UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 21, 2009

THE WESTERN UNION COMPANY
(Exact name of registrant as specified in its charter)

 
					
Delaware	 	001-32903	 	20-4531180	
(State or other jurisdiction
of incorporation)	 	(Commission File Number)	 	(IRS Employer
Identification No.)	

12500 East Belford Avenue
Englewood, Colorado	 	80112	
(Address of principal executive offices)	 	(Zip Code)	
Registrant’s telephone number, including area code: (866) 405-5012
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 2.02.	Results of Operations and Financial Condition	
On April 21, 2009, The Western Union Company (the “Company”) issued a press release relating to the Company’s earnings for the first quarter of fiscal year 2009 (the “Earnings Release”). A copy of the Earnings Release is attached as Exhibit 99.1. The information furnished under this Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference to such filing.
 
Item 7.01.	Regulation FD Disclosure	
In connection with the issuance of the Earnings Release, the Company is holding a public conference call and webcast on April 21, 2009 at 8:30 a.m. Eastern Time, during which Christina A. Gold, President and Chief Executive Officer, and Scott T. Scheirman, Executive Vice President and Chief Financial Officer, will provide the presentation attached as Exhibit 99.2. Information regarding access to the conference call and webcast is set forth in the Earnings Release. The information furnished under this Item 7.01, including Exhibit 99.2 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference to such filing.
 
Item 9.01.	Financial Statements and Exhibits	
The following is a list of the Exhibits furnished herewith.

Exhibit
Number	 	Description of Exhibit	
99.1	 	Press release issued by the Company on April 21, 2009.	
		
99.2	 	Presentation of the Company dated April 21, 2009.	
 
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: April 21, 2009	 	THE WESTERN UNION COMPANY	
			
	 	By:	 	/s/    Sarah J. Kilgore	
	 		 	Sarah J. Kilgore	
	 		 	Assistant Secretary	
 
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EXHIBIT INDEX

Exhibit No.	 	Description	
99.1	 	Press release of The Western Union Company dated April 21, 2009.	
		
99.2	 	Presentation of The Western Union Company dated April 21, 2009.	
 
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Exhibit 99.1

Contacts:
			
Media	  	Investors	
Dan Diaz	  	Gary Kohn	
+1-720-332-5564	  	+1-720-332-8276	
daniel.diaz@westernunion.com	  	gary.kohn@westernunion.com	
Western Union Reports First Quarter Results
Revenue of $1.2 Billion and EPS of $0.32
Reaffirms 2009 Outlook

Englewood, Colo., April 21, 2009 – The Western Union Company (NYSE: WU), a leader in the money transfer segment of global payments, today reported financial results for the first quarter.
Highlights for the quarter included:
 
 	•	 	Global consolidated revenue of $1.2 billion, a decrease of 5% compared to last year’s first quarter; or flat constant currency adjusted	
 
 	•	 	EPS of $0.32 up 19% compared to last year’s first quarter; or up 10% excluding the $24 million pre-tax restructuring expense incurred in the first quarter of 2008	
 
 	•	 	EPS of $0.33 constant currency adjusted	
 
 	•	 	Operating income margin of 28%	
 
 	•	 	Net income of $224 million up 8% compared to last year’s first quarter; or up 1% excluding restructuring expense incurred in the first quarter of 2008	
 
 	•	 	Cash provided by operating activities of $357 million	
Other highlights included:
 
 	•	 	Important money transfer agreements for the America’s “go-to-market” banking channel strategy with U.S. Bank and Fidelity National Information Service	
 
 	•	 	Western Union in conjunction with Yodlee will offer integrated, online expedited bill payments to Fidelity National Information Services’ customers	
 
 	•	 	Closed the acquisition of the money transfer business of FEXCO	
 
 	•	 	Grew agent locations to 379,000	
Western Union President and Chief Executive Officer Christina Gold said, “We were pleased with first quarter results, particularly in light of the world’s economic challenges. Global consumer-to-consumer transactions increased seven percent for the period, and in combination with cost reductions, led to strong margins. We made significant progress on our strategic agenda during the quarter, particularly our channel strategy, by signing the U.S. Bank agreement and through the FEXCO acquisition.”

Consolidated Results
In the first quarter, revenue was in line with expectations at $1.2 billion, down 5% from last year’s first quarter or flat constant currency adjusted. Operating income was $341 million, up 10% or up 2% excluding restructuring expense taken in the first quarter of 2008. First quarter operating income margin was 28% compared to 24% in last year’s first quarter. Excluding restructuring expense, the first quarter 2008 operating margin was 26%. The first quarter 2009 margin was aided by the timing of marketing and other investments.
Earnings per share were $0.32, a 19% increase over last year’s first quarter, or a 10% increase excluding restructuring expense from last year. The tax rate for the first quarter was 26.6% compared to 29.2% in the first quarter a year ago. The decrease was primarily the result of a higher proportion of foreign-derived profits, which are taxed at a lower rate compared to U.S.-derived profits, and the effect of tax efficient strategies implemented in 2008.
Capital Deployment & Liquidity
Western Union’s cash flow from operations was $357 million and capital expenditures were $16 million. In the first quarter, the company repurchased approximately nine million shares for $100 million at an average price of $11.39 per share.
Cash on hand at quarter end was $1.5 billion. In the first quarter, Western Union refinanced a $500 million, 364 day bank loan maturing in December 2009 by issuing five-year notes with an interest rate of 6.5%. Total outstanding debt at quarter end was approximately $3 billion, of which $1 billion is due in 2011, $500 million is due in 2014, $1 billion is due in 2016, and the last $500 million is due in 2036.
The company has a commercial paper program that is fully backed by a $1.5 billion revolving credit facility that expires in 2012. At quarter end, there was no commercial paper outstanding and this facility was undrawn.
Consumer-to-Consumer (C2C) Results
The consumer-to-consumer segment, representing 84% of Western Union’s revenue, posted revenue of $1.0 billion in the first quarter, a decrease of 5%, or a 1% increase constant currency adjusted. Operating income grew 5% on an operating income margin that improved to 29% from 26% in last year’s first quarter.
C2C transactions continued to grow during the quarter as evidenced by a 7% increase. Transaction growth, as anticipated, slowed sequentially from the fourth quarter and the amount of money that consumers remitted per transaction declined 10%, or 3% constant currency adjusted, year-over-year. This resulted in lower C2C transaction fee and foreign exchange revenue. Western Union handled $15 billion in total cross-border C2C principal in the quarter, a decline of 3%, or an increase of 4% constant currency adjusted.
For the international portion of C2C, revenue declined 3%, or was up 3% constant currency adjusted, on transaction growth of 11%. Revenue from the subset of the international business, those transactions that originate outside of the United States, declined 3% or a 5% increase constant currency adjusted on transaction growth of 16% during the quarter.
The difference between revenue and transaction growth rates for C2C, particularly within the international C2C business and the international transactions that originate outside of the U.S., widened. Four factors contributed to the difference in growth rates: currency translation, geographic mix, product mix between intra and cross-border transfers, and pricing. In the first quarter, currency
 
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translation was the largest contributor to the total C2C revenue and transaction growth rate difference, totaling half of the 12 percentage point difference. The impact from geographic mix, product mix, and pricing reductions were consistent with the fourth quarter of 2008.
EMEASA
The Europe, Middle East, Africa and South Asia (EMEASA) region, which represents 43% of Western Union revenue, experienced a first quarter revenue decline of 4% on transaction growth of 15% compared to last year’s first quarter.
Economic circumstances continue to impact growth rates in Europe. Performance of the Gulf States was strong, declining only slightly from the fourth quarter of 2008. Additionally, India’s performance contributed to the region’s results with revenue growth of 19% and transaction growth of 42% in the quarter.
Americas
The Americas region, which represents approximately one-third of Western Union revenue, reported a revenue decline of 7% compared to last year’s first quarter while transactions decreased by 3%. Results in this region continue to be impacted by challenges related to the U.S. economy. The domestic money transfer business saw revenue decline 10% in the quarter on a transaction decline of 7%. The Mexico business, now just 6% of Western Union revenue, saw revenue decline 10% and transactions decline 9% in the quarter. The U.S. outbound business was stable compared to fourth quarter 2008.
APAC
The Asia Pacific (APAC) region, which represents 8% of Western Union revenue, delivered 3% revenue growth and 25% transaction growth compared to the first quarter of 2008. In the quarter, China revenue declined 13% on a transaction decline of 1%.
Contributing to this region’s growth was the Philippines’ performance which remained strong, with inbound remittance growth continuing to exceed the market growth as reported by the Central Bank of the Philippines.
Consumer-to-Business (C2B) or Payments Results
The consumer-to-business or payments segment represents 14% of Western Union’s revenue. Revenue for the quarter decreased 8% from first quarter 2008 to $174 million. Operating income was down 10% with an operating margin of 29% compared to 30% in the first quarter of 2008.
This segment continues to have its revenue and margins impacted by a decline in demand for U.S. bill payment services, as many American consumers who are likely to use this service have difficulty paying bills and obtaining credit.
Western Union possesses the ability to offer same-day bill payment posting to a customer’s account in the U.S. Leveraging on this capability, Western Union in conjunction with Yodlee will offer integrated, online expedited bill payments to Fidelity National Information Services’ clients. This is an important step toward expanding this segment’s reach into new customers and channels.
 
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Recent Events
Western Union made significant progress in its North American “go-to-market” banking strategy by opening new distribution channels and broadening its reach to new customer segments through two important agreements. In March, Western Union entered into an agreement with U.S. Bank, the sixth largest commercial bank in the United States, to offer global money transfer service in 2,791 U.S. Bank branch offices. Last week, Western Union entered an agreement with Fidelity National Information Service (FIS) to offer global money transfer services to FIS’ more than 8,500 banking institution clients throughout the United States. This agreement builds on the previously mentioned C2B offering with FIS through Yodlee. As Western Union continues to evolve its service offerings in an effort to position money transfer and other payments services to new and existing consumers, it will tap into banking channels including: Cash-to-Cash, Account-to-Cash, and Account-to-Account money transfer.
Western Union also made significant progress accelerating its C2C growth and profitability objectives in Europe by acquiring the money transfer business of FEXCO, one of its largest agents with 10,000 consumer-facing locations across the United Kingdom, Spain, Ireland, Sweden, Norway, Denmark and Finland. The acquisition will allow Western Union to work directly with retail agents, directly manage the brand and operations, and operate more cost-efficiently. Additionally, the acquisition better positions Western Union for the upcoming adoption of the Payment Services Directive throughout the European Union.
In April, the Obama Administration announced its plan to ease restrictions limiting the ability of U.S. consumers to send money to Cuba. Western Union has been providing money transfer services to Cuba since 1999 through its more than 150 agent locations in Cuba. Western Union is ideally positioned and its Cuban agent locations are fully operational and ready to support expanded money transfer services.
Key agent signings included:
 
 	•	 	U.S. Bank with 2,791 locations in 24 states	
 
 	•	 	Check N’ Go, 1,300 locations in 30 states	
 
 	•	 	Check into Cash, with over 1,000 locations in the U.S.	
Outlook
Gold said, “We believe 2009 is a year of opportunity, one where financially strong companies and world-class brands will increase separation from their peers. In Western Union’s case, we are using our financial strength to increase the pace of investments like those in the new yes! campaign, mobile, westernunion.com, intra and Payment Services Directive opportunities. We are increasing our focus on opportunities in underpenetrated markets like Asia. Finally, we are using our brand and scale to be a partner of choice with banks, thereby diversifying our channel and broadening our market opportunity. Given these initiatives, we are targeting a 27% operating margin for the full year.
“We were pleased with our first quarter performance. With one quarter complete, we reaffirm our 2009 outlook recognizing that throughout this year the economic environment remains challenging and uncertain.”
The company expects constant currency revenue to be down 2% to 5%; GAAP revenue to be down 5% to 8%; constant currency EPS of $1.16 to $1.26; GAAP EPS of $1.18 to $1.28; and cash flow from operations to exceed $1.1 billion.
 
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Non-GAAP Measures
Western Union’s management presents revenue declines constant currency adjusted, earnings per share and net income growth excluding 2008 restructuring expenses, earnings per share constant currency adjusted, 2009 operating income growth and 2008 margin excluding 2008 restructuring expenses, consumer-to-consumer segment revenue growth constant currency adjusted, international consumer-to-consumer revenue growth constant currency adjusted, international consumer-to-consumer excluding United States originated transactions revenue growth constant currency adjusted, consumer-to-consumer principal per transaction declines constant currency adjusted, consumer-to-consumer cross-border principal growth constant currency adjusted and 2009 revenue and earnings per share constant currency adjusted guidance which are non-GAAP measures, because management believes they provide more meaningful information.
Reconciliations of non-GAAP to comparable GAAP measures are available in the accompanying schedules and in the “Investor Relations” section of the company’s web site at www.westernunion.com.
Currency
Constant currency results exclude any benefit or loss caused by foreign exchange fluctuations between foreign currencies and the U.S. dollar, net of foreign currency hedges, which would not have occurred if there had been a constant currency rate. The results also assume the impact of fluctuations in foreign currency derivatives not designated as hedges and the portion of fair value that is excluded from the measure of effectiveness for those contracts designated as hedges is consistent with the prior year.
Restructuring Expenses
In the first quarter of 2008, Western Union incurred $24 million in restructuring expenses. In that quarter, $22 million was included in cost of services and $2 million was included in selling, general and administrative expense. The restructuring expenses were not included in the operating segments results.
Restructuring expenses include expenses related to severance, outplacement and other employee-related benefits; facility closure and migration of IT infrastructure; and other expenses related to relocation of various operations to existing company facilities and third-party providers.
Investor and Analyst Conference Call and Slide Presentation
Western Union President and Chief Executive Officer Christina Gold will host a conference call and webcast including slides, at 8:30 a.m. Eastern Time today. Joining Christina on the conference call will be Scott Scheirman, Executive Vice President and Chief Financial Officer. To listen to the conference call live via telephone, dial 866-713-8565 (U.S.) or +1-617-597-5324 (outside the U.S.) ten minutes prior to the start of the call. The pass code is 40823729.
The conference call and accompanying slides will be available via webcast at http://ir.westernunion.com/investor . Registration for the event is required, so please allow at least five minutes to register prior to the scheduled start time.
A replay of the call will be available one hour after the call ends through April 28, 2009, at 5:00 p.m. Eastern Time at 888-286-8010 (U.S.) or +1-617-801-6888 (outside the U.S.). The pass code is 48640636. A webcast replay will be available at http://ir.westernunion.com/investor for the same time period.
 
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Please note: All statements made by Western Union officers on this call are the property of Western Union and subject to copyright protection. Other than the replay, Western Union has not authorized, and disclaims responsibility for, any recording, replay or distribution of any transcription of this call.
Safe Harbor Compliance Statement for Forward-Looking Statements
This press release 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 press release 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 under “Risk Factors” included within the Annual Report on Form 10-K for the year ended December 31, 2008. 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 general economic conditions and economic conditions in the geographic regions and industries in which we operate; adverse movements and volatility in capital markets and other events which affect our liquidity, the liquidity of our agents, or the value of, or our ability to recover our investments; changes in immigration laws, patterns and other factors related to migrants; technological changes, particularly with respect to e-commerce; 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 and terrorist financing; our ability to attract and retain qualified key employees and to manage our workforce successfully; changes in foreign exchange rates, including the impact of the regulation of foreign exchange spreads on money transfers; political conditions and related actions in the United States and abroad which may adversely affect our businesses and economic conditions as a whole; failure to maintain sufficient amounts or types of regulatory capital to meet the changing requirements of our various regulators worldwide; significantly lower growth or declines in the money transfer market and other markets in which we operate; failure to implement agent contracts according to schedule; our ability to maintain our agent network and biller relationships under terms consistent with or more advantageous to us than those currently in place; interruptions of United States government relations with countries in which we have or are implementing material agent contracts; deterioration in consumers’ and clients’ confidence in our business, or in money transfer providers generally; failure to manage credit and fraud risks presented by our agents and consumers or non performance of our financial services providers and insurance carriers; adverse rating actions by credit rating agencies; liabilities and unanticipated developments resulting from litigation and regulatory investigations and similar matters, including costs, expenses, settlements and judgments; changes in United States or foreign laws, rules and regulations including the Internal Revenue Code, and governmental or judicial interpretations thereof; our ability to favorably resolve tax matters with the Internal Revenue Service and other tax jurisdictions; changes in industry standards affecting our business; changes in accounting standards, rules and interpretations; failure to compete effectively in the money transfer industry with respect to global and niche or corridor money transfer providers, banks and other nonbank money transfer services providers, including telecommunications providers, card associations and card-based payment providers; our ability to grow our core businesses; our
 
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ability to develop and introduce new products, services and enhancements, and gain market acceptance of such products; our ability to protect our brands and our other intellectual property rights; our ability to manage the potential both for patent protection and patent liability in the context of a rapidly developing legal framework for intellectual property protection; any material breach of security of or interruptions in any of our systems; mergers, acquisitions and integration of acquired businesses and technologies into our company and the realization of anticipated synergies from these acquisitions; adverse consequences from our spin-off from First Data Corporation, including resolution of certain ongoing matters; 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; decisions to change our business mix; cessation of various services provided to us by third-party vendors; catastrophic events; and management’s ability to identify and manage these and other risks.
About Western Union
The Western Union Company (NYSE: WU) is a leader in the money transfer segment of global payments. Together with its Orlandi Valuta and Vigo branded money transfer services, Western Union provides consumers with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders. It operates through a network of more than 379,000 Agent locations in over 200 countries and territories. Famous for its pioneering telegraph services, the original Western Union dates back to 1851. For more information, visit www.westernunion.com.
WU-G, WU-F
 
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THE WESTERN UNION COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
(unaudited)

 	  	Three Months Ended
March 31,	 	
 	  	2009	 	 	2008	 	 	Change	 	
Revenues:	  				 				 			
Transaction fees	  	$	958.5	 	 	$	1,020.8	 	 	-6	%	
Foreign exchange revenue	  	 	205.1	 	 	 	210.0	 	 	-2	%	
Commission and other revenues	  	 	37.6	 	 	 	35.1	 	 	7	%	
	  	 	 	 	 	 	 	 	 			
Total revenues	  	 	1,201.2	 	 	 	1,265.9	 	 	-5	%	
				
Expenses:	  				 				 			
Cost of services (a)	  	 	669.1	 	 	 	758.6	 	 	-12	%	
Selling, general and administrative (a)	  	 	191.2	 	 	 	198.0	 	 	-3	%	
	  	 	 	 	 	 	 	 	 			
Total expenses	  	 	860.3	 	 	 	956.6	 	 	-10	%	
				
Operating income	  	 	340.9	 	 	 	309.3	 	 	10	%	
				
Other income/(expense):	  				 				 			
Interest income	  	 	3.7	 	 	 	17.7	 	 	-79	%	
Interest expense	  	 	(40.0	)	 	 	(45.0	)	 	-11	%	
Derivative (losses)/gains, net	  	 	(3.6	)	 	 	6.8	 	 	(b	)	
Other income, net	  	 	4.2	 	 	 	3.7	 	 	14	%	
	  	 	 	 	 	 	 	 	 			
Total other expense, net	  	 	(35.7	)	 	 	(16.8	)	 	112	%	

Income before income taxes	  	 	305.2	 	 	 	292.5	 	 	4	%	
Provision for income taxes	  	 	81.3	 	 	 	85.4	 	 	-5	%	

Net income	  	$	223.9	 	 	$	207.1	 	 	8	%	

Earnings per share:	  				 				 			
Basic	  	$	0.32	 	 	$	0.28	 	 	14	%	
Diluted	  	$	0.32	 	 	$	0.27	 	 	19	%	
				
Weighted-average shares outstanding:	  				 				 			
Basic	  	 	707.1	 	 	 	746.7	 	 			
Diluted	  	 	708.0	 	 	 	756.8	 	 			

(a)	For the three months ended March 31, 2008, cost of services and selling, general and administrative expenses include restructuring and related expenses of $22.4 million and $1.8 million, respectively.	
(b)	Calculation not meaningful	
 
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THE WESTERN UNION COMPANY
CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)
(unaudited)

 	  	March 31,
2009	 	 	December 31,
2008	 	
Assets	  				 				
Cash and cash equivalents	  	$	1,510.0	 	 	$	1,295.6	 	
Settlement assets	  	 	1,182.2	 	 	 	1,207.5	 	
Property and equipment, net of accumulated depreciation of $296.7 and $284.0, respectively	  	 	192.4	 	 	 	192.3	 	
Goodwill	  	 	1,852.9	 	 	 	1,674.2	 	
Other intangible assets, net of accumulated amortization of $287.7 and $276.5, respectively	  	 	401.8	 	 	 	350.6	 	
Other assets	  	 	514.7	 	 	 	858.1	 	
	  	 	 	 	 	 	 	 	
Total assets	  	$	5,654.0	 	 	$	5,578.3	 	

Liabilities and Stockholders’ Equity/(Deficiency)	  				 				
Liabilities:	  				 				
Accounts payable and accrued liabilities	  	$	390.0	 	 	$	385.7	 	
Settlement obligations	  	 	1,182.2	 	 	 	1,207.5	 	
Income taxes payable	  	 	451.6	 	 	 	381.6	 	
Deferred tax liability, net	  	 	271.0	 	 	 	270.1	 	
Borrowings	  	 	3,056.6	 	 	 	3,143.5	 	
Other liabilities	  	 	188.7	 	 	 	198.0	 	
	  	 	 	 	 	 	 	 	
Total liabilities	  	 	5,540.1	 	 	 	5,586.4	 	
			
Stockholders’ equity/(deficiency):	  				 				
Preferred stock, $1.00 par value; 10 shares authorized; no shares issued	  	 	—  	 	 	 	—  	 	
Common stock, $0.01 par value; 2,000 shares authorized; 701.2 shares and 709.6 shares, respectively, issued and outstanding	  	 	7.0	 	 	 	7.1	 	
Capital deficiency	  	 	(1.5	)	 	 	(14.4	)	
Retained earnings	  	 	153.1	 	 	 	29.2	 	
Accumulated other comprehensive loss	  	 	(44.7	)	 	 	(30.0	)	
	  	 	 	 	 	 	 	 	
Total stockholders’ equity/(deficiency)	  	 	113.9	 	 	 	(8.1	)	
	  	 	 	 	 	 	 	 	
Total liabilities and stockholders’ equity/(deficiency)	  	$	5,654.0	 	 	$	5,578.3	 	

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THE WESTERN UNION COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)

 	  	Three Months Ended
March 31,	 	
 	  	2009	 	 	2008	 	
CASH FLOWS FROM OPERATING ACTIVITIES	  				 				
Net income	  	$	223.9	 	 	$	207.1	 	
Adjustments to reconcile net income to net cash provided by operating activities:	  				 				
Depreciation and amortization	  	 	35.7	 	 	 	32.8	 	
Stock compensation expense	  	 	8.4	 	 	 	7.7	 	
Other non-cash items, net	  	 	13.5	 	 	 	4.2	 	
Increase/(decrease) in cash, excluding the effects of acquisitions, resulting from changes in:	  				 				
Other assets	  	 	20.6	 	 	 	(28.1	)	
Accounts payable and accrued liabilities	  	 	(8.2	)	 	 	36.4	 	
Income tax payable	  	 	68.9	 	 	 	58.1	 	
Other liabilities	  	 	(6.2	)	 	 	(0.2	)	
	  	 	 	 	 	 	 	 	
Net cash provided by operating activities	  	 	356.6	 	 	 	318.0	 	
			
CASH FLOWS FROM INVESTING ACTIVITIES	  				 				
Capitalization of contract costs	  	 	(3.2	)	 	 	(7.1	)	
Capitalization of purchased and developed software	  	 	(2.2	)	 	 	(5.6	)	
Purchases of property and equipment	  	 	(10.4	)	 	 	(10.8	)	
Acquisition of business, net of cash acquired	  	 	(143.6	)	 	 	—  	 	
Proceeds from receivable for securities sold	  	 	193.6	 	 	 	—  	 	
Notes receivable issued to agents	  	 	—  	 	 	 	(0.3	)	
Repayments of notes receivable issued to agents	  	 	5.4	 	 	 	5.5	 	
	  	 	 	 	 	 	 	 	
Net cash provided by/(used in) investing activities	  	 	39.6	 	 	 	(18.3	)	
			
CASH FLOWS FROM FINANCING ACTIVITIES	  				 				
Net repayments of commercial paper	  	 	(82.8	)	 	 	(11.3	)	
Net proceeds from net borrowings under credit facilities	  	 	—  	 	 	 	49.8	 	
Net proceeds from issuance of borrowings	  	 	496.6	 	 	 	—  	 	
Principal payments on borrowings	  	 	(500.0	)	 	 	—  	 	
Proceeds from exercise of options	  	 	4.5	 	 	 	61.5	 	
Common stock repurchased	  	 	(100.1	)	 	 	(297.4	)	
	  	 	 	 	 	 	 	 	
Net cash used in financing activities	  	 	(181.8	)	 	 	(197.4	)	
			
Net change in cash and cash equivalents	  	 	214.4	 	 	 	102.3	 	
Cash and cash equivalents at beginning of period	  	 	1,295.6	 	 	 	1,793.1	 	
	  	 	 	 	 	 	 	 	
Cash and cash equivalents at end of period	  	$	1,510.0	 	 	$	1,895.4	 	

10

THE WESTERN UNION COMPANY
SUMMARY SEGMENT DATA
(in millions)
(unaudited)

 	  	Three Months Ended
March 31,	 	
 	  	2009	 	 	2008	 	 	Change	 	
Revenues:	  				 				 			
Consumer-to-Consumer:	  				 				 			
Transaction fees	  	$	785.6	 	 	$	834.6	 	 	-6	%	
Foreign exchange revenue	  	 	204.3	 	 	 	209.3	 	 	-2	%	
Other revenues	  	 	13.8	 	 	 	9.9	 	 	39	%	
	  	 	 	 	 	 	 	 	 			
Total Consumer-to-Consumer:	  	 	1,003.7	 	 	 	1,053.8	 	 	-5	%	
				
Consumer-to-Business:	  				 				 			
Transaction fees	  	 	163.0	 	 	 	176.6	 	 	-8	%	
Other revenues	  	 	11.2	 	 	 	13.2	 	 	-15	%	
	  	 	 	 	 	 	 	 	 			
Total Consumer-to-Business:	  	 	174.2	 	 	 	189.8	 	 	-8	%	
				
Total Other Revenue:	  	 	23.3	 	 	 	22.3	 	 	4	%	
	  	 	 	 	 	 	 	 	 			
Total consolidated revenues	  	$	1,201.2	 	 	$	1,265.9	 	 	-5	%	

Operating income:	  				 				 			
Consumer-to-Consumer	  	$	286.7	 	 	$	273.3	 	 	5	%	
Consumer-to-Business	  	 	50.5	 	 	 	56.2	 	 	-10	%	
Other	  	 	3.7	 	 	 	4.0	 	 	-8	%	
	  	 	 	 	 	 	 	 	 			
Total segment operating income	  	$	340.9	 	 	$	333.5	 	 	2	%	
Restructuring and related expenses	  	 	—  	 	 	 	(24.2	)	 	(a	)	
	  	 	 	 	 	 	 	 	 			
Total consolidated operating income	  	$	340.9	 	 	$	309.3	 	 	10	%	

Operating income margin:	  				 				 			
Consumer-to-Consumer	  	 	28.6	%	 	 	25.9	%	 	270	 bp	
Consumer-to-Business	  	 	29.0	%	 	 	29.6	%	 	(60	) bp	
Other	  	 	15.9	%	 	 	17.9	%	 	(200	) bp	
Total consolidated operating income margin	  	 	28.4	%	 	 	24.4	%	 	400	 bp	
				
Depreciation and amortization:	  				 				 			
Consumer-to-Consumer	  	$	29.8	 	 	$	26.1	 	 	14	%	
Consumer-to-Business	  	 	4.7	 	 	 	5.1	 	 	-8	%	
Other	  	 	1.2	 	 	 	1.1	 	 	9	%	
	  	 	 	 	 	 	 	 	 			
Total segment depreciation and amortization	  	$	35.7	 	 	$	32.3	 	 	11	%	
Restructuring and related expenses	  	 	—  	 	 	 	0.5	 	 	(a	)	
	  	 	 	 	 	 	 	 	 			
Total consolidated depreciation and amortization	  	$	35.7	 	 	$	32.8	 	 	9	%	

(a)	Calculation not meaningful	
 
11

THE WESTERN UNION COMPANY
KEY INDICATORS
(in millions)
(unaudited)

 	  	Three Months Ended
March 31,	 	
 	  	2009	  	2008	  	Change	 	
Transactions	  			  			  			
Consumer-to-Consumer	  	 	45.9	  	 	43.1	  	7	%	
Consumer-to-Business	  	 	105.9	  	 	103.5	  	2	%	
				
Revenue	  			  			  			
Consumer-to-Consumer	  	$	1,003.7	  	$	1,053.8	  	(5	)%	
Consumer-to-Business	  	$	174.2	  	$	189.8	  	(8	)%	

 	  	Three Months Ended
March 31, 2009	 	
Consumer-to-Consumer Transaction Growth/(Decline) (a)	  			
EMEASA	  	15	%	
Americas	  	(3	)%	
APAC	  	25	%	
Consumer-to-Consumer	  	7	%	
		
Consumer-to-Consumer Revenue (Decline)/Growth (a)	  			
EMEASA	  	(4	)%	
Americas	  	(7	)%	
APAC	  	3	%	
Consumer-to-Consumer	  	(5	)%	
		
 	  	Three Months Ended
March 31, 2009	 	
Consumer-to-Consumer Transaction Growth/(Decline)	  			
International (b)	  	11	%	
Domestic (c)	  	(7	)%	
Mexico (d)	  	(9	)%	
Consumer-to-Consumer	  	7	%	
		
Consumer-to-Consumer Revenue Decline	  			
International (b)	  	(3	)%	
Domestic (c)	  	(10	)%	
Mexico (d)	  	(10	)%	
Consumer-to-Consumer	  	(5	)%	

(a)	In determining the revenue and transaction growth rates under this regional view, the geographic split is determined based upon the region where the money transfer is initiated and the region where the money transfer is paid, with each transaction and the related revenue being split 50% between the two regions. For those money transfer transactions that are initiated and paid in the same region, 100% of the revenue is attributed to that region.	
(b)	Represents transactions between and within foreign countries (excluding Canada and Mexico), transactions originated in the United States or Canada and paid elsewhere, and transactions originated outside the United States or Canada and paid in the United States or Canada. Excludes all transactions between or within the United States and Canada and all transactions to and from Mexico as reflected in (c) and (d) below.	
(c)	Represents all transactions between and within the United States and Canada.	
(d)	Represents all transactions to and from Mexico.	
 
12

THE WESTERN UNION COMPANY
RECONCILIATION OF NON-GAAP MEASURES
(in millions, except per share amounts)
(unaudited)
Western Union’s management has presented: (1) Earnings per share growth, net income growth, 2009 operating income growth and 2008 operating income margin, excluding 2008 restructuring and related expenses; (2) Consolidated and consumer-to-consumer segment revenue growth, international consumer-to-consumer revenue growth and international consumer-to-consumer excluding United States originated transactions revenue growth, excluding the impact of translating foreign currency denominated amounts into United States dollars; (3) Earnings per share, excluding the impact of translating foreign currency denominated amounts into United States dollars; (4) Consumer-to-consumer principal per transaction declines and consumer-to-consumer cross-border principal growth, excluding the impact of translating foreign currency denominated amounts into United States dollars; (5) 2009 revenue outlook, excluding the estimated impact of translating foreign currency denominated amounts into United States dollars; and (6) 2009 EPS outlook, excluding the estimated impact of translating foreign currency denominated amounts into United States dollars. Western Union’s management believes these non-GAAP measures 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.
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.

 	  	Three Months Ended
March 31,	
 	  	2009	 	 	2008	
Net income, as reported (GAAP)	  	$	223.9	 	 	$	207.1	
			
Adjustment:	  				 			
Restructuring and related expenses, net of income tax benefit of $9.1 million for the three months ended March 31, 2008 (a)	  	 	—  	 	 	 	15.1	

Net income, adjusted	  	$	223.9	 	 	$	222.2	

Earnings per share (“EPS”):	  				 			
As reported (GAAP)	  	$	0.32	 	 	$	0.27	
Restructuring and related expenses (a)	  	 	—  	 	 	 	0.02	
	  	 	 	 	 	 	 	
Adjusted	  	$	0.32	 	 	$	0.29	

Diluted weighted-average shares outstanding	  	 	708.0	 	 	 	756.8	
			
Growth:	  				 			
Net income, as reported (GAAP)	  	 	8	%	 			
Net income, adjusted	  	 	1	%	 			
			
EPS, as reported (GAAP)	  	 	19	%	 			
EPS, adjusted	  	 	10	%	 			
 
Refer to footnote explanations at the end of this “Reconciliation of Non-GAAP Measures” section.
 
13

THE WESTERN UNION COMPANY
RECONCILIATION OF NON-GAAP MEASURES
(in millions)
(unaudited)

 	  	Three Months Ended
March 31,	 	
 	  	2009	 	 	2008	 	
Revenues	  	$	1,201.2	 	 	$	1,265.9	 	

Operating income, as reported (GAAP)	  	$	340.9	 	 	$	309.3	 	
			
Adjustment:	  				 				
Restructuring and related expenses (a)	  	 	—  	 	 	 	24.2	 	

Operating income, adjusted	  	$	340.9	 	 	$	333.5	 	

Operating income growth, as reported (GAAP)	  	 	10	%	 				
Operating income growth, adjusted	  	 	2	%	 				
			
Operating income margin, as reported (GAAP)	  	 	28.4	%	 	 	24.4	%	
Operating income margin, adjusted	  	 	28.4	%	 	 	26.3	%	
 
Refer to footnote explanations at the end of this “Reconciliation of Non-GAAP Measures” section.
 
14

THE WESTERN UNION COMPANY
RECONCILIATION OF NON-GAAP MEASURES
(in millions)
(unaudited)

 	 	Three Months Ended March 31,	 	
 	 	Consolidated	 	 	Consumer-to-Consumer
Segment	 	 	International
Consumer-to-Consumer	 	 	International
Consumer-to-Consumer
excluding
United States
originated
transactions	 	
2009 Revenues, as reported (GAAP)	 	$	1,201.2	 	 	$	1,003.7	 	 	$	814.8	 	 	$	654.8	 	
					
Adjustments:	 				 				 				 				
					
Reversal of impact from translation of foreign currency denominated amounts into United States dollars (b)	 	 	60.7	 	 	 	57.9	 	 	 	55.7	 	 	 	55.7	 	

2009 Revenues, adjusted	 	$	1,261.9	 	 	$	1,061.6	 	 	$	870.5	 	 	$	710.5	 	

2008 Revenues, as reported (GAAP)	 	$	1,265.9	 	 	$	1,053.8	 	 	$	843.8	 	 	$	677.0	 	
					
Revenue decrease, as reported (GAAP)	 	 	(5	)%	 	 	(5	)%	 	 	(3	)%	 	 	(3	)%	
Revenue growth, adjusted	 	 	0	%	 	 	1	%	 	 	3	%	 	 	5	%	
 
Refer to footnote explanations at the end of this “Reconciliation of Non-GAAP Measures” section.
 
15

THE WESTERN UNION COMPANY
RECONCILIATION OF NON-GAAP MEASURES
(in millions, except per share amounts)
(unaudited)

 	  	Three Months Ended
March 31,	
 	  	2009	
Net income, as reported (GAAP)	  	$	223.9	
		
Adjustment:	  			
		
Reversal of impact from translation of foreign currency denominated amounts into United States dollars, net of income tax expense of $4.0 million (b)	  	 	9.3	
	  	 	 	
Net income adjusted	  	$	233.2	

Earnings per share (“EPS”):	  			
As reported (GAAP)	  	$	0.32	
Impact from translation of foreign currency denominated amounts into United States dollars (b)	  	 	0.01	
	  	 	 	
Adjusted	  	$	0.33	

Diluted weighted-average shares outstanding	  	 	708.0	
 	  			
Refer to footnote explanations at the end of this “Reconciliation of Non-GAAP Measures” section.
 
16

THE WESTERN UNION COMPANY
RECONCILIATION OF NON-GAAP MEASURES
(unaudited)

 	  	Three Months Ended
March 31,	
 	  	2009	 	 	2008	
Consumer-to-consumer principal per transaction	  	$	358	 	 	$	396	
			
Adjustment:	  				 			
Reversal of impact from translation of foreign currency denominated amounts into United States dollars (b)	  	 	26	 	 	 	—  	

Consumer-to-consumer principal per transaction, adjusted	  	$	384	 	 	$	396	

Consumer-to-consumer principal per transaction decline, as reported (GAAP)	  	 	(10	)%	 			
Consumer-to-consumer principal per transaction decline, adjusted	  	 	(3	)%	 			
 
Refer to footnote explanations at the end of this “Reconciliation of Non-GAAP Measures” section.
 
17

THE WESTERN UNION COMPANY
RECONCILIATION OF NON-GAAP MEASURES
(in billions)
(unaudited)

 	  	Three Months Ended
March 31,	
 	  	2009	 	 	2008	
Consumer-to-consumer cross-border principal	  	$	15.0	 	 	$	15.5	
			
Adjustment:	  				 			
			
Reversal of impact from translation of foreign currency denominated amounts into United States dollars (b)	  	 	1.1	 	 	 	—  	

Consumer-to-consumer cross-border principal, adjusted	  	$	16.1	 	 	$	15.5	

Consumer-to-consumer cross-border principal decline, as reported (GAAP)	  	 	(3	)%	 			
Consumer-to-consumer cross-border principal growth, adjusted	  	 	4	%	 			
 
Refer to footnote explanations at the end of this “Reconciliation of Non-GAAP Measures” section.
 
18

THE WESTERN UNION COMPANY
RECONCILIATION OF NON-GAAP MEASURES
(unaudited)

2009 Revenue Outlook	  				 				
		
 	  	Range	 	
Revenue decreases GAAP basis	  	 	(5	)%	 	 	(8	)%	
			
Adjustments:	  				 				
Reversal of estimated impact of translation of foreign currency denominated amounts into United States dollars (c)	  	 	3	%	 	 	3	%	

Adjusted estimated revenue declines	  	 	(2	)%	 	 	(5	)%	

2009 EPS Outlook	  				 				
		
 	  	Range	 	
EPS guidance GAAP basis (includes $0.02 of dilution for agent acquisition)	  	$	1.18	 	 	$	1.28	 	
			
Adjustments:	  				 				
Reversal of estimated impact from translation of foreign currency denominated amounts into United States dollars (c)	  	 	(0.02	)	 	 	(0.02	)	

Adjusted EPS guidance (includes $0.02 of dilution for agent acquisition)	  	$	1.16	 	 	$	1.26	 	

Refer to footnote explanations at the end of this “Reconciliation of Non-GAAP Measures” section.
 
19

THE WESTERN UNION COMPANY
RECONCILIATION OF NON-GAAP MEASURES
(unaudited)
 
(a)	2008 restructuring and related expenses relate to severance, outplacement and other employee related benefits; facility closure and migration of IT infrastructure; and other expenses related to relocation of various operations to existing Company facilities and third party providers. The restructuring and related expenses are included in cost of services and selling, general and administrative expense lines of the consolidated statements of income, and are not allocated to the segments.	
(b)	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. In addition, to compute constant currency earnings per share, the Company assumes the impact of fluctuations in foreign currency derivatives not designated as hedges and the portion of fair value that is excluded from the measure of effectiveness for those contracts designated as hedges was consistent with the prior year.	
(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. In addition, to compute constant currency earnings per share, the Company assumes the estimated impact of fluctuations in foreign currency derivatives not designated as hedges and the portion of fair value that is excluded from the measure of effectiveness for those contracts designated as hedges is consistent with the prior year.	
 
20

First Quarter 2009
Earnings Webcast & Conference Call
April 21, 2009
Exhibit 99.2	

Gary Kohn
Vice President Investor Relations	

3
Safe Harbor
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 under "Risk Factors" included within the Annual Report on Form 10-K for the year ended December 31, 2008. 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
general economic conditions and economic conditions in the geographic regions and industries in which we operate; adverse movements and volatility in capital markets and
other events which affect our liquidity, the liquidity of our agents, or the value of, or our ability to recover our investments; changes in immigration laws, patterns and other factors
related to migrants; technological changes, particularly with respect to e-commerce; 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 and terrorist financing; our ability to attract and
retain qualified key employees and to manage our workforce successfully; changes in foreign exchange rates, including the impact of the regulation of foreign exchange spreads
on money transfers; political conditions and related actions in the United States and abroad which may adversely affect our businesses and economic conditions as a whole;
failure to maintain sufficient amounts or types of regulatory capital to meet the changing requirements of our various regulators worldwide; significantly lower growth or declines in
the money transfer market and other markets in which we operate; failure to implement agent contracts according to schedule; our ability to maintain our agent network and biller
relationships under terms consistent with or more advantageous to us than those currently in place; interruptions of United States government relations with countries in which we
have or are implementing material agent contracts; deterioration in consumers' and clients' confidence in our business, or in money transfer providers generally; failure to manage
credit and fraud risks presented by our agents and consumers or non performance of our financial services providers and insurance carriers; adverse rating actions by credit
rating agencies; liabilities and unanticipated developments resulting from litigation and regulatory investigations and similar matters, including costs, expenses, settlements and
judgments; changes in United States or foreign laws, rules and regulations including the Internal Revenue Code, and governmental or judicial interpretations thereof; our ability to
favorably resolve tax matters with the Internal Revenue Service and other tax jurisdictions; changes in industry standards affecting our business; changes in accounting
standards, rules and interpretations; failure to compete effectively in the money transfer industry with respect to global and niche or corridor money transfer providers, banks and
other nonbank money transfer services providers, including telecommunications providers, card associations and card-based payment providers; our ability to grow our core
businesses; our ability to develop and introduce new products, services and enhancements, and gain market acceptance of such products; our ability to protect our brands and
our other intellectual property rights; our ability to manage the potential both for patent protection and patent liability in the context of a rapidly developing legal framework for
intellectual property protection; any material breach of security of or interruptions in any of our systems; mergers, acquisitions and integration of acquired businesses and
technologies into our company and the realization of anticipated synergies from these acquisitions; adverse consequences from our spin-off from First Data Corporation, including
resolution of certain ongoing matters; 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; decisions to change our business mix; cessation of various services provided to us by third-party vendors; catastrophic
events; and management's ability to identify and manage these and other risks. 	

Christina Gold
President & Chief Executive Officer	

5
Financial Results –
Q1 2009
Revenue
$1.2B                   (5)%
Note: See appendix for reconciliation of Non-GAAP to GAAP measures.
EPS
$0.32
19%  
Revenue,
constant
currency
flat
EPS,
excluding
Q1
2008
restructuring
10%
EPS,
constant
currency
$0.33
Strong margins and cash flow	

6
24.4%
26.3%
28.4%
Note: See appendix for reconciliation of Non-GAAP to GAAP measures.
Financial Results –
Q1 2009
Financial Results –
Q1 2009
Q1 2008
Reported
Q1 2008
Excluding
Restructuring
Q1 2009
Reported
Operating Margin
Cost savings initiatives
Headcount reductions
Position relocations
Selectively lowering commissions
Consolidation of C2C regions
Timing of 2009 investments
Generated $357 million of Cash
Flow from Operations
Industry leading operating margin
Industry leading operating margin	

7
2009 –
Year of Opportunity
C2C transactions up 7% in Q1
FEXCO acquisition
U.S. Bank agreement
Fidelity
National
Information
Service
agreement
Financial strength as strategic asset
Invest to gain market share	

8
Geographically Diverse Portfolio
Revenue
Transactions
Q1 09
(4)%
15%
Europe, Middle East, Africa, S. Asia
43% of Western Union revenue
Revenue impacted by currency fluctuations
Europe slowed moderately
Gulf States and India among fastest growers
Investing in market share opportunities
Payment Services Directive
Acquired FEXCO money transfer business	

9
Geographically Diverse Portfolio
Revenue
Transactions
Q1 09
Americas
(7)%
(3)%
33% of Western Union revenue
Mexico and domestic challenged in 2009
U.S outbound stable
New “Go-to-Market”
strategy
Combined U.S. and Latin American organizations
U.S. Bank
Fidelity National Information Service	

10
Geographically Diverse Portfolio
Revenue
Transactions
Q1 09
Asia Pacific
3%
25%
8% of Western Union revenue
China slowed sequentially due to fewer small enterprise transfers
Increased focus on China strategy
Philippines inbound remittance growth remained strong
Asia Pacific region represents significant long-term opportunity	

11
Revenue
Transactions
Q1 09
C2B/Payments
(8)%
2%
Nearly 90% of revenue is U.S. derived
International and product expansion is key
Real-time offering with Yodlee
and Fidelity National Information Services
New leadership
Expand the C2B/Payments Business
Expand the C2B/Payments Business	

12
Proven Business Model
Performing well in challenging environment
World class brand
Diverse network across 200 countries and territories
Strong balance sheet, cash flow and margin	

Scott Scheirman
Executive Vice President
& Chief Financial Officer	

14
Financial Results –
Q1 2009
Revenue
$1.2B                   (5)%
Note: See appendix for reconciliation of Non-GAAP to GAAP measures.
EPS
$0.32
19%  
Revenue,
constant
currency
flat
EPS,
excluding
Q1
2008
restructuring
10%
EPS,
constant
currency
$0.33
Q1 results in-line with expectations	

15
Transaction Fee
Components of Revenue
$ in millions
Q1 08
Q1 09
Foreign Exchange
Q1 08
Q1 09
$1,021
$959
(6)%
$210
$205
(2)%	

16
Consumer-to-Consumer
Q1 2009
Change
(millions)
Transactions
46
7%
Revenue
$1,004
(5)%
Revenue, constant currency
1%
Note: See appendix for reconciliation of Non-GAAP to GAAP measures.
Operating Income
5%
Operating Margin
270 bp
28.6%
$287
84% of revenue	

1%
(5)%
7%
Transaction
Growth
Mix
Price
Reductions
Constant
Currency
Revenue
Growth
Currency
Impact
Reported
Revenue
Growth
17
C2C Transaction and Revenue Growth
Note: See appendix for reconciliation of Non-GAAP to GAAP measures.
Q1 2009	

18
Strong C2C Operating Margin
2008
2009
25.9%
28.6%
270 bp
First Quarter
Call center relocations
Workforce reductions
Combining of C2C regions
Expense management	

19
Consumer-to-Business/Payments
Q1 2009
Change
(millions)
Transactions
106
2%
Revenue
$174
(8)%
Operating Income
$50
(10)%
Operating Margin
29%
(60) bp
14% of revenue	

20
Cost of Services –
Improving as Percent of Revenue
Note: See appendix for reconciliation of Non-GAAP to GAAP measures.
59.9%
58.2%
55.7%
2008
Reported
2009
Reported
2008
Excl. Restructuring
First Quarter	

21
SG&A –
Consistent as Percent of Revenue
Note: See appendix for reconciliation of Non-GAAP to GAAP measures.
2008
Reported
2009
Reported
2008
Excl. Restructuring
First Quarter
15.6%
15.5%
15.9%	

22
24.4%
26.3%
28.4%
Improving Operating Margin
Note: See appendix for reconciliation of Non-GAAP to GAAP measures.
First Quarter
2008
Reported
2009
Reported
2008
Excl. Restructuring	

23
Improving Tax Rate
Note: See appendix for reconciliation of Non-GAAP to GAAP measures.
29.2%
29.8%
26.6%
First Quarter
2008
Reported
2009
Reported
2008
Excl. Restructuring	

24
Liquidity is a Distinct Advantage
Cash Flows From Operations, Q1 2009
$357 million
Cash Balance, March 31, 2009
$1.5 billion
Debt Balance, March 31, 2009
$3.1 billion
Capital Expenditures, Q1 2009
$16 million
$1 billion due in 2011
$500 million due in 2014
$1 billion due in 2016
$500 million due in 2036	

25
Reaffirm 2009 Outlook
Note: See appendix for reconciliation of Non-GAAP to GAAP measures.
Revenue assumptions include:
–
Mid-
to high-single digit C2C transaction growth
–
Single-digit cross-border principal growth
–
Global market share gains
–
C2C principal per transaction to decline
–
C2B trends to continue into 2009
Constant Currency Revenue to be down 2% to 5%
GAAP Revenue to be down 5% to 8%	

26
Reaffirm 2009 Outlook
Note: See appendix for reconciliation of Non-GAAP to GAAP measures.
EPS assumptions include:
–
FEXCO acquisition
–
Net other expense of $150 million
–
Tax rate of approximately 26%
–
Buyback of $400 million
–
Full-year margins of around 27%
Constant Currency EPS of $1.16 to $1.26
GAAP EPS of $1.18 to $1.28	

27
Reaffirm 2009 Outlook
Cash Flow from Operations to exceed $1.1 billion
Capital Expenditures of less than $150 million	

Christina Gold
President & Chief Executive Officer	

29
Strong Get Stronger
2009 a year of opportunity
Investing for tomorrow
More efficient regional structure with new leadership
Focus on the core and move money transfer business forward
Invest in initiatives that target broader payments market
Creating shareholder value
Setting the stage for strategic progress	

30
Building on Success –
Attract New,
Incremental Customers
Westernunion.com
Made user experience easier and faster
Expanding internationally while improving margins
Intra-country opportunities
Leverage network and high brand awareness
Banking strategy
Expand distribution and extend brand to new customers
Payment Services Directive
New classes of trade	

31
Building on Success –
Attract New,
Incremental Customers
Mobile money transfer
Signing key operators
Implementing new test
Prepaid,
reloadable
MoneyWise
Visa
card
Innovated feature –
Home Delivery
Expanding to additional cities
™
®	

32
Significant Market Opportunity
World Bank estimates remittance market returning to
growth in 2010
Mobile workforce continues to seek employment
Remittance flows remain resilient
Migrant population has increasing financial service needs
Source: World Bank March 24, 2009	

33
Western Union -
Consumer Centric Organization
Demand based product development
In-house consumer database
yes  campaign
Efficient techniques including social media
Launched globally
Commercials running in 21 languages	

34
Global Leader
Leadership position in growing market
379,000 agent locations
Well-known brand
Geographically diverse revenue stream
Scalable infrastructure
Industry-leading compliance capabilities
Solid financial position
Well positioned for long-term growth	

First Quarter 2009 Earnings
Webcast & Conference Call Appendix
April 21, 2009	

36
Non-GAAP Measures

Western Union's management has presented: (1) Consolidated and consumer-to-consumer segment revenue growth, international
consumer-to-consumer revenue growth and international consumer-to-consumer excluding United states originated transactions
revenue growth, excluding the impact of translating foreign currency denominated revenues into United States dollars;  (2) Cost of
services and selling, general and administrative as a percent of revenue, excluding 2008 restructuring and related expenses;  (3)
Earnings per share growth and 2008 operating income margin, excluding 2008 restructuring and related expenses; (4) Earnings per
share, excluding the impact of translating foreign currency denominated amounts into United States dollars; (5) Effective tax rate,
excluding the impact of the 2008 restructuring and related expenses; (6)  Consumer-to-consumer principal per transaction declines and
consumer-to-consumer cross-border principal growth, excluding the impact of translating foreign currency denominated amounts into
United States dollars;  (7) 2009 Revenue outlook, excluding the estimated impact of translating foreign currency denominated
amounts into United States dollars; and (8) 2009 EPS outlook, excluding the estimated impact of translating foreign currency
denominated amounts into United States dollars.  Western Union's management believes these non-GAAP measures 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.

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.

37
(unaudited)
THE WESTERN UNION COMPANY
RECONCILIATION OF NON-GAAP MEASURES
(in millions)
Consolidated
Consumer-to-
Consumer
segment
International
Consumer-to-
Consumer
International
Consumer-to-
Consumer excluding
United States
originated
transactions
2009 Revenues, as reported (GAAP)
$         1,201.2
$        1,003.7
814.8
$           
654.8
$                      
Reversal of impact from translation of
foreign currency denominated amounts
into United States dollars (a)
60.7
57.9
55.7
55.7
$         1,261.9
$        1,061.6
$             870.5
$                        710.5
2008 Revenues, as reported (GAAP)
$         1,265.9
$        1,053.8
843.8
$           
677.0
$                      
Revenue decrease, as reported (GAAP)
(5)%
(5)%
(3)%
(3)%
Revenue growth, adjusted
0%
1%
3%
5%
Refer to footnote explanations at the end of this "Reconciliation of Non-GAAP Measures" section.
2009 Revenues, adjusted
Three Months Ended March 31,
Adjustments:	

38
(unaudited)
THE WESTERN UNION COMPANY
RECONCILIATION OF NON-GAAP MEASURES
(in millions)
2009
2008
Revenues
$            1,201.2
$          1,265.9
$                669.1
$             758.6
Restructuring and related expenses (b)
-
(22.4)
$                669.1
$             736.2
55.7%
59.9%
55.7%
58.2%
Refer to footnote explanations at the end of this "Reconciliation of Non-GAAP Measures" section.
Three Months Ended                                              
March 31,
Cost of services as a percent of revenue, as reported
(GAAP)
Cost of services as a percent of revenue, adjusted
Cost of services, as reported (GAAP)
Adjustments:
Cost of services, adjusted	

39
(unaudited)
THE WESTERN UNION COMPANY
RECONCILIATION OF NON-GAAP MEASURES
(in millions)
2009
2008
Revenues
$          1,201.2
$      1,265.9
$             191.2
$         198.0
Restructuring and related expenses (b)
-
(1.8)
$             191.2
$         196.2
15.9%
15.6%
15.9%
15.5%
Refer to footnote explanations at the end of this "Reconciliation of Non-GAAP Measures" section.
Selling, general and administrative, as reported (GAAP)
Adjustments:
Selling, general and administrative as a percent of revenue, as reported
(GAAP)
Selling, general and administrative as a percent of revenue, adjusted
Selling, general and administrative, adjusted
Three Months Ended                                              
March 31,	

40
(unaudited)
THE WESTERN UNION COMPANY
RECONCILIATION OF NON-GAAP MEASURES
(in millions, except per share amounts)
2009
2008
$                               223.9
$                            207.1
Restructuring and related expenses, net of income
tax benefit of $9.1 million for the three months
ended March 31, 2008 (b)
-
15.1
$                               223.9
$                            222.2
As reported (GAAP)
$                                 0.32
$                              0.27
Restructuring and related expenses (b)
-
0.02
Adjusted
$                                 0.32
$                              0.29
Diluted weighted-average shares outstanding
708.0
756.8
EPS, as reported (GAAP)
19%
EPS, adjusted
10%
_______
Refer to footnote explanations at the end of this "Reconciliation of Non-GAAP Measures" section.
Earnings per share ("EPS"):
Adjustment:
Net income, adjusted
Growth:
Three Months Ended                                              
March 31,
Net income, as reported (GAAP)	

41
2009
2008
Revenues
$                  1,201.2
$                         1,265.9
$                     340.9
$                            309.3
Restructuring and related expenses (b)
-
24.2
$                     340.9
$                            333.5
Operating income margin, as reported (GAAP)
28.4%
24.4%
Operating income margin, adjusted
28.4%
26.3%
Refer to footnote explanations at the end of this "Reconciliation of Non-GAAP Measures" section.
Three Months Ended                                              
March 31,
Operating income, as reported (GAAP)
Adjustment:
Operating income, adjusted
(unaudited)
THE WESTERN UNION COMPANY
RECONCILIATION OF NON-GAAP MEASURES
(in millions)	

42
(unaudited)
THE WESTERN UNION COMPANY
RECONCILIATION OF NON-GAAP MEASURES
(in millions, except per share amounts)
Three Months Ended                                              
March 31, 2009
$
Reversal of impact from translation of foreign currency
denominated amounts into United States dollars, net of
income tax expense of $4.0 million (a)
9.3
$
As reported (GAAP)
$
Impact from translation of foreign currency
denominated amounts into United States dollars (a)
0.01
Adjusted
$
Diluted weighted-average shares outstanding
708.0
_______
Refer to footnote explanations at the end of this "Reconciliation of Non-GAAP Measures" section.
Net income, as reported (GAAP)
Adjustment:
Net income, adjusted
Earnings per share ("EPS"):
233.2
223.9
0.32
0.33	

43
(unaudited)
THE WESTERN UNION COMPANY
RECONCILIATION OF NON-GAAP MEASURES
(in millions)
2009
2008
Income before income taxes, as reported (GAAP)
$                    305.2
292.5
$                   
Adjustments:
Restructuring and related expenses (b)
-
24.2
Income before income taxes, adjusted
$                    305.2
$                    316.7
Provision for income taxes, as reported (GAAP)
$                      81.3
85.4
$                     
Adjustments:
Tax benefit on restructuring and related expenses (b)
-
9.1
Provision for income taxes, adjusted
$                      81.3
$                      94.5
Effective tax rate, as reported (GAAP)
26.6%
29.2%
Effective tax rate, adjusted
26.6%
29.8%
Refer to footnote explanations at the end of this "Reconciliation of Non-GAAP Measures" section.
Three Months Ended March 31,	

44
(unaudited)
THE WESTERN UNION COMPANY
RECONCILIATION OF NON-GAAP MEASURES
2009
2008
$                        358
$                               396
Reversal of impact from translation of foreign currency denominated
amounts into United States dollars (a)
26
-
$                        384
$                               396
Consumer-to-consumer principal per transaction decline, as reported (GAAP)
(10)%
Consumer-to-consumer principal per transaction decline, adjusted
(3)%
Refer to footnote explanations at the end of this "Reconciliation of Non-GAAP Measures" section.
Adjustment:
Three Months Ended                               
March 31,
Consumer-to-consumer principal per transaction, adjusted
Consumer-to-consumer principal per transaction	

45
(unaudited)
THE WESTERN UNION COMPANY
RECONCILIATION OF NON-GAAP MEASURES
(in billions)
2009
2008
$                       15.0
$                              15.5
Reversal of impact from translation of foreign currency denominated
amounts into United States dollars (a)
1.1
-
$                       16.1
$                              15.5
Consumer-to-consumer cross-border principal decline, as reported (GAAP)
(3)%
Consumer-to-consumer cross-border principal growth, adjusted
4%
Refer
to
footnote
explanations
at
the
end
of
this
"Reconciliation
of
Non-GAAP
Measures"
section.
Consumer-to-consumer cross-border principal, adjusted
Consumer-to-consumer cross-border principal
Adjustment:
Three Months Ended                                    
March 31,	

46
(unaudited)
THE WESTERN UNION COMPANY
RECONCILIATION OF NON-GAAP MEASURES
2009 Revenue Outlook
Revenue decreases GAAP basis
(5)%
(8)%
Adjustments:
Reversal of estimated impact of translation of
foreign currency denominated amounts into United
States dollars (c)
3%
3%
Adjusted estimated revenue declines
(2)%
(5)%
2009 EPS Outlook
$            1.18
$                1.28
Adjustments:
Reversal of estimated impact from translation of
foreign currency denominated amounts into United
States dollars (c)
(0.02)
(0.02)
$            1.16
$                1.26
Refer to footnote explanations at the end of this "Reconciliation of Non-GAAP Measures" section.
Range
Adjusted EPS guidance  (includes $0.02 of dilution for
agent acquisition)
EPS guidance GAAP basis (includes $0.02 of dilution for
agent acquisition)
Range	

47
Footnote explanations
(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
U.S. dollar, net of foreign currency hedges, which would not have occurred if there had been a constant exchange rate.  In addition, to
compute constant currency earnings per share, the Company assumes the impact of fluctuations in foreign currency derivatives not
designated as hedges and the portion of fair value that is excluded from the measure of effectiveness for those contracts designated as
hedges was consistent with the prior year.
(b)
2008 restructuring and related expenses relate to severance, outplacement and other employee related benefits; facility closure and
migration of IT infrastructure; and other expenses related to relocation of various operations to existing Company facilities and third party
providers. The restructuring and related expenses are included in cost of services and selling, general and administrative expense lines of
the consolidated statements of income, and are not included in segment results.
(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 U.S. dollar, net of foreign currency hedges, which would not have occurred if there had been a constant exchange rate. 
In addition, to compute constant currency earnings per share, the Company assumes the estimated impact of fluctuations in foreign
currency
derivatives
not
designated
as
hedges
and
the
portion
of
fair
value
that
is
excluded
from
the
measure
of
effectiveness
for
those
contracts designated as hedges is consistent with the prior year.	

48
Use of Material
The information contained in this presentation is being provided for your
convenience and information only.  This information is accurate as of
the date of its initial presentation, April 21, 2009. If you plan to use this
information for any purpose, verification of its continued accuracy is
your responsibility.  The Western Union Company assumes no duty to
update
or
revise
the
information
contained
in
this
presentation.
You
may
reproduce
information
contained
in
this
presentation
provided
you
do
not alter, edit, or delete any of the content and provided you identify the
source of the information as The Western Union Company which owns
the copyright.