Western Union CO - FORM 8-K - EX-99.2 - PRESENTATION OF THE COMPANY - October 25, 2011

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Western Union
Third Quarter 2011
Earnings Webcast & Conference Call
October 25, 2011
Exhibit 99.2

Mike Salop
Senior Vice President, Investor Relations

Safe Harbor
3   
This presentation contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These
statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Actual
outcomes and results may differ materially from those expressed in, or implied by, our forward-looking statements. Words such as “expects,” “intends,”
“anticipates,” “believes,” “estimates,” “guides,” “provides guidance,” “provides outlook” and other similar expressions or future or conditional verbs such
as “will,” “should,” “would” and “could” are intended to identify such forward-looking statements. Readers of this presentation by The Western Union
Company (the “Company,” “Western Union,” “we,” “our” or “us”) should not rely solely on the forward-looking statements and should consider all
uncertainties and risks discussed in the “Risk Factors” section and throughout the Annual Report on Form 10-K for the year ended December 31, 2010.
The statements are only as of the date they are made, and the Company undertakes no obligation to update any forward-looking statement.
Possible events or factors that could cause results or performance to differ materially from those expressed in our forward-looking statements include
the following:  changes in immigration laws, patterns and other factors related to migrants; our ability to adapt technology in response to changing
industry and consumer needs or trends; our failure to develop and introduce new products, services and enhancements, and gain market acceptance
of such products; the failure by us, our agents or subagents to comply with our business and technology standards and contract requirements or
applicable laws and regulations, especially laws designed to prevent money laundering, terrorist financing and anti-competitive behavior, and/or
changing regulatory or enforcement interpretations of those laws; the impact on our business of the Dodd-Frank Wall Street Reform and Consumer
Protection Act and the rules promulgated there-under; changes in United States or foreign laws, rules and regulations including the Internal Revenue
Code and governmental or judicial interpretations thereof; changes in general economic conditions and economic conditions in the regions and
industries in which we operate; political conditions and related actions in the United States and abroad which may adversely affect our businesses and
economic conditions as a whole; interruptions of United States government relations with countries in which we have or are implementing material
agent contracts; mergers, acquisitions and integration of acquired businesses and technologies into our Company, and the realization of anticipated
financial benefits from these acquisitions; changes in, and failure to manage effectively exposure to, foreign exchange rates, including the impact of the
regulation of foreign exchange spreads on money transfers and payment transactions; our ability to resolve tax matters with the Internal Revenue
Service and other tax authorities consistent with our reserves; failure to comply with the settlement agreement with the State of Arizona; liabilities and
unanticipated developments resulting from litigation and regulatory investigations and similar matters, including costs, expenses, settlements and
judgments; failure to maintain sufficient amounts or types of regulatory capital to meet the changing requirements of our regulators worldwide;
deterioration in consumers' and clients' confidence in our business, or in money transfer and payment service providers generally; failure to manage
credit and fraud risks presented by our agents, clients and consumers or non-performance by our banks, lenders, other financial services providers or
insurers; any material breach of security of or interruptions in any of our systems; our ability to attract and retain qualified key employees and to
manage our workforce successfully; our ability to maintain our agent network and business relationships under terms consistent with or more
advantageous to us than those currently in place; failure to implement agent contracts according to schedule; adverse rating actions by credit rating
agencies; failure to compete effectively in the money transfer industry with respect to global and niche or corridor money transfer providers, banks and
other money transfer services providers, including telecommunications providers, card associations, card-based payment providers and electronic and
internet providers; our ability to protect our brands and our other intellectual property rights; our failure to manage the potential both for patent
protection and patent liability in the context of a rapidly developing legal framework for intellectual property protection; cessation of various services
provided to us by third-party vendors; adverse movements and volatility in capital markets and other events which affect our liquidity, the liquidity of our
agents or clients, or the value of, or our ability to recover our investments or amounts payable to us; decisions to downsize, sell or close units, or to
transition operating activities from one location to another or to third parties, particularly transitions from the United States to other countries; changes
in industry standards affecting our business; changes in accounting standards, rules and interpretations; significantly slower growth or declines in the
money transfer market and other markets in which we operate; adverse consequences from our spin-off from First Data Corporation; decisions to
change our business mix; catastrophic events; and management's ability to identify and manage these and other risks.

Hikmet Ersek
President
& Chief Executive Officer

Q3 Highlights
Total revenue increased 6% or 5% constant currency
Solid trends continue in C2C
6% reported revenue growth and 4% constant currency
Consumer Bill Payments revenue grew 2%
Business Solutions revenue grew 30%
485,000 agent locations
5
Note: See appendix for reconciliation of Non-GAAP to GAAP measures.
Affirming 2011 Revenue Outlook and Moving EPS to
High End of Previous Range

Electronic Channels & Prepaid Q3 Highlights
Account-based money transfer
Approximately 40% transaction growth
Agreements in place with over 70 banks globally
Westernunion.com
Transactions increased by 30% 
Approximately 45% transaction growth in international markets
Mobile
19 agreements in place
Over 100,000 locations enabled for cash-to-mobile in 61 countries
Prepaid
Over 1.2 million prepaid cards in force
Approximately $120 million principal loaded through 500,000 loads
6
Electronic Channels Revenue Growth 40%

Go-To-Market Organization
Global Consumer Financial Services
C2C and Consumer Bill Pay
Western Union Business Solutions
B2B
Western Union Ventures
New products and services
WU.com, Prepaid/Stored Value, Mobile
7

Scott Scheirman
Executive Vice President
& Chief Financial Officer

Revenue
9   
($ in millions)
$1,330
$1,411
Note: See appendix for reconciliation of Non-GAAP to GAAP measures.
Consolidated revenue up
6%, or up 5% constant
currency adjusted
Transaction fees increased
5%
Foreign exchange revenue
increased 12%
C2C cross-border principal
increased 8%
Strong Western Union
Business Solutions growth
$1,036
$1,083
$263
$294
$31
$34
Q3 2010
Q3 2011
Transaction Fee
Foreign Exchange
Other

10
+5%
C2C Transactions
(millions)
Note: See appendix for reconciliation of Non-GAAP to GAAP measures.
C2C Revenue growth of 6%, or
4% constant currency
Total Q3 Western Union cross-
border principal of $19 billion
Increased 8% on a reported basis
Increased 5% constant currency
Principal per transaction
Increased 3% on a reported basis
Flat on a constant currency basis
Consumer-to-Consumer
55
58
Q3 2010
Q3 2011

Consumer-to-Consumer
11
Revenue
Transactions
Q3 2011
5%
3%
Europe, Middle East, Africa, S. Asia
44% of Western Union revenue
Reported revenue growth moderated from Q2 due to currency and
slowing in Southern Europe and Russia
U.K., France, Germany, and Gulf States remained consistent with Q2
growth
India grew revenue 13% and transactions 11%

12
Revenue
Transactions
Americas
6%
6%
31% of Western Union revenue
Domestic money transfer grew revenue 9% and transactions 14%
Mexico grew revenue 5% while transactions increased 2%
U.S. outbound revenue growth was consistent with Q2
Q3 2011
Consumer-to-Consumer

13
Revenue
Transactions
Asia Pacific
11%
7%
9% of Western Union revenue
China grew revenue 5% and transactions 4%
Australia and the Philippines delivered good growth, though not as
strong as Q2
Q3 2011
Consumer-to-Consumer

C2C Transaction and Revenue Growth
14
Note: See appendix for reconciliation of Non-GAAP to GAAP measures.
Q3 2011

Global Business Payments
15
Revenue
Transactions
Global Business Payments
7%
4%
14% of Western Union revenue
Consumer Bill Payments revenue increased 2%
Business Solutions revenue growth of 30%
Q3 2011

16   
Operating Margin
Note: See appendix for reconciliation of Non-GAAP to GAAP measures
GAAP
Excluding
Restructuring
Operating margin excluding
restructuring expense declined
80 basis points
•
Currency translation net of
hedges negatively impacted
margins
•
Higher marketing spending
•
Deal costs related to Travelex
Global Business Payments of
$5 million in 3Q11
•
Benefits from other operating
efficiencies, including
restructuring savings, and
revenue leverage
On a constant currency basis,
operating margins increased
26.4%
25.7%
27.5%
26.7%

17
C2C Operating Margin
C2C 84% of total company revenue
Operating margin down 90 basis points
from prior year
•
Negative impact of currency net of
hedges and higher marketing offset
other efficiencies, including
restructuring savings, and revenue
leverage
29.9%
29.0%
Q3 2011
Q3 2010

18   
Global Business Payments
Operating Margin
GBP 14% of total company
revenue
Operating margin improved
Revenue leverage
Restructuring savings
Lower integration and investment
spending in WUBS
15.1%
17.7%
Q3 2010
Q3 2011

19   
Financial Strength
YTD 2011
Cash Flow from Operations
$883 million
Capital Expenditures
$124 million
Stock Repurchases
$800 million
Dividends Declared
$145 million
Cash Balance, Sept. 30, 2011
$2.7 billion
Debt Outstanding, Sept. 30, 2011
$4.0 billion

2011 Outlook
20
Note: See appendix for reconciliation of Non-GAAP to GAAP measures.
Constant currency revenue growth in the range of 4% to 5%
GAAP revenue growth 1% higher than constant currency
GAAP EPS of $1.50 to $1.53 (previously $1.48 to $1.53)
EPS excluding restructuring charges of $1.55 to $1.58      
(previously $1.53 to $1.58 )
Restructuring program completed and total expenses of $47 million
recorded for the year
Affirming 2011 Revenue Outlook and Moving EPS to
High End of Previous Range

2011 Outlook
21
Note: See appendix for reconciliation of Non-GAAP to GAAP measures.
GAAP operating margin range of 25% to 25.5% (including Travelex deal
costs)
Operating margin range of 26% to 26.5%, excluding restructuring
charges
Operating margin on a constant currency basis range of 26.5% to 27%,
excluding restructuring charges (including Travelex deal costs),
compared to 26.2% in 2010, excluding restructuring charges
GAAP
cash
flows
from
operating
activities
to
be
at
the
lower
end
of
the
range of $1.2 billion to $1.3 billion
Affirming 2011 Revenue Outlook and Moving EPS to
High End of Previous Range

Questions & Answers

Appendix
Third Quarter 2011 Earnings
Webcast & Conference Call
October 25, 2011
23

Non-GAAP Measures
24
Western Union's management believes the non-GAAP measures presented provide meaningful
supplemental information regarding our operating results to assist management, investors, analysts, and
others in understanding our financial results and to better analyze trends in our underlying business,
because they provide consistency and comparability to prior periods. These non-GAAP measurements
include revenue change constant currency adjusted, operating income margin and earnings per share
excluding restructuring expenses, effective tax rate restructuring adjusted, consumer-to-consumer
segment revenue change constant currency adjusted, consumer-to-consumer segment principal per
transaction change constant currency adjusted, consumer-to-consumer cross-border principal change
constant currency adjusted, consumer-to-consumer international revenue change constant currency
adjusted,
consumer-to-consumer
international
principal
per
transaction
change
constant
currency
adjusted, 2011 revenue outlook constant currency adjusted, 2011 operating income margin outlook
restructuring and constant currency adjusted, and 2011 earnings per share outlook excluding restructuring
expenses.
A non-GAAP financial measure should not be considered in isolation or as a substitute for the most
comparable GAAP financial measure. A non-GAAP financial measure reflects an additional way of viewing
aspects of our operations that, when viewed with our GAAP results and the reconciliation to the
corresponding GAAP financial measure, provide a more complete understanding of our business. Users of
the financial statements are encouraged to review our financial statements and publicly-filed reports in
their entirety and not to rely on any single financial measure. A reconciliation of non-GAAP measures to
the
most
directly
comparable
GAAP
financial
measures
is
included
below.

Diluted earnings per share ("EPS"), as reported (GAAP) ($ - dollars)
Diluted EPS, restructuring adjusted ($ - dollars)
Impact from restructuring and related expenses, net of income tax benefit (b) ($ - dollars)
Reconciliation of Non-GAAP Measures
25
3Q10
4Q10
FY2010
1Q11
2Q11
3Q11
YTD 3Q11
Consolidated Metrics
Revenues, as reported (GAAP)
1,329.6
$     
1,357.0
$     
5,192.7
$     
1,283.0
$     
1,366.3
$     
1,410.8
$     
4,060.1
$     
Foreign currency translation impact (a)
22.2
18.5
36.8
2.3
(32.5)
(18.2)
(48.4)
Revenues, constant currency adjusted
1,351.8
$     
1,375.5
$     
5,229.5
$     
1,285.3
$     
1,333.8
$     
1,392.6
$     
4,011.7
$     
Prior year revenues, as reported (GAAP)
1,314.1
$     
1,314.0
$     
5,083.6
$     
1,232.7
$     
1,273.4
$     
1,329.6
$     
3,835.7
$     
Revenue change, as reported (GAAP)
1
%
3
%
2
%
4
%
7
%
6
%
6
%
Revenue change, constant currency adjusted
3
%
5
%
3
%
4
%
5
%
5
%
5
%
Operating income, as reported (GAAP)
351.2
$       
322.1
$       
1,300.1
$     
312.9
$       
350.7
$       
363.0
$       
1,026.6
$     
Reversal of restructuring and related expenses (b)
14.0
11.0
59.5
24.0
8.9
13.9
46.8
Operating income, excluding restructuring
365.2
$       
333.1
$       
1,359.6
$     
336.9
$       
359.6
$       
376.9
$       
1,073.4
$     
Operating income margin, as reported (GAAP)
26.4%
23.7%
25.0%
24.4%
25.7%
25.7%
25.3%
Operating income margin, excluding restructuring
27.5%
24.5%
26.2%
26.3%
26.3%
26.7%
26.4%
Net income, as reported (GAAP)
238.4
$       
242.6
$       
909.9
$       
210.2
$       
263.2
$       
239.7
$       
713.1
$       
Reversal of restructuring and related expenses, net of income tax benefit (b)
9.5
7.4
39.3
16.4
5.9
9.7
32.0
Net income, restructuring adjusted, net of income tax
247.9
$       
250.0
$       
949.2
$       
226.6
$       
269.1
$       
249.4
$       
745.1
$       
0.36
$         
0.37
$         
1.36
$         
0.32
$         
0.41
$         
0.38
$         
1.12
$         
0.01
0.01
0.06
0.03
0.01
0.02
0.05
0.37
$         
0.38
$         
1.42
$         
0.35
$         
0.42
$         
0.40
$         
1.17
$         
Diluted weighted-average shares outstanding
661.3
658.4
668.9
652.1
635.8
627.1
638.3
Effective tax rate, as reported (GAAP)
22.7%
15.9%
20.5%
23.5%
21.1%
23.6%
22.7%
Impact from restructuring expenses, net of income tax benefit (b)
0.5%
0.6%
0.7%
0.6
%
0.3%
0.3%
0.4%
Effective tax rate, restructuring adjusted
23.2%
16.5%
21.2%
24.1%
21.4%
23.9%
23.1%

Reconciliation of Non-GAAP Measures
26
3Q10
4Q10
FY2010
1Q11
2Q11
3Q11
YTD 3Q11
Consumer-to-Consumer Segment
Revenues, as reported (GAAP)
1,128.3
$     
1,151.8
$     
4,383.4
$     
1,078.1
$     
1,155.1
$     
1,193.3
$     
3,426.5
$     
Foreign currency translation impact (a)
21.2
18.0
32.3
2.2
(31.4)
(17.9)
(47.1)
Revenues, constant currency adjusted
1,149.5
$     
1,169.8
$     
4,415.7
$     
1,080.3
$     
1,123.7
$     
1,175.4
$     
3,379.4
$     
Prior year revenues, as reported (GAAP)
1,117.8
$     
1,113.7
$     
4,300.7
$     
1,030.2
$     
1,073.1
$     
1,128.3
$     
3,231.6
$     
Revenue change, as reported (GAAP)
1
%
3
%
2
%
5
%
8
%
6
%
6
%
Revenue change, constant currency adjusted
3
%
5
%
3
%
5
%
5
%
4
%
5
%
Principal
per
transaction,
as
reported
($
-
dollars)
355
$          
356
$          
355
$          
360
$          
365
$          
366
$          
364
$          
Foreign
currency
translation
impact
(a)
($
-
dollars)
7
5
1
(1)
(14)
(11)
(9)
Principal
per
transaction,
constant
currency
adjusted
($
-
dollars)
362
$          
361
$          
356
$          
359
$          
351
$          
355
$          
355
$          
Prior
year
principal
per
transaction,
as
reported
($
-
dollars)
371
$          
365
$          
363
$          
357
$          
351
$          
355
$          
354
$          
Principal per transaction change, as reported
(4)%
(3)%
(2)%
1
%
4
%
3
%
3
%
Principal per transaction change, constant currency adjusted
(3)%
(1)%
(2)%
1
%
0
%
0
%
0
%
Cross-border
principal,
as
reported
($
-
billions)
17.6
$         
18.1
$         
68.6
$         
17.1
$         
18.6
$         
19.0
$         
54.7
$         
Foreign
currency
translation
impact
(a)
($
-
billions)
0.4
0.3
0.3
-
(0.8)
(0.6)
(1.4)
Cross-border
principal,
constant
currency
adjusted
($
-
billions)
18.0
$         
18.4
$         
68.9
$         
17.1
$         
17.8
$         
18.4
$         
53.3
$         
Prior
year
cross-border
principal,
as
reported
($
-
billions)
17.0
$         
17.1
$         
65.0
$         
16.1
$         
16.8
$         
17.6
$         
50.5
$         
Cross-border principal change, as reported
4
%
6
%
6
%
7
%
10
%
8
%
8
%
Cross-border principal change, constant currency adjusted
6
%
7
%
6
%
6
%
6
%
5
%
6
%
International revenues, as reported (GAAP)
944.0
$       
972.4
$       
3,669.2
$     
901.7
$       
962.9
$       
995.7
$       
2,860.3
$     
Foreign currency translation impact (a)
21.7
18.4
35.0
2.6
(30.7)
(17.4)
(45.5)
International revenues, constant currency adjusted
965.7
$       
990.8
$       
3,704.2
$     
904.3
$       
932.2
$       
978.3
$       
2,814.8
$     
Prior year international revenues, as reported (GAAP)
926.5
$       
943.4
$       
3,559.7
$     
862.0
$       
890.8
$       
944.0
$       
2,696.8
$     
International revenue change, as reported (GAAP)
2
%
3
%
3
%
5
%
8
%
5
%
6
%
International revenue change, constant currency adjusted
4
%
5
%
4
%
5
%
5
%
4
%
4
%
International
principal
per
transaction,
as
reported
($
-
dollars)
384
$          
386
$          
382
$          
390
$          
399
$          
401
$          
397
$          
Foreign
currency
translation
impact
(a)
($
-
dollars)
8
7
2
(2)
(18)
(13)
(11)
International
principal
per
transaction,
constant
currency
adjusted
($
-
dollars)
392
$          
393
$          
384
$          
388
$          
381
$          
388
$          
386
$          
Prior
year
international
principal
per
transaction,
as
reported
($
-
dollars)
395
$          
390
$          
386
$          
381
$          
376
$          
384
$          
380
$          
International principal per transaction change, as reported
(3)%
(1)%
(1)%
2
%
6
%
4
%
4
%
International principal per transaction change, constant currency adjusted
(1)%
1
%
(1)%
2
%
1
%
1
%
1
%

Reconciliation of Non-GAAP Measures
27
2011 Revenue Outlook
Revenue change (GAAP)
5
%
6
%
Foreign currency translation impact (c)
(1)%
(1)%
Revenue change, constant currency adjusted
4
%
5
%
2011 Operating Income Margin Outlook
Operating income margin (GAAP)
25.0
%
25.5
%
Impact from restructuring and related expenses (b)
1.0
%
1.0
%
Operating income margin, restructuring adjusted
26.0
%
26.5
%
Foreign currency translation impact (c)
0.5
%
0.5
%
Operating income margin, restructuring and constant currency adjusted
26.5
%
27.0
%
2011 EPS Outlook
EPS
guidance
(GAAP)
($
-
dollars)
1.50
$         
1.53
$         
Impact
from
restructuring
and
related
expenses,
net
of
income
tax
benefit
(b)
($
-
dollars)
0.05
0.05
EPS
guidance,
restructuring
adjusted
($
-
dollars)
1.55
$         
1.58
$         
Range
Range
Range

Footnote explanations
28
(a)
Represents the impact from the fluctuation in exchange rates between all foreign currency denominated amounts and
the United States dollar. Constant currency results exclude any benefit or loss caused by foreign exchange
fluctuations between foreign currencies and the United States dollar, net of foreign currency hedges, which would not
have occurred if there had been a constant exchange rate. 
(b)
Restructuring and related expenses consist of direct and incremental expenses including the impact from fluctuations
in exchange rates associated with restructuring and related activities, consisting of severance, outplacement and
other related benefits; facility closure and migration of the Company's IT infrastructure; and other expenses related to
the relocation of various operations to new or existing Company facilities and third-party providers, including hiring,
training, relocation, travel, and professional fees. Also included in the facility closure expenses are non-cash
expenses related to fixed asset and leasehold improvement write-offs and the acceleration of depreciation and
amortization. Restructuring and related expenses were not allocated to the segments.
(c)
Represents
the
estimated
impact
from
the
fluctuation
in
exchange
rates
between
all
foreign
currency
denominated
amounts and the United States dollar. Constant currency results exclude any estimated benefit or loss caused by
foreign
exchange
fluctuations
between
foreign
currencies
and
the
United
States
dollar,
net
of
foreign
currency
hedges, which would not have occurred if there had been a constant exchange rate. 

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