Moneygram International Inc. (NASDAQ:MGI) Q2 2020 Earnings Conference Call - Final Transcript

Jul 31, 2020 • 09:00 am ET


Moneygram International Inc. (NASDAQ:MGI) Q2 2020 Earnings Conference Call - Final Transcript


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Good day, and welcome to the MoneyGram International, Inc., Second Quarter 2020 Earnings Release Conference Call. Today's conference is being recorded. [Operator Instructions]

It is now my pleasure to turn the floor over to your host, Mr. Stephen Reiff, Head of Strategy and Communications. Please go ahead, sir.

Stephen Reiff

Good morning, and thank you for joining us today. On the call with me are Alex Holmes, Chairman and Chief Executive Officer; Larry Angelilli, Chief Financial Officer; and Kamila Chytil, Chief Operating Officer and leader of the company's digital business.

On the MoneyGram Investor Relations website, you can find our earnings press release and presentation, which is intended to supplement our prepared remarks during today's call and to provide the reconciliations 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 those prepared in accordance with GAAP. They are included as additional clarifying items to aid investors in further understanding the company's performance in addition to the impact that these items and events had on 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 in today's earnings press release, and the comments made during the 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, Stephen. Good morning, and thank you all for joining us today. I certainly hope that you are all well and safe.

First and foremost, the health, safety and livelihood of our customers, employees and partners remains our top priority as the COVID-19 pandemic continues to evolve. With nearly 80% of all global remittances sent to developing countries, demand for our affordable services has never been greater as people in the developing world increasingly rely on this critical income stream.

Every day, I'm humbled to hear powerful customer stories of trials and triumphs as MoneyGram plays a central role in their lives, whether it's a health care executive sending money to its aging parents in India or a young barista helping to support her grandparents in Eastern Europe. We have a unique lens into how global macroeconomic factors impact everyday lives. I'm extremely proud of how we've come together as a company over these last few months to serve our diverse customer base of tens of millions of people who rely on our essential services for life's daily needs. As you'll hear throughout the call today, it's a very exciting time to be at MoneyGram, and I'm incredibly thankful to our global team members