Western Union Files 2023 Annual Report on Form 10-K

TL;DR

<b>Western Union files its 2023 10-K report detailing financial performance and business operations.</b>

AI Summary

Western Union CO (WU) filed a Annual Report (10-K) with the SEC on February 22, 2024. Western Union Company filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers financial performance and business operations for the year. Key financial data and risk factors are detailed within the report. The company's fiscal year ends on December 31st. The report was filed on February 22, 2024.

Why It Matters

For investors and stakeholders tracking Western Union CO, this filing contains several important signals. This 10-K provides a comprehensive overview of Western Union's financial health and strategic positioning for investors and analysts. Understanding the disclosed financial figures and risk factors is crucial for assessing the company's future performance and potential challenges.

Risk Assessment

Risk Level: medium — Western Union CO shows moderate risk based on this filing. The filing is a standard 10-K, which inherently contains a broad range of business and financial risks, but no single, immediate, high-impact risk is highlighted in the provided snippet.

Analyst Insight

Review the detailed financial statements and risk factors in the full 10-K to assess Western Union's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-22 — Filing Date (Filed as of date)
• 7001 EAST BELLEVIEW AVENUE — Business Address (Street 1)
• DENVER, CO 80237 — Business Address (City, State, ZIP)

Key Players & Entities

• Western Union CO (company) — Filer of the 10-K report
• 2023-12-31 (date) — Conformed period of report
• 2024-02-22 (date) — Filed as of date
• 7001 EAST BELLEVIEW AVENUE (address) — Business and mail address
• DENVER (location) — City for business and mail address
• CO (location) — State for business and mail address
• 80237 (postal_code) — ZIP code for business and mail address
• 001-32903 (filing_id) — SEC file number

FAQ

Industry Context

Western Union operates in the financial services sector, specifically focusing on money transfer and payment services.

Regulatory Implications

The filing is subject to SEC regulations governing public company disclosures, including the requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the full 10-K for detailed financial statements, including revenue, net income, and balance sheet items.
2. Examine the 'Risk Factors' section for potential challenges and uncertainties facing Western Union.
3. Review management's discussion and analysis (MD&A) for insights into the company's strategy and performance drivers.

Key Dates

• 2023-12-31: Fiscal Year End — Defines the reporting period for the 10-K
• 2024-02-22: 10-K Filing Date — Date the annual report was officially submitted to the SEC

Year-Over-Year Comparison

This is the initial snippet of the 2023 10-K filing; a comparison to the previous year's filing would require access to that document.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 Par Value WU The New York Stock Exc
• $11.73 — lion based on the closing sale price of $11.73 of the common stock as reported on the

Filing Documents

• wu-20231231.htm (10-K) — 4756KB
• wu-ex4_1.htm (EX-4.1) — 40KB
• wu-ex10_36.htm (EX-10.36) — 329KB
• wu-ex10_37.htm (EX-10.37) — 91KB
• wu-ex10_38.htm (EX-10.38) — 32KB
• wu-ex10_39.htm (EX-10.39) — 70KB
• wu-ex10_40.htm (EX-10.40) — 100KB
• wu-ex21.htm (EX-21) — 101KB
• wu-ex23.htm (EX-23) — 8KB
• wu-ex31_1.htm (EX-31.1) — 14KB
• wu-ex31_2.htm (EX-31.2) — 13KB
• wu-ex32.htm (EX-32) — 12KB
• img155530189_0.jpg (GRAPHIC) — 65KB
• 0000950170-24-018751.txt (&nbsp;) — 24183KB
• wu-20231231.xsd (EX-101.SCH) — 2787KB
• wu-20231231_htm.xml (XML) — 5587KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 21 Item 1B. Unresolved Staff Comments 43 Item 1C. Cybersecurity 43 Item 2.

Properties

Properties 44 Item 3.

Legal Proceedings

Legal Proceedings 44 Item 4. Mine Safety Disclosures 44 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45 Item 6. [Reserved ] 45 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 63 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 66 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 127 Item 9A.

Controls and Procedures

Controls and Procedures 127 Item 9B. Other Information 127 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 127 PART III Item 10. Directors, Executive Officers and Corporate Governance 128 Item 11.

Executive Compensation

Executive Compensation 128 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 128 Item 13. Certain Relationships and Related Transactions, and Director Independence 128 Item 14. Principal Accountant Fees and Services 128 PART IV Item 15. Exhibit and Financial Statement Schedules 129 Item 16. Form 10K Summary 134 2 Table of Contents PART I

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10K and materials we have filed or will file with the Securities and Exchange Commission ("SEC") (as well as information included in our other written or oral statements) contain or will contain certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict. Actual outcomes and results may differ materially from those expressed in, or implied by, our forward-looking statements. Words such as "expects," "intends," "targets," "anticipates," "believes," "estimates," "guides," "provides guidance," "provides outlook," "projects," "designed to," and other similar expressions or future or conditional verbs such as "may," "will," "should," "would," "could," and "might" are intended to identify such forward-looking statements. Readers of the Annual Report on Form 10K of The Western Union Company (the "Company," "Western Union," "we," "our," or "us") should not rely solely on the forward-looking statements and should consider all uncertainties and risks discussed in Part I, Item 1A, Risk Factors and throughout this Annual Report on Form 10K. The statements are only as of the date they are made, and the Company undertakes no obligation to update any forward-looking statement. Possible events or factors that could cause results or performance to differ materially from those expressed in our forward-looking statements include the following: Events Related to Our Business and Industry changes in general economic conditions and economic conditions in the regions and industries in which we operate, including global economic downturns and trade disruptions, or significantly slower growth or declines in the money transfer, payment service, and other markets in which we operate, including downturns or declines related to int

B usiness

Item 1. B usiness Overview The Western Union Company (the "Company," "Western Union," "we," "our," or "us") is a leader in cross-border, cross-currency money movement, payments, and digital financial services, empowering consumers, businesses, financial institutions, and governments with fast, reliable, and convenient ways to send money and make payments around the world. Our goal is to offer accessible financial services that help people and communities prosper. The Western Union brand is globally recognized and represents speed, reliability, trust, and convenience. Our Consumer Money Transfer service enables people to use our well-recognized brand to send money around the world, usually within minutes. We believe that brand strength and reach of our global network, convenience, reliability, and value have been important to our business. As of December 31, 2023, our global network included agent locations in more than 200 countries and territories and many Western Union branded websites. Each location in our agent network is capable of facilitating a consumer's use of one or more of our services, with the substantial majority offering a Western Union branded service. As of December 31, 2023, approximately 400,000 of our agent locations had conducted money transfer activity in the previous 12 months. As we continue to seek to meet the needs of our customers for fast, reliable, and convenient global money movement and payment services while focusing on regulatory compliance, we are also working to provide consumers and our business clients with access to an expanding portfolio of financial services and to increase the ways our services can be accessed, including through the launch of our digital wallet in certain countries. On August 4, 2021, we entered into an agreement to sell our Business Solutions business to Goldfinch Partners LLC and The Baupost Group LLC (collectively, "the Buyer"), and the final closing occurred on July 1, 2023. Accordingly, we no l

View Full Filing

View this 10-K filing on SEC EDGAR