Western Union 2013 Annual Report Download - page 166

2013 FORM 10-K
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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
You should read the following discussion in conjunction with the consolidated financial statements and the notes to those
statements included elsewhere in this Annual Report on Form 10-K. This Annual Report on Form 10-K contains certain statements
that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Certain statements contained
in the Management's Discussion and Analysis of Financial Condition and Results of Operations are forward-looking statements
that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current
expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results
could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including
those discussed in other sections of this Annual Report on Form 10-K. See "Risk Factors" and "Forward-looking Statements."
Overview
We are a leading provider of money movement and payment services, operating in three business segments:
• Consumer-to-Consumer - The Consumer-to-Consumer operating segment facilitates money transfers between two
consumers, primarily through a network of third-party agents. Our multi-currency, real-time money transfer service is
viewed by us as one interconnected global network where a money transfer can be sent from one location to another,
around the world. Our money transfer services are available for international cross-border transfers - that is, the transfer
of funds from one country to another - and, in certain countries, intra-country transfers - that is, money transfers from
one location to another in the same country. This segment also includes money transfer transactions that can be initiated
through websites and account based money transfers.
• Consumer-to-Business - The Consumer-to-Business operating segment facilitates bill payments from consumers to
businesses and other organizations, including utilities, auto finance companies, mortgage servicers, financial service
providers, government agencies and other businesses. The significant majority of the segment's revenue was generated
in the United States during all periods presented, with the remainder primarily generated in Argentina.
• Business Solutions - The Business Solutions operating segment facilitates payment and foreign exchange solutions,
primarily cross-border, cross-currency transactions, for small and medium size enterprises and other organizations and
individuals. The majority of the segment's business relates to exchanges of currency at the spot rate, which enables
customers to make cross-currency payments. In addition, in certain countries, we write foreign currency forward and
option contracts for customers to facilitate future payments. Travelex Global Business Payments ("TGBP"), which was
acquired in November 2011, is included in this segment.
All businesses that have not been classified in the above segments are reported as "Other" and primarily include our money
order, prepaid and other businesses and services, in addition to costs for the review and closing of acquisitions.
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