Solid business performance with continued
strong digital growth
Full year financial outlook affirmed
More than $300 million returned to
shareholders
The Western Union Company (NYSE: WU) today reported first
quarter financial results and affirmed its outlook for 2017, which
was previously provided on February 9, 2017.
In the first quarter the Company generated revenue of $1.3
billion, which was flat compared to the prior year, or increased 3%
on a constant currency basis.
Earnings per share of $0.33 includes a ($0.02) impact from
expenses associated with the WU Way business transformation
program. Excluding the WU Way related expenses, earnings per share
of $0.35 compares to $0.37 in the same period last year. The
decline in earnings per share in the current quarter primarily
resulted from the tax impact of changes in the internal ownership
structure of certain of the Company’s international subsidiaries.
These changes are expected to result in lower taxes of a comparable
amount for the remainder of the year.
“We are pleased with the start to the year, as our money
transfer business delivered solid performance, led by digital,”
said President and Chief Executive Officer Hikmet Ersek.
“Westernunion.com money transfer transactions increased 27 percent,
and our consumer bill payments business produced very good
growth.”
“We also further expanded our digital network. We now have
online transaction sites in 40 countries, including across the
European Union, and mobile apps in 18 markets, allowing consumers
to send to over 200 countries and territories around the world,”
Ersek added.
Executive Vice President and Chief Financial Officer Raj Agrawal
stated, “The first quarter results have us on track to deliver our
full year financial outlook. We are executing our business plans,
while continuing to implement the WU Way business transformation
program. We also returned more than $300 million to our
shareholders in the quarter through share repurchases and
dividends.”
The WU Way program is intended to transform the Company’s
operating model to better enable innovation, improve the customer
experience, and drive cost efficiencies. The program includes
implementation of lean management techniques, organizational
redesign, and other initiatives.
Q1 Business Unit
Highlights
- Consumer-to-Consumer (C2C) revenues
were flat, or increased 2% on a constant currency basis.
Transactions grew 2%, driven by strong increases from
westernunion.com. Geographically, constant currency revenue growth
was led by transactions originated in the Latin America and
Caribbean, North America, and Europe and CIS regions, which was
partially offset by declines from oil producing countries in the
Middle East, Africa, and South Asia region.Westernunion.com C2C
revenues increased 26%, or 28% on a constant currency basis, on
transaction growth of 27%. Westernunion.com represented 9% of total
C2C revenue in the quarter.
- Consumer-to-Business (C2B) revenues
increased 8% in the quarter, or 10% on a constant currency basis.
The growth was driven by the Argentina walk-in and U.S. electronic
bill payments businesses.
- Western Union Business Solutions
revenues declined 6%, or decreased 3% on a constant currency basis.
Revenue was impacted by the termination of a partner contract and
reductions in sales of hedging products.
Additional Q1 Financial
Highlights
- GAAP operating margin in the quarter
was 18.4%. Excluding the impact of the WU Way related expenses,
adjusted operating margin was 19.5%, which compares to 19.9% in the
prior year period. The decline compared to prior year was primarily
due to the negative impact of foreign exchange and unfavorable
customer and funding mix in C2B, partially offset by timing of
marketing spend.
- GAAP operating profit in the quarter
was $240 million. Excluding the $14 million of WU Way related
expenses, adjusted operating income of $254 million compared to
$259 million in the prior year period. The current quarter
operating income reflects a negative impact of approximately $15
million from changes in foreign exchange rates.
- The effective tax rate in the quarter
was 24.1%, or 24.8% excluding the impact of the WU Way related
expenses, which compares to 14.6% in the prior year period. The
increase was due to the discrete items mentioned above, and the
Company’s full year outlook for the effective tax rate remains at
11% GAAP, and 13% adjusted for WU Way related expenses.
- Cash flow from operating activities
totaled $86 million, which includes $151 million of payments
related to the settlement with federal and state governments
announced in January 2017, and approximately $19 million of WU Way
related payments. Excluding these items, cash flow from operating
activities was $256 million in the quarter.
- The Company returned $308 million to
shareholders in the first quarter, consisting of $225 million of
share repurchases and $83 million of dividends.
2017 Outlook
The Company affirmed its full year outlook for 2017, which was
previously reported on February 9:
Revenue
- Flat to low single digit decrease in
GAAP revenues, or a low single digit increase constant
currency.
Operating Profit Margin
- GAAP operating margin of approximately
18% and adjusted operating margin of approximately 20%. Adjusted
operating margins exclude approximately $100 million of expected WU
Way related expenses.
Earnings per Share
- GAAP EPS in a range of $1.48 to $1.60
and adjusted EPS in a range of $1.63 to $1.75. Adjusted EPS
excludes the impact of the WU Way related expenses.
Cash Flow
- GAAP cash flow from operating
activities of approximately $200 million, which includes $591
million of payments related to the settlement with federal and
state governments announced in January 2017, approximately $100
million of anticipated final tax payments relating to the agreement
announced with the U.S. Internal Revenue Service in December 2011,
and WU Way related payments. Excluding these items, expected cash
flow from operating activities would be approximately $1
billion.
Additional Statistics
Additional key statistics for the quarter and historical trends
can be found in the supplemental tables included with this press
release. As discussed in the Company’s Form 8-K filed with the SEC
on April 27, 2017, beginning in the first quarter of 2017, the
Company implemented a new region structure in its
Consumer-to-Consumer operating segment due to leadership and
organizational structure changes within the Company. Additionally,
beginning January 1, 2017, the geographic split for transactions
and revenue in the C2C segment, including transactions initiated
through westernunion.com, is determined entirely based upon the
region where the money transfer is initiated. Prior to January 1,
2017, for transactions originated and paid in different regions,
the Company split the transaction count and revenue between the two
regions, with each region receiving 50%. Therefore, regional
results for the prior periods presented within this press release
have been adjusted for this new region structure and to attribute
the transactions and revenue entirely to the region where the
transaction was initiated.
Expenses related to the settlement with federal and state
governments announced in January 2017 and the WU Way business
transformation are not included in operating segment results, as
they are excluded from the measurement of segment operating income
provided to the chief operating decision maker for purposes of
assessing segment performance and decision making with respect to
resource allocation.
All amounts included in the supplemental tables to this press
release are rounded to the nearest tenth of a million, except as
otherwise noted. As a result, the percentage changes and margins
disclosed herein may not recalculate precisely using the rounded
amounts provided.
Non-GAAP Measures
Western Union presents a number of non-GAAP financial measures
because management believes that these metrics provide meaningful
supplemental information in addition to the GAAP metrics and
provide comparability and consistency to prior periods. Constant
currency results assume foreign revenues are translated from
foreign currencies to the U.S. dollar, net of the effect of foreign
currency hedges, at rates consistent with those in the prior
year.
These non-GAAP financial measures include consolidated revenue
change constant currency adjusted; Consumer-to-Consumer segment
revenue change constant currency adjusted; Consumer-to-Consumer
segment westernunion.com revenue change constant currency adjusted;
Consumer-to-Business segment revenue change constant currency
adjusted; Business Solutions segment revenue change constant
currency adjusted; consolidated operating income, excluding WU Way
business transformation expenses; consolidated operating margin,
excluding Joint Settlement Agreements (as defined in the notes
below) and WU Way business transformation expenses; effective tax
rate, excluding Joint Settlement Agreements and WU Way business
transformation expenses; earnings/(loss) per share, excluding Joint
Settlement Agreements and WU Way business transformation expenses;
cash flow from operating activities, excluding payments for Joint
Settlement Agreements and WU Way business transformation expenses;
operating margin outlook excluding WU Way business transformation
expenses; earnings per share outlook excluding WU Way business
transformation expenses; cash flow from operating activities
outlook, excluding payments for Joint Settlement Agreements, WU Way
business transformation expenses, and IRS Agreement payments; and
additional measures found in the supplemental tables included with
this press release. Although the expenses related to the WU Way
business transformation are specific to that initiative, the types
of expenses related to the WU Way business transformation are
similar to expenses that the Company has previously incurred and
can reasonably be expected to incur in the future.
Reconciliations of non-GAAP to comparable GAAP measures are
available in the accompanying schedules and in the “Investor
Relations” section of the Company’s website at
http://ir.westernunion.com.
Investor and Analyst Conference Call
and Slide Presentation
The Company will host a conference call and webcast, including
slides, at 4:30 p.m. Eastern Time today. To listen to the
conference call via telephone, dial 1 (888) 317- 6003 (U.S.) or +1
(412) 317- 6061 (outside the U.S.) ten minutes prior to the start
of the call. The pass code is 2739953.
The conference call and accompanying slides will be available
via webcast at http://ir.westernunion.com. Registration for the
event is required, so please register at least five minutes prior
to the scheduled start time.
A webcast replay will be available at
http://ir.westernunion.com.
Please note: All statements made by Western Union officers on
this call are the property of Western Union and subject to
copyright protection. Other than the replay, Western Union has not
authorized, and disclaims responsibility for, any recording, replay
or distribution of any transcription of this call.
Safe Harbor Compliance Statement for Forward-Looking
Statements
This press release contains certain statements that are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are not guarantees
of future performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. Actual outcomes and
results may differ materially from those expressed in, or implied
by, our forward-looking statements. Words such as "expects,"
"intends," "anticipates," "believes," "estimates," "guides,"
"provides guidance," "provides outlook" and other similar
expressions or future or conditional verbs such as "may," "will,"
"should," "would," "could," and "might" are intended to identify
such forward-looking statements. Readers of this press release of
The Western Union Company (the "Company," "Western Union," "we,"
"our" or "us") should not rely solely on the forward-looking
statements and should consider all uncertainties and risks
discussed in the "Risk Factors" section and throughout the Annual
Report on Form 10-K for the year ended December 31, 2016.
The statements are only as of the date they are made, and the
Company undertakes no obligation to update any forward-looking
statement.
Possible events or factors that could cause results or
performance to differ materially from those expressed in our
forward-looking statements include the following: (i) events
related to our business and industry, such as: changes in general
economic conditions and economic conditions in the regions and
industries in which we operate, including global economic and trade
downturns, or significantly slower growth or declines in the money
transfer, payment service, and other markets in which we operate,
including downturns or declines related to interruptions in
migration patterns, or non-performance by our banks, lenders,
insurers, or other financial services providers; failure to compete
effectively in the money transfer and payment service industry,
including among other things, with respect to price, with global
and niche or corridor money transfer providers, banks and other
money transfer and payment service providers, including electronic,
mobile and Internet-based services, card associations, and
card-based payment providers, and with digital currencies and
related protocols, and other innovations in technology and business
models; political conditions and related actions in the United
States and abroad which may adversely affect our business and
economic conditions as a whole, including interruptions of United
States or other government relations with countries in which we
have or are implementing significant business relationships with
agents or clients; deterioration in customer confidence in our
business, or in money transfer and payment service providers
generally; our ability to adopt new technology and develop and gain
market acceptance of new and enhanced services in response to
changing industry and consumer needs or trends; changes in, and
failure to manage effectively, exposure to foreign exchange rates,
including the impact of the regulation of foreign exchange spreads
on money transfers and payment transactions; any material breach of
security, including cybersecurity, or safeguards of or
interruptions in any of our systems or those of our vendors or
other third parties; cessation of or defects in various services
provided to us by third-party vendors; mergers, acquisitions and
integration of acquired businesses and technologies into our
Company, and the failure to realize anticipated financial benefits
from these acquisitions, and events requiring us to write down our
goodwill; failure to manage credit and fraud risks presented by our
agents, clients and consumers; failure to maintain our agent
network and business relationships under terms consistent with or
more advantageous to us than those currently in place, including
due to increased costs or loss of business as a result of increased
compliance requirements or difficulty for us, our agents or their
subagents in establishing or maintaining relationships with banks
needed to conduct our services; decisions to change our business
mix; changes in tax laws, or their interpretation, and unfavorable
resolution of tax contingencies; adverse rating actions by credit
rating agencies; our ability to realize the anticipated
benefits from business transformation, productivity and
cost-savings, and other related initiatives, which may include
decisions to downsize or to transition operating activities from
one location to another, and to minimize any disruptions in our
workforce that may result from those initiatives; our ability to
protect our brands and our other intellectual property rights and
to defend ourselves against potential intellectual property
infringement claims; our ability to attract and retain qualified
key employees and to manage our workforce successfully; material
changes in the market value or liquidity of securities that we
hold; restrictions imposed by our debt obligations; (ii) events
related to our regulatory and litigation environment, such as:
liabilities or loss of business resulting from a failure by us, our
agents or their subagents to comply with laws and regulations and
regulatory or judicial interpretations thereof, including laws and
regulations designed to protect consumers, or detect and prevent
money laundering, terrorist financing, fraud and other illicit
activity; increased costs or loss of business due to regulatory
initiatives and changes in laws, regulations and industry practices
and standards, including changes in interpretations in the United
States, the European Union and globally, affecting us, our agents
or their subagents, or the banks with which we or our agents
maintain bank accounts needed to provide our services, including
related to anti-money laundering regulations, anti-fraud measures,
our licensing arrangements, customer due diligence, agent and
subagent due diligence, registration and monitoring requirements,
consumer protection requirements, remittances, and immigration;
liabilities, increased costs or loss of business and unanticipated
developments resulting from governmental investigations and consent
agreements with or enforcement actions by regulators, including
those associated with compliance with or failure to comply with the
settlement agreement with the State of Arizona, as amended, or with
the settlement agreements with the United States Department of
Justice, certain United States Attorney's Offices, the United
States Federal Trade Commission, the Financial Crimes Enforcement
Network of the United States Department of Treasury, and various
state attorneys general; the impact on our business from the
Dodd-Frank Wall Street Reform and Consumer Protection Act, as well
as regulations issued pursuant to it and the actions of the
Consumer Financial Protection Bureau and similar legislation and
regulations enacted by other governmental authorities related to
consumer protection; liabilities resulting from litigation,
including class-action lawsuits and similar matters, and regulatory
actions, including costs, expenses, settlements and judgments;
failure to comply with regulations and evolving industry standards
regarding consumer privacy and data use and security; effects of
unclaimed property laws; failure to maintain sufficient amounts or
types of regulatory capital or other restrictions on the use of our
working capital to meet the changing requirements of our regulators
worldwide; changes in accounting standards, rules and
interpretations or industry standards affecting our business; and
(iii) other events, such as: adverse tax consequences from our
spin-off from First Data Corporation; catastrophic events; and
management's ability to identify and manage these and other
risks.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global
payment services. Together with its Vigo, Orlandi Valuta, Pago
Facil and Western Union Business Solutions branded payment
services, Western Union provides consumers and businesses with
fast, reliable and convenient ways to send and receive money around
the world, to send payments and to purchase money orders. As of
March 31, 2017, the Western Union, Vigo and Orlandi Valuta branded
services were offered through a combined network of over 550,000
agent locations in 200 countries and territories and over 150,000
ATMs and kiosks, and included the capability to send money to
billions of accounts. In 2016, The Western Union Company completed
268 million consumer-to-consumer transactions worldwide, moving $80
billion of principal between consumers, and 523 million business
payments. For more information, visit www.westernunion.com.
WU-G
THE WESTERN UNION COMPANY KEY STATISTICS
(Unaudited)
Notes*
1Q16 2Q16 3Q16 4Q16 FY2016
1Q17 Consolidated Metrics Consolidated
revenues (GAAP) - YoY % change (2 )% (1 )% (2 )% (1 )% (1 )% 0 %
Consolidated revenues (constant currency) - YoY % change a 3 % 3 %
2 % 4 % 3 % 3 % Consolidated operating income/(loss) (GAAP) - YoY %
change (5 )% 4 % (9 )% (211 )% (56 )% (7 )%
Consolidated operating income (constant
currency, excluding Joint Settlement Agreements, WU Way business
transformation expenses, and 2015 Paymap Settlement Agreement) -
YoY % change
b 1 % 5 % 5 % 6 % 4 % 4 % Consolidated operating margin (GAAP) 19.9
% 18.9 % 20.2 % (22.9 )% 8.9 % 18.4 %
Consolidated operating margin (excluding
Joint Settlement Agreements and WU Way business transformation
expenses)
c 19.9 % 20.2 % 21.7 % 19.7 % 20.4 % 19.5 %
Consumer-to-Consumer (C2C) Segment Revenues (GAAP) - YoY %
change (2 )% (1 )% (1 )% 0 % (1 )% 0 % Revenues (constant currency)
- YoY % change h 1 % 2 % 1 % 3 % 2 % 2 % Operating margin v, w 22.7
% 23.0 % 25.1 % 22.8 % 23.4 % 22.4 % Transactions (in
millions) 63.7 67.7 67.8 69.1 268.3 65.3 Transactions - YoY %
change 3 % 3 % 2 % 2 % 3 % 2 % Total principal ($ -
billions) $ 19.1 $ 20.4 $ 20.3 $ 20.2 $ 80.0 $ 19.1 Principal per
transaction ($ - dollars) $ 299 $ 301 $ 300 $ 292 $ 298 $ 292
Principal per transaction - YoY % change (5 )% (5 )% (5 )% (3 )% (5
)% (2 )% Principal per transaction (constant currency) - YoY %
change i (3 )% (4 )% (4 )% (2 )% (3 )% (1 )% Cross-border
principal ($ - billions) $ 17.3 $ 18.5 $ 18.4 $ 18.3 $ 72.5 $ 17.3
Cross-border principal - YoY % change (2 )% (1 )% (3 )% (1 )% (2 )%
1 % Cross-border principal (constant currency) - YoY % change j 1 %
0 % (2 )% 1 % 0 % 2 % NA region revenues (GAAP) - YoY %
change y, z 4 % 6 % 7 % 8 % 6 % 3 % NA region revenues (constant
currency) - YoY % change k, y, z 5 % 7 % 7 % 8 % 7 % 4 % NA region
transactions - YoY % change y, z 7 % 7 % 7 % 8 % 7 % 5 % EU
& CIS region revenues (GAAP) - YoY % change y, aa (3 )% (2 )%
(2 )% (2 )% (2 )% (1 )% EU & CIS region revenues (constant
currency) - YoY % change l, y, aa 0 % 0 % 2 % 4 % 1 % 4 % EU &
CIS region transactions - YoY % change y, aa 4 % 5 % 3 % 5 % 4 % 8
% MEASA region revenues (GAAP) - YoY % change y, bb (4 )% (7
)% (16 )% (14 )% (10 )% (13 )% MEASA region revenues (constant
currency) - YoY % change m, y, bb (1 )% (6 )% (14 )% (12 )% (8 )%
(10 )% MEASA region transactions - YoY % change y, bb (5 )% (8 )%
(14 )% (17 )% (11 )% (15 )% APAC region revenues (GAAP) -
YoY % change y, cc (6 )% (2 )% 2 % (2 )% (2 )% (2 )% APAC region
revenues (constant currency) - YoY % change n, y, cc (2 )% 1 % 2 %
(1 )% 0 % (1 )% APAC region transactions - YoY % change y, cc (7 )%
(5 )% (5 )% (6 )% (6 )% (2 )% LACA region revenues (GAAP) -
YoY % change y, dd (16 )% (7 )% 0 % 11 % (3 )% 26 % LACA region
revenues (constant currency) - YoY % change o, y, dd (4 )% 3 % 9 %
20 % 7 % 25 % LACA region transactions - YoY % change y, dd 8 % 11
% 15 % 18 % 13 % 17 % International revenues - YoY % change
ee (5 )% (4 )% (5 )% (4 )% (4 )% (2 )% International transactions -
YoY % change ee 0 % 0 % (2 )% (1 )% (1 )% 1 % International
revenues - % of C2C segment revenues ee 67 % 67 % 67 % 66 % 67 % 66
% United States originated revenues - YoY % change ff 5 % 7
% 7 % 8 % 7 % 4 % United States originated transactions - YoY %
change ff 8 % 8 % 7 % 8 % 8 % 4 % United States originated revenues
- % of C2C segment revenues ff 33 % 33 % 33 % 34 % 33 % 34 %
westernunion.com revenues (GAAP) - YoY % change gg 16 % 19 % 26 %
27 % 22 % 26 % westernunion.com revenues (constant currency) - YoY
% change p, gg 18 % 20 % 28 % 30 % 24 % 28 % westernunion.com
transactions - YoY % change gg 25 % 25 % 29 % 28 % 27 % 27 %
% of Consumer-to-Consumer Revenue Regional Revenues: NA
region revenues y, z 36 % 36 % 37 % 37 % 36 % 37 % EUR & CIS
region revenues y, aa 30 % 31 % 31 % 31 % 31 % 30 % MEASA region
revenues y, bb 19 % 18 % 17 % 16 % 18 % 17 % APAC region revenues
y, cc 8 % 8 % 8 % 8 % 8 % 8 % LACA region revenues y, dd 7 % 7 % 7
% 8 % 7 % 8 % westernunion.com revenues gg 7 % 8 % 8 % 9 % 8 % 9 %
Consumer-to-Business (C2B) Segment Revenues (GAAP) -
YoY % change (1 )% (2 )% (3 )% (4 )% (3 )% 8 % Revenues (constant
currency) - YoY % change q 12 % 12 % 11 % 9 % 11 % 10 % Operating
margin w 14.6 % 11.7 % 9.5 % 5.7 % 10.4 % 12.2 %
Business
Solutions (B2B) Segment Revenues (GAAP) - YoY % change 1 % 3 %
(4 )% (3 )% (1 )% (6 )% Revenues (constant currency) - YoY % change
r 6 % 6 % 0 % 1 % 3 % (3 )% Operating margin w 2.4 % 5.2 % 4.0 %
9.7 % 5.3 % 2.5 %
% of Total Company Revenue
Consumer-to-Consumer segment revenues 78 % 80 % 80 % 80 % 79 % 78 %
Consumer-to-Business segment revenues 12 % 11 % 11 % 11 % 12 % 13 %
Business Solutions segment revenues 8 % 7 % 7 % 7 % 7 % 7 %
* See the "Notes to Key Statistics"
section of the press release for the applicable Note references and
the reconciliation of non-GAAP financial measures.
THE WESTERN UNION COMPANY CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (in
millions, except per share amounts)
Three Months EndedMarch 31,
2017 2016 % Change Revenues $ 1,302.4 $
1,297.7 0 % Expenses: Cost of services 800.5 779.4 3 % Selling,
general and administrative 262.4 259.7
1 % Total expenses (a) 1,062.9 1,039.1
2 % Operating income 239.5 258.6
(7)
%
Other income/(expense): Interest income 1.1 0.9 32 % Interest
expense (31.3 ) (40.5 )
(23)
%
Derivative gains, net 2.6 0.5 (b) Other income/(expense), net
1.2 (2.0 ) (b) Total other expense, net
(26.4 ) (41.1 )
(36)
%
Income before income taxes 213.1 217.5
(2)
%
Provision for income taxes 51.4 31.8 62
% Net income $ 161.7 $ 185.7
(13)
%
Earnings per share: Basic $ 0.34 $ 0.37
(8)
%
Diluted $ 0.33 $ 0.37
(11)
%
Weighted-average shares outstanding: Basic 479.8 500.0 Diluted
483.4 503.2 Cash dividends declared per common share $ 0.175 $ 0.16
9 %
________
(a) For the three months ended March 31, 2017, total WU Way
business transformation expenses were $14.3 million, including $4.2
million in cost of services and $10.1 million in selling, general
and administrative. (b) Calculation not meaningful.
THE WESTERN UNION COMPANY CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited) (in millions, except per share
amounts)
March 31,2017
December 31,2016
Assets Cash and cash equivalents (a) $ 1,323.3 $ 877.5
Settlement assets 3,452.0 3,749.1
Property and equipment, net of accumulated
depreciation of $617.3 and $600.0, respectively
209.3 220.5 Goodwill 3,162.0 3,162.0
Other intangible assets, net of
accumulated amortization of $996.5 and $958.2, respectively
649.6 664.2 Other assets 689.8 746.3
Total assets $ 9,486.0 $ 9,419.6
Liabilities and
Stockholders' Equity Liabilities: Accounts payable and accrued
liabilities $ 973.7 $ 1,129.6 Settlement obligations 3,452.0
3,749.1 Income taxes payable 402.5 407.3 Deferred tax liability,
net 135.3 85.9 Borrowings 3,490.9 2,786.1 Other liabilities
281.3 359.4 Total liabilities 8,735.7 8,517.4
Stockholders' equity:
Preferred stock, $1.00 par value; 10
shares authorized; no shares issued
— —
Common stock, $0.01 par value; 2,000
shares authorized; 472.0 shares and 481.5 shares issued and
outstanding as of March 31, 2017 and December 31, 2016,
respectively
4.7 4.8 Capital surplus 659.7 640.9 Retained earnings 259.7 419.3
Accumulated other comprehensive loss (173.8 ) (162.8
) Total stockholders' equity 750.3 902.2
Total liabilities and stockholders' equity $ 9,486.0
$ 9,419.6
________
(a) Approximately $700 million was held by entities outside
of the United States as of both March 31, 2017 and December 31,
2016.
THE WESTERN UNION COMPANY CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in
millions)
Three Months EndedMarch 31,
2017 2016
Cash Flows From Operating
Activities Net income $ 161.7 $ 185.7 Adjustments to reconcile
net income to net cash provided by operating activities:
Depreciation 18.6 17.5 Amortization 47.8 48.1 Other non-cash items,
net 76.0 36.7 Increase/(decrease) in cash, resulting from changes
in: Other assets (20.4 ) (36.9 ) Accounts payable and accrued
liabilities (192.7 ) (51.0 ) Income taxes payable (5.2 ) 14.1 Other
liabilities 0.5 (1.5 ) Net cash provided by
operating activities 86.3 212.7
Cash Flows From Investing
Activities Capitalization of contract costs (6.8 ) (20.2 )
Capitalization of purchased and developed software (11.7 ) (13.1 )
Purchases of property and equipment (7.9 ) (14.6 ) Purchases of
non-settlement related investments and other (21.3 ) (11.2 )
Proceeds from maturity of non-settlement related investments and
other — 11.0 Purchases of held-to-maturity non-settlement related
investments (15.2 ) (15.2 ) Proceeds from held-to-maturity
non-settlement related investments 12.3 —
Net cash used in investing activities (50.6 ) (63.3 )
Cash Flows From Financing Activities Cash dividends paid
(83.3 ) (79.3 ) Common stock repurchased (219.3 ) (233.2 ) Net
proceeds from commercial paper 310.0 — Net proceeds from issuance
of borrowings 396.9 — Proceeds from exercise of options and other
5.8 7.2 Net cash provided by/(used in)
financing activities 410.1 (305.3 ) Net change
in cash and cash equivalents 445.8 (155.9 ) Cash and cash
equivalents at beginning of period 877.5
1,315.9 Cash and cash equivalents at end of period $ 1,323.3
$ 1,160.0
THE WESTERN UNION
COMPANY SUMMARY SEGMENT DATA (Unaudited) (in
millions)
Three Months EndedMarch 31,
2017 2016 % Change Revenues:
Consumer-to-Consumer $ 1,015.0 $ 1,017.4 0 % Consumer-to-Business
168.2 156.1 8 % Business Solutions 93.6 99.2
(6)
%
Other 25.6 25.0 2 % Total consolidated
revenues $ 1,302.4 $ 1,297.7 0 % Operating income:
Consumer-to-Consumer $ 227.6 $ 231.3
(2)
%
Consumer-to-Business 20.5 22.9
(10)
%
Business Solutions 2.3 2.4
(2)
%
Other 3.4 2.0 68 % Total segment
operating income $ 253.8 $ 258.6
(2)
%
Business transformation expenses (a) (14.3 ) —
(b)
Total consolidated operating income $ 239.5 $ 258.6
(7)
%
Operating income margin: Consumer-to-Consumer 22.4 % 22.7 %
(0.3)
%
Consumer-to-Business 12.2 % 14.6 %
(2.4)
%
Business Solutions 2.5 % 2.4 % 0.1 % Total consolidated operating
income margin 18.4 % 19.9 %
(1.5)
%
________
(a) Expenses related to the WU Way business transformation
are excluded from the measurement of segment operating income
provided to the chief operating decision maker for purposes of
assessing segment performance and decision making with respect to
resource allocation. (b) Calculation not meaningful.
THE WESTERN UNION COMPANYNOTES TO KEY
STATISTICS(in millions, unless indicated
otherwise)(Unaudited)
Western Union’s management believes the non-GAAP financial
measures presented provide meaningful supplemental information
regarding our operating results to assist management, investors,
analysts, and others in understanding our financial results and to
better analyze trends in our underlying business, because they
provide consistency and comparability to prior periods.
A non-GAAP financial measure should not be considered in
isolation or as a substitute for the most comparable GAAP financial
measure. A non-GAAP financial measure reflects an additional way of
viewing aspects of our operations that, when viewed with our GAAP
results and the reconciliation to the corresponding GAAP financial
measure, provide a more complete understanding of our business.
Users of the financial statements are encouraged to review our
financial statements and publicly-filed reports in their entirety
and not to rely on any single financial measure. A reconciliation
of non-GAAP financial measures to the most directly comparable GAAP
financial measures is included below. All adjusted year-over-year
changes were calculated using prior year reported amounts. Although
the expenses related to the WU Way are specific to that initiative,
the types of expenses related to the WU Way initiative are similar
to expenses that the Company has previously incurred and can
reasonably be expected to incur in the future.
1Q16 2Q16 3Q16
4Q16 FY2016 1Q17
Consolidated Metrics (a) Revenues, as reported (GAAP) $
1,297.7 $ 1,375.7 $ 1,377.8 $ 1,371.7 $ 5,422.9 $ 1,302.4 Foreign
currency translation impact (t) 57.4 48.9
52.1 58.7 217.1
30.1 Revenues, constant currency adjusted $ 1,355.1
$ 1,424.6 $ 1,429.9 $ 1,430.4 $ 5,640.0
$ 1,332.5 Prior year revenues, as reported (GAAP) $
1,320.9 $ 1,383.6 $ 1,399.2 $ 1,380.0 $ 5,483.7 $ 1,297.7 Revenue
change, as reported (GAAP) (2 )% (1 )% (2 )% (1 )% (1 )% 0 %
Revenue change, constant currency adjusted 3 % 3 % 2 % 4 % 3 % 3 %
(b) Operating income/(loss), as reported (GAAP) $ 258.6 $
260.3 $ 278.3 $ (313.5 ) $ 483.7 $ 239.5 Foreign currency
translation impact (t) 16.8 23.5 21.9 28.0 90.2 15.0 Joint
Settlement Agreements (v) N/A 15.0 15.0 571.0 601.0 N/A WU Way
business transformation expenses (w) N/A 2.1
5.0 13.2 20.3
14.3
Operating income, constant currency
adjusted, excluding Joint Settlement Agreements and WU Way business
transformation expenses
$ 275.4 $ 300.9 $ 320.2 $ 298.7 $
1,195.2 $ 268.8 Prior year operating income,
excluding Paymap Settlement Agreement (u) $ 272.3 $ 286.1 $ 304.5 $
281.8 $ 1,144.7 $ 258.6 Operating income change, as reported (GAAP)
(5 )% 4 % (9 )% (211 )% (56 )% (7 )%
Operating income change, constant currency
adjusted, excluding Joint Settlement Agreements, WU Way business
transformation expenses, and 2015 Paymap Settlement Agreement
1 % 5 % 5 % 6 % 4 % 4 % (c) Operating income/(loss), as
reported (GAAP) $ 258.6 $ 260.3 $ 278.3 $ (313.5 ) $ 483.7 $ 239.5
Joint Settlement Agreements (v) N/A 15.0 15.0 571.0 601.0 N/A WU
Way business transformation expenses (w) N/A
2.1 5.0 13.2 20.3
14.3
Operating income, excluding Joint
Settlement Agreements and WU Way business transformation
expenses
$ 258.6 $ 277.4 $ 298.3 $ 270.7 $
1,105.0 $ 253.8 Operating margin, as reported (GAAP)
19.9 % 18.9 % 20.2 % (22.9 )% 8.9 % 18.4 %
Operating margin, excluding Joint
Settlement Agreements and WU Way business transformation
expenses
19.9 % 20.2 % 21.7 % 19.7 % 20.4 % 19.5 % (d) Operating
income/(loss), as reported (GAAP) $ 258.6 $ 260.3 $ 278.3 $ (313.5
) $ 483.7 $ 239.5 Reversal of depreciation and amortization
65.6 65.9 66.4 65.3
263.2 66.4 EBITDA (x) $ 324.2
$ 326.2 $ 344.7 $ (248.2 ) $ 746.9 $
305.9 Joint Settlement Agreements (v) N/A 15.0 15.0 571.0
601.0 N/A
WU Way business transformation expenses (w) N/A
2.1 5.0 13.2 20.3
14.3
Adjusted EBITDA, excluding Joint
Settlement Agreements and WU Way business transformation
expenses
$ 324.2 $ 343.3 $ 364.7 $ 336.0 $
1,368.2 $ 320.2 Operating margin, as reported (GAAP)
19.9 % 18.9 % 20.2 % (22.9 )% 8.9 % 18.4 % EBITDA margin 25.0 %
23.7 % 25.0 % (18.1 )% 13.8 % 23.5 %
Adjusted EBITDA margin, excluding Joint
Settlement Agreements and WU Way business transformation
expenses
25.0 % 25.0 % 26.5 % 24.5 % 25.2 % 24.6 % (e) Net
income/(loss), as reported (GAAP) $ 185.7 $ 205.6 $ 216.9 $ (355.0
) $ 253.2 $ 161.7 Joint Settlement Agreements (v) N/A 15.0 15.0
571.0 601.0 N/A WU Way business transformation expenses (w) N/A 2.1
5.0 13.2 20.3 14.3 Income tax expense/(benefit) from Joint
Settlement Agreements (v) N/A (5.4 ) (5.5 ) 5.5 (5.4 ) N/A
Income tax benefit from WU Way business transformation expenses (w)
N/A (0.8 ) (1.8 ) (4.8 )
(7.4 ) (5.0 )
Joint Settlement Agreements and WU Way
business transformation expenses, net of income tax
expense/(benefit)
N/A 10.9 12.7
584.9 608.5 9.3
Net income, excluding Joint Settlement
Agreements and WU Way business transformation expenses, net of
income tax expense/(benefit)
$ 185.7 $ 216.5 $ 229.6 $ 229.9 $ 861.7
$ 171.0 Diluted earnings/(loss) per share ("EPS"), as
reported (GAAP) ($ - dollars) $ 0.37 $ 0.42 $ 0.44 $ (0.73 ) $ 0.51
$ 0.33 EPS impact as a result of Joint Settlement Agreements ($ -
dollars) (v) N/A $ 0.03 $ 0.03 $ 1.17 $ 1.22 N/A EPS impact as a
result of WU Way business transformation expenses ($ - dollars) (w)
N/A $ — $ 0.01 $ 0.03 $ 0.04 $ 0.03
EPS impact from income tax
expense/(benefit) from Joint Settlement Agreements ($ - dollars)
(v)
N/A $ (0.01 ) $ (0.01 ) $ 0.01 $ (0.01 ) N/A
EPS impact from income tax benefit from WU
Way business transformation expenses ($ - dollars) (w)
N/A $ — $ — $ (0.01 ) $ (0.01 ) $ (0.01
)
EPS impact as a result of Joint Settlement
Agreements and WU Way business transformation expenses, net of
income tax expense/(benefit) ($ - dollars)
N/A $ 0.02 $ 0.03 $ 1.20 $ 1.24
$ 0.02
Diluted EPS, excluding Joint Settlement
Agreements and WU Way business transformation expenses ($ -
dollars)
0.37 $ 0.44 $ 0.47 $ 0.47 $ 1.75
$ 0.35 Diluted weighted-average shares outstanding
503.2 493.0 490.3 483.6 493.5 483.4 (f) Effective tax rate,
as reported (GAAP) 14.6 % 7.6 % 9.6 % (4.9 )% 25.9 % 24.1 % Impact
from Joint Settlement Agreements (v) N/A 1.8 % 1.6 % 9.7 % (15.9 )%
N/A Impact from WU Way business transformation expenses (w)
N/A 0.3 % 0.5 % 1.7 % 0.5 %
0.7 %
Effective tax rate, excluding Joint
Settlement Agreements and WU Way business transformation
expenses
14.6 % 9.7 % 11.7 % 6.5 % 10.5 %
24.8 % (g) Cash flow from operating activities (GAAP)
$ 212.7 $ 272.9 $ 336.3 $ 220.0 $ 1,041.9 $ 86.3 Joint Settlement
Agreements payments (v) N/A N/A N/A N/A N/A 151.3 Payments of WU
Way business transformation expenses (w) N/A
N/A 1.1 6.3 7.4
18.6
Cash flow from operating activities,
excluding payments for Joint Settlement Agreements and WU Way
business transformation expenses
$ 212.7 $ 272.9 $ 337.4 $ 226.3 $
1,049.3 $ 256.2
Consumer-to-Consumer
Segment (h) Revenues, as reported (GAAP) $ 1,017.4 $ 1,095.8 $
1,098.9 $ 1,092.5 $ 4,304.6 $ 1,015.0 Foreign currency translation
impact (t) 30.5 23.0 25.3
33.4 112.2 24.1 Revenues,
constant currency adjusted $ 1,047.9 $ 1,118.8 $
1,124.2 $ 1,125.9 $ 4,416.8 $ 1,039.1
Prior year revenues, as reported (GAAP) $ 1,038.3 $ 1,101.5 $
1,112.9 $ 1,091.2 $ 4,343.9 $ 1,017.4 Revenue change, as reported
(GAAP) (2 )% (1 )% (1 )% 0 % (1 )% 0 % Revenue change, constant
currency adjusted 1 % 2 % 1 % 3 % 2 % 2 % (i) Principal per
transaction, as reported ($ - dollars) $ 299 $ 301 $ 300 $ 292 $
298 $ 292 Foreign currency translation impact (t) ($ - dollars)
7 3 3 4
4 3
Principal per transaction, constant
currency adjusted ($ - dollars)
$ 306 $ 304 $ 303 $ 296 $ 302 $
295 Prior year principal per transaction, as reported ($ -
dollars) $ 315 $ 316 $ 315 $ 303 $ 312 $ 299 Principal per
transaction change, as reported (5 )% (5 )% (5 )% (3 )% (5 )% (2 )%
Principal per transaction change, constant currency adjusted (3 )%
(4 )% (4 )% (2 )% (3 )% (1 )% (j) Cross-border principal, as
reported ($ - billions) $ 17.3 $ 18.5 $ 18.4 $ 18.3 $ 72.5 $ 17.3
Foreign currency translation impact (t) ($ - billions) 0.4
0.2 0.2 0.2
1.0 0.2 Cross-border principal, constant
currency adjusted ($ - billions) $ 17.7 $ 18.7 $ 18.6
$ 18.5 $ 73.5 $ 17.5 Prior year
cross-border principal, as reported ($ - billions) $ 17.5 $ 18.8 $
18.9 $ 18.4 $ 73.6 $ 17.3 Cross-border principal change, as
reported (2 )% (1 )% (3 )% (1 )% (2 )% 1 % Cross-border principal
change, constant currency adjusted 1 % 0 % (2 )% 1 % 0 % 2 %
(k) NA region revenue change, as reported (GAAP) 4 % 6 % 7 % 8 % 6
% 3 % NA region foreign currency translation impact (t) 1 %
1 % 0 % 0 % 1 % 1 % NA region
revenue change, constant currency adjusted 5 % 7 %
7 % 8 % 7 % 4 % (l) EU & CIS
region revenue change, as reported (GAAP) (3 )% (2 )% (2 )% (2 )%
(2 )% (1 )% EU & CIS region foreign currency translation impact
(t) 3 % 2 % 4 % 6 % 3 % 5
% EU & CIS region revenue change, constant currency adjusted
0 % 0 % 2 % 4 % 1 % 4 %
(m)
MEASA region revenue change, as reported (GAAP) (4 )% (7 )% (16 )%
(14 )% (10 )% (13 )% MEASA region foreign currency translation
impact (t) 3 % 1 % 2 % 2 % 2 %
3 % MEASA region revenue change, constant currency adjusted
(1 )% (6 )% (14 )% (12 )% (8 )%
(10 )% (n) APAC region revenue change, as reported
(GAAP) (6 )% (2 )% 2 % (2 )% (2 )% (2 )% APAC region foreign
currency translation impact (t) 4 % 3 % 0 %
1 % 2 % 1 % APAC region revenue change,
constant currency adjusted (2 )% 1 % 2 %
(1 )% 0 % (1 )% (o) LACA region revenue
change, as reported (GAAP) (16 )% (7 )% 0 % 11 % (3 )% 26 % LACA
region foreign currency translation impact (t) 12 %
10 % 9 % 9 % 10 % (1 )% LACA region
revenue change, constant currency adjusted (4 )% 3 %
9 % 20 % 7 % 25 %
(p)
westernunion.com revenue change, as reported (GAAP) 16 % 19 % 26 %
27 % 22 % 26 % westernunion.com region foreign currency translation
impact (t) 2 % 1 % 2 % 3 % 2 %
2 % westernunion.com revenue change, constant currency
adjusted 18 % 20 % 28 % 30 % 24
% 28 %
Consumer-to-Business Segment (q)
Revenues, as reported (GAAP) $ 156.1 $ 154.2 $ 155.7 $ 155.2 $
621.2 $ 168.2 Foreign currency translation impact (t) 20.9
21.9 22.8 21.5
87.1 3.8 Revenues, constant currency
adjusted $ 177.0 $ 176.1 $ 178.5 $ 176.7
$ 708.3 $ 172.0 Prior year revenues, as
reported (GAAP) $ 157.8 $ 157.9 $ 160.1 $ 161.9 $ 637.7 $ 156.1
Revenue change, as reported (GAAP) (1 )% (2 )% (3 )% (4 )% (3 )% 8
% Revenue change, constant currency adjusted 12 % 12 % 11 % 9 % 11
% 10 %
Business Solutions Segment (r) Revenues, as
reported (GAAP) $ 99.2 $ 100.8 $ 97.2 $ 98.8 $ 396.0 $ 93.6 Foreign
currency translation impact (t) 4.6 3.0
3.5 3.9 15.0 2.8
Revenues, constant currency adjusted $ 103.8 $ 103.8
$ 100.7 $ 102.7 $ 411.0 $ 96.4
Prior year revenues, as reported (GAAP) $ 98.0 $ 97.6 $ 101.2 $
101.9 $ 398.7 $ 99.2 Revenue change, as reported (GAAP) 1 % 3 % (4
)% (3 )% (1 )% (6 )% Revenue change, constant currency adjusted 6 %
6 % 0 % 1 % 3 % (3 )% (s) Operating income, as reported
(GAAP) $ 2.4 $ 5.2 $ 3.9 $ 9.6 $ 21.1 $ 2.3 Reversal of
depreciation and amortization 12.6 13.1
13.2 11.9 50.8
10.6 EBITDA (x) $ 15.0 $ 18.3 $ 17.1 $
21.5 $ 71.9 $ 12.9 Operating income margin, as
reported (GAAP) 2.4 % 5.2 % 4.0 % 9.7 % 5.3 % 2.5 % EBITDA margin
15.1 % 18.2 % 17.5 % 21.8 % 18.1 % 13.7 %
2017
Consolidated Outlook Metrics Operating margin (GAAP) 18 % WU
Way business transformation expenses (w) 2 % Operating
margin, excluding WU Way business transformation expenses 20
% Range Earnings per share (GAAP) ($ - dollars) $ 1.48 $
1.60 WU Way business transformation expenses ($ - dollars) (w)
0.15
0.15 Earnings per share, excluding WU Way business
transformation expenses ($ - dollars) $ 1.63 $ 1.75
Effective tax rate (GAAP) 11 % Impact from WU Way business
transformation expenses (w) 2 % Effective tax rate,
excluding WU Way business transformation expenses 13 %
Non-GAAP related
notes:
(t) Represents the impact from the fluctuation in exchange
rates between all foreign currency denominated amounts and the
United States dollar. Constant currency results exclude any benefit
or loss caused by foreign exchange fluctuations between foreign
currencies and the United States dollar, net of foreign currency
hedges, which would not have occurred if there had been a constant
exchange rate. We believe that this measure provides management and
investors with information about operating results and trends that
eliminates currency volatility and provides greater clarity
regarding, and increases the comparability of, our underlying
results and trends. (u) Represents the impact from a
settlement agreement reached with the Consumer Financial Protection
Bureau regarding the Equity Accelerator service of Paymap, Inc., a
subsidiary of the Company (the "Paymap Settlement Agreement"),
included in full year 2015 results. We believe that, by excluding
the effects of significant charges associated with the settlement
of litigation that can impact operating trends, management and
investors are provided with a measure that increases the
comparability of our underlying operating results. See below for
reconciliation of prior year operating income, excluding Paymap
Settlement Agreement.
1Q15 2Q15
3Q15 4Q15 FY2015
Operating income, as reported (GAAP) $ 272.3 $ 250.8 $ 304.5 $
281.8 $ 1,109.4 Paymap Settlement Agreement N/A 35.3
N/A N/A 35.3 Operating income, excluding
Paymap Settlement Agreement $ 272.3 $ 286.1 $ 304.5 $ 281.8 $
1,144.7 (v) Represents the impact from the settlement
agreements related to (1) a Deferred Prosecution Agreement with the
United States Department of Justice, and the United States
Attorney’s Offices for the Eastern and Middle Districts of
Pennsylvania, the Central District of California, and the Southern
District of Florida, (2) a Stipulated Order for Permanent
Injunction and Final Judgment with the United States Federal Trade
Commission ("FTC"), (3) a Consent to the Assessment of Civil Money
Penalty with the Financial Crimes Enforcement Network of the United
States Department of Treasury (collectively, the “Joint Settlement
Agreements”), to resolve the respective investigations of those
agencies, as described in our Form 8-K filed with the Securities
and Exchange Commission on January 20, 2017, and related matters.
Amounts related to these matters were recognized in the second,
third, and fourth quarters of 2016 and the full year 2016 results.
These expenses have been excluded from our segment operating
income, as these expenses are excluded from the measurement of
segment operating income provided to the chief operating decision
maker for purposes of assessing segment performance and decision
making with respect to resource allocation. Additionally, income
tax benefit was adjusted in the fourth quarter of 2016 to reflect
the revised determination, based on final agreement terms. We
believe that, by excluding the effects of significant charges
associated with the settlement of litigation that can impact
operating trends, management and investors are provided with a
measure that increases the comparability of our underlying
operating results. (w) Represents the expenses incurred to
transform our operating model, focusing on technology
transformation, network productivity, customer and agent process
optimization, and organizational redesign to better drive
efficiencies and growth initiatives (“WU Way business
transformation expenses”). Amounts related to the WU Way business
transformation expenses were recognized beginning in the second
quarter of 2016, and each subsequent quarter. These expenses have
been excluded from our segment operating income, as these expenses
are excluded from the measurement of segment operating income
provided to the chief operating decision maker for purposes of
assessing segment performance and decision making with respect to
resource allocation. We believe that, by excluding the effects of
significant charges associated with the transformation of our
operating model that can impact operating trends, management and
investors are provided with a measure that increases the
comparability of our other underlying operating results. Although
the expenses related to the WU Way are specific to that initiative,
the types of expenses related to the WU Way initiative are similar
to expenses that the Company has previously incurred and can
reasonably be expected to incur in the future. (x) Earnings
before Interest, Taxes, Depreciation and Amortization ("EBITDA")
results from taking operating income and adjusting for depreciation
and amortization expenses. EBITDA results provide an additional
performance measurement calculation which helps neutralize the
operating income effect of assets acquired in prior periods.
Other
notes:
(y) Geographic split for transactions and revenue, including
transactions initiated through westernunion.com, is determined
entirely based upon the region where the money transfer is
initiated. Prior to January 1, 2017, for transactions originated
and paid in different regions, we split the transaction count and
revenue between the two regions, with each region receiving 50%.
Therefore, regional results for all periods previously presented
have also been adjusted to attribute the transactions and revenue
entirely to the region where the transaction was initiated.
(z) Represents the North America (United States and Canada) ("NA")
region of our Consumer-to-Consumer segment. (aa) Represents
the Europe and the Russia/Commonwealth of Independent States ("EU
& CIS") region of our Consumer-to-Consumer segment. (bb)
Represents the Middle East, Africa, and South Asia ("MEASA") region
of our Consumer-to-Consumer segment, including India and certain
South Asian countries, which consist of Bangladesh, Bhutan,
Maldives, Nepal, and Sri Lanka. (cc ) Represents the East
Asia and Oceania ("APAC") region of our Consumer-to-Consumer
segment. (dd) Represents the Latin America and the Caribbean
("LACA") region of our Consumer-to-Consumer segment, including
Mexico. (ee) Represents transactions, including
westernunion.com transactions initiated outside the United States,
between and within foreign countries (including Canada and Mexico).
Excludes all transactions originated in the United States.
(ff) Represents transactions originated in the United States,
including intra-country transactions and westernunion.com
transactions initiated from the United States. (gg)
Represents transactions initiated on westernunion.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170502006406/en/
The Western Union CompanyMedia:Dan Diaz,
720-332-5564daniel.diaz@westernunion.comorInvestors:Mike
Salop, 720-332-8276mike.salop@westernunion.com
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