Western Union Files Q2 2024 10-Q
Ticker: WU · Form: 10-Q · Filed: Jul 30, 2024 · CIK: 1365135
Sentiment: neutral
Topics: 10-Q, financials, reporting
TL;DR
WU's Q2 10-Q is in! Check financials for the latest.
AI Summary
Western Union Co. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details are provided within the report, which is crucial for investors and stakeholders to assess the company's current financial health and future prospects.
Why It Matters
This 10-Q filing provides a detailed look into Western Union's financial standing as of June 30, 2024, offering insights into revenue, expenses, and overall financial health for investors.
Risk Assessment
Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial performance or risks.
Key Numbers
- 20240630 — Period End Date (Indicates the end of the reporting quarter)
- 1231 — Fiscal Year End (Indicates the company's fiscal year closing date)
Key Players & Entities
- Western Union CO (company) — Filer of the 10-Q
- 0000950170-24-087866 (other) — Accession Number for the filing
- 20240630 (date) — Period of report
- 7001 EAST BELLEVIEW AVENUE (address) — Company's business and mail address
- DENVER, CO 80237 (address) — Company's business and mail city, state, zip
FAQ
What is the accession number for this 10-Q filing?
The accession number for this filing is 0000950170-24-087866.
What period does this 10-Q report cover?
This 10-Q report covers the period ending June 30, 2024.
What is Western Union's primary business address?
Western Union's primary business address is 7001 East Belleview Avenue, Denver, CO 80237.
What is the SEC file number for Western Union?
The SEC file number for Western Union is 001-32903.
When is Western Union's fiscal year end?
Western Union's fiscal year ends on December 31.
Filing Stats: 4,397 words · 18 min read · ~15 pages · Grade level 7.6 · Accepted 2024-07-30 16:15:50
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 Par Value WU The New York Stock Exc
Filing Documents
- wu-20240630.htm (10-Q) — 2721KB
- 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
- img156427762_0.jpg (GRAPHIC) — 65KB
- 0000950170-24-087866.txt ( ) — 12677KB
- wu-20240630.xsd (EX-101.SCH) — 1465KB
- wu-20240630_htm.xml (XML) — 3077KB
FINANCIAL INFORMATION
PART I FINANCIAL INFORMATION Item 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited) 3 Condensed Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 4 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 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 29 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 43 Item 4.
Controls and Procedures
Controls and Procedures 43 Review Report of Independent Registered Public Accounting Firm (PCAOB ID: 42) 44
OTHER INFORMATION
PART II OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 45 Item 1A.
Risk Factors
Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3. Defaults Upon Senior Securities 45 Item 4. Mine Safety Disclosures 45 Item 5. Other Information 45 Item 6. Exhibits 46 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Revenues $ 1,066.4 $ 1,170.0 $ 2,115.5 $ 2,206.9 Expenses: Cost of services 663.9 698.9 1,305.2 1,328.4 Selling, general, and administrative 211.8 228.5 427.5 431.2 Total expenses 875.7 927.4 1,732.7 1,759.6 Operating income 190.7 242.6 382.8 447.3 Other income/(expense): Interest income 3.7 4.2 6.8 7.4 Interest expense ( 31.1 ) ( 27.0 ) ( 57.2 ) ( 52.0 ) Other income/(expense), net 1.9 ( 3.4 ) 2.8 ( 5.3 ) Total other expense, net ( 25.5 ) ( 26.2 ) ( 47.6 ) ( 49.9 ) Income before income taxes 165.2 216.4 335.2 397.4 Provision for income taxes 24.2 40.2 51.5 69.4 Net income $ 141.0 $ 176.2 $ 283.7 $ 328.0 Earnings per share: Basic $ 0.42 $ 0.47 $ 0.83 $ 0.88 Diluted $ 0.41 $ 0.47 $ 0.83 $ 0.87 Weighted-average shares outstanding: Basic 338.6 375.0 341.5 374.7 Diluted 339.6 375.6 342.6 375.6 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net income $ 141.0 $ 176.2 $ 283.7 $ 328.0 Other comprehensive income, net of reclassifications and tax (Note 9): Unrealized gains/(losses) on investment securities ( 1.2 ) ( 11.4 ) ( 5.8 ) 8.6 Unrealized gains/(losses) on hedging activities 0.2 ( 10.8 ) 11.0 ( 21.1 ) Total other comprehensive income/(loss) ( 1.0 ) ( 22.2 ) 5.2 ( 12.5 ) Comprehensive income $ 1
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