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Executives

Eric Dutcher – Director of Investor Relations

Pamela H. Patsley – Chairman and Chief Executive Officer

W. Alexander Holmes – Executive Vice President and Chief Financial Officer

Analysts

Julio Quinteros – Goldman Sachs

Robert Napoli – William Blair

Sara Gubins – Bank of America Merrill Lynch

Jim Kissane – Credit Suisse

Mike Grondahl – Piper Jaffray

Tien-Tsin Huang – J.P.Morgan

MoneyGram International, Inc. (MGI) March 2012 Investor Call March 21, 2012 9:00 AM ET

Operator

Please stand by, we are about to begin. Good morning ladies and gentlemen, welcome to the MoneyGram International March 2012 Investor Conference Call. Today’s call is being recorded. At this time all participants have been placed in a listen only mode. And the floor will be opened for your questions following the presentation. It is now my pleasure to turn the floor over to your host Eric Dutcher, Director of Investor Relations. Please go ahead, sir.

Eric Dutcher

Thank you. Good morning, everyone, and welcome. I must remind you that today’s call is being recorded and that various remarks we make about future expectations, plans and prospects constitute forward-looking statement for the purpose of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from expectations, plans and prospects contemplated in any forward looking statement as a result of various factors including those discussed in our filings with the SEC. I encourage everyone on this call to read our SEC filings including our 10-K for the year ended December 31, 2011 which was filed March 9.

With that, I’ll turn the call over to Pam.

Pamela H. Patsley

Thanks, Eric. Good morning and thanks everyone for joining us. Today we announced two senior level appointments and I wanted to take a few minutes to discuss this news with you. First, as I am sure you’ve heard by now Dutcher on the call, we have announced that Alex Holmes has been named Executive Vice President and Chief Financial Officer of the company effective immediately. Alex succeeds Jim Shields who served as MoneyGram's EVP and CFO since July 2010. Jim will remain with the company through May 15, 2012 in the event anything is needed to ensure a smooth transition. We expect this transition though to be seamless.

Jim’s contributions to MoneyGram’s reorganization and restructure, which began shortly after he arrived almost two years ago, have been widely important to MoneyGram’s turn around. We appreciate this and we wish Jim well and all the best in his future endeavors.

Many of you already know Alex. He has been with MoneyGram since 2009 and he has led our Corporate Strategy and Investor Relations department. Alex has extensive and detailed knowledge of the industry, MoneyGram’s business operations, our partnership activities and growth objectives. Now he is responsible for all finance related functions and the continued close collaboration with our business leaders and the development of MoneyGram's operational and strategic initiative.

With me and the support of Eric Dutcher, Alex will also continue to develop and expand MoneyGram’s involvement with the investor community, a role in which many of you already know him and a role typically with the CFO. Alex has been central to MoneyGram’s transformation over the last several years and we view his appointment as an important step in reinforcing the strength of MoneyGram’s finance department and leadership. Alex is with me on this call and he will be available to help answer your questions after a few remarks.

I am also very pleased with our other announcement this morning, naming Carl-Olav Scheible as Executive Vice President of Europe, Africa and emerging channel. Carl begins with MoneyGram April 16. I am really excited about this new position because it’s the first time we are not organizing solely around geographies or products. This position has been created to support our continued growth in our traditional market and to truly expand our presence in the virtual space.

Carl joins us from PayPal where for the last eight years he has held a variety of leadership position. He will be responsible for overseeing MoneyGram's business operations in Europe and Africa and also has the global responsibilities for our strategic expansion opportunity both online and through the formation of global partnership.

I see MoneyGram being a bigger player in these areas adjacent to our core business. Carl's payments acumen and experience will broaden our online, our mobile and emerging channel. He is an expert and brings the right mix of skills we need to lead this effort globally. Carl will report directly to me and he will be based in London. These appointments are the latest and series of actions we have taken during the past several quarters to upgrade our talent across the entire company to drive additional growth and cement our market leadership in money transfer services.

As MoneyGram has evolved and matured as a company, we have worked to identify new senior leadership with the capacity to lead MoneyGram’s talented employee base while maintaining and enhancing our public presence worldwide. We have already realized significant benefits from the recent additions of Larry Angelilli as Senior Vice President and Treasurer and of David Brown as senior Vice President and Chief Accounting Officer. We hope to maintain our positive momentum as we further align our leadership with the needs of our business.

With that, I’ll turn the call over to Alex for a few comments.

W. Alexander Holmes

Thanks, Pam. And thank you very much to everyone who sent such nice notes and texts to me this morning. This truly is a tremendous opportunity and I am extremely excited to lead the finance organization at MoneyGram.

Over the past three years MoneyGram has come a long way and it has been an exciting for me to be part of these changes and to be working with all of the executive team here and moving the company forward. I think today we are a more dynamic, competitive and focus company than we have ever been before. And I am truly looking forward to building on a foundation that has been set.

We had a great 2011 and I expect more great things in 2011. Speaking of 2012 and since we have many of you on the call, I just like to say we are off to a great start. We delivered strong money transfer growth in January and February. And we continue to estimate for the fiscal year 2012 total revenue growth of 79% and adjusted EBITDA growth of 9% to 11% consistent with our long-term management targets that we previously announced in February.

For those of you have know for a long time, I look forward to expanding our relationship as we move MoneyGram forward, and for those of you I don’t know very well, I certainly look forward to building a relationship with you and really making my role a dynamic part of the company and a dynamic part of what you guys do on a daily basis until I look forward to that very much.

So with that I’ll turn it back to Pam.

Pamela H. Patsley

Great. Thanks, Alex. The appointments we announced today combined with the other changes we’ve made in recent months, I believe, clearly demonstrate that we have deepened our existing bench of executive talent in MoneyGram.

From within MoneyGram and through skilled recruiting, we’ve established a team with the core competencies we need to drive increased growth and shareholder value. Alex and Carl are accomplished leaders with great insight and experience who are capable of balancing internal management of the company with the external obligations of a more global and visible MoneyGram.

Now, while I have everyone’s attention, I’d be remiss if I also didn’t mention some MoneyGram activity that occurred in Manila today or whenever it was today in Manila. So coincidently, Juan Agualimpia, our Global Marketing Head is in Manila where we held a news conference midday Manila time today to introduce Moneygrado, our first global marketing campaign specifically designed to reach to more than 90 million Filipinos living around the world. Moneygrado in Tagalog, which is the official language in the Philippines, means to make sure or Moneygrado, money for sure. This delivers the message of certainty, security and convenience in the new branding.

Our campaign features a popular Filipino native, TV and film celebrity, Robin Padilla. Very common in the Philippines to use celebrity endorsements. The Moneygrado branding represents MoneyGram's commitment to getting closer to our customers not only geographically but through messages and initiatives that are culturally and emotionally relevant. This is strategically important to us as the Philippines is the fourth largest remittance-receiving country in the world. So stay tuned for more updates about Moneygrado and our other global MoneyGram global campaign. Clearly we are excited about our corporate and marketing news today.

With this, I’ll conclude our remarks and turn the call back to the operator. Catharine, if you want to open the lines for Q&A with Alex and me.

Question-and-Answer Session

Operator

Yes, ma’am. (Operator Instructions) And we’ll take our first question from Julio Quinteros with Goldman Sachs.

Julio Quinteros – Goldman Sachs

Great, hey, thanks everybody and congratulations, Alex, and everybody else today. I guess just real quickly, in terms of philosophy, Alex, do you see any real sort of changes in terms of your approach to the capital structure and philosophy in terms of where you would like to take the finance organization at this point in time?

W. Alexander Holmes

Yeah, thanks very much by the way. I think taking that kind of in two parts, I think we’re moving in the great direction on the capital structure. We’ve accomplished a lot of things over the last couple of years and I think Jim added a lot to some of that momentum. So I feel good about our position there, I mean clearly with our current capital structure, the next opportunity we have facing us is to delever or at least restructure the $325 million of the Goldman notes, which are obviously at 13.25% fairly expensive.

My goal would be to move this company in the delivering direction so that we can free up our credit constraints if you will and get us to a point where we can be more active with our cash; and whether that mean stock buybacks or dividends or something more traditional to the common shareholder. I think it’s the direction we need to get to. Being a little bit more acquisitive might be something that’s going to be interesting to us down the road, and so – we have a few hurdles to overcome to get there. But I think we’re closer than we’ve been before, so I feel very good about that.

As to your other question on the finance organization side, I think traditionally I would argue that the finance organization is viewed as the financial gatekeeper, and obviously that’s a very important role. But I really think that that role of the finance organization has evolved and expanded, and I see it as a strategic partner and an advisor to the company in many ways. And I think we live in an operating environment that values growth, cash profit margins and risk mitigation, [and] I think it’s always a careful balance between those moving things forward. I obviously have a pretty diverse operational background and I think that brings a lot to the role and the function. And we have a lot of initiatives underway in the finance organization, we have a lot of initiatives underway at MoneyGram, and I’m excited to sort of put my mark on that and see what we can do to make this place even more dynamic and interesting.

Pamela H. Patsley

I’ll just add, Julio, to that last part from my perspective and the Board’s perspective. The richness of Alex’s knowledge of the business is a really attractive part about getting the most then out of the finance department.

Julio Quinteros – Goldman Sachs

Got it. And then just maybe, Pam, to your comments about the update and long-term goals, is there anyway that you can sort of characterize at least through March and relative to the comments you just made about sort of being in line with the long-term goals here, any surprises either up or down in the way that the global volume trends are holding up for you guys? It sounds like things are definitely coming in kind of as expected. Any surprises in the actual numbers or trends that you’ve seen so far?

Pamela H. Patsley

No, I mean I think we want to stick with – because of this change and the opportunity to speak with everyone, we gave you more. But we have annual guidance and we’ll all talk here in just about four-and-a-half, five weeks.

Julio Quinteros – Goldman Sachs

Okay, that’s worth a shot. [Anyway, congratulations].

Pamela H. Patsley

I don’t know; as I get older, I may slip some, so I guess keep trying.

Julio Quinteros – Goldman Sachs

Okay, thanks.

Pamela H. Patsley

Thanks.

Operator

Thank you. And we’ll continue on with a question from Bob Napoli with William Blair.

Robert Napoli – William Blair

Thank you. Good morning. Just want to be try to be clear, I guess this decision, this move was MoneyGram’s decision and it was made because you feel that Alex has a better understanding of the industry and you have the finance team built up with a Chief Accounting Officer and Treasurer, so such that somebody with more knowledge of the industry can be more effective. Is that the simple –this was all MoneyGram’s…

Pamela H. Patsley

I think, Bob, that’s a good summary. Companies need different skill sets at different times and people’s ability. So this is a great move for MoneyGram right now.

Robert Napoli – William Blair

Okay. This was all MoneyGram’s decision?

Pamela H. Patsley

Yes.

Robert Napoli – William Blair

So we don’t have to worry about there being something – I mean the 10-K has been filed and signed, and so there’s nothing on the financial side that we should be concerned about?

Pamela H. Patsley

No.

Robert Napoli – William Blair

Okay.

Pamela H. Patsley

This was not – correct, this was MoneyGram’s management decision.

Robert Napoli – William Blair

Okay. And then as far as the business goes, just talking – when you’re seeing, you said you’re seeing strong transaction growth, reiterated revenue growth. By region, are you seeing anything in Europe or – have you seen a rebound at all in Europe, and when you look same-store sales, what are you seeing – is anything standing out by region, good or bad?

Pamela H. Patsley

Yeah. Again, I don’t think we want to go into more detail. But I will share with you because this is public and we spoke about it at an investor conference [that was] just Monday last week, that the tax issue that that was imposed in Italy has now been removed. So we think that’s a very positive step to see transaction growth come back in Italy.

Robert Napoli – William Blair

And then just last question on Mexico, I mean it does seem as if your larger competitor has some additional constraints that have been imposed or being imposed. Are you prepared for – don’t you think that that will eventually become industry standard and are you prepared for that, and if not, why not?

W. Alexander Holmes

Yeah. Pam can comment on that. Bob, that question has come up quite a bit obviously since…

Robert Napoli – William Blair

[Right].

W. Alexander Holmes

Since early February. A couple of comments on that. I think we’ve done a tremendous job with our Mexico business from a [pay] perspective, which is know your agent. Certainly, we’ve been tightening our standards and controls on that for quite a while. Certainly, some heightened scrutiny in Mexico, which really came up with the Arizona situation with Western Union a long time ago. It’s always been paramount and important to us, and so we’ve done a lot of work on that. I think we’ve been very open about it, looking to our agents in the U.S., looking at the agents in Mexico and other places and making sure we feel really good about that.

From a compliance perspective on the front-end today, if you look at the Southwest Border States, ID levels, where people are required to show their ID at what transaction value, I think our controls are very firm. They haven’t really moved around. And I think if you look at the standard for competitors, I’d say ours are equal to, and in some cases, more stringent than the others. I think in Arizona, [you have a] zero dollar ID, meaning on the first dollar sent, you need an ID and that’s consistent with the industry. And if you look at the rest of the south Border States around the U.S., I don’t think that that has changed at all.

So I think whatever new changes may come down the line, we’re monitoring that situation very closely and we will certainly comply with whatever comes up. But I would say at this point that we have not seen in the market anything at the point-of-sale that is differentiating us or anybody else from a compliance perspective on a standards level, if you will.

Robert Napoli – William Blair

Thank you.

Pamela H. Patsley

Thanks Bob.

Operator

Thank you. And we will take our next question from Sara Gubins with Bank of America Merrill Lynch.

Sara Gubins – Bank of America Merrill Lynch

Hi, good morning, and Alex, congratulations.

W. Alexander Holmes

Thank you.

Sara Gubins – Bank of America Merrill Lynch

Are there any other areas where you’re planning to add to senior management or do you think you now pretty much have the team that you need?

Pamela H. Patsley

Well, that’s a great question, Sara. I guess I’d say this is something just a continuous process improvement, never really has an end. I’m not sure I could say we’re ever done. Circumstances change whatever, but we feel really, really good about our team. We’ll always be opportunistic and we want to continue to ensure that we have a good path for advancement and job expansion, responsibility expansion for the team we have. We’ve really added the last couple years some very talented folks in every area, and we want them to see this as a place they can have long career. And I think we’re kind of building that culture and we want to continue that. But that doesn’t say we have our eyes and minds shut to the outside either.

Sara Gubins – Bank of America Merrill Lynch

Okay. But no gaping holes?

Pamela H. Patsley

No, no. And it wasn’t that we had holes per se. This opportunity is just the completely right move for MoneyGram from the finance organization. I don’t know, it’s kind of lost perhaps in the words. But with Carl coming on board, the other elements that Alex had responsibility for, the strategic partnerships, a lot of our initiatives with other global brands whether its telcos or payment processes or other things, that will fall under Carl.

So, again, it was just another great way where everything came together to change the way we look at the business. We have just tremendous talent in the European geo leaders, but they now have someone who have global product responsibility for another element, kind of our more self-serve and emerging strategic partnership; and so that in turn provides great runway for them. So we’re really excited that we were able to get Carl to join MoneyGram.

Sara Gubins – Bank of America Merrill Lynch

Great. Thank you.

Pamela H. Patsley

Thank you, Sara.

W. Alexander Holmes

Thank you, Sara.

Operator

Thank you. And we’ll go now to Jim Kissane with Credit Suisse.

Jim Kissane – Credit Suisse

Thanks, and congratulations, Alex. And then, I guess best wishes to Jim. Pam, do you contemplate any change in the strategy in the European region with Carl Scheible coming on board? And a follow-up to that. Where do you want him to take MoneyGram around e-Commerce and other emerging channels longer-term?

Pamela H. Patsley

I think the team that [heads] MoneyGram Online has done a tremendous job. And I think, again, we mentioned at your conference, Jim, that we launched in mid-February at last MoneyGram.com in the U.K. We have five other countries, four to five other countries we want to stamp that out in 2012. And so I think Carl’s background is really well suited to provide some direct leadership that had reported into Juan. Juan has got a huge job with global product and what we’re doing with our marketing initiatives. So I think that’s going to be very exciting.

And those other countries that we’re going to stamp that out is in Europe. So again, that’s going to provide interesting and new avenues for growth for all of our currently geo-leaders in Europe. I think we’re going to wait and see how Carl and our leadership team there want to look at things and say, I mean, our basic go-to-market approach, we’re not moving away from any of that, to me it’s more about what’s additive and how do we more aggressively capture new opportunities, particularly those centered around our self-service model.

I think his strength and on-the-ground leadership will be just again a great addition. And culturally, don't lose sight of the fact that we now have someone not just sitting in a headquarters that has global responsibility, there’s a strong message to our team in that move and that is clearly in the line of sight that we have had all along.

Jim Kissane - Credit Suisse

That's great. Thanks, Pam.

Pamela H. Patsley

Yeah, thanks Jim.

Operator

Thank you. And Mike Grondahl with Piper Jaffray, please go ahead.

Mike Grondahl – Piper Jaffray

Yeah, thanks for taking my questions and congratulations to you, Alex. Two questions. One, could you talk a little bit about your expectations for this Grupo Elektra deal in Mexico? And then secondly, it seems like there’s a trend kind of from exclusive deals in the industry becoming non-exclusive. Could you talk a little bit about what you’re seeing with that trend and is that a positive?

Pamela H. Patsley

Yeah, I’ll take the first part and will let Alex to give you the view on the second part, the exclusivity part, and what he is saying. So just Grupo Elektra, we’ve had a long relationship with Elektra in Central America. They decided to go non-exclusive, which I’ll come back to, in Mexico and we said alongside they’re long time partner on the receipt side. It was turned down and there was immediate uptick in volume from our agent base, and we think generally it has been additive and not cannibalized volumes. So we are really pleased to be in there and continue to extend our relationship with Elektra that started in Central America. And to the broader question of exclusivity…

W. Alexander Holmes

Yeah, I mean, I think on that question, Mike, I think you taking that kind of two parts. I mean, certainly, we have a huge network around the world of 267,000 agent locations, and that’s made up of various sized entities today. And I think, when you think about non-exclusivity, I’d certainly say in many received markets, maybe many is too bold of a statement, but certainly in six or seven African countries, a couple of countries in Asia and then a few in South America, certainly non-exclusivity is an environment we’ve been working in for quite a while.

I think on the send side, we are very used to non-exclusivity, particularly in the smaller mom and pop retail shops, in some cases in the U.S., you’re in those locations with five, six, seven, eight other small money transfer providers. And so when it comes down to it, I think certainly our ability to get into some of these bigger networks with a breakdown of exclusivity is additive to what we do and its beneficial to the business.

I think from an industry perspective and a competitive standpoint, I think it changes a little bit what you model yourself out. If there’s only one company around the world, you can certainly have high prices, and you can certainly demand what you want. I think when you go non-exclusive, it gets more competitive, but more competitive adds more dynamic opportunities to the market, I think your loyalty programs, your service quality, your marketing campaigns, how your brand resonates with consumers, all of that stuff just becomes more important and I think those are all aspects of what we’ve been focused on as an organization. And so I think for us it’s a big opportunity.

Broadly, I think exclusivity is still going to remain, particularly for large agents particularly on the send side, I think that’s going to be around for a long time. I think non-exclusivity has been coming, but it is a slowly developing thing. I don't think there is any big rush in the industry or big swinging changes. So I think it will be this way for a while to come, but certainly we’re not concerned about a non-exclusive environment and as I said, I think the aspects of it actually make the interesting – make the industry more interesting in some ways.

Mike Grondahl – Piper Jaffray

Great, thank you.

Operator

Thank you. And we’ll go to Glenn Fodor with Morgan Stanley.

Unidentified Analyst

Hi, this is (inaudible) for Glenn. Thanks for taking our question and congratulations to Alex on the promotion. Most of my questions were already answered, but just quickly was an external search conducted at all before Alex’s appointment?

Pamela H. Patsley

No.

Unidentified Analyst

Great. And then I remember you guys sort of cited about $20 million remaining in restructuring expenses in 2012. Is that still going to be the plan or should we expect a review of that as Alex takes charge here?

W. Alexander Holmes

No, well, listen, I think the restructuring program has been underway for quite a while. I think we do have a lot of things that we’re cleaning up. I mean, certainly my focus would be to save more and spend less, and I’ll see how I can affect that. But at this point, no, we don’t have any changes to that, but I’ll be looking at that and we’ll cover up on the first quarter call, we’ll talk into more detail on that and I’ll give you my thoughts.

Unidentified Analyst

Great. And then finally it’s nice to see that the transaction volumes are holding up. Would you say that you’re feeling better about the economy versus what you were in the fourth quarter?

Pamela H. Patsley

I am not sure I can make a fine distinction between fourth quarter and first quarter on a general economy – we’re in 192 countries, so.

Unidentified Analyst

That’s helpful, thanks.

Operator

Thank you. (Operator Instructions) And we’ll go take our next question from Tien-Tsin Huang with J.P.Morgan

Tien-Tsin Huang – J.P.Morgan

Hey, thanks. Alex, congrats, man. That is good stuff. I have a couple clarifications. Just on the strategy side, Alex, are you going to still head up that group or Pam, do you think you will bring in someone else to do that?

Pamela H. Patsley

The kind of global strategic strategy will still sit with Alex, but the strategic partnerships, the specific kind of initiatives on building out some new channels, that’s moving to Carl Scheible.

Tien-Tsin Huang – J.P.Morgan

Okay.

Pamela H. Patsley

And quite honestly, you know, while we have – our strategy operational and long-term strategic, while Alex will own the initiative, we are at close stand and it’s a team effort.

Tien-Tsin Huang – J.P.Morgan

Understood. Now, that makes sense. And then just final clarification, just I know you had a couple of Mexico questions, just if you look back last year and maybe this year, you’ve been outperforming Western Union on the Mexico side. Do you think some of these changes can be explained by what’s happening with Western Union or is it just some of the expansion efforts that you’ve made, I’m just curious what your views are there.

Pamela H. Patsley

Your know, I’m not inside Western Union. You probably know more specifics on that. I think two years back, we started to focus very aggressively on the consumer experience in Mexico. We knew we had some receive agents that had, I think my word has consistently been clumsy or clunky, which itself is not a particularly eloquent way to describe it, a cumbersome process at the receive. And so we worked very hard to improve that customer experience on the receive side when we saw we were making headway there, we initiated more marketing activities on the send side, targeting those specific agents.

I think there is a lot of things Tien-Tsin that’s been coming together. Our enhanced and much more robust global marketing team led by Juan and team he felt the product set, Pete Ohser’s leadership on the retail side, Rick Byrne with what he is doing on our larger accounts in the U.S., there is just a lot of things coming together. And I guess along that way, unfortunately Western Union has had some challenges as well and the economy changes too, which I think we are seeing a little bit, the Hispanic worker getting back to work here in the U.S.

Tien-Tsin Huang – J.P.Morgan

Great. And I appreciate the answer. Congrats again, Alex.

W. Alexander Holmes

Thank you very much. Look forward to it.

Pamela H. Patsley

Thanks Tien-Tsin.

Operator

Thank you. As there are no additional questions at this time, I’ll turn things over to Ms. Pamela Patsley for any additional or closing remarks.

Pamela H. Patsley

Okay. I think that’s it. I want everyone to have a wonderful day. And just one last plug for Moneygrado, I am excited about that and you can see the ads and things on our website and you might want to go take a look at that. But it’ll be very relevant for the Filipino market, and I am excited to see what we’re doing. We will welcome Carl April 16, and off we go with Alex. So, thanks, everyone.

Operator

Thank you. And again, ladies and gentlemen, that does conclude today’s conference call. We thank you for your participation.

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