Additionally, today's remarks include certain non-GAAP financial measures, including EBITDA, adjusted EBITDA, and adjusted EBITDA margin and pre-cash flow. Our earnings release includes the full reconciliation of these non-GAAP financial measures to the related GAAP financial measures.

Now, I'll turn the call over to Pam.

Pamela Patsley

Thanks Eric. Good morning everyone. We are extremely pleased with our strong start to the year. Once again we generated double-digit growth in all major money transfer categories. Thanks to a steady stream of new high quality agent, solid same store sales improvement and the continued expansion of our self serviced products. We are particularly encouraged by the ongoing improvement in our bill payment business. Our revenue growth and disciplined expense management is yielding margin expansion and we continue to generate strong pre-cash flow. We are focused on value creating initiatives and are excited about the prospects for our future.

We generated revenue growth of 8.2% yielding revenue of $318 million (inaudible) with our annual guidance. Excluding the property bridge divestiture, the revenue growth would have been 8.8%. The top line growth was led by our robust money transfer engine, it’s 15% transaction growth with the highest in 3 years.

Our improving bill payment and financial paper products business also contributed to our great quarterly outcome. We made improvements on the bottom line as well. Our adjusted EBITDA of 68 million was 13.4% higher than the previous year. Our adjusted EBITDA margin of 21.5% with a 100 basis point increase. We are pleased with our margin improvement and Alex will give you more color on this in a bit.

The first quarter was also strong for us in new agent signings and renewals posting 18% growth, more specifically we are very focused on growing our agents in the top global received markets and marketing to their corresponding quarter payers. This year marks the next step in the evolution of the MoneyGram brand as a global brand that matters to consumers and agents. We have begun rolling out our new visual identity and brand positioning which includes a new logo and tagline, bringing you closer.

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