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it

 

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, 2022

 

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

img154580720_0.jpg 

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: (866) 405-5012

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 29, 2022, 385,754,381 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, 2022 and 2021

3

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2022 and 2021

4

 

 

 

 

Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021

5

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021

6

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2022 and 2021

8

 

 

 

 

Notes to Condensed Consolidated Financial Statements

9

 

 

 

Item 2.

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

36

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

52

 

 

 

Item 4.

Controls and Procedures

52

 

 

 

 

Review Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)

53

 

 

 

PART II OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

54

 

 

 

Item 1A.

Risk Factors

54

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

54

 

 

 

Item 3.

Defaults Upon Senior Securities

54

 

 

 

Item 4.

Mine Safety Disclosures

54

 

 

 

Item 5.

Other Information

54

 

 

 

Item 6.

Exhibits

55

 

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

$

1,138.3

 

 

$

1,289.7

 

 

$

2,294.0

 

 

$

2,499.7

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services

 

 

653.0

 

 

 

755.0

 

 

 

1,308.1

 

 

 

1,461.0

 

Selling, general, and administrative

 

 

221.3

 

 

 

279.8

 

 

 

484.4

 

 

 

551.0

 

Total expenses

 

 

874.3

 

 

 

1,034.8

 

 

 

1,792.5

 

 

 

2,012.0

 

Operating income

 

 

264.0

 

 

 

254.9

 

 

 

501.5

 

 

 

487.7

 

Other income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

Gain on divestiture of business (Note 4)

 

 

 

 

 

 

 

 

151.4

 

 

 

 

Interest income

 

 

1.8

 

 

 

0.3

 

 

 

2.4

 

 

 

0.7

 

Interest expense

 

 

(24.8

)

 

 

(25.6

)

 

 

(49.6

)

 

 

(54.0

)

Other income/(expense), net

 

 

(4.8

)

 

 

30.5

 

 

 

(7.3

)

 

 

28.6

 

Total other income/(expense), net

 

 

(27.8

)

 

 

5.2

 

 

 

96.9

 

 

 

(24.7

)

Income before income taxes

 

 

236.2

 

 

 

260.1

 

 

 

598.4

 

 

 

463.0

 

Provision for income taxes

 

 

42.2

 

 

 

37.6

 

 

 

111.1

 

 

 

58.7

 

Net income

 

$

194.0

 

 

$

222.5

 

 

$

487.3

 

 

$

404.3

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.50

 

 

$

0.54

 

 

$

1.25

 

 

$

0.98

 

Diluted

 

$

0.50

 

 

$

0.54

 

 

$

1.25

 

 

$

0.98

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

386.7

 

 

 

409.3

 

 

 

389.9

 

 

 

410.5

 

Diluted

 

 

387.6

 

 

 

411.5

 

 

 

391.0

 

 

 

412.9

 

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

194.0

 

 

$

222.5

 

 

$

487.3

 

 

$

404.3

 

Other comprehensive income, net of reclassifications and tax (Note 9):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains/(losses) on investment securities

 

 

(23.7

)

 

 

2.2

 

 

 

(75.3

)

 

 

(10.8

)

Unrealized gains/(losses) on hedging activities

 

 

23.1

 

 

 

(2.7

)

 

 

28.4

 

 

 

26.2

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

(17.8

)

 

 

 

Defined benefit pension plan adjustments

 

 

 

 

 

2.3

 

 

 

 

 

 

4.8

 

Total other comprehensive income/(loss)

 

 

(0.6

)

 

 

1.8

 

 

 

(64.7

)

 

 

20.2

 

Comprehensive income

 

$

193.4

 

 

$

224.3

 

 

$

422.6

 

 

$

424.5

 

 

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,

 

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,201.9

 

 

$

1,208.3

 

Settlement assets

 

 

3,106.6

 

 

 

2,843.5

 

Property and equipment, net of accumulated depreciation of $649.1 and $650.4, respectively

 

 

115.6

 

 

 

129.4

 

Goodwill

 

 

2,034.6

 

 

 

2,034.6

 

Other intangible assets, net of accumulated amortization of $727.9 and $731.8, respectively

 

 

446.1

 

 

 

417.1

 

Other assets (Note 5)

 

 

1,193.6

 

 

 

737.7

 

Assets held for sale (Note 4)

 

 

688.9

 

 

 

1,452.9

 

Total assets

 

$

8,787.3

 

 

$

8,823.5

 

Liabilities and stockholders' equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

411.5

 

 

$

450.2

 

Settlement obligations

 

 

3,106.6

 

 

 

2,843.5

 

Income taxes payable

 

 

851.6

 

 

 

870.7

 

Deferred tax liability, net

 

 

169.6

 

 

 

203.8

 

Borrowings

 

 

2,695.3

 

 

 

3,008.4

 

Other liabilities (Note 4)

 

 

679.5

 

 

 

269.4

 

Liabilities associated with assets held for sale (Note 4)

 

 

424.9

 

 

 

821.9

 

Total liabilities

 

 

8,339.0

 

 

 

8,467.9

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 6)

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

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

 

 

 

 

 

 

Common stock, $0.01 par value; 2,000 shares authorized; 386.1 shares and 393.8 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

 

 

3.9

 

 

 

3.9

 

Capital surplus

 

 

973.3

 

 

 

941.0

 

Accumulated deficit

 

 

(412.1

)

 

 

(537.2

)

Accumulated other comprehensive loss

 

 

(116.8

)

 

 

(52.1

)

Total stockholders' equity

 

 

448.3

 

 

 

355.6

 

Total liabilities and stockholders' equity

 

$

8,787.3

 

 

$

8,823.5

 

 

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,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities

 

 

 

 

 

 

Net income

 

$

487.3

 

 

$

404.3

 

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

 

 

 

 

 

 

Depreciation

 

 

22.6

 

 

 

26.0

 

Amortization

 

 

70.1

 

 

 

83.0

 

Gain on divestiture of business, excluding transaction costs (Note 4)

 

 

(155.8

)

 

 

 

Gain on the sale of noncontrolling interest in a private company (Note 4)

 

 

 

 

 

(47.9

)

Other non-cash items, net

 

 

32.8

 

 

 

80.1

 

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

 

 

 

 

 

 

Other assets

 

 

(131.2

)

 

 

(84.5

)

Accounts payable and accrued liabilities

 

 

19.6

 

 

 

(29.8

)

Income taxes payable

 

 

(20.5

)

 

 

(66.5

)

Other liabilities

 

 

(18.1

)

 

 

(15.2

)

Net cash provided by operating activities

 

 

306.8

 

 

 

349.5

 

Cash flows from investing activities

 

 

 

 

 

 

Payments for capitalized contract costs

 

 

(26.3

)

 

 

(82.2

)

Payments for internal use software

 

 

(42.7

)

 

 

(45.2

)

Purchases of property and equipment

 

 

(15.3

)

 

 

(17.9

)

Purchases of settlement investments

 

 

(495.3

)

 

 

(270.5

)

Proceeds from the sale of settlement investments

 

 

290.2

 

 

 

539.6

 

Maturities of settlement investments

 

 

84.4

 

 

 

130.9

 

Proceeds from the sale of noncontrolling interest in a private company (Note 4)

 

 

 

 

 

50.9

 

Purchase of noncontrolling interest in stc Bank (Note 4)

 

 

 

 

 

(200.0

)

Purchases of non-settlement investments

 

 

(400.0

)

 

 

 

Proceeds from divestiture, net of cash divested (Note 4)

 

 

896.4

 

 

 

 

Other investing activities

 

 

0.9

 

 

 

(2.9

)

Net cash provided by investing activities

 

 

292.3

 

 

 

102.7

 

Cash flows from financing activities

 

 

 

 

 

 

Cash dividends and dividend equivalents paid

 

 

(184.8

)

 

 

(193.5

)

Common stock repurchased (Note 9)

 

 

(185.5

)

 

 

(160.5

)

Net proceeds from/(repayments of) commercial paper

 

 

(15.0

)

 

 

185.0

 

Net proceeds from issuance of borrowings

 

 

 

 

 

891.7

 

Principal payments on borrowings

 

 

(300.0

)

 

 

(1,150.0

)

Make-whole premium on early extinguishment of debt

 

 

 

 

 

(14.3

)

Proceeds from exercise of options

 

 

9.4

 

 

 

11.6

 

Net change in settlement obligations

 

 

(112.1

)

 

 

(93.1

)

Other financing activities

 

 

 

 

 

4.0

 

Net cash used in financing activities

 

 

(788.0

)

 

 

(519.1

)

Net change in cash and cash equivalents, including settlement, and restricted cash

 

 

(188.9

)

 

 

(66.9

)

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

 

 

2,110.9

 

 

 

2,143.1

 

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

 

$

1,922.0

 

 

$

2,076.2

 

See Notes to Condensed Consolidated Financial Statements.

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Table of Contents

THE WESTERN UNION COMPANY

SUPPLEMENTAL CASH FLOW INFORMATION

(Unaudited)

(in millions)

 

 

 

June 30,

 

 

 

2022

 

 

2021

 

Reconciliation of balance sheet cash and cash equivalents to cash flows:

 

 

 

 

 

 

Cash and cash equivalents on balance sheet

 

$

1,201.9

 

 

$

1,061.4

 

Settlement cash and cash equivalents (Note 8)

 

 

602.7

 

 

 

1,002.6

 

Restricted cash in Other assets

 

 

40.4

 

 

 

12.2

 

Cash and cash equivalents included in Assets held for sale (Note 4)

 

 

77.0

 

 

 

 

Cash and cash equivalents, including settlement, and restricted cash

 

$

1,922.0

 

 

$

2,076.2

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2022

 

 

2021

 

Supplemental cash flow information:

 

 

 

 

 

 

Interest paid

 

$

47.6

 

 

$

52.0

 

Income taxes paid

 

$

148.9

 

 

$

123.9

 

Internal use software capitalized but not yet paid

 

$

 

 

$

23.0

 

Accrued and unpaid capitalized contract costs

 

$

39.8

 

 

$

 

 

See Notes to Condensed Consolidated Financial Statements.

7


Table of Contents

THE WESTERN UNION COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Total

 

 

 

Common Stock

 

 

Capital

 

 

Accumulated

 

 

Comprehensive

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Surplus

 

 

Deficit

 

 

Loss

 

 

Equity

 

Balance, December 31, 2021

 

 

393.8

 

 

$

3.9

 

 

$

941.0

 

 

$

(537.2

)

 

$

(52.1

)

 

$

355.6

 

Net income

 

 

 

 

 

 

 

 

 

 

 

293.3

 

 

 

 

 

 

293.3

 

Stock-based compensation

 

 

 

 

 

 

 

 

10.7

 

 

 

 

 

 

 

 

 

10.7

 

Common stock dividends and dividend equivalents declared ($0.235 per share)

 

 

 

 

 

 

 

 

 

 

 

(92.6

)

 

 

 

 

 

(92.6

)

Repurchase and retirement of common shares

 

 

(8.6

)

 

 

(0.1

)

 

 

 

 

 

(158.9

)

 

 

 

 

 

(159.0

)

Shares issued under stock-based compensation plans

 

 

1.9

 

 

 

0.1

 

 

 

8.8

 

 

 

 

 

 

 

 

 

8.9

 

Other comprehensive loss (Note 9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(64.1

)

 

 

(64.1

)

Balance, March 31, 2022

 

 

387.1

 

 

 

3.9

 

 

 

960.5

 

 

 

(495.4

)

 

 

(116.2

)

 

 

352.8

 

Net income

 

 

 

 

 

 

 

 

 

 

 

194.0

 

 

 

 

 

 

194.0

 

Stock-based compensation

 

 

 

 

 

 

 

 

12.3

 

 

 

 

 

 

 

 

 

12.3

 

Common stock dividends and dividend equivalents declared ($0.235 per share)

 

 

 

 

 

 

 

 

 

 

 

(89.6

)

 

 

 

 

 

(89.6

)

Repurchase and retirement of common shares

 

 

(1.1

)

 

 

 

 

 

 

 

 

(21.1

)

 

 

 

 

 

(21.1

)

Shares issued under stock-based compensation plans

 

 

0.1

 

 

 

 

 

 

0.5

 

 

 

 

 

 

 

 

 

0.5

 

Other comprehensive loss (Note 9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.6

)

 

 

(0.6

)

Balance, June 30, 2022

 

 

386.1

 

 

$

3.9

 

 

$

973.3

 

 

$

(412.1

)

 

$

(116.8

)

 

$

448.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Total

 

 

 

Common Stock

 

 

Capital

 

 

Accumulated

 

 

Comprehensive

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Surplus

 

 

Deficit

 

 

Loss

 

 

Equity

 

Balance, December 31, 2020

 

 

411.2

 

 

$

4.1

 

 

$

885.1

 

 

$

(543.1

)

 

$

(159.5

)

 

$

186.6

 

Net income

 

 

 

 

 

 

 

 

 

 

 

181.8

 

 

 

 

 

 

181.8

 

Stock-based compensation

 

 

 

 

 

 

 

 

10.8

 

 

 

 

 

 

 

 

 

10.8

 

Common stock dividends and dividend equivalents declared ($0.235 per share)

 

 

 

 

 

 

 

 

 

 

 

(97.9

)

 

 

 

 

 

(97.9

)

Repurchase and retirement of common shares

 

 

(3.7

)

 

 

 

 

 

 

 

 

(89.0

)

 

 

 

 

 

(89.0

)

Shares issued under stock-based compensation plans

 

 

2.3

 

 

 

 

 

 

8.1

 

 

 

 

 

 

 

 

 

8.1

 

Other comprehensive income (Note 9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18.4

 

 

 

18.4

 

Balance, March 31, 2021

 

 

409.8

 

 

 

4.1

 

 

 

904.0

 

 

 

(548.2

)

 

 

(141.1

)

 

 

218.8

 

Net income

 

 

 

 

 

 

 

 

 

 

 

222.5

 

 

 

 

 

 

222.5

 

Stock-based compensation

 

 

 

 

 

 

 

 

12.0

 

 

 

 

 

 

 

 

 

12.0

 

Common stock dividends and dividend equivalents declared ($0.235 per share)

 

 

 

 

 

 

 

 

 

 

 

(97.0

)

 

 

 

 

 

(97.0

)

Repurchase and retirement of common shares

 

 

(3.0

)

 

 

 

 

 

 

 

 

(75.3

)

 

 

 

 

 

(75.3

)

Shares issued under stock-based compensation plans

 

 

0.2

 

 

 

 

 

 

3.5

 

 

 

 

 

 

 

 

 

3.5

 

Other comprehensive income (Note 9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.8

 

 

 

1.8

 

Balance, June 30, 2021

 

 

407.0

 

 

$

4.1

 

 

$

919.5

 

 

$

(498.0

)

 

$

(139.3

)

 

$

286.3

 

 

See Notes to Condensed Consolidated Financial Statements.

8


Table of Contents

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Business and Basis of Presentation

Business

The Western Union Company ("Western Union" or the "Company") is a leader in global money movement and payment services, providing people and businesses with fast, reliable, and convenient ways to send money and make payments around the world. The Western Union® brand is globally recognized. The Company’s services are available through a network of agent locations in more than 200 countries and territories and also through money transfer transactions conducted and funded through websites and mobile applications marketed under the Company’s brands (“westernunion.com”) and transactions initiated on websites and mobile applications hosted by the Company’s third-party white label or co-branded digital partners (together with westernunion.com, “Digital Money Transfer”). Each location in the Company’s agent network is capable of providing one or more of the Company’s services.

The Western Union business consists of the following segments:

Consumer-to-Consumer - The Consumer-to-Consumer operating segment facilitates money transfers which are sent from retail agent locations worldwide or through websites and mobile devices, including Digital Money Transfer services. The Company’s money transfer service is provided through one interconnected global network. This service is available for international cross-border transfers and, in certain countries, intra-country transfers.
Business Solutions - The Business Solutions operating segment facilitates payment and foreign exchange solutions, primarily cross-border, cross-currency transactions, for small and medium size enterprises, and other organizations and individuals. The majority of the Business Solutions business relates to exchanges of currency at spot rates, which enable customers to make cross-currency payments. In addition, in certain countries, the Company writes foreign currency forward and option contracts for customers to facilitate future payments. On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business to Goldfinch Partners LLC and The Baupost Group LLC. The sale will be completed in two closings, the first of which occurred on March 1, 2022, with the second expected in the fourth quarter of 2022. See Note 4 for further information regarding this transaction.

All businesses and other services that have not been classified in the above segments are reported as Other, which primarily includes the Company’s bill payment services which facilitate payments from consumers to businesses and other organizations and the Company’s money order services. Certain of the Company's corporate costs such as costs related to strategic initiatives, including costs for the review and closing of mergers, acquisitions, and divestitures, are also included in Other. See Note 14 for further information regarding the Company’s segments.

There are legal or regulatory limitations on transferring certain assets of the Company outside of the countries where these assets are located. However, there are generally no limitations on the use of these assets within those countries. Additionally, the Company must meet minimum capital requirements in some countries in order to maintain operating licenses. As of December 31, 2021, the Company's restricted net assets associated with these asset limitations and minimum capital requirements totaled approximately $460 million.

Various aspects of the Company’s services and businesses are subject to United States federal, state, and local regulation, as well as regulation by foreign jurisdictions, including certain banking and other financial services regulations.

Basis of Presentation

The accompanying condensed consolidated financial statements are unaudited and were prepared in accordance with the instructions for Form 10‑Q and Article 10 of Regulation S-X. In compliance with those instructions, certain information

9


Table of Contents

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") have been condensed or omitted.

The unaudited condensed consolidated financial statements in this quarterly report are presented on a consolidated basis and include the accounts of the Company and its majority-owned subsidiaries. Results of operations and cash flows for the interim periods are not necessarily indicative of the results that may be expected for the entire year. All significant intercompany transactions and accounts have been eliminated as of June 30, 2022 and December 31, 2021 and for all periods presented.

In the opinion of management, these condensed consolidated financial statements include all the normal recurring adjustments necessary to fairly present the Company’s condensed consolidated results of operations, financial position, and cash flows as of June 30, 2022 and for all periods presented. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements within the Company’s Annual Report on Form 10‑K for the year ended December 31, 2021.

Consistent with industry practice, the accompanying Condensed Consolidated Balance Sheets are unclassified due to the short-term nature of the Company’s settlement obligations contrasted with the Company’s ability to invest cash awaiting settlement in long-term investment securities.

Use of Estimates

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.

Cash Flow Classification Revision

Beginning in the fourth quarter of 2021, the Company revised its presentation to include changes in settlement cash associated with settlement obligations as a financing activity and changes in settlement cash from purchases, sales, and maturities of settlement investments as an investing activity within its Condensed Consolidated Statements of Cash Flows. Previously, the changes in settlement assets and settlement obligations were presented on a net basis within operating activities in the Company’s Condensed Consolidated Statements of Cash Flows.

Prior period amounts have been revised to conform to this presentation. These changes in presentation have been concluded to be immaterial, having no impact on the Company’s previously reported net income, financial position, or cash flows from operating activities, as changes in the Company’s settlement assets exactly offset changes in its settlement obligations. However, the revised presentation shows all changes associated with settlement cash in the Condensed Consolidated Statements of Cash Flows instead of in the Notes to the Condensed Consolidated Financial Statements.

 

10


Table of Contents

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

The following table presents the effects of the changes in presentation of these cash flows, compared to the previously reported Condensed Consolidated Statements of Cash Flows (in millions):

 

 

Six Months Ended June 30, 2021

 

 

 

As Previously

 

 

 

 

 

 

 

 

 

Reported(a)

 

 

Revisions

 

 

As Revised

 

Net cash provided by/(used in):

 

 

 

 

 

 

 

 

 

Operating activities

 

$

349.5

 

 

$

 

 

$

349.5

 

Investing activities(b)

 

 

(297.3

)

 

 

400.0

 

 

 

102.7

 

Financing activities(c)

 

 

(426.0

)

 

 

(93.1

)

 

 

(519.1

)

Net change in cash and cash equivalents, including settlement, and restricted cash

 

$

(373.8

)

 

$

306.9

 

 

$

(66.9

)

 

(a)
As reported in the Company's Form 10-Q filed with the Securities Exchange Commission on August 4, 2021.
(b)