Worldwide, Inc. ("ACI") for approximately $750 million in cash. In addition, on May 6, 2019, we completed the sale of Paymap Inc. ("Paymap"), which provides electronic mortgage bill payment services, for contingent consideration and immaterial cash proceeds received at closing. Both Speedpay and Paymap were included as a component of "Other" in our segment reporting. Revenue has been adjusted to exclude the carved out financial information for Speedpay and Paymap and the gain on the sales and the income taxes on the gain, including the elimination of previously forecasted annual base- erosion anti-abuse taxes, has been removed from adjusted effective tax rate. These financial measures are non-GAAP measures and should not be considered a substitute for the GAAP measures. We have included this information because management believes that presenting these measures as adjusted to exclude divestitures will provide investors with a more meaningful comparison of results within the periods presented. Additionally, Speedpay and Paymap contributions to operating income exclude corporate overhead allocations.
  3. 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.
  4. Represents impact from expenses incurred in connection with an overall restructuring plan, approved by the Board of Directors on August 1, 2019, to improve our business processes and cost structure by reducing headcount and consolidating various facilities. While certain of these expenses are identifiable to our business segments, primarily to our Consumer-to-Consumer segment, they have been 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. These expenses are therefore excluded from the Company's segment operating income results. While these expenses are specific to this initiative, the types of expenses related to this initiative are similar to expenses that we have previously incurred and can reasonably be expected to incur in the future. We believe that, by excluding the effects of these charges that can impact operating trends, management and investors are provided with a measure that increases the comparability of our underlying operating results.
  5. Represents the impact from expenses incurred in connection with our acquisition and divestiture activity, including the Speedpay and Paymap divestitures. We believe that, by excluding the effects of these charges that can impact operating trends, management and investors are provided with a measure that increases the comparability of our underlying operating results.

11

Disclaimer

The Western Union Company published this content on 29 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2020 22:24:02 UTC


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Sales 2020 4 820 M - -
Net income 2020 740 M - -
Net Debt 2020 1 460 M - -
P/E ratio 2020 12,3x
Yield 2020 3,96%
Capitalization 9 016 M 9 016 M -
EV / Sales 2020 2,17x
EV / Sales 2021 2,04x
Nbr of Employees 11 500
Free-Float 99,5%
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Mean consensus HOLD
Number of Analysts 20
Average target price 23,94 $
Last Close Price 21,93 $
Spread / Highest target 32,2%
Spread / Average Target 9,17%
Spread / Lowest Target -13,4%
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NameTitle
Hikmet Ersek President, Chief Executive Officer & Director
Jeffrey A. Joerres Non-Executive Chairman
Rajesh K. Agrawal Chief Financial Officer& EVP-Global Operations
Betsy DeHaas Holden Independent Non-Executive Director
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