$WU
Western Union CO

2023 Q3 Form 10-Q Financial Statement

#000095017023034718 Filed on July 26, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $1.098B $1.170B
YoY Change 0.75% 2.78%
Cost Of Revenue $687.2M $698.9M
YoY Change 7.83% 7.03%
Gross Profit $410.6M $471.1M
YoY Change -9.22% -2.93%
Gross Profit Margin 37.4% 40.26%
Selling, General & Admin $199.7M $228.5M
YoY Change -9.43% 3.25%
% of Gross Profit 48.64% 48.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $46.00M $45.90M
YoY Change 2.68% 0.0%
% of Gross Profit 11.2% 9.74%
Operating Expenses $199.7M $228.5M
YoY Change -9.43% 3.25%
Operating Profit $210.9M $242.6M
YoY Change -9.02% -8.11%
Interest Expense -$23.40M -$22.80M
YoY Change 15.27% -0.87%
% of Operating Profit -11.1% -9.4%
Other Income/Expense, Net -$6.600M -$3.400M
YoY Change -82.68% -87.77%
Pretax Income $204.3M $216.4M
YoY Change 5.47% -8.38%
Income Tax $33.30M $40.20M
% Of Pretax Income 16.3% 18.58%
Net Earnings $171.0M $176.2M
YoY Change -1.67% -9.18%
Net Earnings / Revenue 15.58% 15.06%
Basic Earnings Per Share $0.46 $0.47
Diluted Earnings Per Share $0.46 $0.47
COMMON SHARES
Basic Shares Outstanding 374.5M 374.5M
Diluted Shares Outstanding 375.0M 375.6M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.138B $1.586B
YoY Change -3.22% 31.95%
Cash & Equivalents $1.138B $1.586B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.138B $1.586B
YoY Change -3.22% 31.95%
LONG-TERM ASSETS
Property, Plant & Equipment $90.80M $96.30M
YoY Change -18.93% -16.7%
Goodwill $2.035B $2.035B
YoY Change 0.0% 0.0%
Intangibles $406.9M $430.3M
YoY Change -12.72% -3.54%
Long-Term Investments
YoY Change
Other Assets $25.20M $273.7M
YoY Change -97.09% -62.47%
Total Long-Term Assets $6.776B $6.902B
YoY Change -12.29% -9.02%
TOTAL ASSETS
Total Short-Term Assets $1.138B $1.586B
Total Long-Term Assets $6.776B $6.902B
Total Assets $7.914B $8.487B
YoY Change -11.1% -3.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $433.1M $418.2M
YoY Change -0.6% 1.63%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $170.0M $674.6M
YoY Change -2.86% 159.46%
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $1.265B $1.728B
YoY Change -13.4% 13.47%
LONG-TERM LIABILITIES
Long-Term Debt $2.139B $2.138B
YoY Change -12.19% -12.19%
Other Long-Term Liabilities $3.755B $3.840B
YoY Change -12.98% -8.8%
Total Long-Term Liabilities $5.894B $5.979B
YoY Change -12.69% -10.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.265B $1.728B
Total Long-Term Liabilities $5.894B $5.979B
Total Liabilities $7.300B $7.861B
YoY Change -12.81% -5.73%
SHAREHOLDERS EQUITY
Retained Earnings -$229.3M -$210.4M
YoY Change -32.04% -48.94%
Common Stock $1.027B $1.017B
YoY Change 4.06% 4.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $613.6M $626.5M
YoY Change
Total Liabilities & Shareholders Equity $7.914B $8.487B
YoY Change -11.1% -3.41%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $171.0M $176.2M
YoY Change -1.67% -9.18%
Depreciation, Depletion And Amortization $46.00M $45.90M
YoY Change 2.68% 0.0%
Cash From Operating Activities $254.6M $126.7M
YoY Change 18.09% 18.63%
INVESTING ACTIVITIES
Capital Expenditures $25.70M $30.80M
YoY Change -182.64% -187.75%
Acquisitions
YoY Change
Other Investing Activities $14.30M $2.100M
YoY Change -86.45% -100.98%
Cash From Investing Activities -$11.40M -$28.70M
YoY Change -115.32% -88.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -225.5M -470.5M
YoY Change 120.43% -10110.64%
NET CHANGE
Cash From Operating Activities 254.6M 126.7M
Cash From Investing Activities -11.40M -28.70M
Cash From Financing Activities -225.5M -470.5M
Net Change In Cash 17.70M -372.5M
YoY Change -90.57% 171.5%
FREE CASH FLOW
Cash From Operating Activities $254.6M $126.7M
Capital Expenditures $25.70M $30.80M
Free Cash Flow $228.9M $95.90M
YoY Change -7.22% -32.42%

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us-gaap Profit Loss
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us-gaap Depreciation
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us-gaap Amortization Of Intangible Assets
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Repayments Of Long Term Debt
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q2 wu Settlement Assets Cash And Cash Equivalents
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CY2022Q2 wu Settlement Assets Cash And Cash Equivalents
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CY2023Q2 us-gaap Restricted Cash
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CY2022Q2 us-gaap Restricted Cash
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CY2022Q2 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
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us-gaap Interest Paid Net
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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us-gaap Income Taxes Paid Net
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us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:12.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:12.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.</span></p>
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenues
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us-gaap Revenues
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CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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900000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q2 wu Settlement Assets Investment Securities Net
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CY2023Q2 wu Settlement Obligations Payables To Agents
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CY2022Q4 wu Settlement Assets Allowance For Credit Losses
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CY2022Q4 wu Settlement Assets Investment Securities Net
SettlementAssetsInvestmentSecuritiesNet
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CY2022Q4 wu Settlement Obligations Payables To Agents
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CY2023Q1 wu Financing Receivable Losses Not Credit Related
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CY2023Q2 wu Financing Receivable Losses Not Credit Related
FinancingReceivableLossesNotCreditRelated
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CY2022Q1 wu Financing Receivable Losses Not Credit Related
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CY2022Q2 wu Financing Receivable Losses Not Credit Related
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wu Variable Rate Demand Notes Maximum Maturity Year
VariableRateDemandNotesMaximumMaturityYear
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CY2023Q2 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue
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CY2023Q2 us-gaap Available For Sale Securities Debt Maturities Rolling Year Two Through Five Fair Value
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CY2023Q2 us-gaap Available For Sale Securities Debt Maturities Rolling Year Six Through Ten Fair Value
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CY2023Q2 us-gaap Available For Sale Securities Debt Maturities Rolling After Year Ten Fair Value
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CY2023Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2022Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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32500000
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2022Q2 us-gaap Common Stock Dividends Per Share Declared
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us-gaap Dividends Common Stock Cash
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us-gaap Dividends Common Stock Cash
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CY2023Q2 us-gaap Dividends Common Stock Cash
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88000000
CY2022Q2 us-gaap Dividends Common Stock Cash
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CY2022Q1 us-gaap Dividends Common Stock Cash
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wu Stock Repurchased And Retired During Period Excluding Wtc Shares
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wu Stock Repurchased And Retired During Period Excluding Wtc Shares
StockRepurchasedAndRetiredDuringPeriodExcludingWTCShares
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wu Stock Repurchased And Retired During Period Excluding Wt Cand Commissions Value
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wu Stock Repurchased And Retired During Period Excluding Wtc And Commissions Average Cost Per Share
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CY2023Q2 us-gaap Derivative Assets
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CY2022Q4 us-gaap Derivative Assets
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CY2023Q2 us-gaap Derivative Liabilities
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CY2022Q4 us-gaap Derivative Liabilities
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CY2023Q2 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
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CY2023Q2 us-gaap Derivative Asset Not Offset Policy Election Deduction
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20300000
CY2023Q2 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
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CY2023Q2 us-gaap Derivative Asset Not Subject To Master Netting Arrangement
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CY2023Q2 us-gaap Derivative Asset Fair Value Gross Asset Including Not Subject To Master Netting Arrangement
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CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
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CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
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CY2022Q4 us-gaap Derivative Asset Not Offset Policy Election Deduction
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CY2022Q4 us-gaap Derivative Asset Not Subject To Master Netting Arrangement
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CY2023Q2 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
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54300000
CY2023Q2 us-gaap Derivative Liability Not Offset Policy Election Deduction
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34000000.0
CY2023Q2 us-gaap Derivative Liability Not Subject To Master Netting Arrangement
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16000000.0
CY2023Q2 us-gaap Derivative Liability Fair Value Gross Liability Including Not Subject To Master Netting Arrangement
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70300000
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
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CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
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CY2022Q4 us-gaap Derivative Liability Not Offset Policy Election Deduction
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CY2022Q4 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
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51500000
CY2022Q4 us-gaap Derivative Liability Not Subject To Master Netting Arrangement
DerivativeLiabilityNotSubjectToMasterNettingArrangement
21100000
CY2022Q4 us-gaap Derivative Liability Fair Value Gross Liability Including Not Subject To Master Netting Arrangement
DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement
98900000
CY2023Q2 us-gaap Revenues
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1170000000
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CY2022Q2 us-gaap Revenues
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CY2022Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
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us-gaap Revenues
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us-gaap Interest Expense Debt
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us-gaap Revenues
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us-gaap Interest Expense Debt
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CY2023Q2 wu Foreign Exchange Gain Loss On Settlement Assets And Obligations Other Assets And Other Liabilities And Cash Balances
ForeignExchangeGainLossOnSettlementAssetsAndObligationsOtherAssetsAndOtherLiabilitiesAndCashBalances
-3100000
CY2022Q2 wu Foreign Exchange Gain Loss On Settlement Assets And Obligations Other Assets And Other Liabilities And Cash Balances
ForeignExchangeGainLossOnSettlementAssetsAndObligationsOtherAssetsAndOtherLiabilitiesAndCashBalances
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wu Foreign Exchange Gain Loss On Settlement Assets And Obligations Other Assets And Other Liabilities And Cash Balances
ForeignExchangeGainLossOnSettlementAssetsAndObligationsOtherAssetsAndOtherLiabilitiesAndCashBalances
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wu Foreign Exchange Gain Loss On Settlement Assets And Obligations Other Assets And Other Liabilities And Cash Balances
ForeignExchangeGainLossOnSettlementAssetsAndObligationsOtherAssetsAndOtherLiabilitiesAndCashBalances
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CY2023Q2 us-gaap Foreign Currency Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months
ForeignCurrencyCashFlowHedgeGainLossToBeReclassifiedDuringNext12Months
7500000
CY2023Q2 us-gaap Debt Instrument Face Amount
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2824600000
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
2630000000
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
11600000
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
13200000
CY2022Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
2616800000
CY2023Q2 us-gaap Debt Weighted Average Interest Rate
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0.041
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo
500000000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree
600000000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling After Year Five
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1050000000
CY2023Q2 us-gaap Long Term Debt
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2150000000
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.186
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.179
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.174
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.186
CY2023Q2 us-gaap Unrecognized Tax Benefits
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297500000
CY2022Q4 us-gaap Unrecognized Tax Benefits
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290700000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
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9500000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12300000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17500000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23000000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
13.27
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
4100000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.11
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7100000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.09
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4200000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
19.28
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
8000000.0
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
16.72
CY2022Q2 us-gaap Revenues
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1138300000
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2206900000
us-gaap Revenues
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2294000000
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
242600000
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
264000000
us-gaap Operating Income Loss
OperatingIncomeLoss
447300000
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
us-gaap Operating Income Loss
OperatingIncomeLoss
501500000
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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