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Moneygram International Inc (MGI) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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MGI Quarterly Reports

Moneygram International Inc

CIK: 1273931 Ticker: MGI

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MoneyGram International Reports First Quarter 2020 Results
Digital Transaction Growth Accelerated to 57%
DALLAS (May 1, 2020) -- MoneyGram International, Inc. (NASDAQ: MGI) today reported financial results for its first quarter ending March 31, 2020.
“I’d first like to offer my heartfelt appreciation to our employees and partners whose tireless efforts, combined with our leading digital capabilities, allowed us to provide uninterrupted service to our customers during these unprecedented times," said MoneyGram Chairman and CEO Alex Holmes. “We were encouraged by the strong start to the quarter with transaction growth in all channels accelerating from the fourth quarter. The pandemic caused sudden and significant global disruption and MoneyGram certainly was not immune. At the onset of COVID-19, our Walk-In Channel experienced a significant downturn, while in contrast, our Digital Channel continued its positive momentum as consumers increasingly value the ease and convenience of our leading offerings.”
First Quarter 2020 Highlights, Year Over Year
Achieved positive global money transfer transaction growth for the quarter, with walk-in growth rates negatively impacted post-COVID-19
All ChannelsDigital ChannelWalk-In Channel
Pre-COVID-19, Jan. 1 - Mar. 15*6%56%(1)%
Post-COVID-19, Mar. 16 - Mar. 31*(18)%58%(29)%
Total first quarter 20202%57%(6)%
* The Pre- and Post-COVID-19 growth rates are approximate and are presented for illustrative purposes only. Total first quarter 2020 rates are as-reported.
Reported 57% Digital transaction growth for the quarter, marking a continued acceleration from the fourth quarter 2019. Performance was driven by market expansion, high customer retention rates, and strong demand for the MoneyGram app
As the crisis unfolded, MoneyGram quickly shifted its marketing and operational focus to its online and digital capabilities to ensure customers were able to continue to seamlessly send and receive money from the safety of their own homes, in more than 70 countries
At quarter end, Digital transactions accounted for 18% of all money transfer transactions, and this percentage has grown significantly to 28% in the first 27 days of April
MoneyGram Online, comprising 73% of the Digital business, remained a key driver, with transaction growth of 60% for the quarter, and 66% in the post-COVID period, powered by:
Triple-digit growth in both the U.S. Outbound and International markets
App downloads increasing 46%
App transaction growth exceeding 200%
Improvements in customer retention rates of 23%, and monthly active customers of 40%
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The following information was filed by Moneygram International Inc (MGI) on Friday, May 1, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Moneygram International Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive (Loss) Income
Condensed Consolidated Statements Of Comprehensive (Loss) Income (Parenthetical)
Condensed Consolidated Statements Of Operations
Consdensed Consolidated Statements Of Stockholders' Deficit
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Debt
Debt (Tables)
Debt - Additional Information (Detail)
Debt - Outstanding Debt (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Additional Information (Detail)
Derivative Financial Instruments - Fair Values Of Derivative Forward Contract Instruments (Detail)
Derivative Financial Instruments - Summary Of (Gains) Losses Related To Assets And Liabilities Denominated In Foreign Currencies (Detail)
Description Of The Business And Basis Of Presentation
Description Of The Business And Basis Of Presentation (Details)
Description Of The Business And Basis Of Presentation (Policies)
Earnings Per Common Share
Earnings Per Common Share (Tables)
Earnings Per Common Share - Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share (Details)
Earnings Per Common Share - Weighted-Average Common Shares Basic And Diluted (Details)
Fair Value Measurement
Fair Value Measurement (Tables)
Fair Value Measurement - Fair Value And Carrying Value Of Debt (Detail)
Fair Value Measurement - Financial Assets And Liabilities Measured At Fair Value By Hierarchy Level (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Investment Portfolio
Investment Portfolio (Tables)
Investment Portfolio - Additional Information (Details)
Investment Portfolio - Available For Sale Investments (Substantially Restricted) (Details)
Investment Portfolio - Components Of Investment Portfolio (Details)
Pension And Other Benefits
Pension And Other Benefits (Tables)
Pension And Other Benefits - Net Periodic Benefit Expense Amortized From Accumulated Other Comprehensive Loss (Detail)
Related Party Disclosures
Related Party Disclosures (Details)
Restructuring And Reorganization Costs
Restructuring And Reorganization Costs (Tables)
Restructuring And Reorganization Costs - Schedule Of Restructuring And Reorganization Costs Accrual (Details)
Restructuring And Reorganization Costs - Summary Of Total Cumulative Restructuring And Reorganization Costs Incurred By Reporting Segment (Details)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (Tables)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Segment Information - Assets By Segment (Detail)
Segment Information - Operating Income By Segment (Detail)
Segment Information - Revenue By Segment (Detail)
Settlement Assets And Payment Service Obligations
Settlement Assets And Payment Service Obligations (Tables)
Settlement Assets And Payment Service Obligations - Summary Of Settlement Assets And Payment Service Obligations (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Restricted Stock And Restricted Stock Unit Compensation Information (Detail)
Stock-Based Compensation - Summary Of Restricted Stock Unit Activity (Detail)
Stock-Based Compensation - Summary Of Stock Option Activity (Detail)
Stock-Based Compensation - Summary Of Stock-Based Compensation Expense (Detail)
Stockholders' Deficit
Stockholders' Deficit (Tables)
Stockholders' Deficit - Additional Information (Details)
Stockholders' Deficit - Summary Of Changes To Accumulated Other Comprehensive Loss By Compenent (Details)
Stockholders' Deficit - Summary Of Significant Amounts Reclassified (Details)
Ticker: MGI
CIK: 1273931
Form Type: 10-Q Quarterly Report
Accession Number: 0001273931-20-000073
Submitted to the SEC: Fri May 01 2020 4:58:14 PM EST
Accepted by the SEC: Fri May 01 2020
Period: Tuesday, March 31, 2020
Industry: Business Services

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