Moneygram International Inc. (NASDAQ:MGI) Q3 2019 Earnings Conference Call Transcript
Nov 01, 2019 • 09:00 am ET
Good morning and welcome to the MoneyGram International Inc. Third Quarter 2019 Earnings Release Conference Call. [Operator Instructions]
It is now my pleasure to turn the floor over to your host Wendi Schlarb Head of Corporate Communications. Please go ahead.
Good morning and thank you for joining us today. On the call with me are Alex Holmes Chairman and Chief Executive Officer; and Larry Angelilli Chief Financial Officer. On the MoneyGram Investor Relations website you can find our earnings press release and financial summary slide deck which is intended to supplement our prepared remarks during today's call and provides the reconciliation of differences between GAAP and non-GAAP financial measures. We will refer to non-GAAP metrics on the call. The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. They are included as additional clarifying items to aid investors in further understanding the company's quarterly performance in addition to the impact that these items and events had on the financial results. Please note that today's call is being recorded. During this call we will be making forward-looking statements which are predictions projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed during today's earnings press release and the comments made during this conference call and in the Risk Factors section of our Form 10-K Forms 10-Q and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.
And with that I'll turn the call over to Alex.
W. Alexander Holmes
Great. Thank you Wendy. Good morning everyone and thank you for joining us today. I'd like to begin by highlighting just a few of our key accomplishments thus far in 2019. First and foremost our business transformation continues to accelerate. This has largely been driven by the continued success of our digital transition our customer service experience improvements and the geographic diversification of our revenue. While total company revenue was down on year-over-year basis on a sequential basis reported revenue has stabilized. At the same time for the quarter excluding the U.S. to U.S. business we reported positive transaction growth for total money transfer transactions led by strong growth outside of the United States. For the quarter our non-U.S. money transfer transactions reported a 7% year-over-year growth rate while also delivering a return to revenue growth. Operational efficiencies across the company continue to drive positive returns and enabled us to report $57.5 million of favorability year-to-date for adjusted non-commission expense. And finally we're proud to lead the industry in innovation becoming the first money transfer company to launch Visa Direct and also the first to utilize blockchain capabilities at scale through our strategic partnership with Ripple. I'll touch on both of these partnerships in greater detail shortly.
But before we dive into the detailed updates for