Price | 21.91 | EPS | 3 | |
Shares | 433 | P/E | 8 | |
MCap | 9,487 | P/FCF | 14 | |
Net Debt | -1,398 | EBIT | 1,359 | |
TEV | 8,089 | TEV/EBIT | 6 | TTM 2019-09-30, in MM, except price, ratios |
10-Q | 2020-09-30 | Filed 2020-10-29 |
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 | 2020-10-29 | Earnings, Regulation FD, Exhibits |
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 |
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-15 | wu-20200930xex15.htm |
EX-31.1 | wu-20200930xex31d1.htm |
EX-31.2 | wu-20200930xex31d2.htm |
EX-32 | wu-20200930xex32.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the quarterly period ended |
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:
THE WESTERN UNION COMPANY
(Exact name of registrant as specified in its charter)
Registrant’s telephone number, including area code: (
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading symbol | Name of each exchange on which registered |
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.
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).
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.
Smaller reporting 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
As of October 26, 2020,
THE WESTERN UNION COMPANY
INDEX
2
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 | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
| 2020 |
| 2019 |
| 2020 |
| 2019 |
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$ | | $ | | $ | | $ | | ||||||
Expenses: |
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Selling, general, and administrative |
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Total expenses |
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Operating income |
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Other income/(expense): |
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Gain on divestitures of businesses (Note 4) | — | — | — | | |||||||||
Interest income |
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Interest expense |
| ( |
| ( |
| ( |
| ( | |||||
Other income/(expense), net |
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| ( |
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Total other income/(expense), net |
| ( |
| ( |
| ( |
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Income before income taxes |
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Provision for income taxes |
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Net income | $ | | $ | | $ | | $ | | |||||
Earnings per share: |
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Basic | $ | | $ | | $ | | $ | | |||||
Diluted | $ | | $ | | $ | | $ | | |||||
Weighted-average shares outstanding: |
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Basic |
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Diluted |
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See Notes to Condensed Consolidated Financial Statements.
3
THE WESTERN UNION COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(in millions)
o | o | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
| 2020 |
| 2019 |
| 2020 |
| 2019 |
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Net income | $ | | $ | | $ | | $ | | |||||
Other comprehensive income, net of reclassifications and tax (Note 11): |
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Unrealized gains on investment securities |
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Unrealized gains/(losses) on hedging activities |
| ( |
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| ( |
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Defined benefit pension plan adjustments |
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Total other comprehensive income/(loss) |
| ( |
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Comprehensive income | $ | | $ | | $ | | $ | |
See Notes to Condensed Consolidated Financial Statements.
4
THE WESTERN UNION COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in millions, except per share amounts)
| September 30, | December 31, | ||||
2020 | 2019 | |||||
Assets |
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Cash and cash equivalents | $ | | $ | | ||
Settlement assets |
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Property and equipment, net of accumulated depreciation of $ |
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Goodwill |
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Other intangible assets, net of accumulated amortization of $ |
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Other assets |
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Total assets | $ | | $ | | ||
Liabilities and stockholders' equity/(deficit) |
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Liabilities: |
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Accounts payable and accrued liabilities | $ | | $ | | ||
Settlement obligations |
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Income taxes payable |
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Deferred tax liability, net |
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Borrowings |
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Other liabilities |
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Total liabilities |
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Commitments and contingencies (Note 8) |
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Stockholders' equity/(deficit): |
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Preferred stock, $ |
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Common stock, $ |
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Capital surplus |
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Accumulated deficit |
| ( |
| ( | ||
Accumulated other comprehensive loss |
| ( |
| ( | ||
Total stockholders' equity/(deficit) |
| |
| ( | ||
Total liabilities and stockholders' equity/(deficit) | $ | | $ | |
See Notes to Condensed Consolidated Financial Statements.
5
THE WESTERN UNION COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in millions)
Nine Months Ended | ||||||
September 30, | ||||||
| 2020 |
| 2019 | |||
Cash flows from operating activities |
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Net income | $ | | $ | | ||
Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation |
| |
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Amortization |
| |
| | ||
Gain on divestitures of businesses, excluding transaction costs (Note 4) | — | ( | ||||
Other non-cash items, net |
| |
| | ||
Increase/(decrease) in cash, excluding the effects of divestitures, resulting from changes in: |
|
| ||||
Other assets |
| ( |
| | ||
Accounts payable and accrued liabilities |
| ( |
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Income taxes payable |
| ( |
| ( | ||
Other liabilities |
| ( |
| ( | ||
Net cash provided by operating activities |
| |
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Cash flows from investing activities |
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Payments for capitalized contract costs |
| ( |
| ( | ||
Payments for internal use software |
| ( |
| ( | ||
Purchases of property and equipment |
| ( |
| ( | ||
Proceeds from the sale of former corporate headquarters (Note 4) | | — | ||||
Proceeds from divestitures of businesses, net of cash divested (Note 4) | — | | ||||
Purchases of non-settlement related investments |
| ( |
| ( | ||
Proceeds from maturity of non-settlement related investments |
| |
| | ||
Purchases of held-to-maturity non-settlement related investments |
| — |
| ( | ||
Proceeds from held-to-maturity non-settlement related investments |
| — |
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Other investing activities | ( |
| — | |||
Net cash (used in)/provided by investing activities |
| ( |
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Cash flows from financing activities |
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Cash dividends and dividend equivalents paid |
| ( |
| ( | ||
Common stock repurchased (Note 11) |
| ( |
| ( | ||
Net (repayments of)/proceeds from commercial paper |
| ( |
| | ||
Principal payments on borrowings |
| — |
| ( | ||
Proceeds from exercise of options |
| |
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Other financing activities |
| ( |
| ( | ||
Net cash used in financing activities |
| ( |
| ( | ||
Net change in cash, cash equivalents, and restricted cash |
| ( |
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Cash, cash equivalents, and restricted cash at beginning of period |
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Cash, cash equivalents, and restricted cash at end of period | $ | | $ | | ||
Supplemental cash flow information: |
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Interest paid | $ | | $ | | ||
Income taxes paid | $ | | $ | | ||
Cash paid for lease liabilities | $ | | $ | | ||
Non-cash lease liabilities arising from obtaining right-of-use assets | $ | | $ | | ||
Restricted cash at end of period (included in Other assets) | $ | | $ | |
See Notes to Condensed Consolidated Financial Statements.
6
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 |
| Equity/(Deficit) | ||||||
Balance, December 31, 2019 | | $ | | $ | | $ | ( | $ | ( | $ | ( | |||||
Adoption of new accounting pronouncement (Note 1) | — | — | — | ( | — | ( | ||||||||||
Net income | — | — | — | | — | | ||||||||||
Stock-based compensation | — | — | | — | — | | ||||||||||
Common stock dividends and dividend equivalents declared per share) | — | — | — | ( | — | ( | ||||||||||
Repurchase and retirement of common shares | ( | ( | — | ( | — | ( | ||||||||||
Shares issued under stock-based compensation plans | | — | | — | — | | ||||||||||
Other comprehensive income (Note 11) | — | — | — | — | | | ||||||||||
Balance, March 31, 2020 | | | | ( | ( | ( | ||||||||||
Net income | — | — | — | | — | | ||||||||||
Stock-based compensation | — | — | | — | — | | ||||||||||
Common stock dividends and dividend equivalents declared per share) | — | — | — | ( | — | ( | ||||||||||
Repurchase and retirement of common shares | ( | — | — | ( | — | ( | ||||||||||
Shares issued under stock-based compensation plans | | — | | — | — | | ||||||||||
Other comprehensive income (Note 11) | — | — | — | — | | | ||||||||||
Balance, June 30, 2020 | | | | ( | ( | ( | ||||||||||
Net income | — | — | — | | — | | ||||||||||
Stock-based compensation | — | — | | — | — | | ||||||||||
Common stock dividends and dividend equivalents declared per share) | — | — | — | ( | — | ( | ||||||||||
Repurchase and retirement of common shares | — | — | — | ( | — | ( | ||||||||||
Shares issued under stock-based compensation plans | — | — | | — | — | | ||||||||||
Other comprehensive loss (Note 11) | — | — | — | — | ( | ( | ||||||||||
Balance, September 30, 2020 | | $ | | $ | | $ | ( | $ | ( | $ | |
Accumulated | ||||||||||||||||
Other | Total | |||||||||||||||
Common Stock | Capital | Accumulated | Comprehensive | Stockholders' | ||||||||||||
Shares |
| Amount |
| Surplus |
| Deficit |
| Loss |
| Equity/(Deficit) | ||||||
Balance, December 31, 2018 | | $ | | $ | | $ | ( | $ | ( | $ | ( | |||||
Net income | — | — | — | | — | | ||||||||||
Stock-based compensation | — | — | |