The Western Union Company (NYSE:WU) Q3 2023 Earnings Conference Call October 25, 2023 4:30 PM ET

Company Participants

Tom Hadley - Head, IR

Devin McGranahan - CEO

Matt Cagwin - CFO

Conference Call Participants

Tien-Tsin Huang - JPMorgan

Jason Kupferberg - Bank of America

Will Nance - Goldman Sachs

Andrew Schmidt - Citi

Timothy Chiodo - UBS

Ramsey El Assal - Barclays

Bryan Keane - Deutsche Bank

James Fawcett - Morgan Stanley

Cristopher Kennedy - William Blair

Operator

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

I would now like to turn the conference over to Tom Hadley, Head of Investor Relations. Tom, please go ahead.

Tom Hadley

Thank you. On today's call, we will discuss the company's third quarter 2023 results, and then we will take your questions. The slides that 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 CEO, Devin McGranahan and our CFO, Matt Cagwin. Today's call is being recorded, and our comments include forward-looking statements. Please refer to the 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 to 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 third quarter 2023 financial results conference call. It was just a little over a year ago today that we presented our Evolve 2025 Strategy to the investment community in New York City. We laid out a three-year-journey that focuses the company on successfully delivering everyday branded financial services to the aspiring populations of the world.

We articulated a strategy that focused on driving the business through customer level economics, including improved LTV to CAC and emphasis on improving retention and an expansion of our TAM by launching new transaction based financial services products. We painted a financial picture that would fund the required investments for this strategy within our strong operating margin range of 19% to 21% and with the goal of returning Western Union to sustainable and profitable revenue growth by 2025.