The adjusted operating margin was 20.4% compared to 22.5% in the prior year, with the prior year positively impacted by 20 basis points from the inclusion of Business Solutions. GAAP operating margin was 19.8%, compared to 22.1% in the prior year. The suspension of operations in Russia and Belarus negatively impacted revenue by approximately two percentage points, while Argentina inflation benefited revenue by approximately one percentage point.
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The Company’s full year 2022 revenue of $4.5 billion declined 12% on a reported basis, or 4% on a constant currency basis excluding the contribution from Business Solutions, compared to the prior year. The Company returned $263 million to shareholders in the fourth quarter, consisting of $88 million in dividends and $175 million of share repurchases.
The adjusted effective tax rate was 14.7% in the quarter, compared to 12.1% in the prior year period, primarily due to discrete benefits in the prior year period. The GAAP effective tax rate in the quarter was (15.2%), compared to 6.7% in the prior year period with the decrease primarily due to the reversal of significant uncertain tax positions, partially offset by discrete benefits in the prior year period. The decrease in the adjusted operating margin was primarily due to lower revenue and higher investments in technology and marketing. The adjusted operating margin was 15.8% compared to 24.9% in the prior year period, with the prior year positively impacted by 60 basis points from the inclusion of Business Solutions. GAAP operating margin in the quarter was 13.9%, compared to 24.7% in the prior year period. The suspension of operations in Russia and Belarus negatively impacted both Branded Digital revenue and transactions by 2 percentage points in the quarter. The Company expects that revenue will be adversely impacted in the near term related to its revised marketing strategy, which includes promotional pricing activities. Transactions grew 2% in the quarter driven by the Company’s revised marketing strategy. Regionally, transaction declines in Europe and CIS, North America, MEASA, and APAC were partially offset by transaction growth in LACA.īranded Digital revenue declined 8% on a reported basis, or 6% constant currency. The suspension of operations in Russia and Belarus negatively impacted C2C revenue and transactions by three percentage points and nine percentage points, respectively. The Board of Directors approved the quarterly dividend of $0.235 per common share, payable March 31, 2023, to shareholders of record at the close of business on March 17, 2023.įor a full reconciliation between GAAP and non-GAAP metrics, please see the "Non-GAAP Measures" section of this press release.Ĭ2C revenues declined 11% on a reported basis, or 9% constant currency, while transactions declined 12% compared to the prior year period. Each of these marks progress against the four pillars of our strategy." In the fourth quarter we saw a return to transaction growth in our branded digital business, completed the launch of our digital bank in Italy, and in 2022 opened over 60 owned and concept stores. McGranahan added, "While we are still early in our journey, we are making progress against the goals we shared at our 2022 Investor Day. The year-over-year increase in GAAP EPS was primarily due to a non-cash charge related to the termination of the Company’s pension plan in the prior year period, while the current year period was impacted by the gain on sale of the United Kingdom Business Solutions business, a lower GAAP effective tax rate due to the reversal of significant uncertain tax positions, and lower share count, partially offset by lower operating profit. GAAP EPS in the fourth quarter was $0.65 compared to $0.42 in the prior year period. The suspension of operations in Russia and Belarus negatively impacted revenue by approximately three percentage points. The Company’s fourth quarter revenue of $1.1 billion declined 15% on a reported basis, or 6% on a constant currency basis excluding the contribution from Business Solutions, compared to the prior year period. outbound branded digital customers grew 30% during the fourth quarterĭENVER, February 07, 2023-( BUSINESS WIRE)-The Western Union Company (the "Company") (NYSE: WU) today reported fourth quarter and full year 2022 results. Over $700 million of cash returned to shareholders in 2022 Board of Directors approves Q1 quarterly dividend of $0.235 GAAP EPS of $0.65, an increase of 55% year-over-year Adjusted EPS of $0.32, a decrease of 50% year-over-year Q4 GAAP revenue of $1.1 billion, down 15% on a reported basis, or 6% on an adjusted basis
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