0001365135falseWestern Union CO00013651352020-06-022020-06-02

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 2, 2020

THE WESTERN UNION COMPANY

(Exact name of registrant as specified in its charter)

Delaware

001-32903

20-4531180

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

7001 East Belleview Avenue

Denver, CO

80237

(Address of principal executive offices)

(Zip Code)

(866) 405-5012

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, 00013651352020-06-022020-06-02

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 2, 2020

THE WESTERN UNION COMPANY

(Exact name of registrant as specified in its charter)

Delaware

001-32903

20-4531180

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

7001 East Belleview Avenue

Denver, CO

80237

(Address of principal executive offices)

(Zip Code)

(866) 405-5012

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.

WU

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.

Item 7.01.

Regulation FD Disclosure.

On June 2, 2020, The Western Union Company (the “Company”) issued a press release discussing its May 2020 transaction trends. A copy of the press release is attached hereto as Exhibit 99.1. The information furnished under this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference to such filing.

Item 9.01.

Financial Statements and Exhibits.

Exhibit Number

Description of Exhibit

99.1

Press Release issued by The Western Union Company on June 2, 2020

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: June 2, 2020

THE WESTERN UNION COMPANY

By:

/s/    DARREN A. DRAGOVICH

Name:

Darren A. Dragovich

Title:

Vice President and Assistant Secretary

wu_June_2_20_PR

 

Exhibit 99.1

 

Western Union sees significant improvement in Consumer-to-Consumer transaction trends in May, including record level of digital transactions

 

DENVER, June 2,  2020: The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, today provided an update on the Company’s transaction trends for its Consumer-to-Consumer (C2C) business for the month of May 2020 in response to the evolving business environment amid the COVID-19 pandemic.

 

In addition, Western Union CFO, Raj Agrawal, will offer commentary today on the Company’s business in a presentation at Bank of America’s Global Technology Conference.

 

As previously disclosed, in the latter part of the first quarter the Company began to see substantial declines in transactions for its C2C business arising from the COVID-19 pandemic, with declines of approximately 30% in late March and early April. In mid-April, the rate of decline in transactions began to improve led by the retail channel and bolstered by a  significant acceleration in digital growth. Improvement in both retail and digital transaction trends continued through the month of May, with digital transaction growth for the month of May the highest in a decade.

 

Consumer-to-Consumer Segment Update

 

Change y-o-y

Late March -Early April  

April

May

Total transactions

~  -30%

-21%

-7%

Digital money transfer transactions

~  50%

77%

99%

 

“We are encouraged that our money transfer transaction trends continue to improve as the disruptive effect of COVID-19 appears to be lessening,” said Western Union President and CEO Hikmet Ersek. “Importantly, the strong growth we are seeing in our digital business is especially impressive given that our digital money transfer business was already over $600 million of revenue in 2019, and it confirms that our digitally focused growth strategy is positioning us well for the future.”

 

Additional Commentary on Q2 Business Trends

 

Within digital trends,  westernunion.com transactions increased 39% in April and 51% in May.

 

Across the majority of the top send markets for the C2C segment,  transaction trends improved from April to May.

 

 

 

 

Digital money transfer transactions accounted for approximately 30% of C2C transactions in April and May.

 

The Company will provide its next business update with the normally scheduled second quarter results expected to be in early August.

 

Conference Presentation

 

Also, as previously announced, Western Union CFO, Raj Agrawal, will present virtually today at Bank of America’s Global Technology Conference at 3:15 p.m. Pacific time. Mr. Agrawal will discuss the Company’s growth strategy and second quarter trends through the end of May.

 

Investors and interested parties will be able to listen to the investor presentation via webcast from http://www.westernunion.com, under the investor relations section. The archived webcast will be available approximately one hour after the conclusion of the presentation.

 

About Western Union

The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Our omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of March 31, 2020, our network included over 550,000 retail agent locations offering our branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2019, is available in over 75 countries, plus additional territories, to move money around the world. With our global reach, Western Union moves money for better, connecting family, friends and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.

 

WU-G

 

Contacts:

Media Relations:

Pia De Lima

+1 (954) 260-5732

Pia.DeLima@westernunion.com

 

Investor Relations:

Brendan Metrano

+1(720) 332-8089

Brendan.Metrano@westernunion.com

 

 

v3.20.1
Document and Entity Information
Jun. 02, 2020
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jun. 02, 2020
Entity File Number 001-32903
Entity Registrant Name Western Union CO
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 20-4531180
Entity Address, Address Line One 7001 East Belleview Avenue
Entity Address, State or Province CO
Entity Address, City or Town Denver
Entity Address, Postal Zip Code 80237
City Area Code 866
Local Phone Number 405-5012
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 Par Value
Trading Symbol WU
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001365135
Amendment Flag false