Segments (Tables)

3 Months Ended

Mar. 31, 2026

The following tables present the Company’s segment results for the three months ended March 31, 2026 and 2025 (in millions):


	Three Months Ended March 31, 2026
	Consumer Money Transfer		Consumer Services		Total
Revenues	$	845.4	$	137.3	$	982.7
Expenses:
Direct transactional expenses (a)		411.4		37.7		449.1
Depreciation and amortization (b)		26.6		5.9		32.5
Other segment items (c)		296.9		77.5		374.4
Total segment operating income	$	110.5	$	16.2	$	126.7
Severance release (d)						0.5
Acquisition, separation, and integration costs (e)						(2.1	)
Amortization of acquisition-related intangible assets (f)						(1.2	)
Russia termination costs (g)						(0.9	)
Total consolidated operating income					$	123.0


	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 of acquisition-related intangible assets (f)						(0.2	)
Russia termination costs (g)						(0.8	)
Total consolidated operating income					$	177.4

(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. Amortization of capitalized contract costs included within direct transactional expenses in the Consumer Money Transfer segment was $13.0 million and $11.5 million for the three months ended March 31, 2026 and 2025, 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 not related to acquisition, separation, and integration activities, which have been excluded from the segments as the CODM excludes severance in making operating decisions, including allocating resources to the Company's segments.

(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, such as severance and consulting costs.

(f)

Represents the non-cash amortization of acquired intangible assets in connection with recent business acquisitions.

(g)

Represents the costs associated with operating the Russian entity. 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. During 2025, the Company signed a definitive sale agreement, as amended, which is subject to regulatory approvals.