Segments (Tables)

3 Months Ended

Mar. 31, 2025

The following tables present the Company’s segment results for the three months ended March 31, 2025 and 2024 (in millions):


	Three Months Ended March 31, 2025
	Consumer Money Transfer		Consumer Services		Total
Revenues	$	872.9	$	110.7	$	983.6
Expenses:
Direct transactional expenses(a)		403.9		28.4		432.3
Depreciation and amortization(b)		25.4		5.0		30.4
Other segment items(c)		284.3		50.2		334.5
Total segment operating income	$	159.3	$	27.1	$	186.4
Severance costs(d)						(6.4	)
Acquisition, separation, and integration costs(e)						(1.6	)
Amortization and impairment of acquisition-related intangible assets(f)						(0.2	)
Russia termination costs(g)						(0.8	)
Total consolidated operating income					$	177.4

	Three Months Ended March 31, 2024
	Consumer Money Transfer		Consumer Services		Total
Revenues	$	962.0	$	87.1	$	1,049.1
Expenses:
Direct transactional expenses(a)		429.7		21.7		451.4
Depreciation and amortization(b)		24.7		4.0		28.7
Other segment items(c)		320.0		42.8		362.8
Total segment operating income	$	187.6	$	18.6	$	206.2
Redeployment program costs(h)						(14.0	)
Acquisition, separation, and integration costs(e)						(0.1	)
Total consolidated operating income					$	192.1

(a)

Direct transactional expenses include commissions to agents, bank fees, credit and non-credit losses, and other variable expenses.

(b)

Depreciation and amortization excludes amortization of capitalized contract costs paid to agents and partners, as this amortization is recorded as commissions to agents and partners and is therefore included in direct transactional expenses. For the three months ended March 31, 2025 and 2024, amortization of capitalized contract costs included within direct transactional expenses in the Consumer Money Transfer segment was $11.5 million and $17.9 million, respectively.

(c)

Other segment items primarily consists of salaries and benefits, professional services, equipment and software expenses, advertising costs, and lease and facilities costs.

(d)

Represents severance costs, which have been excluded from the segments as management excludes severance in making operating decisions, including allocating resources to the Company's segments. These expenses are therefore excluded from the Company's segment operating income results. Prior to the fourth quarter of 2024, these severance costs were included in the redeployment program costs line item, and therefore, severance costs have been consistently excluded from segment operating income in the tables above.

(e)

Represents the impact from expenses incurred in connection with the Company's acquisition and divestiture activity, including for the review and closing of these transactions, and integration costs directly related to the Company's acquisitions. The expenses are not included in the measurement of segment operating income provided to the CODM for purposes of performance assessment and resource allocation. These expenses are therefore excluded from the Company's segment operating income results.

(f)

Represents the non-cash amortization and impairment of acquired intangible assets in connection with recent business acquisitions. The expenses are not included in the measurement of segment operating income provided to the CODM for purposes of performance assessment and resource allocation. These expenses are therefore excluded from the Company's segment operating income results.

(g)

Represents the costs associated with operating the Russian entity. The expenses were not included in the measurement of segment operating income provided to the CODM for purposes of performance assessment and resource allocation. These expenses were therefore excluded from the Company's segment operating income results. While the Company had previously made a decision to suspend its operations in Russia, in the third quarter of 2024, the Company decided to pursue either liquidating or selling the Russian assets. In the first quarter of 2025, the Company signed a definitive sale agreement subject to regulatory approvals.

(h)

Represented severance, expenses associated with streamlining the Company's organizational and legal structure, and other expenses associated with the Company's program which redeployed investment and expenses in the Company's cost base through optimizations in vendor management, real estate, marketing, and people strategy, as previously announced in October 2022. Expenses incurred under the program also included non-cash impairments of operating lease ROU assets and property and equipment. The expenses were not included in the measurement of segment operating income provided to the CODM for purposes of performance assessment and resource allocation. These expenses were therefore excluded from the Company's segment operating income results.