The Western Union Company Q1 2023 Earnings Call Transcript May 2, 2023 4:30 PM ET

Company Participants

Tom Hadley - Investor Relations

Devin McGranahan - President, Chief Executive Officer and Director

Matt Cagwin - Chief Financial Officer

Conference Call Participants

Rayna Kumar - UBS

Darrin Peller - Wolfe Research

Ken Suchoski - Autonomous

Tien Huang - JPMorgan

Will Nance - Goldman Sachs

Ramsey Assal - Barclays

Vasu Govil - KBW

Bryan Keane - Deutsche Bank

Andrew Schmidt - Citi

Jeff Goldstein - Morgan Stanley

Tyler DuPont - Bank of America

Operator

Good day. And welcome to the Western Union First Quarter 2023 Results Conference Call. All participants will be in a listen-only mode. After today’s presentation there will be an opportunity to ask questions. Please note that this event is being recorded.

I would now like to turn the conference over to Tom Hadley, Head of Treasury and Investor Relations.

Tom, please go ahead.

Tom Hadley

Thank you. On today's call, we will discuss the company's first quarter 2023 results and then we will take your questions. The slides accompany this call and webcast can be found at westernunion.com under the Investor Relations tab and will remain available after the call.

Additional operational statistics have been provided in supplemental tables with our press release. Joining me on the call today is our Chief Executive Officer, Devin McGranahan; and our Chief Financial Officer, Matt Cagwin. Today's call is being recorded, and our comments include forward-looking statements. Please refer to cautionary language in the earnings release and in Western Union's filings with the Securities and Exchange Commission, including the 2022 Form 10-K for additional information concerning factors that could cause actual results to differ materially from the forward- looking statements.

During the call, we will discuss some items that do not conform to generally accepted accounting principles. We have reconciled those items and the most comparable GAAP measures in our earnings release attached to our Form 8-K as well as on our website, westernunion.com, under the Investor Relations section.

I will now turn the call over to our Chief Executive Officer, Devin McGranahan.

Devin McGranahan

Good afternoon, and welcome to Western Union's first quarter 2023 financial results conference call. We are pleased with the progress we are making on our Evolve 2025 strategy and are generally positive about our first quarter results. As we have discussed previously, we see our evolution as a two to three year journey to return the company to sustainable positive revenue growth. In the near term, changing the trajectory for new customer acquisition and transaction growth has been our priority.