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MoneyGram MoneyGram International Reports Second Quarter 2021 Results July 30 , 2021 Total revenue increased 18 % to $ 329.3 million on the strength of money transfer revenue growth of 20 % and transaction growth of 20 % Total cross - border money transfer volume increased 41 % MGO reported record numbers of customers , transactions and revenue in the quarter Digital transactions represented 33 % of money transfer transactions at the end of the second quarter DALLAS , July 29 , 2021 / PRNewswire / -- MoneyGram International , Inc. ( NASDAQ : MGI ) today reported financial results for its second quarter ended June 30 , 2021 . F 8271 20000 *** 1 0 M Second Quarter 2021 Business Highlights " We delivered strong top and bottom - line financial performance in the second quarter on revenue growth of 18 % driven by a record number of online customers and transactions . During the quarter , we exited our DPA and significantly reduced our cost of capital through the combination of our efficient equity offering and successful execution of our debt refinancing , " said Alex Holmes MoneyGram Chairman and CEO . " Our newly improved capital structure , coupled with our second quarter results , represent a significant milestone on our transformational journey . As we enter a new era of growth and improved cash flow , the underlying strength in our business and the execution of our customer - centric strategy highlight the substantial opportunity ahead . I couldn't be more pleased with our accomplishments in the quarter and I'm extremely excited about the future of the Company . " Money Transfer highlights for the quarter include the following : • The Money Transfer business continued its acceleration with revenue reaching $ 304.9 million , up 20 % , or 16 % on a constant currency basis , driven by 20 % transaction growth o Money Transfer reported all - time highs for transactions and volume ( total principal sent ) • The Money Transfer business showed strength compared to second quarter 2019 as revenue increased 8 % and transactions grew 17 % • MGO's strong financial performance in the second quarter led to a record quarter for customers , transactions , volume and revenue on the backdrop of record performance a year ago o Total Money Transfer revenue for MGO increased to $ 47.0 million representing a 66 % year - over - year growth o Year - over - year , cross - border online revenue continued to grow at an accelerated pace increasing 68 % with transactions growing an equally impressive 62 % o Active cross - border customer growth continued its strong momentum increasing 54 % • Total digital , which includes MGO , continued its robust performance reporting year - over - year transaction growth of 44 % in the second quarter o Digital revenue reached a new all - time high of $ 67.9 million for the second quarter based on an astounding 47 % year - over - year revenue growth rate o Digital partnership transactions delivered a solid 16 % year - over - year growth rate over the significant surge experienced in the second quarter of 2020 ▪ Digital partnerships transactions compared to the pre - COVID second quarter of 2019 grew a remarkable 89 % o Transactions received into accounts , cards and mobile wallets increased 78 % year - over - year • Digital transactions accounted for 33 % of all money transfer transactions at the end of the second quarter Balance Sheet and Liquidity Second Quarter 2021 Financial Results , Year - Over - Year • Total revenue of $ 329.3 million increased 18 % on a reported basis or an increase of 13 % on a constant currency basis o Money transfer revenue was $ 304.9 million , up 20 % , or 16 % on a constant currency basis , driven by 20 % transaction growth o Investment revenue was $ 2.0 million for the quarter representing a decline of $ 2.3 million due to lower prevailing interest rates • Gross Profit was $ 151.6 million an increase of $ 24.7 million driven by the strength of money transfer revenue • Total operating expenses were $ 129.7 million , an increase of $ 24.8 million or 24 % including : o Transaction and Operations Support expenses increased $ 19.0 million or 89 % which was driven by : ■ The elimination of the $ 8.8 million incentives generated in the second quarter of 2020 due to the termination of the commercial agreement with Ripple ▪ Reinstatement of certain operating expenses meaningfully impacted during the pandemic • Compensation and Benefits were $ 59.0 million , an increase of $ 5.8 million driven by restructuring and certain employee related expenses impacted by COVID in the prior year Operating Income was $ 21.9 million , which was flat compared to last year • Net loss of $ 11.1 million partly driven by a one - time $ 10.3 million debt extinguishment expense related to the Company's prepayment of $ 100.0 million of second lien debt • Diluted loss per share was $ 0.13 and diluted adjusted earnings per share was $ 0.01 • Adjusted EBITDA decreased 3 % to $ 54.8 million , or 12 % on a constant currency basis • Adjusted EBITDA was 22 % higher year - over - year excluding the $ 8.8 million Ripple incentives and investment income in the second quarter of 2020