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Western Union Co (WU) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Western Union Co

CIK: 1365135 Ticker: WU

Exhibit 99.1

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FOR IMMEDIATE RELEASE

Western Union Reports Second Quarter Results

Money transfer transaction growth turns positive for June and continues into July

Digital money transfer revenue grew nearly 50%, on record customers and transactions

Operating margin remains solid: 19.9% GAAP, 20.4% adjusted

DENVER, August 4, 2020: The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, today reported second quarter financial results, and provided an update on its business trends and digitally-focused growth strategy.

The Company’s second quarter revenue of $1.1 billion declined 17%, compared to the prior year period, while adjusted constant currency revenue, which excludes the 2019 divestitures, declined 11%, primarily due to lower transaction levels resulting from the COVID-19 pandemic. Digital money transfer revenue grew 48% year-over-year, or 50% on a constant currency basis, to a record high of $219 million for the second quarter.

GAAP earnings per share in the second quarter was $0.39 compared to $1.42 in the prior year period that included gains from the 2019 divestitures, and adjusted earnings per share was $0.41 compared to $0.45 in the prior year period. The decline in GAAP earnings per share was primarily attributable to cycling the gain from the 2019 divestitures. The decline in adjusted earnings per share was primarily attributable to current year revenue declines associated with the COVID-19 pandemic and the lost earnings from the 2019 divestitures, partially offset by productivity savings, additional cost management measures, and lower share count in the current year period.

President and CEO Hikmet Ersek said, “I’m pleased to say that during this period of profound disruption and unease, the Western Union team continued to consistently deliver essential services to customers that help support families and communities around the world. In addition, despite the challenging global environment, we continued to execute on our strategic objectives that position the company for future growth and prudently managed our business to deliver solid profit performance for the second quarter.”


The following information was filed by Western Union Co (WU) on Tuesday, August 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parentheticals)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Income
Condensed Consolidated Statements Of Stockholders' Equity/(Deficit)
Condensed Consolidated Statements Of Stockholders' Equity/(Deficit) (Parentheticals)
Borrowings
Borrowings (Tables)
Borrowings - Maturity Schedule Of Borrowings (Details)
Borrowings - Outstanding Borrowings (Details)
Business And Basis Of Presentation
Business And Basis Of Presentation (Policies)
Business And Basis Of Presentation - Narrative (Details)
Commitments And Contingencies
Commitments And Contingencies - Narrative (Details)
Derivatives
Derivatives (Tables)
Derivatives - Fair Value Of Derivatives (Details)
Derivatives - Gains/(Losses) From Hedging Activities (Details)
Derivatives - Gross And Net Fair Value Of Derivative Assets And Liabilities (Details)
Derivatives - Narrative (Details)
Derivatives - Notional Amounts Of Foreign Currency Forward Contracts (Details)
Derivatives - Undesignated Hedges (Details)
Derivatives - Unrealized Gains/(Losses) (Details)
Divestitures
Divestitures (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Fair Value Of Assets And Liabilities (Details)
Fair Value Measurements - Narrative (Details)
Income Taxes
Income Taxes (Details)
Leases
Leases (Tables)
Leases - Maturities (Details)
Leases - Narrative (Details)
Leases - Weighted Average Lease Terms And Discount Rate (Details)
Related Party Transactions
Related Party Transactions - Narrative (Details)
Restructuring-Related Expenses
Restructuring-Related Expenses - Accruals (Details)
Restructuring-Related Expenses - Expenses (Details)
Restructuring-Related Expenses - Narrative (Details)
Restructuring-Related Expenses And Business Transformation Expenses (Tables)
Revenue
Revenue (Tables)
Revenue - Disaggregation Of Revenue - (Details)
Revenue - Narrative - (Details)
Segments
Segments (Tables)
Segments - Narrative (Details)
Segments - Reportable Segments Results (Details)
Settlement Assets And Obligations
Settlement Assets And Obligations (Tables)
Settlement Assets And Obligations - Components Of Investment Securities (Details)
Settlement Assets And Obligations - Contractual Maturities Of Debt Securities (Details)
Settlement Assets And Obligations - Receivables From Selling Agents And Business Solutions Customers (Details)
Settlement Assets And Obligations - Settlement Assets And Obligations (Details)
Stock Compensation Plans (Details)
Stock-Based Compensation Plans
Stockholders' Equity/(Deficit)
Stockholders' Equity/(Deficit) (Tables)
Stockholders' Equity/(Deficit) - Amounts Reclassified From Aocl (Details)
Stockholders' Equity/(Deficit) - Cash Dividends Paid (Details)
Stockholders' Equity/(Deficit) - Components Of Accumulated Other Comprehensive Loss (Details)
Stockholders' Equity/(Deficit) - Share Repurchases (Details)
Ticker: WU
CIK: 1365135
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-20-012046
Submitted to the SEC: Thu Oct 29 2020 4:26:13 PM EST
Accepted by the SEC: Thu Oct 29 2020
Period: Wednesday, September 30, 2020
Industry: Business Services

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