MoneyGram International Inc (MGI) Q1 2020 Earnings Call Transcript

MoneyGram International Inc (MGI) Q1 2020 Earnings Call Transcript

On the call with me are Alex Holmes, Chairman and Chief Executive Officer, and Larry Angelilli Chief Financial Officer.. We had a very strong start to the year with transaction growth rates in all channels accelerating from the fourth quarter.. Notable performance during the first 75 days of the quarter, included improving transaction growth in Europe and our US outbound corridors, robust growth from the Middle East and Africa, increase received in Latin America, an impressive growth across Asia including Pakistan and Philippines.. As the pandemic spread and government issued shelter in place orders, our walk-in business saw sudden and abrupt impact beginning with many European markets around March 16.. The US walk-in business and the rest of the world begin to see significant slowdowns several days later.. With unemployment increasing and the timing of shelter in place orders lifting still largely uncertain, the business continues to be impacted.. It does seem that the stimulus checks placed considerable amount of money into the market as we actually saw a return to transaction growth in US outbound business for a period of time.. In contrast to the pressure is placed on the walk-in business, our digital business has continued to perform