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Henry Duques of First Data Corp.: Telegraphing an e-message
当一个名为西联汇款的遗物被证明值得财富时，首席执行官们击中了污垢。现在他要求投资者以更高的倍数奖励他的增长。
当一个名为西联汇款的遗物被证明值得财富时，首席执行官们击中了污垢。现在他要求投资者以更高的倍数奖励他的增长。
由杰弗里库勒
2001年1月
亚博赞助欧冠机构投资者杂志
如果是第一个数据，那么T A第一个动手，那么没有公司是。它的西联汇价子公司为尘土飞车站的Tap-Tap-Tap-Tap-Tap-Tap-Tap-Tap-Tap-Tap-Tap-Take The Interpry Movient在无数旧电影中的尘土飞车站，自1871年以来一直在电子方式移动。
电报可能是历史，但西联汇款，现在专注于零售金钱传输服务，是一种健康，增长23亿美元的业务。亨利（RIC）DuQues，FDC董事长和首席执行官兼首席执行官指出，这占母公司的总收入的40％以上。其他33亿美元来自信用卡和银行和零售商的其他交易处理服务，其中一个利基，如西联汇款，S，FDC具有顶级市场份额。
But Western Union is the growth star, paced by its non-U.S. business, which is increasing 40 percent a year on a revenue base of $800 million. That's quite a turnaround from a decade ago, when an independent Western Union teetered on the edge of bankruptcy.
拥有西联汇款，拥有高度可识别的消费品牌，为DuQues和基于亚特兰大的FDC带来了大的变化。他们习惯于在相对暗淡的朦胧中进行植物造成的，即他们为他们的银行间接地服务于数亿万事达卡和签证客户。该公司于1980年代初，在1971年，在1971年作为第一数据资源，在1992年初，在1992年的IPO中迅脱。DuQues，57，自1987年以来一直是首席执行官。
西联汇款作为FDC 66亿美元的一部分，1995年收购竞争对手第一财务管理公司。虽然它不是购买的主要目标，西联汇款证明是在合适的时间的正确位置。在20世纪90年代末，对金钱转让的需求爆炸，无论是从父母向大学生向儿童发送应急现金或从外籍人员发送收益回到任何地方，从伯利兹到白俄罗斯。
证券分析师通常对FDC的股票营造，最近在高40岁和50多岁的情况下交易，而不会遭受技术股份的狂放摇摆。但DuQues正在努力挽回高青少年的价格盈利。这可能对他的一个客户银行有好处，但DuQues认为应该至少将这种计算机和交易服务公司视为自动数据处理，他以前曾担任金融服务团体总裁。ADP的P / E是47，其390亿美元的市场上限超过了FDC的170亿美元。
可以肯定的是，故事比西联汇款更多。付款服务继续增长，尽管慢慢地。FDC也积极进入电子商务，而不是简单地通过将传统卡服务扩展到互联网。它通过EONE Global提供新的在线 - 付款冒险，这是11月组成的伙伴关系，其中与Oformation集团又由波士顿咨询集团，大西洋合作伙伴和高盛集团拥有。
In trying to meld past and future, Duques's work could be a case study for The Victorian Internet, a 1998 book by U.K. writer Tom Standage that has recently gained a high-tech following by drawing parallels between the 19th-century struggles in the telegraph industry and those of today,s e-businesses.
In an interview with Institutional Investor Assistant Managing Editor Jeffrey Kutler, Duques discussed how he envisions the current mix of businesses falling into place.
亚博赞助欧冠机构投资者: What is it like to run such an old company?
duque:有趣的你应该问。我们要拥有的a big 150th-birthday party this year for Western Union. Its international division is now the fastest-growing part of our company. Forty percent growth is pretty good for a 150-year-old company.
How does companywide growth compare with that?
We think we can grow both revenues and earnings per share from continuing operations in the 13 to 16 percent range. Western Union as a whole would be in the high teens to 20 percent.
How important is international business to overall strategy?
For Western Union, it is extremely important. It accounts for $800 million of FDC's $1.1 billion in international revenues. It's growing so fast because the number of agents outside the U.S. has increased to 54,000, from 7,500 in 1995, and they,re in 182 countries. And what used to be normal traffic patterns , Mexicans coming to work in the U.S. or Turks working in Germany , have been accelerated by the fall of communism and other geopolitical changes. Western Union's agent in Israel, for example, is the post office. Its business has doubled every year for the past four years because in the 1990s 800,000 Russians moved to Israel. When they get jobs, they go to the post office and wire money back to Moscow.
Did you see all that coming when you first took control of Western Union?
No. We knew there was an opportunity there, but really the planets were aligned. When we saw what was happening, we started to build faster and promote faster. Within the U.S. we have 43,000 agents; the rest of the world can handle a lot more than the 54,000 agents out there. It's a matter of repeating the recipe, like putting up another McDonald's franchise. A good example is Asia. When I look at China, India, Japan and the Philippines, I see billions of people. We,re underrepresented, but that's changing.
Did the consumer branding aspect of Western Union require a change in mind-set?
Every year at budget time, the card-issuing business and other divisions would come in with capital requests. Now we have Western Union with very little need for capital, but they ask for $150 million for advertising and promotion. That's a tougher spend than many of us were familiar with. But there are people in senior positions who have been with Western Union for years and years, and we listen to them. We steadily put 7 to 8 percent of their revenues into advertising and promotion.
其他交易业务如何发展？
The merchant business, where we serve the retailer, is in double digits. Card issuing had a 5 percent target in 2000, and we haven,t given guidance for 2001. The industry is consolidating, and if one of our clients gets acquired, as Associates First Capital was by Citigroup, we lose revenues. Offsetting that is tremendous growth in retail-store cards, which GE Capital has outsourced to us, and in debit cards. And the overall pie of transactions is getting larger.
Why aren,t the overseas card businesses growing as fast as Western Union?
There is a lot of potential growth, but it takes a huge amount of time and energy. We just penetrated Japan in a joint venture with NTT Data and DC Card. We have gotten into Canada, Germany, Spain and Australia. But the big kick for us is beyond the next year or two.
ENE伙伴关系与IFORMATION集团的战略意义是什么？
它具有实际的操作业务：SurePay，B2B平台;和Cashtax，用于政府到政府的电子付款。他们在一起，RE 8000万美元收入，我们告诉外面的世界，不要期望任何物质积极或负面收入或EPS增长贡献直到2002年。我们的合作伙伴热情。他们采取全球化观点，并意识到互联网上的支付基础设施刚刚制定，我们处于理想的位置，成为其中的一部分。您，请参阅我们在B2B空间中与领导者创建合资企业。
Do you think the eONE announcement helped your stock rise when other tech companies were falling?
It's true, we got far more positive than negative opinions. The neutral ones were, "It sounds reasonable, but we,ll wait and see," which is fine with me. What we didn,t want was to have it viewed as a mutual fund, where we,d take 2 percent of this and 5 percent of that. This is an operating company; the deals we make will be significant, and we,ll be a major operator.
Do you see a problem in the way the markets perceive First Data?
他们不完全欣赏我们在我们的每个细分市场中，我们是我们，重新进入的那样重要。我们是卡片的第1版，位于商人的1号和西联汇款1号。我怀疑即使是通用电气也是它在它的每一个事业中的1号。在过去，我们遇到了一个焦点的问题，我们工作了两年半的时间来通过销售这样的企业作为健康索赔和共同基金处理来修剪自己。此外，人们应该欣赏西联汇合明年的40％的国际增长意味着超过3亿美元;大多数计算机服务公司不，T在收入中有很多。看着我们的数字和最近的增长率，我们将自己与ADP进行比较。我不，在40年代嫉妒他们的倍数;我只是认为我们应该更接近这一点。
由杰弗里库勒
2001年1月
亚博赞助欧冠机构投资者杂志
如果是第一个数据，那么T A第一个动手，那么没有公司是。它的西联汇价子公司为尘土飞车站的Tap-Tap-Tap-Tap-Tap-Tap-Tap-Tap-Tap-Tap-Tap-Take The Interpry Movient在无数旧电影中的尘土飞车站，自1871年以来一直在电子方式移动。
电报可能是历史，但西联汇款，现在专注于零售金钱传输服务，是一种健康，增长23亿美元的业务。亨利（RIC）DuQues，FDC董事长和首席执行官兼首席执行官指出，这占母公司的总收入的40％以上。其他33亿美元来自信用卡和银行和零售商的其他交易处理服务，其中一个利基，如西联汇款，S，FDC具有顶级市场份额。
But Western Union is the growth star, paced by its non-U.S. business, which is increasing 40 percent a year on a revenue base of $800 million. That's quite a turnaround from a decade ago, when an independent Western Union teetered on the edge of bankruptcy.
拥有西联汇款，拥有高度可识别的消费品牌，为DuQues和基于亚特兰大的FDC带来了大的变化。他们习惯于在相对暗淡的朦胧中进行植物造成的，即他们为他们的银行间接地服务于数亿万事达卡和签证客户。该公司于1980年代初，在1971年，在1971年作为第一数据资源，在1992年初，在1992年的IPO中迅脱。DuQues，57，自1987年以来一直是首席执行官。
西联汇款作为FDC 66亿美元的一部分，1995年收购竞争对手第一财务管理公司。虽然它不是购买的主要目标，西联汇款证明是在合适的时间的正确位置。在20世纪90年代末，对金钱转让的需求爆炸，无论是从父母向大学生向儿童发送应急现金或从外籍人员发送收益回到任何地方，从伯利兹到白俄罗斯。
证券分析师通常对FDC的股票营造，最近在高40岁和50多岁的情况下交易，而不会遭受技术股份的狂放摇摆。但DuQues正在努力挽回高青少年的价格盈利。这可能对他的一个客户银行有好处，但DuQues认为应该至少将这种计算机和交易服务公司视为自动数据处理，他以前曾担任金融服务团体总裁。ADP的P / E是47，其390亿美元的市场上限超过了FDC的170亿美元。
可以肯定的是，故事比西联汇款更多。付款服务继续增长，尽管慢慢地。FDC也积极进入电子商务，而不是简单地通过将传统卡服务扩展到互联网。它通过EONE Global提供新的在线 - 付款冒险，这是11月组成的伙伴关系，其中与Oformation集团又由波士顿咨询集团，大西洋合作伙伴和高盛集团拥有。
In trying to meld past and future, Duques's work could be a case study for The Victorian Internet, a 1998 book by U.K. writer Tom Standage that has recently gained a high-tech following by drawing parallels between the 19th-century struggles in the telegraph industry and those of today,s e-businesses.
In an interview with Institutional Investor Assistant Managing Editor Jeffrey Kutler, Duques discussed how he envisions the current mix of businesses falling into place.
亚博赞助欧冠机构投资者: What is it like to run such an old company?
duque:有趣的你应该问。我们要拥有的a big 150th-birthday party this year for Western Union. Its international division is now the fastest-growing part of our company. Forty percent growth is pretty good for a 150-year-old company.
How does companywide growth compare with that?
We think we can grow both revenues and earnings per share from continuing operations in the 13 to 16 percent range. Western Union as a whole would be in the high teens to 20 percent.
How important is international business to overall strategy?
For Western Union, it is extremely important. It accounts for $800 million of FDC's $1.1 billion in international revenues. It's growing so fast because the number of agents outside the U.S. has increased to 54,000, from 7,500 in 1995, and they,re in 182 countries. And what used to be normal traffic patterns , Mexicans coming to work in the U.S. or Turks working in Germany , have been accelerated by the fall of communism and other geopolitical changes. Western Union's agent in Israel, for example, is the post office. Its business has doubled every year for the past four years because in the 1990s 800,000 Russians moved to Israel. When they get jobs, they go to the post office and wire money back to Moscow.
Did you see all that coming when you first took control of Western Union?
No. We knew there was an opportunity there, but really the planets were aligned. When we saw what was happening, we started to build faster and promote faster. Within the U.S. we have 43,000 agents; the rest of the world can handle a lot more than the 54,000 agents out there. It's a matter of repeating the recipe, like putting up another McDonald's franchise. A good example is Asia. When I look at China, India, Japan and the Philippines, I see billions of people. We,re underrepresented, but that's changing.
Did the consumer branding aspect of Western Union require a change in mind-set?
Every year at budget time, the card-issuing business and other divisions would come in with capital requests. Now we have Western Union with very little need for capital, but they ask for $150 million for advertising and promotion. That's a tougher spend than many of us were familiar with. But there are people in senior positions who have been with Western Union for years and years, and we listen to them. We steadily put 7 to 8 percent of their revenues into advertising and promotion.
其他交易业务如何发展？
The merchant business, where we serve the retailer, is in double digits. Card issuing had a 5 percent target in 2000, and we haven,t given guidance for 2001. The industry is consolidating, and if one of our clients gets acquired, as Associates First Capital was by Citigroup, we lose revenues. Offsetting that is tremendous growth in retail-store cards, which GE Capital has outsourced to us, and in debit cards. And the overall pie of transactions is getting larger.
Why aren,t the overseas card businesses growing as fast as Western Union?
There is a lot of potential growth, but it takes a huge amount of time and energy. We just penetrated Japan in a joint venture with NTT Data and DC Card. We have gotten into Canada, Germany, Spain and Australia. But the big kick for us is beyond the next year or two.
ENE伙伴关系与IFORMATION集团的战略意义是什么？
它具有实际的操作业务：SurePay，B2B平台;和Cashtax，用于政府到政府的电子付款。他们在一起，RE 8000万美元收入，我们告诉外面的世界，不要期望任何物质积极或负面收入或EPS增长贡献直到2002年。我们的合作伙伴热情。他们采取全球化观点，并意识到互联网上的支付基础设施刚刚制定，我们处于理想的位置，成为其中的一部分。您，请参阅我们在B2B空间中与领导者创建合资企业。
Do you think the eONE announcement helped your stock rise when other tech companies were falling?
It's true, we got far more positive than negative opinions. The neutral ones were, "It sounds reasonable, but we,ll wait and see," which is fine with me. What we didn,t want was to have it viewed as a mutual fund, where we,d take 2 percent of this and 5 percent of that. This is an operating company; the deals we make will be significant, and we,ll be a major operator.
Do you see a problem in the way the markets perceive First Data?
他们不完全欣赏我们在我们的每个细分市场中，我们是我们，重新进入的那样重要。我们是卡片的第1版，位于商人的1号和西联汇款1号。我怀疑即使是通用电气也是它在它的每一个事业中的1号。在过去，我们遇到了一个焦点的问题，我们工作了两年半的时间来通过销售这样的企业作为健康索赔和共同基金处理来修剪自己。此外，人们应该欣赏西联汇合明年的40％的国际增长意味着超过3亿美元;大多数计算机服务公司不，T在收入中有很多。看着我们的数字和最近的增长率，我们将自己与ADP进行比较。我不，在40年代嫉妒他们的倍数;我只是认为我们应该更接近这一点。