MoneyGram International Inc. (MGI)
40th Annual J.P. Morgan Global Technology, Media and Telecom Conference
May 15, 2012 2:10 PM ET
Tien-Tsin Huang – JP Morgan
Pamela Patsley – Chairman and CEO
Alex Holmes – EVP and CFO
All right, are we good to go? All right. Thanks everyone for joining us. My name is Tien-Tsin Huang. I cover Computer Services and IT consulting at JP Morgan. So, very happy to have MoneyGram here with us. Pam Patsley, the CEO is here; Alex Holmes as well, CFO. So, same format as the others, doing fireside chats and obviously have the opportunity for the audience to ask a question. I think this is being webcasted, so we’d probably would do want to use the mic.
But maybe I’ll just kick it off and get right into it. Pam, I guess the big theme to me – the big take away from the first quarter is that we actually saw growth accelerate a little bit and the metrics get a little bit better. So, just to start out there, maybe if you can just put some context to that, why we’re seeing a little bit of acceleration. What is MoneyGram doing specifically to drive that? How much of that is cyclical versus some of the things that you’ve been putting in place?
Okay, great. Thanks. Welcome and I appreciate your interest in MoneyGram today. We did, and thank you for noticing, have great results for the first quarter. And I would say momentum had picked up. But we had been, I think, putting up some pretty good numbers the last several quarters. The industry, the World Bank is kind of the best measure for growth in cross border remittances. So, unlike 2009 and 2010 where that industry and shrank in 2009, very modest growth or flat in 2010, modest growth in 2011, they’re projecting kind of 6% to 8%, 7% kind of growth this year. So, the industry is back to growth and we are basically outpacing that kind of 2X.