Western Union CO Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Western Union CO filed its Q1 2024 10-Q, detailing financial instruments and segment performance.</b>

AI Summary

Western Union CO (WU) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Western Union CO filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial instruments and segments, such as Consumer Money Transfers, Consumer Services, and Foreign Exchange Contracts. Specific dates mentioned include 2024-03-31, 2023-12-31, and periods within 2023 and 2024. The report references financial metrics like Revenue, Selling, General, and Administrative Expenses, and Accumulated Net Unrealized Investment Gain/Loss. Key financial instruments discussed include Foreign Exchange Contracts, Corporate Debt Securities, and Settlement Assets.

Why It Matters

For investors and stakeholders tracking Western Union CO, this filing contains several important signals. This filing provides a quarterly update on Western Union's financial health and operational segments, crucial for investors to assess performance and trends. The detailed breakdown of financial instruments and their fair value inputs offers insight into the company's risk management and investment strategies.

Risk Assessment

Risk Level: medium — Western Union CO shows moderate risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report. However, the complexity of financial instruments and segment data requires careful analysis to fully understand the company's financial position and risks.

Analyst Insight

Investors should review the detailed financial instrument disclosures and segment performance data to understand revenue drivers and potential risks.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-04-24 — Filing Date (As of Date)
• 1231 — Fiscal Year End (Fiscal Year End)

Key Players & Entities

• Western Union CO (company) — Filer of the 10-Q report
• 2024-03-31 (date) — End of the reporting period
• 2023-12-31 (date) — Previous year-end date referenced
• 7001 EAST BELLEVIEW AVENUE (address) — Business and mailing address
• DENVER (location) — City for business and mailing address
• CO (location) — State for business and mailing address
• 80237 (postal_code) — ZIP code for business and mailing address
• 0000950170-24-047691 (filing_id) — Accession number for the filing

FAQ

Risk Factors

• Fair Value Measurements [medium — financial]: The company utilizes various inputs (Level 2) to estimate the fair value of its financial instruments, including foreign exchange contracts and corporate debt securities.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-04-24: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and position during the quarter.)

Foreign Exchange Contract

A contract that allows for the exchange of one currency for another at a specified rate. (Indicates the company's involvement in currency markets, potentially for hedging or speculative purposes.)

Fair Value Measurements

The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. (Crucial for understanding the valuation of financial instruments and potential unrealized gains or losses.)

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 Par Value WU The New York Stock Exc

Filing Documents

• wu-20240331.htm (10-Q) — 2039KB
• wu-ex15.htm (EX-15) — 7KB
• wu-ex31_1.htm (EX-31.1) — 12KB
• wu-ex31_2.htm (EX-31.2) — 12KB
• wu-ex32.htm (EX-32) — 13KB
• img156424880_0.jpg (GRAPHIC) — 65KB
• 0000950170-24-047691.txt (&nbsp;) — 10523KB
• wu-20240331.xsd (EX-101.SCH) — 1430KB
• wu-20240331_htm.xml (XML) — 2307KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 4 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 41 Review Report of Independent Registered Public Accounting Firm (PCAOB ID: 42) 42

OTHER INFORMATION

PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 44 2 Table of Contents PAR T I FINANCIAL INFORMATION

Financia l Statements

Item 1. Financia l Statements THE WESTERN UNION COMPANY CONDENSED CONSOLIDA TED STATEMENTS OF INCOME (Unaudited) (in millions, except per share amounts) Three Months Ended March 31, 2024 2023 Revenues $ 1,049.1 $ 1,036.9 Expenses: Cost of services 641.3 629.5 Selling, general, and administrative 215.7 202.7 Total expenses 857.0 832.2 Operating income 192.1 204.7 Other income/(expense): Interest income 3.1 3.2 Interest expense ( 26.1 ) ( 25.0 ) Other income/(expense), net 0.9 ( 1.9 ) Total other expense, net ( 22.1 ) ( 23.7 ) Income before income taxes 170.0 181.0 Provision for income taxes 27.3 29.2 Net income $ 142.7 $ 151.8 Earnings per share: Basic $ 0.41 $ 0.41 Diluted $ 0.41 $ 0.40 Weighted-average shares outstanding: Basic 344.4 374.4 Diluted 345.7 375.5 See Notes to Condensed Consolidated Financial Statements. 3 Table of Contents THE WESTERN UNION COMPANY CONDENSED CONSOLIDAT ED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (in millions) Three Months Ended March 31, 2024 2023 Net income $ 142.7 $ 151.8 Other comprehensive income, net of reclassifications and tax (Note 9): Unrealized gains/(losses) on investment securities ( 4.6 ) 20.0 Unrealized gains/(losses) on hedging activities 10.8 ( 10.3 ) Total other comprehensive income 6.2 9.7 Comprehensive income $ 148.9 $ 161.5 See Notes to Condensed Consolidated Financial Statements. 4 Table of Contents THE WESTERN UNION COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions, except per share amounts) March 31, December 31, 2024 2023 Assets Cash and cash equivalents $ 1,106.5 $ 1,268.6 Settlement assets 3,635.6 3,687.0 Property and equipment, net of accumulated depreciation of $ 446.1 and $ 438.8 , respectively 88.6 91.4 Goodwill 2,049.5

Business

Business The Western Union Company ("Western Union" or the "Company") 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. The Western Union brand is globally recognized. The Company's services are available through a network of agent locations in more than 200 countries and territories and also through money transfer transactions conducted and funded through websites and mobile applications marketed under the Company's brands ("Branded Digital") and transactions initiated on internet and mobile applications hosted by the Company's third-party white label partners. Each location in the Company's agent network is capable of providing one or more of the Company's services. The Western Union business consists of the following operating segments: Consumer Money Transfer - The Consumer Money Transfer segment facilitates money transfers, which are primarily sent from retail agent locations worldwide or through websites and mobile devices. The Company's money transfer service is provided through one interconnected global network. This service is available for international cross-border transfers and, in certain countries, intra-country transfers. Consumer Services - The Consumer Services segment includes the Company's bill payment services which facilitate payments for consumers, businesses, and other organizations, as well as the Company's money order services, retail foreign exchange services, prepaid cards, lending partnerships, digital wallets, and media network. See Note 14 for further information regarding the Company's segments. On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business, and the final closing for this transaction occurred on July 1, 2023. See Note 4 for further information regarding this tr

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View this 10-Q filing on SEC EDGAR