Western Union Company (the) · NYSE:WU
Western Union Company (the) — The Western Union Company — Investor Day (September 2019)
102 slides from Western Union Company (the)'s investor day presentation, Sep 24, 2019
Slide 1: Investor Relations
Brad Windbigler INVESTOR RELATIONS 1
Slide 2: Investor Day 2019 Agenda
Investor Day 2019 Agenda Denver, September 24th, 2019 8.30am MDT 10.40am MDT Welcome, Windbigler Financial Outlook, Agrawal 8.35am MDT 11.00am MDT Strategy Overview, Ersek Q&A, moderated by Windbigler • Open XB Platform, Ersek • Compliance, Molnar 11.45am MDT • Network, Farah Closing • Consumer Mone
Slide 3: Safe Harbor
Safe Harbor This presentation contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to pred
Slide 4: Hikmet Ersek, Chief Executive Officer
Hikmet Ersek Chief Executive Officer 4
Slide 5: What you will hear today
What you will Shareholder hear today 4 Return 3 XB Platform serving multi-cases • Grow and deliver our core • Open our cross-border platform for new use cases 2 Making our cross-border platform more agile • WU Way investments and returns Global, complex, resilient, 1 purpose-driven* business * ESG R
Slide 6: Key takeaways
Key takeaways Untapped growth 3 potential • Open XB Platform Returning funds to third parties 2 to shareholders • ~$2.5 - $3 billion share buy backs and dividends 2020 – 2022 1 Resilient and profitable business • 23% operating margin* • Low double-digit EPS CAGR** • Solid Revenue Growth * By 2022 **
Slide 7: Paris Nairobi
PARIS NAIROBI 7
Slide 8: Fundamentals of a cross-border transaction: License
Fundamentals of a cross-border transaction LICENSE PARIS • Regulatory approvals (e.g. Central bank, Finance ministry) • Agent contracts XB PLATFORM • Regulated class of trade • FI or bank license • Regulatory & Government reporting relationships • Regulatory audits & reporting 8
Slide 9: Fundamentals of a cross-border transaction: Brand
Fundamentals of a cross-border transaction PARIS BRAND • Brand awareness • Ethnic marketing & XB PLATFORM merchandising • Right value proposition (4Ps) • Customer experience 9
Slide 10: Fundamentals of a cross-border transaction: Settlement
Fundamentals of a cross-border transaction SETTLEMENT PARIS • Local and international settlement capabilities • Funds collection in local currencies XB PLATFORM • 130 pay out currencies • Efficient collections and disbursement processes • Net balance settlement • Local currency control process 10
Slide 11: Fundamentals of a cross-border transaction: Technology
Fundamentals of a cross-border transaction PARIS TECHNOLOGY • POS system • APIs, Host to Host connections XB PLATFORM • Enterprise data management • IT security • 24/7 system availability 11
Slide 12: Fundamentals of a cross-border transaction: Operations
Fundamentals of a cross-border transaction PARIS OPERATIONS • Customer data and content management XB PLATFORM • Multi-language front end • Customer and Agent call centers\chats 12
Slide 13: Fundamentals of a cross-border transaction: Compliance
Fundamentals of a cross-border transaction PARIS COMPLIANCE • Comprehensive compliance programs • KYC & KYA controls XB PLATFORM • Anti-money laundering • Anti-fraud • Anti-terrorist financing • Real-time risk assessment • Regulatory relationships 13
Slide 14: Fundamentals of a cross-border transaction: Network
Fundamentals of a cross-border transaction PARIS NETWORK • Multiple funding sources – cash/credit/debit/bank accounts/wallets XB PLATFORM • Global Agent relationships • Digital platform: Wu.com/Apps • Real-time account and cash payout capabilities 14
Slide 15: XB Platform
LICENSE + Regulatory approvals feaCent SETTLEMEN Hostto New + Funds colle} shale ns I currel + Multiple fundi iNeoaanes Inguage Trente| id Agent. 3 + Local eur
Slide 16: The multiplier effect
The multiplier 20K effect Country pairs 200 25 X 200 Transactions per second Countries 16 25 transactions per second in 2018
Slide 17: Our vision
Our vision To be the leader in cross-border, cross-currency money movement and payments
Slide 18: Making our global XB Platform more agile
Making our global XB Platform more agile WU Way Initiatives (more agile and lean) Divested Speedpay and Paymap Restructuring Additional Savings 18
Slide 19: Serving multiple use cases with agile cross-border platform
Serving multiple use cases with agile cross-border B2C B2B platform C2B PLATFORM PARTNERS C2C 19
Slide 20: Compliance
Compliance B2C B2B C2B PLATFORM PARTNERS C2C 20
Slide 21: Jacqueline Molnar, Compliance
Jacqueline Molnar COMPLIANCE 21
Slide 22: Industry regulatory scrutiny on the rise
Industry regulatory 7 years on from crisis, FinCEN Launches New scrutiny on $150 billion in bank Unit to Pursue Foreign fines and penalties the rise Money Laundering DOJ targets banks, others in new money laundering offensive When Trying to Follow Money Laundering Rules Isn’t Enough Cases on the Ris
Slide 23: From a challenge to an asset: culture of compliance
From a challenge to an asset: top down commitment to build and sustain our Culture of Compliance and serve multiple partners ~$1BN Invested in last 5 years 200+ Ability to operate in ~20K Country Pairings 650+ Compliance exams, audits over 200 countries and and 3rd party reviews territories globally
Slide 24: Adaptable, effective and efficient compliance infrastructure
Adaptable, effective and efficient compliance infrastructure: Protecting our Agents Expertise and iWatchGo capabilities to Employing latest Our patent- succeed in an technologies, pending increasingly including AI and compliance complex regulatory Machine Learning technology environment 24
Slide 25: Combatting fraud to protect WU, customers, partners and investors
Combatting fraud to protect WU, our customers, partners and investors Overall Industry 1 Western Union Platform Number of Fraud Reports – U.S. % of Principal Reported as Fraud (in Millions) 0.113% 1.53 1.29 1.16 1.17 1.04 0.71 0.040% 0.044% 0.038% 0.026% 2009 2010 2011 2012 2013 2014 2015 2016 2017
Slide 26: Global recognition – 390+ accolades since 2012
Global recognition – 390+ accolades since 2012 26
Slide 27: Already partnering with many brands and poised to scale up
Already partnering with many brands and poised to scale up GLOBAL FUNDS GLOBAL FUNDS COLLECTION DISBURSEMENT 27 LBP agent of Western Union
Slide 28: Why shareholders will win
Why shareholders will win Compliance is an asset 2 of our XB Platform • Distinct competitive advantage 1 Compliance protects customers, agents, partners and investors • To protect and meet complex regulatory requirements 28
Slide 29: Network
Network B2C B2B C2B PLATFORM PARTNERS C2C 29
Slide 30: Jean Claude Farah, Network
Jean Claude Farah NETWORK Where money moves, cross-border, real-time 30
Slide 31: Expand into the world's ultimate agnostic network
Expand into the The mission is to expand our global network world’s ultimate with a multitude of payout methods agnostic network for payments and • With the right blend of Cost, Coverage cross-border and Quality (CCQ) money movement GLOBAL FUNDS GLOBAL FUNDS 31 COLLECTION DISBURSEMENT
Slide 32: World's largest digital and physical money movement network
World’s largest digital and physical money movement network Accounts for payout Billions Countries: Bank Payout 100+ Countries: Web & App 70+ Agent Locations 550K+ Countries + Territories 200+ 32
Slide 33: Globally diversified physical network
Globally diversified physical network Major bank/FIs Majority of world population lead Agent base within 5km of a location 33% 51% Banks, Financial Services/ Institutions Supermarket, Convenience, Travel, Major Retailers, Mom&Pops & Other 16% Post Office & Postal Banks LBP agent of Western Union
Slide 34: Global digital cross-border payout network
Global digital cross-border payout network Expanding accounts Global real-time, cross-border and wallets coverage payment capabilities 2019: 100 countries with accounts and wallets 2022: 160 countries 2019: 17 countries with real-time transfers 2022: 120 countries 34
Slide 35: Opening-up our network and XB Platform to third-parties
Opening-up our network and XB Platform to third-parties Banks Wallet processors Hospitality NETWORK GLOBAL FUNDS GLOBAL FUNDS COLLECTION DISBURSEMENT Card processor e-Commerce Billers Ride-share 35
Slide 36: Cost, Coverage and Quality: Strategy in action
Cost, Coverage and Quality: Strategy in action • Agent experience • Channel usage mix • 3rd party end-user C Q • White space experience mapping • Real-time account • Alternative pay- payout out methods • Start on app and pay in person C • Commission optimization • Cost efficient pay-out methods • Ag
Slide 37: Why shareholders will win
Why shareholders 3 Open the network and real-time capabilities for third parties will win 2 Harness the power of our unique digital and physical combination 1 Expand the world’s ultimate agnostic network for payments and cross-border money movement 37
Slide 38: Our global cross-border platform
Our global cross-border platform 38
Slide 39: The cross-border opportunity
The cross-border opportunity Serving Multiple Use Cases DATA SOURCES: World Bank, McKinsey Payments Map, Oxford Economics and internal analysis 43 1 B2B excludes ~$6T from total Cross Border B2B of $27T due to intra Euro, US to China and intra G7 (not addressable for WU) NOTE: Illustrative, not draw
Slide 40: C2C: Operating from a position of strength
C2C B2C B2B C2B PLATFORM PLATFORM PARTNERS PARTNERS Operating from a position of strength • WU’s Strategy: C2C Customer Centricity 44
Slide 41: Khalid Fellahi, Consumer Money Transfer
Khalid Fellahi CONSUMER MONEY TRANSFER The power of customer engagement 45
Slide 42: Strong, resilient, and steadily growing market
Strong, resilient, and steadily growing market 272M international Remittances migrants 1 to emerging Remittances markets are 80% of total 75% global volume Foreign Direct Investment Official working age Development Assistance 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Slide 43: WU principal market share today
Growth opportunities: already strong in cash payout, very fast growth in account payout ~12% WU principal Cash Bank Cash Bank GLOBAL market* REMITTANCE MARKET share today PAYOUT CROSS-BORDER PAYOUT DISTRIBUTION DISTRIBUTION Market & WU Cross-Border Principal by Payout Type (Market Best Estimates, WU
Slide 44: A strong and loyal customer base
A strong and loyal customer base >80% of revenue generated by repeat customers 150M consumer ~80% base new wu.com ~65M Senders & 85M Receivers customers are in 200 countries new to the and territories company* ~70% new account payout customers are new to the company* NOTE: All figures related to sen
Slide 45: Leading industry brand extending to digital
Leading industry brand extending to digital 90%+ 60% global brand brand share in awareness Google search volume WU global brand tracker 2018 – average 49 of U.S., U.K., France, and Germany Trend Google Search by Brand Volume (2019YTD cumulative)
Slide 46: Focus: Customer centricity
Focus: Customer centricity DIGITAL LIFETIME PLATINUM FIRST VALUE NETWORK Deeper Leverage data to Focus on customer engagement and customize user and agent relationships with experience and experience at customers via maximize LTV for flagship Agent accelerated both the customer locations digitizatio
Slide 47: WU.com: A transformation success
WU.com: A transformation success 12x PRINCIPAL (2010-2018) 6x REVENUE (2010-2018) 7% 3 GR % 5 2 AGR CA10-2018 ) ) (2 0 C 10 -2 0 18 (2 0 51
Slide 48: Untapped growth opportunities for digital
Untapped growth opportunities for digital >70 countries live today Digital web/app $120B $25B Gulf countries China & India Note: For illustration only. Does not represent accurate picture 52
Slide 49: Digital first: start on the app and pay in-person
Digital first: start on the app and pay in-person 53
Slide 50: WU co-branded services within partner digital ecosystems
WU co-branded services within partner digital ecosystems 54
Slide 51: Maximizing lifetime value: leveraging data to tailor value propositions
Maximizing lifetime value: leveraging data to tailor value propositions Market and behavioral data • Profile & social graph • Engagement behavior • Day and time • FX volatility and competition value • Location mapping • Search trends • Channel choice 55
Slide 52: Highly diversified and complex business
Highly diversified and complex business Each corridor has unique characteristics • Network size on both sides • Currency volatility • Regional migration patterns • Regulations • Brand awareness • Customer preferences • Competitive set Corridor view 56
Slide 53: Leveraging data for dynamic pricing optimization
Leveraging data for dynamic pricing optimization Lower Higher City Pair Location Density Day of Week Time of Day Customer Service Preference 57
Slide 54: Transforming our pricing strategy to maximize lifetime value
Transforming our pricing strategy to maximize lifetime value FROM TO Static Dynamic Transaction- Customer- based based Transaction Lifetime yield value 58
Slide 55: Beyond price! Personalized real-time sales closing strategies
Beyond price! Personalized real-time sales closing strategies Pitch Nudge Deal 59
Slide 56: Focused, differentiated strategies to drive customer engagement
Focused, differentiated CE IEN SP strategies to VEN EE D N drive customer CO engagement in our flagship STAFF CHOICE Agent locations CUSTOMER BENEFITS PA RT R S NE F E RS O F 60
Slide 57: Priority lanes & support, extended hours
Priority lanes & support EE extended hours N NCC SSPPE N IE IE EEED E E N D NNVV CCO O STAFF CHOICE STAFF CHOICE CUSTOMER BENEFITS PPA AR S RTTN R NEER F FE RSS O 61
Slide 58: Expanded payments
Expanded payments CE IEN SP EN EE V D N CO STAFF CHOICE CUSTOMER BENEFITS PA RT R S NE F E RS O F 62
Slide 59: Focused, differentiated strategies at flagship locations
Focused, differentiated strategies to drive customer engagement at flagship locations CE IEN SP Digitization self-serve EN EE Expanded payments V D ON C Priority lanes, support Real-time marketing STAFF CHOICE & extended hours CUSTOMER dynamic offers BENEFITS Enhanced training & PA differentiated in
Slide 60: Platinum network, lifetime value, digital first
Strong foundation 3 Platinum network for future growth 2 Lifetime value 1 Digital first 64
Slide 61: Payments: C2B/B2C/B2B
Payments: C2B/B2C/B2B B2C B2B Accessing a new market segment by unleashing C2B PLATFORM PLATFORM our capabilities PARTNERS PARTNERS • End-to-end cross-border solutions for enterprises, verticals, merchants and billers • Customized cross-border C2C payments solutions for partners • Amazon use case 65
Slide 62: Andrew Summerill, Payments
Andrew Summerill PAYMENTS C2B/B2C/B2B Use Cases 66
Slide 63: Well positioned to capture the opportunity
Well positioned to capture the opportunity Able to address a large variety of C2B, B2C and B2B uses cases ~37k ~70 750+ 500+ Largest B2B non- Significant global reach Serving over 750 Multi-channel solutions bank cross-border with ~70 licenses / higher education for more than 500 payments provider r
Slide 64: A distinct solution to address vertical payments
A distinct solution to address vertical payments • End-to-end solution for merchants/billers with cross- Vertical Specialist border solutions like: (Collections and Disbursements) o Education/Medical: GlobalPay for Students o Financial Institutions: GlobalPay for FI o Pension & Payroll: MassPay o Le
Slide 65: Vertical Specialist - The Student Journey (C2B)
Vertical Specialist - The Student Journey (C2B) University of Oxford Awareness Onboarding Retention Social Effect Through online search “How to pay” instructions Ongoing engagement Through word of mouth University of Oxford @UniofOxford Shout out to our international students! Here’s some info on a
Slide 66: Vertical Specialist - The Financial Institutions Journey (B2B)
Vertical Specialist - The Financial Institutions Journey (B2B) Canadian Western Bank Awareness Onboarding Retention Network Effect Direct sales outreach White Label GPFI Payments reference guide Access to global bank network CWB Wire Service A fresh perspective on your international Payment formatti
Slide 67: Vertical Specialist - The Payroll Journey (B2C)
Vertical Specialist - The Payroll Journey (B2C) Brightwell Payments Awareness Onboarding Retention Network Effect Through direct sales Full system integration Ongoing employee protection One-to-many multiplier (with ERP solution) • Norwegian Client fraud protection • Princess Cruises Always look aft
Slide 68: A distinct solution to address FX services
A distinct solution to address FX services • SME and Corporate trade needs addressing: Trade Platform (FX Trading, Spot, Hedging, Trade solutions) o Integrated FX Payments o Risk Management Services o Other future trade solutions • Opportunity to serve exporters with importer solutions Partners/ cus
Slide 69: Digital Trade Platform EDGE – The Very Small Enterprise Journey
Digital Trade Platform EDGE – The Very Small Enterprise Journey Awareness Onboarding Retention Network Effect Through online search Registration & KYC Ongoing engagement Connects importers with relevant content and suppliers UK FX IMPROVING Barometer THE WAY YOU DO BUSINESS Understand the true cost
Slide 70: Why shareholders will win
Why shareholders 3 Invest in the vertical segments where we see the potential for growth will win 2 Invest in our people and systems to maintain high levels of customer service 1 Continue to build out Edge Functionality to allow clients to digitally self serve 74
Slide 71: Rebecca Loevenguth, C2B Amazon Use Case
Rebecca Loevenguth C2B AMAZON USE CASE 75
Slide 72: Strong demand and opportunity for cross-border and in-person payments
Strong demand and opportunity for cross-border and in- person payments $630B 43% 77% Cross-border Only 43% of cross- 77% of payments in shopping is estimated border shoppers have 2018 were made in to make up 20% of e- an internationally person in US commerce by 2022, enabled credit card with sales r
Slide 73: Driving global expansion for Amazon through fast and easy customer interaction
Driving global expansion for Amazon countries and through a fast and easy customer interaction 20 territories launched: 19 cross-border in addition to the U.S. Shop on Visit a Western Present the Pay in person Track order status Amazon.com Union agent PayCode and receive Customers pay in their locat
Slide 74: Pay in person: A strong customer value proposition
Pay in person: A strong customer value proposition Local Currency I think it's a very convenient method of payment and Trusted Brand Fast and Easy I especially like the fact that Everyone knows Western I like that there is a payment one can pay in local currencies Union. It is known and has platform
Slide 75: WU's Partner Developer Portal
WU’s Partner Developer Portal 79
Slide 76: XB Platform Partners
XB Platform Partners B2C B2B C2B PLATFORM PLATFORM PARTNERS PARTNERS Offering cross-border platform capabilities to new partners C2C • White label money transfer 80 *Payout at Western Union Agent locations
Slide 77: White label partnerships
White label partnerships • Paysafe (UK) • Sberbank (Russia) November • Money Trans (BE, FR, NL) Hanpass (Korea) November September Kyodai (Japan) Keb Hana Bank City Express (Japan) (Korea) • STC (Saudi Arabia) • Safaricom (KY) • Daycoval (Brazil) Launching soon October • Mama Money 12 Currently Laun
Slide 78: Going beyond the WU Brand
Sberbank (Russia) 250K 200K 150K 100K 50K 0K January February March April May June July August Going beyond Saudi Digital the WU Brand: Payments Company (Saudi Arabia) 250K White labeling our 200K money transfer send 150K capabilities to partners 100K 50K 0K January February March April May June Jul
Slide 79: Raj Agrawal, Financial Outlook
Raj Agrawal Chief Financial Officer FINANCIAL OUTLOOK 83
Slide 80: Strong Foundation: 2018 Highlights
Strong 2018 Highlights Foundation Stable, resilient $5.6B Revenue $1.1B $821M $1.0B business, strong Operating Operating Operating Cash Profit Cash Flow Flow cash flow (GAAP) (Adjusted)* generation, and solid balance sheet provide As of June 30, 2019 • $2.3 billion in share repurchases strong founda
Slide 81: Strong Foundation: operating margin and cost trends
Strong Operating Margin Foundation 2017 2018 2019 Outlook Revenue and cost GAAP 8.6% 20.1% ~18% trends have been stable Adjusted* 20.0% 20.3% ~20% 3-Year Trends 2016 2017 2018 Retail C2C Commission Rates 46.4% 45.8% 45.5% Compliance (% of total revenues) 3.6% 3.6% 3.6% Marketing (% of total revenues
Slide 82: 3-year financial targets reflect our new strategy
3-year financial targets reflect our new strategy Targets based on assumed 2% to 3% Revenue growth CAGR ~23% Operating Low double-digit EPS CAGR Margin in 2022 2020 – 2022 2020 – 2022 • Primarily driven by growth in • Restructuring • $2.5 - $3 billion share buyback digital money transfer and dividen
Slide 83: Operating Margins
Operating Restructuring: Margins • Approximately 10% net headcount reduction • $100 million annual savings expected Other operating efficiencies: • Commission and third-party spend • $50 million annual savings expected to flow to operating profit (net of reinvestment in business) ~23% Revenue growth
Slide 84: Operating Margins: restructuring
Operating Margins Approximately 10% net headcount reduction: about 1,000 positions • New operating model consisting of more efficient CMT, Payments, Network / Platform and Corporate Center structure $100M • Closure / significant downsizing of sites – Leveraging operating centers globally, including
Slide 85: Operating Margins: commissions and third-party spending
Operating Margins Commissions and third-party spending • Commissions approximately $1.9 billion in 2018, plus other third-party spending – Commissions: continued rate negotiation progress, other initiatives $50M – Other major third-party spend categories: technology, marketing, real estate Significa
Slide 86: Revenue Growth
Revenue Growth 2020 – 2022 revenue growth drivers* • C2C – approximately 2% to 3% growth driven by strong growth in digital money transfer • Business Solutions – mid-single-digit increase We continue to target long-term revenue Operating margin acceleration target based on • Opening our platform and
Slide 87: Capital Allocation
Capital Allocation Reinvest Dividends 2019 operating cash flow outlook Target Investment Allocation Priorities $800M $950M Grade GAAP Adjusted* M&A Repurchases The Company remains committed to utilizing its strong cash flow generation for the benefit of shareholders 91 * See appendix for reconciliat
Slide 88: Capital Allocation
Capital Allocation ($ Millions) ~$900 $813 The Company has a $741 strong track record of returning funds to shareholders 2017 2018 2019 Outlook Dividends Repurchases 92
Slide 89: Capital Allocation
Capital Allocation Expect to generate more than $3 billion of operating cash flow 2020 - 2022 • Operating cash flow improving each year • Anticipate increasing dividends in-line with We expect higher business performance levels of returns over 2020 – 2022 • Anticipate approximately $2.5 – $3 billion
Slide 90: 3-Year Financial Outlook Summary
3-Year Financial Outlook Summary Stable business combined with new restructuring and efficiency initiatives and utilization of strong cash flow expected to significantly enhance shareholder returns over the next three years Targets based on assumed 2% to 3% Revenue growth CAGR ~23% Operating Low dou
Slide 91: We are ready
We are ready • Global, complex, resilient, purpose- • Shareholder Return driven business • Making our cross-border • Environment, Social platform more agile and Governance • XB Platform serving multi-cases • World class management • Growing and delivering our core team and board of • Opening our pla
Slide 92: Addressing global challenges through our business model
Addressing global challenges through our business model ESG Report Moving money with integrity Enabling financial inclusion Championing diversity & inclusion Supporting migrants globally
Slide 93: Global World Class Management Team
Global World Class Management Team Hikmet Ersek Raj Agrawal Jean Claude Farah Khalid Fellahi Andrew Caroline Tsai Jacqueline Chief Executive Chief Financial President Global Network President Consumer Summerill Chief Legal Officer Molnar Officer Officer Money Transfer President Payments Chief Transf
Slide 94: World Class Board of Directors
World Class Board of Directors Jeffrey A. Joerres Hikmet Ersek Martin I. Cole Richard A. Goodman Betsy D. Holden Roberto G. Mendoza Michael A. Miles, Jr. Angela Sun Frances Fragos Solomon D. Trujillo Townsend 98
Slide 95: Why Shareholders will win
Why Untapped Growth Shareholders will win 3 Potential Returning Funds • Open XB Platform 2 to Shareholder • ~$2.5 - $3 billion share to third parties buy backs and dividends 2020 – 2022 1 Resilient and Profitable Business • 23% operating margin* • Low double-digit EPS CAGR** • Solid Revenue Growth *
Slide 96: Thank You
WesternUnion\WU THANK YOU
Slide 97: Appendix
WesternUnion\WU Appendix
Slide 98: The Western Union Company: Non-GAAP Financial Measures
THE WESTERN UNION COMPANY NON-GAAP FINANCIAL MEASURES (Unaudited) Western Union’s management believes the non-GAAP financial measures presented provide meaningful supplemental information regarding our operating results to assist management, investors, analysts, and others in understanding our finan
Slide 99: 2019 Investor Day Reconciliation of Non-GAAP to GAAP Financial Measures
2019 Investor Day Reconciliation of Non-GAAP to GAAP Financial Measures FY 2018 Operating cash flow, as reported (GAAP) (S- ten millions) 3 820 IRS agreement “? 120 NYDFS Consent Order ®! 60 WU Way business transformation payments 30 Operating cash flow, adjusted, excluding cash outflows for IRS agr
Slide 100: Reconciliation of Non-GAAP to GAAP Financial Measures - 2019 Outlook
2019 Investor Day Reconciliation of Non-GAAP to GAAP Financial Measures - 2019 Outlook Operating margin (GAAP) Impact from restructuring-related expenses and acquisition and divestiture costs“) Operating margin, adjusted, excluding restructuring-related expenses and acquisition and divestiture costs
Slide 101: Notes to Non-GAAP and GAAP Financial Measures
THE WESTERN UNION COMPANY NOTES TO NON-GAAP AND GAAP FINANCIAL MEASURES. (Unaudited) Non-GAAP related notes: (@) (b) (©) (d) () ( Represents tax payments, including accrued interest, net of related tax benefits made to the Intemal Revenue Service ("IRS") in connection with the restructuring of our i
Slide 102: Notes: Speedpay and Paymap sales
(g) (hy 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. for approximately $750 million in cash. In addition, on May 6, 2019, we completed the sale of Paymap Inc. ("Paymap"), which provides
The Western Union Company — Investor Day (September 2019) on 6ix