Western Union CO

Previous wording

Consumer Services - Our Consumer Services segment includes our bill payment services, money order services, retail foreign exchange services, media network, prepaid cards, lending partnerships, and digital wallets.

Current wording

Consumer Services - Our Consumer Services segment includes our bill payment services, money order services, travel money services, media network, prepaid cards, lending partnerships, and digital wallets.

Previous wording

The following discussion of our consolidated results of operations and segment results refers to the three months ended March 31, 2025 compared to the same period in 2024. The results of operations should be read in conjunction with the discussion of our segment results of operations, which provides more detailed discussions concerning certain components of the Condensed Consolidated Statements of Income. All significant intercompany accounts and transactions between our segments have been eliminated. The below information has been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) unless otherwise noted. All amounts provided in this section are rounded to the nearest tenth of a million, except as otherwise noted. As a result, the percentage changes and margins disclosed herein may not recalculate precisely using the rounded amounts provided.

Current wording

The following discussion of our consolidated results of operations and segment results refers to the three and six months ended June 30, 2025 compared to the same periods in 2024. The results of operations should be read in conjunction with the discussion of our segment results of operations, which provides more detailed discussions concerning certain components of the Condensed Consolidated Statements of Income. All significant intercompany accounts and transactions between our segments have been eliminated. The below information has been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) unless otherwise noted. All amounts provided in this section are rounded to the nearest tenth of a million, except as otherwise noted. As a result, the percentage changes and margins disclosed herein may not recalculate precisely using the rounded amounts provided.

Previous wording

The following table sets forth our consolidated results of operations for the three months ended March 31, 2025 and 2024:

Current wording

The following table sets forth our consolidated results of operations for the three and six months ended June 30, 2025 and 2024:

Previous wording

Due to the significance of the effect that foreign exchange fluctuations against the United States dollar can have on our reported revenues, constant currency results have been provided in the table below for consolidated revenues. Constant currency revenues translate revenues denominated in foreign currencies to the United States dollar, net of the effect of foreign currency hedges, at rates consistent with those in the prior year. Constant currency results are also net of the impact of Argentina inflation due to its economy being hyperinflationary. Constant currency measures are non-GAAP financial measures and are provided so that revenue can be viewed without the effect of fluctuations in foreign currency exchange rates, net of the hyperinflationary Argentine economy, which is consistent with how management evaluates our revenue results and trends. We believe that these measures provide management and investors with information about revenue results and trends that eliminates currency volatility, thereby providing greater clarity regarding, and increasing the comparability of, our underlying results and trends. These disclosures are provided in addition to, and not as a substitute for, the percentage change in revenue on a GAAP basis for the three months ended March 31, 2025 compared to the corresponding period in the prior year. Other companies may calculate and define similarly labeled items differently, which may limit the usefulness of this measure for comparative purposes.

Current wording

Due to the significance of the effect that foreign exchange fluctuations against the United States dollar can have on our reported revenues, constant currency results have been provided in the table below for consolidated revenues. Constant currency revenues translate revenues denominated in foreign currencies to the United States dollar, net of the effect of foreign currency hedges, at rates consistent with those in the prior year. Constant currency results are also net of the impact of Argentina inflation while its economy was hyperinflationary. Beginning in the second quarter of 2025, we no longer exclude the effect of Argentina hyperinflation, in light of significantly moderating inflation in the Argentine economy. Constant currency measures are non-GAAP financial measures and are provided so that revenue can be viewed without the effect of fluctuations in foreign currency exchange rates, net of the hyperinflationary Argentine economy, which is consistent with how management evaluates our revenue results and trends. We believe that these measures provide management and investors with information about revenue results and trends that eliminates currency volatility, thereby providing greater clarity regarding, and increasing the comparability of, our underlying results and trends. These disclosures are provided in addition to, and not as a substitute for, the percentage change in revenue on a GAAP basis for the three and six months ended June 30, 2025 compared to the corresponding periods in the prior year. Other companies may calculate and define similarly labeled items differently, which may limit the usefulness of this measure for comparative purposes.

Previous wording

The following table sets forth our consolidated revenue results for the three months ended March 31, 2025 and 2024:

Current wording

The following table sets forth our consolidated revenue results for the three and six months ended June 30, 2025 and 2024:

Previous wording

Fluctuations in the United States dollar compared to foreign currencies, net of the impact of foreign currency hedges and Argentina inflation, resulted in an increase to revenues of $14.4 million for the three months ended March 31, 2025, when compared to the corresponding period in the prior year. We calculate Argentina inflation as the revenue growth not attributable to either transaction growth or the change in price (revenue divided by principal).

Current wording

Fluctuations in the United States dollar compared to foreign currencies, net of the impact of foreign currency hedges and Argentina hyperinflation, resulted in an increase to revenues of $4.0 million and $18.4 million for the three and six months ended June 30, 2025, respectively, when compared to the corresponding periods in the prior year. Beginning in the second quarter of 2025, we are no longer adjusting for the estimated impact of Argentinian hyperinflation as inflation has moderated from over 200% at times over the past few years to less than 50% in the second quarter. For the first quarter of 2025, we calculated Argentina hyperinflation as the revenue growth not attributable to either transaction growth or the change in price (revenue divided by principal).

Previous wording

In addition to the impacts from foreign currency, net of Argentina inflation, for the three months ended March 31, 2025 when compared to the corresponding period in the prior year, GAAP and Adjusted revenues decreased due to a reduction in transactions originating from Iraq, which negatively impacted revenues by 6%. We believe that we will continue to see a reduction in transactions originating in Iraq in the second quarter of 2025, compared to the prior year period, primarily driven by changes in monetary policy and related central bank actions.

Current wording

In addition to the impacts from foreign currency, net of Argentina hyperinflation, for the three and six months ended June 30, 2025 when compared to the corresponding periods in the prior year, GAAP and Adjusted revenues decreased due to a reduction in transactions originating from Iraq, which negatively impacted revenues by 3% and 4%, respectively. For both the three and six months ended June 30, 2025, we continued to experience decreases in transactions and revenues in the North America and Latin America and the Caribbean regions of our Consumer Money Transfer segment, as further discussed below.

Previous wording

Cost of services primarily consists of agent commissions, which represented approximately 60% of total cost of services for the three months ended March 31, 2025 and 2024. For the three months ended March 31, 2025, cost of services decreased compared to the corresponding period in the prior year primarily due to decreases in agent commissions and technology expenses, partially offset by increased expenses associated with our expansion of Company-owned locations.

Current wording

Cost of services primarily consists of agent commissions, which represented approximately 60% of total cost of services for the three and six months ended June 30, 2025 and 2024. For the three and six months ended June 30, 2025, cost of services decreased compared to the corresponding periods in the prior year primarily due to decreases in agent commissions and technology expenses, partially offset by increased expenses associated with our expansion of Company-owned locations and higher consumer fraud losses.

Previous wording

Selling, general and administrative expenses decreased for the three months ended March 31, 2025 when compared to the corresponding period in the prior year due to a decrease in advertising costs and a reduction in employee compensation, including incentive compensation. In addition, the three months ended March 31, 2024 included expenses associated with our operating expense redeployment program.

Current wording

Selling, general and administrative expenses decreased for the three and six months ended June 30, 2025 when compared to the corresponding periods in the prior year due to a decrease in advertising costs, fluctuations between the United States dollar and foreign currencies, and a reduction in employee compensation, including incentive compensation. In addition, the three and six months ended June 30, 2024 included expenses associated with our operating expense redeployment program.

Previous wording

Total other expense, net increased for the three months ended March 31, 2025, when compared to the corresponding period in the prior year, primarily due to an increase in interest expense due to our term loan facility borrowings.

Current wording

Total other expense, net increased for the three and six months ended June 30, 2025, when compared to the corresponding periods in the prior year, primarily due to an increase in interest expense associated with our term loan facility borrowings.

Previous wording

Our effective tax rates on pre-tax income were 16.1% and 16.0% for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, the effective tax rate was impacted by the reorganization of our international operations, offset by discrete benefits in the period.

Current wording

Our effective tax rates on pre-tax income were 23.6% and 14.7% for the three months ended June 30, 2025 and 2024, respectively, and 20.0% and 15.4% for the six months ended June 30, 2025 and 2024, respectively. For the three months ended June 30, 2025 compared to the corresponding period in the prior year, the increase in the effective tax rate was primarily due to the reorganization of our international operations, which took place during the year ended December 31, 2024, and discrete items. For the six months ended June 30, 2025 compared to the corresponding period in the prior year, the increase in the effective tax rate was primarily due to the reorganization of our international operations, partially offset by discrete benefits.

Previous wording

During the three months ended March 31, 2025 and 2024, basic earnings per share were $0.37 and $0.41, respectively, and diluted earnings per share were $0.36 and $0.41, respectively. Outstanding options to purchase Western Union stock and unvested shares of restricted stock are excluded from basic shares outstanding. Diluted earnings per share reflects the potential dilution that could occur if outstanding stock options at the presented dates are exercised and shares of restricted stock have vested. Shares excluded from the diluted earnings per share calculation were 14.0 million and 11.4 million for the three months ended March 31, 2025 and 2024, respectively. The effect of these shares was anti-dilutive under the treasury stock method, as the assumed proceeds of the options and restricted stock per unit were above our average share price during the periods.

Current wording

During the three months ended June 30, 2025 and 2024, basic earnings per share were $0.37 and $0.42, respectively, and diluted earnings per share were $0.37 and $0.41, respectively. During the six months ended June 30, 2025, basic and diluted earnings per share were $0.74 and $0.73, respectively, and during the six months ended June 30, 2024, basic and diluted earnings per share were $0.83. Outstanding options to purchase Western Union stock and unvested shares of restricted stock are excluded from basic shares outstanding. Diluted earnings per share reflects the potential dilution that could occur if outstanding stock options at the presented dates are exercised and shares of restricted stock have vested. Shares excluded from the diluted earnings per share calculation were 17.3 million and 12.4 million for the three months ended June 30, 2025 and 2024, respectively, and 15.7 million and 11.9 million for the six months ended June 30, 2025 and 2024, respectively. The effect of these shares was anti-dilutive under the treasury stock method, as the assumed proceeds of the options and restricted stock per unit were above our average share price during the periods.

Previous wording

Earnings per share for the three months ended March 31, 2025 compared to the corresponding period in the prior year was impacted by the previously described factors impacting net income, offset slightly by a lower number of average shares outstanding.

Current wording

Earnings per share for the three and six months ended June 30, 2025 compared to the corresponding periods in the prior year were impacted by the previously described factors impacting net income, offset slightly by a lower number of average shares outstanding.

Previous wording

During the three months ended March 31, 2025 and 2024, we incurred expenses that are not included in the measurement of segment operating income provided to the Chief Operating Decision Maker (“CODM”) for purposes of performance assessment and resource allocation. These expenses are therefore excluded from our segment operating income results. Refer to Part I, Item 1, Financial Statements, Note 13, Segments for further discussion.

Current wording

During the three and six months ended June 30, 2025 and 2024, we incurred expenses that are not included in the measurement of segment operating income provided to the Chief Operating Decision Maker (“CODM”) for purposes of performance assessment and resource allocation. These expenses are therefore excluded from our segment operating income results. Refer to Part I, Item 1, Financial Statements, Note 14, Segments for further discussion.

Previous wording

The following table sets forth the components of segment revenues as a percentage of the consolidated totals for the three months ended March 31, 2025 and 2024:

Current wording

The following table sets forth the components of segment revenues as a percentage of the consolidated totals for the three and six months ended June 30, 2025 and 2024:

Previous wording

The following table sets forth our Consumer Money Transfer segment results of operations for the three months ended March 31, 2025 and 2024:

Current wording

The following table sets forth our Consumer Money Transfer segment results of operations for the three and six months ended June 30, 2025 and 2024:

Previous wording

Transaction volume is the primary generator of revenue in our Consumer Money Transfer segment. A Consumer Money Transfer transaction constitutes the transfer of funds to a designated recipient utilizing one of our consumer money transfer services. The geographic split for transactions and revenue in the table that follows is determined based upon the region where the money transfer is initiated. Included in each region’s transaction and revenue percentages in the tables below are Branded Digital transactions for the three months ended March 31, 2025 and 2024. Where reported separately in the discussion below, Branded Digital consists of all transactions and revenue included under the definition provided above.

Current wording

Transaction volume is the primary generator of revenue in our Consumer Money Transfer segment. A Consumer Money Transfer transaction constitutes the transfer of funds to a designated recipient utilizing one of our consumer money transfer services. The geographic split for transactions and revenue in the table that follows is determined based upon the region where the money transfer is initiated. Included in each region’s transaction and revenue percentages in the tables below are Branded Digital transactions for the three and six months ended June 30, 2025 and 2024. Where reported separately in the discussion below, Branded Digital consists of all transactions and revenue included under the definition provided above.

Previous wording

The table below sets forth revenue and transaction changes by geographic region compared to the prior year. Additionally, we have also provided adjusted revenue results for our Consumer Money Transfer and Consumer Services segment revenues, which are net of the impact of foreign currency hedges and Argentina inflation, as discussed above. Consumer Money Transfer segment adjusted revenue growth/(decline) is a non-GAAP financial measure, as further discussed in Revenues Overview above.

Current wording

The table below sets forth revenue and transaction changes by geographic region compared to the prior year. Additionally, we have also provided adjusted revenue results for our Consumer Money Transfer and Consumer Services segment revenues, which are net of the impact of foreign currency hedges and Argentina hyperinflation, as discussed above. Consumer Money Transfer segment adjusted revenue growth/(decline) is a non-GAAP financial measure, as further discussed in Revenues Overview above.

Previous wording

Adjusted revenue growth assumes that revenues denominated in foreign currencies are translated to the United States dollar, net of the effect of foreign currency hedges, at rates consistent with those in the corresponding prior period. LACA, total Consumer Money Transfer, and Branded Digital adjusted revenue growth also exclude the effect of increases in local currency revenue due to inflation in Argentina, which is hyperinflationary. We calculate Argentina inflation as the revenue growth not attributable to either transaction growth or the change in price (revenue divided by principal).

Current wording

Adjusted revenue growth assumes that revenues denominated in foreign currencies are translated to the United States dollar, net of the effect of foreign currency hedges, at rates consistent with those in the corresponding prior periods. LACA, total Consumer Money Transfer, and Branded Digital adjusted revenue growth also exclude the effect of increases in local currency revenue due to hyperinflation in Argentina. Beginning in the second quarter of 2025, we are no longer adjusting for the estimated impact of Argentinian hyperinflation as inflation has moderated from over

Previous wording

The table below sets forth regional revenues as a percentage of our Consumer Money Transfer revenue for the three months ended March 31, 2025 and 2024:

Current wording

The table below sets forth regional revenues as a percentage of our Consumer Money Transfer revenue for the three and six months ended June 30, 2025 and 2024:

Previous wording

Our consumers transferred $25.8 billion and $24.6 billion in cross-border principal for the three months ended March 31, 2025 and 2024, respectively. Consumer Money Transfer cross-border principal is the amount of consumer funds transferred to a designated recipient in a country or territory that differs from the country or territory from which the transaction was initiated. Consumer Money Transfer cross-border principal is a metric used by management to monitor and better understand the growth in our underlying business relative to competitors, as well as changes in our market share of global remittances.

Current wording

Our consumers transferred $26.7 billion and $25.9 billion in cross-border principal for the three months ended June 30, 2025 and 2024, respectively, and $52.5 billion and $50.5 billion in cross-border principal for the six months ended June 30, 2025 and 2024, respectively. Consumer Money Transfer cross-border principal is the amount of consumer funds transferred to a designated recipient in a country or territory that differs from the country or territory from which the transaction was initiated. Consumer Money Transfer cross-border principal is a metric used by management to monitor and better understand the growth in our underlying business relative to competitors, as well as changes in our market share of global remittances.

Previous wording

Consumer Money Transfer revenue decreased 9%, and transactions increased 3% for the three months ended March 31, 2025, respectively, compared to the corresponding period in the prior year. Fluctuations in the United States dollar compared to foreign currencies, net of the impact of foreign currency hedges and Argentina inflation, negatively impacted revenue by 1% for the three months ended March 31, 2025, compared to the corresponding period in the prior year.

Current wording

Consumer Money Transfer revenue decreased 8% and 9%, and transactions decreased 3% and remained flat for the three and six months ended June 30, 2025, respectively, compared to the corresponding periods in the prior year. Fluctuations in the United States dollar compared to foreign currencies, net of the impact of foreign currency hedges and Argentina hyperinflation, positively impacted revenue by 1% for the three months ended June 30, 2025 and negatively impacted revenue by 1% for the six months ended June 30, 2025, compared to the corresponding periods in the prior year.

Previous wording

For the three months ended March 31, 2025, in our Consumer Money Transfer regions, NA revenue and transactions both decreased, compared to the corresponding period in the prior year. The region was impacted by price reductions and declines in transactions sent from the United States to Mexico and within the United States, as well as broader geopolitical and macroeconomic conditions, evolving migration patterns across the Americas, and a reduction in active agent locations in NA. For the three months ended March 31, 2025, our EU & CIS revenues increased due to growth in the U.K. and Spain. Declines in revenue in the MEASA region were driven by a reduction in transactions originating from Iraq primarily driven by changes in monetary policy and related central bank actions, as discussed above. The revenue decline in LACA was primarily driven by decreases in Ecuador and Mexico and was impacted by evolving migration patterns across the Americas.

Current wording

For the three and six months ended June 30, 2025, in our Consumer Money Transfer regions, NA revenue and transactions decreased, compared to the corresponding periods in the prior year. The region was impacted by declines in transactions sent from the United States to Mexico and within the United States, as well as broader geopolitical and macroeconomic conditions, evolving migration patterns across the Americas, a reduction in active agent locations in NA, and price reductions. For the three and six months ended June 30, 2025, our EU & CIS revenues increased due to growth in the U.K. and Spain. Declines in revenue in the MEASA region were driven by a reduction in transactions originating from Iraq primarily driven by changes in monetary policy and related central bank actions, as discussed above. The revenue decline in LACA was primarily driven by decreases in Ecuador and Mexico and was impacted by evolving migration patterns across the Americas.

Previous wording

Consumer Money Transfer operating income for the three months ended March 31, 2025 decreased compared to the corresponding period in the prior year due to a decrease in revenue, as discussed above, partially offset by decreases in agent commissions, advertising costs, technology expenses, and employee compensation, including incentive compensation.

Current wording

Consumer Money Transfer operating income for the three and six months ended June 30, 2025 decreased compared to the corresponding periods in the prior year due to a decrease in revenue, as discussed above, and higher consumer fraud losses, partially offset by decreases in agent commissions, technology expenses, advertising costs, and employee compensation, including incentive compensation, and fluctuations between the United States dollar and foreign currencies.

Previous wording

The following table sets forth Consumer Services results for the three months ended March 31, 2025 and 2024:

Current wording

The following table sets forth Consumer Services results for the three and six months ended June 30, 2025 and 2024:

Previous wording

The following table sets forth our Consumer Services revenue results for the three months ended March 31, 2025 and 2024. Consumer Services segment adjusted revenue growth/(decline) is a non-GAAP financial measure, as further discussed in Revenues Overview above.

Current wording

The following table sets forth our Consumer Services revenue results for the three and six months ended June 30, 2025 and 2024. Consumer Services segment adjusted revenue growth/(decline) is a non-GAAP financial measure, as further discussed in Revenues Overview above.

Previous wording

Fluctuations in the United States dollar compared to foreign currencies, net of the impact of foreign currency hedges and Argentina inflation, resulted in an increase to Consumer Services revenues of $25.9 million for the three months ended March 31, 2025, when compared to the corresponding period in the prior year. We calculate Argentina inflation as the revenue growth not attributable to either transaction growth or the change in price (revenue divided by principal).

Current wording

Fluctuations in the United States dollar compared to foreign currencies, net of the impact of foreign currency hedges and Argentina hyperinflation, resulted in a decrease to Consumer Services revenues of $1.9 million and an increase of $24.0 million for the three and six months ended June 30, 2025, respectively, when compared to the corresponding periods in the prior year. Beginning in the second quarter of 2025, we are no longer adjusting for the estimated impact of Argentinian hyperinflation as inflation has moderated from over 200% at times over the past few years to less than 50% in the second quarter. For the first quarter of 2025, we calculated Argentina hyperinflation as the revenue growth not attributable to either transaction growth or the change in price (revenue divided by principal).

Previous wording

For the three months ended March 31, 2025 relative to the corresponding period in the prior year, Consumer Services revenues increased primarily due to the impact of Argentina inflation, net of fluctuations in the United States dollar compared to the Argentine peso.

Current wording

For the three and six months ended June 30, 2025 relative to the corresponding periods in the prior year, Consumer Services GAAP and Adjusted revenues increased primarily due to revenue growth in our travel money services, including the benefit from the acquisition of Eurochange Limited, and growth in our cash-based bill payments services offered at retail locations in Argentina. The three months ended June 30, 2025 also benefited from higher media network revenue compared to the corresponding period in the prior year.

Previous wording

Consumer Services operating income for the three months ended March 31, 2025 compared to the corresponding period in the prior year was impacted by an increase in revenue, as discussed above, partially offset by an increase in expenses associated with our new services, including retail foreign exchange services.

Current wording

Consumer Services operating income for the three and six months ended June 30, 2025 compared to the corresponding periods in the prior year was impacted by an increase in revenue, as discussed above, partially offset by an increase in expenses associated with the expansion of our travel money services.

Previous wording

Our primary source of liquidity has been cash generated from our operating activities, primarily from net income and fluctuations in working capital. Our working capital is affected by the timing of payments for employee and agent incentives, interest payments on our outstanding borrowings, and timing of income tax payments, among other items. Many of our annual employee incentive compensation and agent incentive payments are made in the first quarter following the year they were incurred. The majority of our interest payments are due in the second and fourth quarters, which results in a decrease in the amount of cash provided by operating activities in those quarters and a corresponding increase to the first and third quarters. The annual payments resulting from the United States tax reform legislation enacted in 2017 (the “Tax Act”) include amounts related to the United States taxation of certain previously undistributed earnings of foreign subsidiaries. The final payment of approximately $221 million is due in the second quarter of 2025.

Current wording

Our primary source of liquidity has been cash generated from our operating activities, primarily from net income and fluctuations in working capital. Our working capital is affected by the timing of payments for employee and agent incentives, interest payments on our outstanding borrowings, and timing of income tax payments, among other items. Many of our annual employee incentive compensation and agent incentive payments are made in the first quarter following the year they were incurred. The majority of our interest payments are due in the second and fourth quarters, which results in a decrease in the amount of cash provided by operating activities in those quarters and a corresponding increase to the first and third quarters. The annual payments resulting from the United States tax reform legislation enacted in 2017 (the “Tax Act”) include amounts related to the United States taxation of certain previously undistributed earnings of foreign subsidiaries. The final payment of approximately $220 million was made during the second quarter of 2025.

Previous wording

As of March 31, 2025 and December 31, 2024, we had Cash and cash equivalents of $1,289.0 million and $1,474.0 million, respectively.

Current wording

As of June 30, 2025 and December 31, 2024, we had Cash and cash equivalents of $1,019.6 million and $1,474.0 million, respectively.

Previous wording

Investment securities, net, classified within Settlement assets on the Condensed Consolidated Balance Sheets, were $1,440.5 million and $1,332.2 million as of March 31, 2025 and December 31, 2024, respectively, and consist primarily of highly-rated state and municipal debt securities. These investment securities are held in order to comply with state licensing requirements in the United States and are required to have credit ratings of “A-” or better from a major credit rating agency. Refer to Part 1, Item 1, Financial Statements, Note 7, Settlement Assets and Obligations, for more details regarding investment securities.

Current wording

Investment securities, net, classified within Settlement assets on the Condensed Consolidated Balance Sheets, were $1,456.7 million and $1,332.2 million as of June 30, 2025 and December 31, 2024, respectively, and consist primarily of highly-rated state and municipal debt securities. These investment securities are held in order to comply with state licensing requirements in the United States and are required to have credit ratings of “A-” or better from a major credit rating agency. Refer to Part 1, Item 1, Financial Statements, Note 8, Settlement Assets and Obligations, for more details regarding investment securities.

Previous wording

Cash provided by operating activities increased to $148.2 million during the three months ended March 31, 2025, from $94.0 million in the corresponding period in the prior year. Cash provided by operating activities can be impacted by changes to our consolidated net income, in addition to fluctuations in our working capital balances, among other factors.

Current wording

Cash provided by operating activities increased to $147.9 million during the six months ended June 30, 2025, from $60.2 million in the corresponding period in the prior year. Cash provided by operating activities can be impacted by changes to our consolidated net income, in addition to fluctuations in our working capital balances, among other factors.

Previous wording

As of March 31, 2025, we had outstanding borrowings at par value of $2,800.0 million. The majority of these outstanding borrowings consist of unsecured fixed-rate notes with maturities ranging from 2026 to 2040.

Current wording

As of June 30, 2025, we had outstanding borrowings at par value of $2,757.3 million. The majority of these outstanding borrowings consist of unsecured fixed-rate notes with maturities ranging from 2026 to 2040.

Previous wording

Pursuant to our commercial paper program, we may issue unsecured commercial paper notes in an amount not to exceed $1.6 billion outstanding at any time, reduced to the extent of borrowings outstanding on our Revolving Credit Facility. Our commercial paper borrowings may have maturities of up to 397 days from date of issuance. Interest rates for borrowings are based on market rates at the time of issuance. We had $350.0 million of commercial paper borrowings outstanding as of March 31, 2025. Our commercial paper borrowings as of March 31, 2025 had a weighted-average annual interest rate of approximately 4.6% and a weighted-average term of approximately 1 day. Proceeds from our commercial paper borrowings were used for general corporate purposes and working capital needs, including the settlement of our money transfer obligations prior to collecting receivables from agents or others.

Current wording

Pursuant to our commercial paper program, we may issue unsecured commercial paper notes in an amount not to exceed $1.6 billion outstanding at any time, reduced to the extent of borrowings outstanding on our Revolving Credit Facility. Our commercial paper borrowings may have maturities of up to 397 days from date of issuance. Interest rates for borrowings are based on market rates at the time of issuance. We had $255.0 million of commercial paper borrowings outstanding as of June 30, 2025. Our commercial paper borrowings as of June 30, 2025 had a weighted-average annual interest rate of approximately 4.6% and a weighted-average term of approximately 1 day. Proceeds from our commercial paper borrowings were used for general corporate purposes and working capital needs, including the settlement of our money transfer obligations prior to collecting receivables from agents or others.

Previous wording

The total aggregate amount paid for purchased and developed software, contract costs, and purchases of property and equipment was $24.4 million and $35.1 million for the three months ended March 31, 2025 and 2024, respectively. Capital expenditures during these periods included investments in our information technology infrastructure. Amounts paid for new and renewed agent contracts vary depending on the terms of existing contracts as well as the timing of new and renewed contract signings.

Current wording

The total aggregate amount paid for purchased and developed software, contract costs, and purchases of property and equipment was $53.4 million and $64.5 million for the six months ended June 30, 2025 and 2024, respectively. Capital expenditures during these periods included investments in our information technology infrastructure. Amounts paid for new and renewed agent contracts vary depending on the terms of existing contracts as well as the timing of new and renewed contract signings.

Previous wording

During the three months ended March 31, 2025 and 2024, 7.0 million and 11.8 million shares were repurchased for $75.0 million and $150.0 million, respectively, excluding commissions, at an average cost of $10.76 and $12.66, respectively, under the share repurchase authorizations approved by our Board of Directors, including one which expired on December 31, 2024. On December 13, 2024, our Board of Directors authorized $1.0 billion of common stock repurchases with no expiration date. As of March 31, 2025, $925.0 million remained available under this share repurchase authorization.

Current wording

During the six months ended June 30, 2025 and 2024, 14.8 million and 13.8 million shares were repurchased for $149.7 million and $176.2 million, respectively, excluding commissions, at an average cost of $10.08 and $12.76, respectively, under the share repurchase authorizations approved by our Board of Directors, including one which expired on December 31, 2024. On December 13, 2024, our Board of Directors authorized $1.0 billion of common stock repurchases with no expiration date. As of June 30, 2025, $850.3 million remained available under this share repurchase authorization.

Previous wording

Our Board of Directors declared quarterly cash dividends of $0.235 per common share in the first quarter of 2025, representing $78.8 million in total dividends.

Current wording

Our Board of Directors declared quarterly cash dividends of $0.235 per common share in the first and second quarters of 2025, representing $155.4 million in total dividends.

Previous wording

The Tax Act imposed a tax on certain of our previously undistributed foreign earnings. This tax charge, combined with our other 2017 United States taxable income and tax attributes, resulted in a 2017 United States federal tax liability of approximately $800 million. We elected to pay this liability in periodic installments through 2025. Under the terms of the law, we are required to pay the final installment of approximately $221 million in the second quarter of 2025. These payments have affected and will continue to adversely affect our cash flows and liquidity and may adversely affect future share repurchases.

Current wording

The Tax Act imposed a tax on certain of our previously undistributed foreign earnings. This tax charge, combined with our other 2017 United States taxable income and tax attributes, resulted in a 2017 United States federal tax liability of approximately $800 million. We elected to pay this liability in periodic installments through 2025, and we paid the final installment of approximately $220 million during the second quarter of 2025.

Previous wording

We had approximately $65 million in outstanding letters of credit and bank guarantees as of March 31, 2025 primarily held in connection with regulatory requirements, lease arrangements, and certain agent agreements. We expect to renew many of our letters of credit and bank guarantees prior to expiration.

Current wording

We had approximately $110 million in outstanding letters of credit and bank guarantees as of June 30, 2025 primarily held in connection with regulatory requirements, lease arrangements, and certain agent agreements. We expect to renew many of our letters of credit and bank guarantees prior to expiration.