Western Union Company (the) · NYSE:WU
Western Union Company (the) — Investor Day (March 2016)
104 slides from Western Union Company (the)'s investor day presentation, Mar 10, 2016
Slide 1: This Is Investor Day
THIS IS INVESTOR DAY wi { a \ 4 E : a Non WM j Fi moving money for better
Slide 2: Opening Video
\WW OPENING VIDEO WESTERN ‘moving money for better
Slide 3: Agenda
Agenda 8:30 AM 9:00 AM 9:15 AM 9:30 AM 10:05 AM Overview Brand & Platform Retail C2C & C2B Break & WU 2020 Consumer Strategy Insights Odilon Almeida & Hikmet Ersek Libby Chambers David Thompson Jean Claude Farah 10:25 AM 10:45 AM 11:00 AM 11:20 AM 11:55 AM wu.com & Business Financial Q&A Closing Dig
Slide 4: Disclaimers
Disclaimers The following presentations contain 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 difficul
Slide 5: This is Hikmet Ersek, President and CEO
NWS THISIS HIKMET ERSEK Presidentand CEO
Slide 6: WU 2020: Leading in Cross-Border, Cross-Currency Money Movement
WU 2020: LEADING IN CROSS-BORDER, CROSS-CURRENCY MONEY MOVEMENT Maintain leadership in traditional retail money transfer Extend leadership in company branded digital money transfer Leverage platform to serve new use cases and customer segments
Slide 7: Solid Foundation
Solid Foundation % OF REVENUE REVENUE GROWTH CC* 2015 2014 2015 79% CONSUMER-TO-CONSUMER* 3% 3% REVENUE GROWTH CC* 12% CONSUMER BILL PAY 10% 11% 4% IN 2014 7% BUSINESS SOLUTIONS 4% 7% 4% IN 2015 5% WU.COM** MONEY TRANSFER* 29% 26% *Retail initiated money transfer declined 4% in 2015 and was flat in
Slide 8: Building on solid foundation
Building on solid foundation $817M 5% returned to Increased Stable Delivering shareholders in EPS by 5% operating on outlook 2015 through to $1.67* margin dividends in 2015 and share repurchases *Note: Excluding Paymap settlement charge. See appendix for reconciliation of Non-GAAP to GAAP financial
Slide 9: Business in Countries and Territories
BUSINESS IN COUNTRIES AND TERRITORIES
Slide 10: Retail Locations
+ RETAIL LOCATIONS
Slide 11: ATMs & Kiosks
ATMS & KIOSKS
Slide 12: Accounts
ACCOUNTS
Slide 13: Brand Awareness
BRAND AWARENESS 90% 95% 95% USA UK EUROPE 93% GERMANY 100% 99% FRANCE PHILLIPPINES 94% SAUDI 96% 99% AUSTRALIA 100% ITALY 99% MEXICO INDIA 90% AFRICA Source: 2014 Western Union Brand Tracking StudyBase: *Migrant International Money Transfer Senders / **International Money Transfer Receivers (all cat
Slide 14: Currencies Available
CURRENCIES AVAILABLE
Slide 15: Corridors
1 6K fe CORRIDORS ° >
Slide 16: Consumers
CONSUMERS
Slide 17: World Class Management Team
World Class Management Team HIKMET ERSEK RAJ AGRAWAL LIBBY CHAMBERS DAVID THOMPSON ODILON ALMEIDA JEAN CLAUDE FARAH RICHARD WILLIAMS President, CEO EVP and CFO EVP, Chief Strategy and EVP, Chief Technology Officer EVP and President Americas EVP and President EVP and Chief Human Product Officer Globa
Slide 18: World Class Board of Directors
World Class Board of Directors Hikmet Ersek Jack M. Greenberg Frances Fragos Solomon D. Trujillo Townsend Betsy D. Holden Martin I. Cole Robert W. Selander Michael A. Miles, Jr. Roberto G. Mendoza Jeffrey A. Joerres Richard A. Goodman Linda Fayne Levinson
Slide 19: To Be the Leader in Cross-Border, Cross-Currency Money Movement
TO BE THE LEADER IN CROSS-BORDER, CROSS-CURRENCY MONEY MOVEMENT
Slide 20: Western Union 2020 vision
Western Union 2020 vision Cross-Border Consumer Money Transfer Cross-Border Platform – Technology – Settlement PAYOUT FUNDS IN NETWORK –FX Cross-Border – Funding Payments – License – Regulation – Compliance – Data Management WU Retail Retail Locations, Kiosks, ATMs Consumer Accounts Banks, Wallets,
Slide 21: Leadership in digital
Leadership in digital ~$50M INCREASE IN REVENUE ~$300M 2015 REVENUE $177M REVENUE* $39M wu. money com/mobile transfer 2015 REVENUE $ 4M REVENUE** *12 months ended 9/30/15 **12 months ended 3/30/15
Slide 22: WU 2020: New growth opportunities
WU 2020: New growth opportunities Use case Product Channel Distribution Brand Operations FROM ONE… TO MANY… Remittance support Support • Urgent • Gifting • Goods/services • Tourism C2C C2C • B2B • B2C • C2B Retail • Web • Mobile • Social Media Retail focus Bank Accounts • ATMs/Kiosk • Cards Agent-ce
Slide 23: WU 2020: Leading in Cross-Border, Cross-Currency Money Movement
WU 2020: LEADING IN CROSS-BORDER, CROSS-CURRENCY MONEY MOVEMENT Maintain leadership in traditional retail money transfer Extend leadership in company branded digital money transfer Leverage platform to serve new use cases and customer segments
Slide 24: Customer Voices
\WW CUSTOMER VOICES 1 wegnion WW ‘moving money for better
Slide 25: EVP, Chief Strategy and Product Officer
EVP, Chief Strategy and Product Officer
Slide 26: Meeting the needs of many customer segments
Meeting the needs of many customer segments
Slide 27: Core retail consumers
“Core” retail consumers KEY REASONS FOR SENDING: Gifting Emergency Support – C2C cash send market expected to grow low single digits in coming years* – Trust, speed, and location are key elements for this segment *SOURCE: WU 2014 Global Consumer Tracking Study, Nielsen; McKinsey Payments Map
Slide 28: Digital consumers
Digital consumers Payments for Gifting Support goods/service – C2C digital send market expected to grow 20%+ in coming years* – Over 1 billion bank accounts can accept a money transfer from WU MILLENNIALS REPRESENT 35 ** 46%+ COUNTRIES LIVE ON WU DIGITAL CUSTOMER WU.COM BASE *SOURCE: McKinsey Paymen
Slide 29: Social media consumers
Social media consumers KEY REASONS FOR SENDING: Bill/payback Sharing Gifting Support – Future growth opportunity, driven by smart phone adoption and desire for immediacy – WU Connect is a leading solution for social media platforms Viber (+600 million users) WeChat (+500 million users) Others in pip
Slide 30: SMEs with expanding cross-border needs
SMEs with expanding cross-border needs – SMEs need straightforward and trusted support for sending and receiving payments across borders – WUBS can help SMEs manage payment risk, cash flow, and currency exposure
Slide 31: Global brand reach and followership
Global brand reach and followership 91%* 8.3/10* 150M** BRAND BRAND CONSUMERS AWARENESS TRUST SERVED 33M** 8M MYWU SOCIAL MEDIA MEMBERS FOLLOWERS * Source: WU 2014 Global Consumer Tracking Study: Aided awareness of Migrant International Money Transfer Senders; Countries: France, Germany, Italy, Unit
Slide 32: Customers tell us our brand is about…
Customers tell us our brand is about…
Slide 33: And a confident new visual identity…
And a confident new visual identity… HISTORICAL LOGOS NEW LOGOS & VISUAL IDENTITY
Slide 34: …appeals to our customer targets
…appeals to our customer targets “This WU really feels like they belong in 2015, it’s an expanding, versatile * brand that adds genuine value.” + — Millennial Tech Savvy INCREASE IN CONSIDERATION AMONG MONEY TRANSFER USERS “My opinion of WU has totally changed. They now feel modern, innovative, up t
Slide 35: New look is effective in retail and digital formats
New look is effective in retail and digital formats RETAIL DIGITAL MOBILE KIOSK/ATMs SOCIAL INTEGRATION
Slide 36: Brand integrates well with others, and enhances trust
Brand integrates well with others, and enhances trust Consumer propensity to send international money transfer via Social Media/Messaging platform when sent by WU +56%* +43%* +67%* +76%* *Source: Western Union Consumer Research with Social Media users 2015, US and UK
Slide 37: Positioning the brand for businesses and their needs
Positioning the brand for businesses and their needs
Slide 38: Positioning the brand for businesses and their needs
Positioning the brand for businesses and their needs
Slide 39: Marketing campaign evolving
Marketing compalgne \ \wi evolving to ad p 1 occasions sovFEeS Wii Evs NWA ES cace, vant INDONESIA ‘HE Cost OF Aare.
Slide 40: …and we are fully embracing our brand purpose
…and we are fully embracing our brand purpose EDUCATION FOR BETTER CHAIN OF BETTERS Aligning Foundation Activities Aligning Marketing Activities to our Brand Purpose to our Brand Purpose
Slide 41: This is David Thompson
THIS IS DAVID THOMPSON EVP, Chief Technology Officer Global Operations and Technology (GO-Tech)
Slide 42: Cross Border Platform
WESTERN \WW Cross Border Platform
Slide 43: WU Transaction Process
WU Transaction Process Behind the Scenes TOUCH ID PROFILE CARD SCAN ANDROID / IOS Big Data Hadoop Data Science Monitoring Web & Mobile Frameworks Cutting Edge Analytics Modeling Tools Global Content Management Middleware Integration Cross-Currency Analyze 200 Countries and Territories Settlement in
Slide 44: Cross-Border Technology
Cross-Border Technology Modern Front-End Technology Omni-Channel Framework Modern Integration Layer Application Programming Interface Cards, ACH, iACH Sofort, Ideal, Trustly WUPay 20+ Run-time Vendor Integrations 500+ Calculated variables 50+ Statistical Models Billions of rows of data Petabytes of
Slide 45: Global Compliance Program Capabilities
Global Compliance Program Capabilities SENDER RECEIVER DYNAMIC CUSTOMER INFORMATION COLLECTION REQUIRED REGULATORY DISCLOSURES CUSTOMIZABLE SUITE OF CONTROLS 1,000+ UNIQUE REAL TIME DECISIONING RULES
Slide 46: A Leading Technology and Operations Organization
A LEADING TECHNOLOGY AND OPERATIONS ORGANIZATION MROC Mexico LAROC Costa Rica EUROC Lithuania AROC Philippines ~2,200 DEDICATED COMPLIANCE PROFESSIONALS REAL-TIME RESPONSE WITHIN MILLISECONDS 1,000 REAL-TIME DECISIONING RULES TRANSACTIONS PER SECOND
Slide 47: EVP and President Middle East, Africa, Asia Pacific, Eastern Europe and CIS
EVP and President Middle East, Africa, Asia Pacific, Eastern Europe and CIS
Slide 48: Consumer-to-Consumer
Consumer-to-Consumer REVENUE GROWTH OPERATING MARGIN CONSTANT CURRENCY* 3% 3% 23.4% 24.0% 2014 2015 2014 2015 *Note: See appendix for reconciliation of Non-GAAP to GAAP financial measures.
Slide 49: Cash Opportunity
Cash Opportunity 69% RUSSIA 46% SPAIN 45% 20% CHINA USA 56% GREECE 68% 81% INDIA SAUDI ARABIA 55% 47% 85% MALAYSIA MEXICO GLOBAL 90% NIGERIA 14% 77% AUSTRALIA PERU Source: MasterCard Report: Global Journey from Cash to Cashless—consumer global retail payment transactions. Sept 2013
Slide 50: Retail: Our foundation for growth
Retail: Our foundation for growth 500K+ Retail: Our foundation for growth AGENT LOCATIONS Global cross-border funds-in and funds out network Easy access Money-in-minutes* Appeal to cash-centric customers * Service subject to local availability
Slide 51: Globally diversified network
Globally diversified network M I S C . B A N K S Convenience Stores Drug/Medical Stores Supermarkets / Groceries Travel, Ent & Mobile Flagship Excellence in Execution DOUBLE- DIGIT REVENUE GROWTH IN 2015: WU.COM & TO ACCOUNTS
Slide 52: Excellence in Execution
Excellence in Execution DOUBLE- DIGIT REVENUE GROWTH IN 2015: WU.COM & TO ACCOUNTS Omni-channel messaging for cash and account Introductory pricing into Account Media and grassroots activation Direct engagement with 150K+ consumers * Currency adjusted
Slide 53: Excellence in Execution
Excellence in Execution Consumer choice enabling faster-than-market growth Multi-brand pay-in and pay-out options Mexico pay-out network doubled in the last 2 years DOUBLE-DIGIT REVENUE GROWTH FY 2015 M E X I C O N E W S Locations expand for remittance receivers
Slide 54: Capitalizing on an opportunity
Capitalizing on an opportunity Approximately 300 workers’ facilities visited Majority Asian population Detailed mapping and activation Over 180 promoters and brand ambassadors 150K
Slide 55: Nepal earthquake
Nepal earthquake Mobilization in 24hrs Remote CSC Technology Fee Waiver supported by global awareness Committed Agents 72HRS FULLY OPERATIONAL
Slide 56: Continuing the path of growth
Continuing the path of growth Building our global funds in/out capabilities Capitalization on global diaspora trends Enhancing our customer experience
Slide 57: EVP and President Americas and European Union
EVP and President Americas and European Union
Slide 58: In an evolving financial services world
In an evolving financial services world REAL TIME GREATER RELIABILITY MULTIPLE ACCESSIBILITY PRICE CHECK CONTROL CHANNELS
Slide 59: WU delivers:
WU delivers: 16K+ CORRIDORS Platform for cross border MT growth Channel choice linking digital and cash 200 countries and territories
Slide 60: Our customers:
Our customers: We are meeting our evolving customer needs Support Gifting Urgent Good & Services Business Travel & Tourism by linking cash and digital
Slide 61: Digitizing the retail experience
Digitizing the retail experience 100K+ KIOSKS/ATMS 700 locations Approx. 8,000 5,000 units locations Top French FY’15: 36% cities Q4’15: 155% trx growth trx growth High traffic locations
Slide 62: Excellence in Execution
Excellence in Execution \wid Mobile platform transforming convenience
Slide 63: Consumer Bill Payments
Consumer Bill Payments 500M $87B TRX IN PRINCIPAL 3.6M CUSTOMERS 50K 10M US LOCATIONS USTOMERS 13K ARG .5K+ BILLERS LOCATIONS 260M 2.5K TRANSACTIONS BILLERS 240M TRANSACTIONS
Slide 64: Consumer Bill Payments
Consumer Bill Payments REVENUE GROWTH OPERATING MARGIN CONSTANT CURRENCY* 11% [VALUE 10% 16.5% ]* 2014 2015 2014 2015 * Excluding Paymap settlement charge. See appendix for reconciliation of Non-GAAP to GAAP financial measures.
Slide 65: Consumer Bill Payments
Consumer Bill Payments CHANNELS FEATURES WALK-IN EBILL MOBILE VOICE ACTIVATION INTERNET DYNAMIC MESSAGING CALL CENTER NEW TECH DEVICE New New New Payment Billers Partners Methods
Slide 66: Testimonial Video
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Slide 67: This is Khalid Fellahi
\WWLy THISIS KHALID FELLAHI SVP and GM, WU Digital
Slide 68: Strong digital presence and track record of growth
Strong digital presence and track record of growth Digital Channel1 WU.com Money Transfer ? ~$300M 2015 revenue ? 26% CC2 revenue growth 2015 ? Since 2010: 3X revenue, 5X ? 27% 5 year revenue CAGR transactions, 6X principal WU.com Send Markets Bank Payout ? 35 countries; +10 in 2015 ? 1B+ accounts,
Slide 69: Where WU plays in digital C2C
Where WU plays in digital C2C USE CASES Support Consumers – Different from retail base Digital C2C Market More affluent Gifting Fast growing category within More banked the remittance industry1 More tech savvy Emergency – Largely incremental 1. WU 2014 Global Consumer Tracking Study, Nielsen; McKins
Slide 70: Key capabilities driving growth
Key capabilities driving growth Pay In Mobile – 3+ million downloads1 – Cash in 200+ markets + – Bank in 50+ markets – Rating from customers2 – Mobile Wallet in – Top 20 app in “Finance“3 10+ markets 1. App Annie.com. 2. 4-star+ rating for both U.S. iOS and Android apps as of Dec 31, 2015. 3. AppAnn
Slide 71: Key capabilities driving growth
Key capabilities driving growth Mobile – 3+ million downloads1 + – Rating from customers2 – Top 20 app in “Finance“3 1. App Annie.com. 2. 4-star+ rating for both U.S. iPhone and Android apps as of Dec 31, 2015. 3. AppAnnie.com, Downloads Rank average for U.S. Android and iPhone apps for Oct 2015 thr
Slide 72: Key capabilities driving growth
Key capabilities driving growth Pay In Optimizing for consumer choice & relevance across 35 send markets PAY WITH MY BANK FASTER PAYMENTS CARD IO
Slide 73: Key capabilities driving growth
Key capabilities driving growth India Direct to Bank Send Pay Out – Cash in 200+ markets – Bank in 50+ markets Sent: 4:41 EDT Received: 4:47 EDT – Mobile Wallet in 10+ markets
Slide 74: Digital partnerships
Digital partnerships DISTRIBUTION EVOLUTION Expand retail Launch Integrate with Be on consumers’ Embed where network website when online banking home screens as consumers consumers move as consumers the smartphone socialize and online manage finances becomes most spend their time online used device
Slide 75: Digital partnerships: WU Connect
Digital partnerships: WU Connect Multi- WU Opportunity Currency FX Trusted money transfer Funds one tap away In/Out New customer segments Potential Partner Universe Risk Large digital audiences: Management messaging apps, social media, telcos Partner Value Proposition Compliance Engagement, loyalty,
Slide 76: This is Kerry Agiasotis
THIS IS KERRY AGIASOTIS President, Western Union Business Solutions
Slide 77: Business Solutions today
Business Solutions today AIM: Be the leading provider of cross-border cross-currency payments and services to businesses globally TO 100K CLIENTS IN 31 COUNTRIES CURRENCIES TO 200 COUNTRIES AND TERRITORIES 17K MAKING TRANSACTIONS A DAY SENDING $ 80B PRINCIPAL ANNUALLY
Slide 78: Business Solutions
Business Solutions Revenues $399 million in 2015 REVENUE GROWTH CONSTANT CURRENCY* 7% 4% 2014 2015 EBITDA MARGIN* 15.1% 10.9% 2014 2015 *Note: See appendix for reconciliation of Non-GAAP to GAAP financial measures.
Slide 79: Unprecedented growth in SMEs
Unprecedented growth in SMEs By 2019, international SMEs will generate over 50% of their revenues from abroad* Creating complexity that SMEs are not well equipped to manage VISIBILITY 50% of SME’s don’t track their exposure** CERTAINTY 78% of SME_s don_t know the value of foreign invoices until time
Slide 80: Customer driven technology solutions
Customer driven technology solutions WU GlobalPay WU Business FX Services 85,000+ customers in 14,000+ businesses in 16 countries 25 countries using managing Foreign Currency online platforms for FX FX Cash Cash and Risk Management payables and receivables FX Payables and Receivables Educational Ins
Slide 81: Customer success
Customer success “I can set profit margins and budgets more effectively.” – Jo Sujana, Director, Gideon Services Inc. SOLUTION: GlobalPay BUSINESS NEEDS Streamlined solution for capturing and managing foreign invoices and sales orders Greater visibility and management of fx exposures Reduction in th
Slide 82: Customer success
Customer success _Providing international services has helped us increase client retention and wallet share and has had a positive impact to our non-interest income. Sudhir Dole, MD & CEO, ICICI Bank UK PLC._ [Graphic Appears Here] SOLUTION: GlobalPay FI BUSINESS NEEDS White labelled International P
Slide 83: Customer success
Customer success SOLUTION: GlobalPay Education “WUBS provides improved controls to BUSINESS NEEDS better manage these special payments and allows us to save money and – Ability to simplify international valuable time.” – Nancy Majerek, student payments via local Treasury Manager, University of payme
Slide 84: Customer success
Customer success _Thank you for your partnership that made our swift response possible. Erica Taveres, International Medical Corps [Graphic Appears Here] SOLUTION: GlobalPay NGO BUSINESS NEEDS Send aid immediately to challenging places with limited or no banking systems Require total transparency an
Slide 85: NGO GlobalPay Video
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Slide 86: Business Solutions future growth
Business Solutions future growth Further leveraging core assets of WU presents additional future growth opportunities in the B2B and B2C arenas FUTURE OPPORTUNITY MASS PAYMENTS GEOGRAPHIC EXPANSION INTERNATIONAL TRADE RECEIVABLES
Slide 87: This is Raj Agarwal, EVP and CFO
This is RAJ AGARWAL EVP and CFO
Slide 88: Financial strength
Financial strength INVESTMENT $4.3B RETURNED TO SHAREHOLDERS GRADE RATING 2011 – 2015 $1.1B $1.3B OPERATING CASH FLOW CASH FREE CASH FLOW 25.8% 75% EBITDA MARGIN* OF OPERATING CASH FLOW** 20.9% OPERATING MARGIN*
Slide 89: Stable operating margins
Stable operating margins Currency driving recent fluctuations OPERATING MARGIN 20.0% 20.3% 20.9%* ~20% 2013 2014 2015 2016 OUTLOOK CURRENCY IMPACT VS. PRIOR YEAR 0.4% (~1.0%) *Excluding Paymap settlement charge. See appendix for reconciliation of Non-GAAP to GAAP financial measures.
Slide 90: Stable operating margins
Stable operating margins MARGIN IMPACT 2014 – 2016 + Cost savings initiatives, other efficiencies, FX hedges – IT investment, compliance investment, stronger dollar
Slide 91: Operating margins
Operating margins Operating leverage from revenue growth C2C commission rate Compliance Marketing 40% 45% 3.6% 3.8% FIXED COSTS OF REVENUES OF REVENUES Note: 2015 percentages
Slide 92: Operating margins
Operating margins Cost savings Currency/ New initiatives hedges businesses – Models still HEDGES evolving $32M MINIMIZE NEAR-TERM – IT investment INCREMENTAL FX IMPACTS ON – Incremental SAVINGS 2015 PROFIT revenue is key
Slide 93: Capital allocation
Capital allocation Reinvest in business CAPITAL SPENDING 4% OF REVENUES 2013 – 2015 Return to shareholders – Balanced payout between dividends and share repurchases – Maintain investment grade rating Strategic M&A – Evaluate opportunities in cross-border money movement
Slide 94: Capital allocation
Capital allocation 2013 – 2015 % of Operating Cash Flow $3.2B $2.5B 43% 21% 27% $1.4B $0.7B $0.9B NET INCOME OP. CASH FLOW CAPEX DIVIDENDS SHARE REPURCHASES
Slide 95: Capital allocation
Capital allocation QUARTERLY DIVIDEND LEVELS $0.16 $0.155 $0.125 $0.10 $0.08 $0.07 $0.06 1Q 2010 4Q 2010 2Q 2011 1Q 2012 4Q 2012 1Q 2015 1Q 2016
Slide 96: Capital allocation
Capital allocation Repurchases Dividends REPURCHASES AND DIVIDENDS $753M $817M $671M $500M $488M $394M $277M $265M $317M 2013 2014 2015
Slide 97: Cash flow
Cash flow ~3.5% ~8% Current dividend, 2016 and 2017 repurchase annualized $0.64: authorization $712 million remaining: ~3.5% yield ~8% of market capitalization Note: Based on closing stock price as of 2/29/2016
Slide 98: Solid core business generating strong cash flow
Solid core business generating strong cash flow combined with strong balance sheet – Provides flexibility for – Allows for continued growth investments high returns of cash flow to shareholders
Slide 99: This is Investor Day
THIS IS INVESTOR DAY Ww id ™, ion WU —- moving money for better
Slide 100: Non GAAP Measures
Non GAAP Measures 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
Slide 101: Reconciliation of Non GAAP Measures
Reconciliation of Non GAAP Measures FY2014 FY2015 Consolidated Metrics Revenues, as reported (GAAP) $ 5,607.2 $ 5,483.7 Foreign currency translation impact (a) 157.5 322.6 Revenues, constant currency adjusted $ 5,764.7 $ 5,806.3 Prior year revenues, as reported (GAAP) $ 5,542.0 $ 5,607.2 Revenue cha
Slide 102: Reconciliation of Non GAAP Measures
Reconciliation of Non GAAP Measures FY2014 FY2015 Consumer-to-Consumer Segment Revenues, as reported (GAAP) $ 4485, .8 $ 4,343.9 Foreign currency translation impact (a) 80.7 256.0 Revenues, constant currency adjusted $ 4,566.5 $ 4,599.9 Prior year revenues, as reported (GAAP) $ 4,433.6 $ 4,485.8 Rev
Slide 103: Reconciliation of Non GAAP Measures
Reconciliation of Non GAAP Measures Consumer-to-Business Segment FY2014 FY2015 Revenues, as reported (GAAP) $ 598.8 $ 637.7 Foreign currency translation impact (a) 70.1 24.6 Revenues, constant currency adjusted $ 668.9 $ 662.3 Prior year revenues, as reported (GAAP) $ 608.5 $ 598.8 Revenue change, a
Slide 104: Reconciliation of Non GAAP Measures
Reconciliation of Non GAAP Measures Business Solutions Segment FY2014 FY2015 Revenues, as reported (GAAP) $ 404.6 $ 398.7 Foreign currency translation impact (a) 4.5 36.1 Revenues, constant currency adjusted $ 409.1 $ 434.8 Prior year revenues, as reported (GAAP) $ 392.9 $ 404.6 Revenue change, as r