MoneyGram Posts Record Digital Revenue for Q2 2022, with 36% YoY Increase

MoneyGram International, Inc. (NASDAQ: MGI) today reported financial results for its second quarter (Q2) ended June 30, 2022, revealing a reccord digital revenue of $92 million with an impressive 36% year-over-year revenue growth rate.

Q2 2022 Financial Highlights Compared with the Same Period Last Year 

• Total revenue was $329.6 million; Gross Profit was $156.9 million (up $5.3 million YoY) ; Total operating expenses were $139.8 million (up $10.1 million or 8% YoY) ; Operating Income was $17.1 million (down $4.8 million); Net Income was $3.1 million; Fully Diluted earnings per share was $0.03; Fully Diluted adjusted earnings per share was $0.09; Adjusted EBITDA decreased 9% on a reported basis to $50.0 million

• Total Money Transfer revenue was $302.5 million, a 0.8% (80 basis points) decrease on a reported basis. Money Transfer revenue increased 4% on a constant currency basis

• Total Money Transfer transactions grew 5% YoY, hitting an all-time high

• MoneyGram Online ("MGO") continued its strong financial performance, a record quarter for revenue, transactions and volume

• Total MGO Money Transfer revenue of $53.3 million representing 13% YoY growth

• ​MGO cross-border online revenue grew 17% with transactions growing 14% YoY

• Active cross-border customer growth continued its strong momentum increasing 11% YoY

• Total digital, which includes MGO, digital partners and digital receives, continued its robust performance reporting YoY transaction growth of 36% in Q2, representing 44% of all money transfer transactions at the end of the quarter

• Investment revenue was $5.1 million, an increase of $3.1 million

In May, MoneyGram posted record high digital revenue for Q1 2022, which was further boosted thereafter through its partnership with Stellar Development Foundation and Wyre​ to enhance the crypto-to-cash service.