Western Union Reports First Quarter Results

Revenue of $1.2 Billion and EPS of $0.30

Global C2C Transactions Increase 8%, led by U.S.

ENGLEWOOD, Colo.--(BUSINESS WIRE)--The Western Union Company (NYSE: WU), a leader in the money transfer segment of global payments, today reported financial results for the 2010 first quarter.

“We are pleased with our global performance as we begin 2010. Our Americas business is gaining momentum with strong transaction growth in domestic money transfer, improving trends in Mexico, and stronger growth in U.S. Outbound.”

Financial highlights for the quarter included:

• Revenue of $1.2 billion, an increase of 3% compared to last year’s first quarter


• Constant currency adjusted revenue increase of 1%


• GAAP operating income margin of 26%, compared to 28% in last year’s first quarter


• GAAP and constant currency EPS of $0.30, compared to $0.32 in last year’s first quarter


• Cash provided by operating activities of $74 million, including the impact of a $250 million refundable tax deposit

Operational highlights for the quarter included:

• Generated 8% global consumer-to-consumer (C2C) transaction growth, a 300 basis point improvement compared to the fourth quarter, led by the Americas region and continued strong performance in Europe and Asia


• Continued U.S. turnaround in domestic money transfer business, which delivered 18% transaction growth in the quarter


• Advanced strategic initiatives, including more than doubling the number of prepaid cards-in-force and further developing the Custom House business-to-business growth infrastructure


• Signed several key new agents, including the Martin McColl convenience stores in the U.K. and the Giant Eagle supermarket chain in the U.S.


• Grew agent locations to more than 420,000


• Completed $200 million in share repurchases and paid $41 million in quarterly dividends

Western Union President and Chief Executive Officer Christina A. Gold said, “We are pleased with our global performance as we begin 2010. Our Americas business is gaining momentum with strong transaction growth in domestic money transfer, improving trends in Mexico, and stronger growth in U.S. Outbound.”



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