Company Quick10K Filing
Western Union
Price21.91 EPS3
Shares433 P/E8
MCap9,487 P/FCF14
Net Debt-1,398 EBIT1,359
TEV8,089 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-02
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-01
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-10-29
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-24
10-Q 2013-09-30 Filed 2013-11-04
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-06
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-01
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-02
10-Q 2011-03-31 Filed 2011-05-04
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-08-04 Earnings, Regulation FD, Exhibits
8-K 2020-07-01 Officers, Exhibits
8-K 2020-06-02
8-K 2020-05-28
8-K 2020-05-14
8-K 2020-05-05
8-K 2020-03-27
8-K 2020-03-24
8-K 2020-02-11
8-K 2019-12-18
8-K 2019-12-04
8-K 2019-11-25
8-K 2019-11-18
8-K 2019-10-31
8-K 2019-09-24
8-K 2019-08-01
8-K 2019-05-29
8-K 2019-05-17
8-K 2019-05-09
8-K 2019-05-07
8-K 2019-03-12
8-K 2019-02-28
8-K 2019-02-07
8-K 2018-12-18
8-K 2018-12-11
8-K 2018-07-19
8-K 2018-06-11
8-K 2018-05-18
8-K 2018-05-01
8-K 2018-02-13
8-K 2018-01-04

WU 10Q Quarterly Report

Part I
Item 1. Financial Statements
Item 2.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 wu-20200630ex101c5aa42.htm
EX-10.2 wu-20200630ex102530d86.htm
EX-15 wu-20200630xex15.htm
EX-31.1 wu-20200630ex311a5b4c4.htm
EX-31.2 wu-20200630ex312f99aa2.htm
EX-32 wu-20200630xex32.htm

Western Union Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
1.51.00.4-0.1-0.7-1.22012201420172020
Rev, G Profit, Net Income
0.80.50.2-0.1-0.4-0.72012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                 to

Commission File Number: 001-32903

Graphic

THE WESTERN UNION COMPANY

(Exact name of registrant as specified in its charter)

Delaware
(State or Other Jurisdiction of
Incorporation or Organization)

20-4531180
(I.R.S. Employer
Identification No.)

7001 EAST BELLEVIEW AVENUE
Denver, Colorado 80237
(Address of principal executive offices)

Registrant’s telephone number, including area code: (866405-5012

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common Stock, $0.01 Par Value

WU

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer         Accelerated filer        Non-accelerated filer 

Smaller reporting company         Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No

As of July 31, 2020, 411,003,966 shares of the registrant’s common stock were outstanding.

Table of Contents

THE WESTERN UNION COMPANY

INDEX

PAGE
NUMBER

PART I FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

3

Condensed Consolidated Statements of Income for the three and six months ended June 30, 2020 and 2019

3

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2020 and 2019

4

Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

5

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

6

Condensed Consolidated Statements of Stockholders’ Equity/(Deficit) for the three and six months ended June 30, 2020 and 2019

7

Notes to Condensed Consolidated Financial Statements

8

Item 2.

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

39

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

57

Item 4.

Controls and Procedures

57

Review Report of Independent Registered Public Accounting Firm

58

PART II OTHER INFORMATION

Item 1.

Legal Proceedings

59

Item 1A.

Risk Factors

59

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

60

Item 3.

Defaults Upon Senior Securities

60

Item 4.

Mine Safety Disclosures

60

Item 5.

Other Information

60

Item 6.

Exhibits

61

2

Table of Contents

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements

THE WESTERN UNION COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(in millions, except per share amounts)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2020

    

2019

    

2020

    

2019

    

Revenues

$

1,114.7

$

1,340.5

$

2,304.7

$

2,677.5

Expenses:

 

  

 

  

 

  

 

  

Cost of services

 

662.2

 

776.4

 

1,345.6

 

1,561.4

Selling, general, and administrative

 

230.7

 

305.2

 

504.1

 

606.0

Total expenses

 

892.9

 

1,081.6

 

1,849.7

 

2,167.4

Operating income

 

221.8

 

258.9

 

455.0

 

510.1

Other income/(expense):

 

  

 

  

 

  

 

  

Gain on divestitures of businesses (Note 4)

524.6

524.6

Interest income

 

0.8

 

1.0

 

2.4

 

3.1

Interest expense

 

(29.3)

 

(38.6)

 

(62.2)

 

(78.3)

Other income/(expense), net

 

(0.1)

 

(0.3)

 

(0.1)

 

2.2

Total other income/(expense), net

 

(28.6)

 

486.7

 

(59.9)

 

451.6

Income before income taxes

 

193.2

 

745.6

 

395.1

 

961.7

Provision for income taxes

 

31.3

 

130.8

 

56.5

 

173.8

Net income

$

161.9

$

614.8

$

338.6

$

787.9

Earnings per share:

 

  

 

  

 

  

 

  

Basic

$

0.39

$

1.43

$

0.82

$

1.82

Diluted

$

0.39

$

1.42

$

0.81

$

1.81

Weighted-average shares outstanding:

 

  

 

  

 

  

 

  

Basic

 

411.5

 

430.0

 

412.9

 

433.8

Diluted

 

413.6

 

432.3

 

415.9

 

436.1

See Notes to Condensed Consolidated Financial Statements.

3

Table of Contents

THE WESTERN UNION COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(in millions)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2020

    

2019

    

2020

    

2019

    

Net income

$

161.9

$

614.8

$

338.6

$

787.9

Other comprehensive income, net of reclassifications and tax (Note 11):

 

  

 

  

 

  

 

  

Unrealized gains on investment securities

 

19.5

 

9.9

 

25.2

 

22.9

Unrealized gains/(losses) on hedging activities

 

(19.1)

 

(5.9)

 

1.6

 

(2.0)

Defined benefit pension plan adjustments

 

2.1

 

1.9

 

4.4

 

4.4

Total other comprehensive income

 

2.5

 

5.9

 

31.2

 

25.3

Comprehensive income

$

164.4

$

620.7

$

369.8

$

813.2

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)

    

June 30, 

December 31, 

2020

2019

Assets

 

  

 

  

Cash and cash equivalents

$

1,181.6

$

1,450.5

Settlement assets

 

3,522.3

 

3,296.7

Property and equipment, net of accumulated depreciation of $643.7 and $616.5, respectively

 

167.5

 

186.9

Goodwill

 

2,566.6

 

2,566.6

Other intangible assets, net of accumulated amortization of $995.7 and $961.5, respectively

 

473.9

 

494.9

Other assets

 

795.1

 

762.9

Total assets

$

8,707.0

$

8,758.5

Liabilities and stockholders' deficit

 

  

 

  

Liabilities:

 

  

 

  

Accounts payable and accrued liabilities

$

466.9

$

601.9

Settlement obligations

 

3,522.3

 

3,296.7

Income taxes payable

 

1,005.5

 

1,019.7

Deferred tax liability, net

 

167.9

 

152.1

Borrowings

 

3,085.8

 

3,229.3

Other liabilities

 

532.0

 

498.3

Total liabilities

 

8,780.4

 

8,798.0

Commitments and contingencies (Note 8)

 

  

 

  

Stockholders' deficit:

 

  

 

  

Preferred stock, $1.00 par value; 10 shares authorized; no shares issued

 

 

Common stock, $0.01 par value; 2,000 shares authorized; 411.0 shares and 418.0 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively

 

4.1

 

4.2

Capital surplus

 

860.5

 

841.2

Accumulated deficit

 

(760.2)

 

(675.9)

Accumulated other comprehensive loss

 

(177.8)

 

(209.0)

Total stockholders' deficit

 

(73.4)

 

(39.5)

Total liabilities and stockholders' deficit

$

8,707.0

$

8,758.5

See Notes to Condensed Consolidated Financial Statements.

5

Table of Contents

THE WESTERN UNION COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in millions)

Six Months Ended

June 30, 

    

2020

    

2019

Cash flows from operating activities

 

  

 

  

Net income

$

338.6

$

787.9

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

  

Depreciation

 

32.0

 

38.2

Amortization

 

83.3

 

91.4

Gain on divestitures of businesses, excluding transaction costs (Note 4)

(532.1)

Other non-cash items, net

 

63.9

 

52.3

Increase/(decrease) in cash, excluding the effects of divestitures, resulting from changes in:

 

 

Other assets

 

(16.6)

 

12.3

Accounts payable and accrued liabilities

 

(130.9)

 

(59.3)

Income taxes payable

 

(19.2)

 

21.5

Other liabilities

 

(3.3)

 

(9.6)

Net cash provided by operating activities

 

347.8

 

402.6

Cash flows from investing activities

 

  

 

  

Payments for capitalized contract costs

 

(46.0)

 

(24.5)

Payments for internal use software

 

(22.3)

 

(19.1)

Purchases of property and equipment

 

(15.9)

 

(31.4)

Proceeds from the sale of former corporate headquarters (Note 4)

44.2

Proceeds from divestitures of businesses, net of cash divested (Note 4)

732.6

Purchases of non-settlement related investments

 

(2.2)

 

(4.5)

Proceeds from maturity of non-settlement related investments

 

0.6

 

19.8

Purchases of held-to-maturity non-settlement related investments

 

 

(1.3)

Proceeds from held-to-maturity non-settlement related investments

 

 

15.4

Other investing activities

(2.6)

 

Net cash (used in)/provided by investing activities

 

(44.2)

 

687.0

Cash flows from financing activities

 

 

  

Cash dividends paid

 

(184.9)

 

(172.9)

Common stock repurchased (Note 11)

 

(237.7)

 

(341.6)

Net (repayments of)/proceeds from commercial paper

 

(145.0)

 

143.0

Principal payments on borrowings

 

 

(500.0)

Proceeds from exercise of options

 

1.5

 

20.5

Other financing activities

 

(0.7)

 

(0.8)

Net cash used in financing activities

 

(566.8)

 

(851.8)

Net change in cash, cash equivalents, and restricted cash

 

(263.2)

 

237.8

Cash, cash equivalents, and restricted cash at beginning of period

 

1,456.8

 

979.7

Cash, cash equivalents, and restricted cash at end of period

$

1,193.6

$

1,217.5

Supplemental cash flow information:

 

  

 

  

Interest paid

$

53.5

$

78.1

Income taxes paid

$

59.7

$

156.6

Cash paid for lease liabilities

$

25.6

$

24.3

Non-cash lease liabilities arising from obtaining right-of-use assets

$

17.8

$

269.1

Restricted cash at end of period (included in Other assets)

$

12.0

$

7.3

See Notes to Condensed Consolidated Financial Statements.

6

Table of Contents

THE WESTERN UNION COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY/(DEFICIT)

(Unaudited)

(in millions)

Accumulated

Other

Total

Common Stock

Capital

Accumulated 

Comprehensive

Stockholders'

Shares

    

Amount

    

Surplus

    

Deficit

    

Loss

    

Deficit

Balance, December 31, 2019

418.0

$

4.2

$

841.2

$

(675.9)

$

(209.0)

$

(39.5)

Adoption of new accounting pronouncement (Note 1)

(0.6)

(0.6)

Net income

176.7

176.7

Stock-based compensation

12.5

12.5

Common stock dividends and dividend equivalents declared ($0.225 per share)

(93.3)

(93.3)

Repurchase and retirement of common shares

(9.2)

(0.1)

(235.1)

(235.2)

Shares issued under stock-based compensation plans

2.1

1.0

1.0

Other comprehensive income (Note 11)

28.7

28.7

Balance, March 31, 2020

410.9

4.1

854.7

(828.2)

(180.3)

(149.7)

Net income

161.9

161.9

Stock-based compensation

5.3

5.3

Common stock dividends and dividend equivalents declared ($0.225 per share)

(93.3)

(93.3)

Repurchase and retirement of common shares

(0.1)

(0.6)

(0.6)

Shares issued under stock-based compensation plans

0.2

0.5

0.5

Other comprehensive income (Note 11)

2.5

2.5

Balance, June 30, 2020

411.0

$

4.1

$

860.5

$

(760.2)

$

(177.8)

$

(73.4)

Accumulated

Other

Total

Common Stock

Capital

Accumulated 

Comprehensive

Stockholders'

Shares

    

Amount

    

Surplus

    

Deficit

    

Loss

    

Equity/(Deficit)

Balance, December 31, 2018

441.2

$

4.4

$

755.6

$

(838.8)

$

(231.0)

$

(309.8)

Net income

173.1

173.1

Stock-based compensation

13.7

13.7

Common stock dividends ($0.20 per share)

(87.4)

(87.4)

Repurchase and retirement of common shares

(10.2)

(0.1)

(184.9)

(185.0)

Shares issued under stock-based compensation plans

1.9

1.8

1.8

Other comprehensive income (Note 11)

19.4

19.4

Balance, March 31, 2019

432.9

4.3

771.1

(938.0)

(211.6)

(374.2)

Net income

614.8

614.8

Stock-based compensation

11.6

11.6

Common stock dividends ($0.20 per share)

(85.5)

(85.5)

Repurchase and retirement of common shares

(8.3)

(161.0)