Western Union Files Q3 2024 10-Q
Ticker: WU · Form: 10-Q · Filed: Oct 23, 2024 · CIK: 1365135
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
WU's Q3 10-Q is in - check financials for latest performance.
AI Summary
Western Union Co. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and disclosures relevant to investors are presented.
Why It Matters
This filing provides investors with the latest financial results and operational details for Western Union, crucial for understanding the company's current performance and future outlook.
Risk Assessment
Risk Level: medium — 10-Q filings are standard disclosures for public companies, but the specific financial details within can reveal significant risks or opportunities.
Key Numbers
- Q3 — Quarterly Period (Reporting period for this 10-Q filing)
Key Players & Entities
- Western Union CO (company) — Filer of the 10-Q
- 20240930 (date) — End of the reporting period
- 20241023 (date) — Filing date
- 7001 EAST BELLEVIEW AVENUE (location) — Company's business and mailing address
- DENVER, CO (location) — Company's business and mailing address
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is for the quarter ended September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on October 23, 2024.
What is Western Union's primary business address?
Western Union's 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.
What is the fiscal year end for Western Union?
Western Union's fiscal year ends on December 31.
Filing Stats: 4,397 words · 18 min read · ~15 pages · Grade level 7.4 · Accepted 2024-10-23 16:06:11
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 Par Value WU The New York Stock Exc
Filing Documents
- wu-20240930.htm (10-Q) — 2935KB
- wu-ex15.htm (EX-15) — 8KB
- wu-ex31_1.htm (EX-31.1) — 12KB
- wu-ex31_2.htm (EX-31.2) — 12KB
- wu-ex32.htm (EX-32) — 14KB
- img156430645_0.jpg (GRAPHIC) — 65KB
- 0000950170-24-116637.txt ( ) — 13379KB
- wu-20240930.xsd (EX-101.SCH) — 1476KB
- wu-20240930_htm.xml (XML) — 3255KB
FINANCIAL INFORMATION
PART I FINANCIAL INFORMATION Item 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited) 3 Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 4 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 10 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 31 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 45 Item 4.
Controls and Procedures
Controls and Procedures 45 Review Report of Independent Registered Public Accounting Firm (PCAOB ID: 42) 46
OTHER INFORMATION
PART II OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 47 Item 1A.
Risk Factors
Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47 Item 3. Defaults Upon Senior Securities 47 Item 4. Mine Safety Disclosures 47 Item 5. Other Information 47 Item 6. Exhibits 48 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenues $ 1,036.0 $ 1,097.8 $ 3,151.5 $ 3,304.7 Expenses: Cost of services 653.6 687.2 1,958.8 2,015.6 Selling, general, and administrative 217.5 199.7 645.0 630.9 Total expenses 871.1 886.9 2,603.8 2,646.5 Operating income 164.9 210.9 547.7 658.2 Other income/(expense): Gain on divestiture of business (Note 4) — 18.0 — 18.0 Interest income 2.8 3.6 9.6 11.0 Interest expense ( 32.2 ) ( 27.0 ) ( 89.4 ) ( 79.0 ) Other income/(expense), net 0.2 ( 1.2 ) 3.0 ( 6.5 ) Total other expense, net ( 29.2 ) ( 6.6 ) ( 76.8 ) ( 56.5 ) Income before income taxes 135.7 204.3 470.9 601.7 Provision for/(benefit from) income taxes (Note 12) ( 129.1 ) 33.3 ( 77.6 ) 102.7 Net income $ 264.8 $ 171.0 $ 548.5 $ 499.0 Earnings per share: Basic $ 0.78 $ 0.46 $ 1.61 $ 1.33 Diluted $ 0.78 $ 0.46 $ 1.61 $ 1.33 Weighted-average shares outstanding: Basic 338.3 373.9 340.5 374.5 Diluted 339.5 375.0 341.6 375.4 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Net income $ 264.8 $ 171.0 $ 548.5 $ 499.0 Other comprehensive income, net of reclassifications and tax (Note 9): Unrealized gains/(losses) on investment securities 33.7 ( 13.7 ) 27.9 ( 5.1 ) Unrealized gains/(losses) on hedging activities ( 14.4 ) 10.0 ( 3.4 )
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